Document:

Credit Agreement Amendment - 01

Exhibit  10.1

    

THIRD AMENDMENT
TO
CREDIT AGREEMENT
dated as of
March 4, 2013
among

Blueknight Energy Partners, L.P.,
as Borrower,

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent

    

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD Amendment to Credit Agreement (this “Third Amendment”) dated as of March 4, 2013, is among BLUEKNIGHT ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Borrower”); JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and the undersigned Lenders.
R E C I T A L S
The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of October 25, 2010 (as amended by the First Amendment to Credit Agreement dated as of April 1, 2011 and the Second Amendment to Credit Agreement dated as of November 2, 2012, the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to the Borrower.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all references to Sections and Articles in this Third Amendment refer to Sections and Articles of the Credit Agreement.

Section 2.Amendments to Credit Agreement.

2.1    Amendments to Section 1.1.  

(a)The definition of “Consolidated EBITDA” is hereby amended by adding the following sentence at the end thereof:  

For the purposes of calculating Consolidated EBITDA for any fiscal quarter ending on or after December 31, 2012, Consolidated EBITDA may include, at the Borrower's option, any Material Project EBITDA Adjustments.

(b)The following definitions are hereby added where alphabetically appropriate to read as follows:  

“Material Project EBITDA Adjustments” means, with respect to the construction or expansion of any capital project of the Borrower or any of its Restricted Subsidiaries, the aggregate budgeted capital cost of which exceeds $5,000,000 (each a “Material Project”):

(a)    on any date prior to the date on which a Material Project has achieved commercial operation (the “Commercial Operation Date”) (but including the fiscal quarter in which such Commercial Operation Date occurs), a percentage (based on the then-current completion percentage of such Material Project) of an amount to be approved by Administrative Agent as the projected Consolidated EBITDA attributable to such Material Project for the first 12-month period following the scheduled Commercial Operation Date of such Material Project, such amount to be determined based on (i) customer contracts or tariff-based customers relating to such Material Project, the creditworthiness of the other parties to such contracts or such tariff-based customers, and projected revenues from such contracts, 

tariffs, capital costs and expenses, scheduled Commercial Operation Date, and (ii) other factors deemed appropriate by the Administrative Agent, which amount may, at the Borrower's option, be added to actual Consolidated EBITDA for the fiscal quarter of the Borrower in which construction or expansion of such Material Project commences and for each fiscal quarter thereafter until the Commercial Operation Date of such Material Project (including the fiscal quarter in which such Commercial Operation Date occurs, but net of any actual Consolidated EBITDA attributable to such Material Project following such Commercial Operation Date); provided that if the actual Commercial Operation Date does not occur by the scheduled Commercial Operation Date, then the foregoing amount shall be reduced, for quarters ending after the scheduled Commercial Operation Date to (but excluding) the first full quarter after its Commercial Operation Date, by the following percentage amounts depending on the period of delay (based on the period of actual delay or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90 days, but not more than 180 days, 25%, (iii) longer than 180 days but not more than 270 days, 50%, and (iv) longer than 270 days, 100%; and

(b)    beginning with the first full fiscal quarter following the Commercial Operation Date of a Material Project and for the two immediately succeeding fiscal quarters, an amount to be approved by the Administrative Agent as the projected Consolidated EBITDA attributable to such Material Project (determined in the same manner as set forth in clause (a) above) for the balance of the four full fiscal quarter period following such Commercial Operation Date, which may, at Borrower's option, be added to actual Consolidated EBITDA for such fiscal quarters (but net of any actual Consolidated EBITDA attributable to such Material Project following such Commercial Operation Date); 

provided however, that notwithstanding the foregoing, (I) no such additions shall be allowed with respect to any Material Project unless: (y) not later than 30 days (or such shorter period approved by the Administrative Agent in its sole discretion) prior to the delivery of any Compliance Certificate required by the terms and provisions of Section 6.2(a), to the extent Material Project EBITDA Adjustments will be made to Consolidated EBITDA in determining compliance with Section 7.1, the Borrower shall have delivered to the Administrative Agent written pro forma projections of Consolidated EBITDA attributable to such Material Project, and (z) prior to the date such Compliance Certificate is required to be delivered, the Administrative Agent shall have approved (such approval not to be unreasonably withheld, conditioned or delayed) such projections and shall have received current estimates as to Material Project completion percentage, the expected Commercial Operation Date, any known material delays with respect thereto, and such other information and documentation as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent; and (II) the aggregate amount of all Material Project EBITDA Adjustments during any period shall be limited to 15% of the total actual Consolidated EBITDA for such period (which total actual Consolidated EBITDA shall be determined without including any Material Project EBITDA Adjustments).

“Pro Forma Compliance” means, for any date of determination, that the Borrower is in pro forma compliance with the Consolidated Total Leverage Ratio covenant set forth in Section 7.1(a), as the Consolidated Total Leverage Ratio is recomputed using (i) Consolidated Total Debt as of such date of determination and (i) Consolidated EBITDA for the four fiscal quarters ending on the last day of the fiscal quarter immediately preceding such date of determination for which financial statements are available.

2.2    Amendment to Section 7.6(d).  Section 7.6(d) is hereby amended and restated in its entirety to read as follows:

(d)    so long as both before and immediately after giving effect thereto, on a Pro Forma Basis, (i) no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) the amount of the Total Available Revolving Commitments is greater than $10,000,000 and (iii) the Borrower is in Pro Forma Compliance, the Borrower may declare cash distributions to the holders of its Capital Stock in an amount not to exceed “Available Cash” (as such term is defined in the Borrower Partnership Agreement) pursuant to and in accordance with the terms of the Borrower Partnership Agreement (“Quarterly Distributions”); and

2.3    Amendment to Section 7.7(k).  Section 7.7(k) is hereby amended and restated in its entirety to read as follows:

(k)    in addition to Investments otherwise expressly permitted by this Section, Investments by the Borrower or any of its Restricted Subsidiaries if, both before and after giving effect to any such Investment, the aggregate amount of Investments outstanding under this Section 7.7(k) shall not exceed an amount equal to twenty percent (20%) of Consolidated Net Tangible Assets.

Section 3.Conditions Precedent.  This Third Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.1 of the Credit Agreement) (the “Effective Date”):

3.1    The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable, if any, in connection with this Third Amendment on or prior to the Effective Date.

3.2    The Administrative Agent shall have received from the Required Lenders and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this Third Amendment signed on behalf of such Persons.

3.3    The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.

3.4    No Default shall have occurred and be continuing, after giving effect to the terms of this Third Amendment.

Section 4.Miscellaneous.

4.1    Confirmation.  The provisions of the Credit Agreement, as amended by this Third Amendment, shall remain in full force and effect following the effectiveness of this Third Amendment.

4.2    Ratification and Affirmation; Representations and Warranties.  The Borrower hereby: (a) acknowledges the terms of this Third Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c) agrees that from and after the 

Effective Date each reference to the Credit Agreement in the Guarantee and Collateral Agreement, the Mortgages and the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Third Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Third Amendment:  (i) all of the representations and warranties made by the Borrower contained in each Loan Document to which it is a party are true and correct in all material respects, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such earlier date and (ii) no Default has occurred and is continuing.

4.3    Loan Document.  This Third Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.

4.4    Counterparts.  This Third Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Third Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

4.5    NO ORAL AGREEMENT.  THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMOUNG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENT S BETWEEN THE PARTIES.

4.6    GOVERNING LAW.  THIS THIRD AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[SIGNATURES BEGIN NEXT PAGE]

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed as of the date first written above.

	
		
	BLUEKNIGHT ENERGY PARTNERS, L.P.

	 
	 

	By:
	Blueknight Energy Partners G.P., L.L.C.

	 
	its General Partner

	 
	 

	 
	 

	By:
	/s/ Alex G. Stallings

	Name:
	Alex G. Stallings

	Title:
	Chief Financial Officer and Secretary

Signature Page to Third Amendment to 
Credit Agreement
S-1

	
		
	JPMORGAN CHASE BANK, N.A.,

	as Administrative Agent and as a Lender

	 
	 

	By:
	/s/ Robert Traband

	Name:
	Robert Traband

	Title:
	Managing Director

Signature Page to Third Amendment to 
Credit Agreement
S-2 

	
		
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

Signature Page to Third Amendment to 
Credit Agreement
S-3

	
		
	LLOYDS TBS BANK PLC, as a Lender

	 
	 

	By:
	/s/ Stephen Giacolone

	Name:
	Stephen Giacolone

	Title:
	Assistant Vice President  G011

	 
	 

	By:
	/s/ Julia R. Franklin

	Name:
	Julia R. Franklin

	Title:
	Vice President  F014

Signature Page to Third Amendment to 
Credit Agreement
S-4

	
		
	SOCIETE GENERALE, as a Lender

	 
	 

	By:
	/s/ Chad Clark

	Name:
	Chad Clark

	Title:
	Managing Director

Signature Page to Third Amendment to 
Credit Agreement
S-5

	
		
	NATIXIS, as a Lender

	 
	 

	By:
	/s/ Jarrett C. Price

	Name:
	Jarrett C. Price

	Title:
	Vice President

	 
	 

	By:
	/s/ Louis P. Laville, III

	Name:
	Louis P. Laville, III

	Title:
	Managing Director

Signature Page to Third Amendment to 
Credit Agreement
S-6

	
		
	CITIBANK, N.A., as a Lender 

	 
	 

	By:
	/s/  Clinton Gerst

	Name:
	Clinton Gerst

	Title:
	Vice President

Signature Page to Third Amendment to 
Credit Agreement
S-7

	
		
	MIZUHO CORPORATE BANK LTD., as a Lender

	 
	 

	By:
	/s/ Leon Mo

	Name:
	Leon Mo

	Title:
	Authorized Signatory

Signature Page to Third Amendment to 
Credit Agreement
S-8

	
		
	WELLS FARGO BANK, N.A., as a Lender 

	 
	 

	By:
	/s/ David C. Brooks

	Name:
	David C. Brooks

	Title:
	Director

Signature Page to Third Amendment to 
Credit Agreement
S-9

	
		
	VITOL REFINING, B.V., as a Lender

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

Signature Page to Third Amendment to 
Credit Agreement
S-10

	
		
	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,

	 
	 

	“RABOBANK NEDERLAND”, NEW YORK BRANCH, as a Lender

	 
	 

	By:
	/s/ Rodney P. Hutchinson

	Name:
	Rodney P. Hutchinson

	Title:
	Executive Director

	 
	 

	By:
	/s/ Antonio Nanez

	Name:
	Antonio Nanez

	Title:
	Executive Director

Signature Page to Third Amendment to 
Credit Agreement
S-11

	
		
	LIBERTY ISLAND FUNDING 2011-1 LTD., as a Lender

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

Signature Page to Third Amendment to 
Credit Agreement
S-12Q412 Exhibit 10.58

Exhibit 10.58

AMENDMENT #2 TO EMPLOYMENT AGREEMENT
This AMENDMENT (this “Amendment”) by and between ebookers Limited (the “Company”) and Tamer Tamar (“Executive”) is entered into to amend the Contract of Employment, dated as of April 28, 2009 (the “Employment Agreement”), as amended to date, by and between the Company and Executive, effective as of the last date of execution indicated in the signature blocks below.  Capitalized terms used herein but not defined herein shall have the respective meanings ascribed to them in the Employment Agreement.
RECITALS:
A.  The Company and the Executive entered into the Employment Agreement on April 28, 2009.
B.  The Company's parent, Orbitz Worldwide, Inc. (“OWW”) and the Executive, intending to amend the terms of the Employment Agreement with the Company, entered into the Amendment to Employment Agreement, dated as of December 28, 2011 (the “First Amendment”).
C.  The Executive is solely employed by the Company and has no employment relationship with OWW and therefore the Company and the Executive wish to ratify and adopt the First Amendment as of December 28, 2011 as between the Executive and the Company.
D.  Each of the Company and Executive desires to amend the Employment Agreement further in accordance with the terms and conditions set forth herein.
AGREEMENT:
NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained in this agreement, the parties, intending to be legally bound, hereby agree as follows:
1.      The First Amendment is hereby adopted and ratified, as if entered into by the Company and the Executive as of its effective date.
2.        Section 5.1 of the Employment Agreement is amended effective December 11, 2012 by replacing “£180,000” with “£280,000,” and adding the following sentence at the end of that section: “Your target bonus shall be equal to 100% of your basic salary.”
3.      A new Section 5.8 is hereby added to the Employment Agreement as follows:
		
	5.8
	You are entitled to a one-time cash bonus of £127,500, payable in four equal quarterly installments at the end of each calendar quarter during 2013, subject to your remaining in employment with the Company, unless the Company has terminated your employment other than pursuant to clause 12.5 or 12.6 (or given notice of its intent to do so, even though no notice is required under those clauses), on each payment date.

4.      A new Section 5.9 is hereby added to the Employment Agreement as follows:
		
	5.9
	You will be entitled to participate in a three-year incentive plan (in addition to your participation in the Company's Performance-Based Annual Incentive Plan) with a maximum possible aggregate performance-based payment of £250,000 over a performance period commencing on July 1, 2012 and ending on June 30, 2015 (the “Performance Period”) and an additional time-based payment of £312,500 payable in two equal installments following the conclusion of the fiscal periods ending December 31, 2013 and June 30, 2015, subject to your remaining in employment with the Company, unless the Company has terminated your employment other than pursuant to clause 12.5 or 12.6 (or given notice of its intent to do so, even though no notice is required under those clauses), through each payment date.

In the event your employment is terminated due to your death or disability, or involuntary termination (unless it is pursuant to clause 12.5 or 12.6) within one year following a Change of Control (as defined below), then any such earned but unpaid payment as of the date of termination will be paid to you within 90 days following the date of such termination.

1

Upon the achievement of each of the four strategic performance goals set forth below, you will be eligible to receive £62,500, for a maximum possible aggregate amount of £250,000.  Each of the below goals requires the attainment of both (i) the trailing twelve-month Net Contribution Margin floor and (ii) the trailing twelve-month revenue goal (for eBookers, standalone hotel and dynamic package revenue, and for HotelClub, standalone hotel revenue) set forth below.
Standalone hotel and dynamic packages revenue for eBookers shall be determined in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding the revenue from any new geographies entered into by eBookers or any acquisition by eBookers after July 1, 2012, with any revenues reported in UK pounds, euros or Swiss francs converted to US dollars based on the currency exchange rates identified in the Company's 3-year Outlook plan as of September 27, 2012.  Standalone hotel revenue for HotelClub shall be determined in accordance with GAAP, excluding the revenue from any acquisition by HotelClub after July 1, 2012, with any revenues from points of sale in Australia that are reported in Australian dollars converted to US dollars based on the currency exchange rates identified in the Company's 3-year Outlook plan as of September 27, 2012.
Net Contribution Margin for eBookers and HotelClub means the net revenue, less cost of revenue and marketing expense, as determined in accordance with GAAP and recorded and described in the financial statements for the relevant business unit.
You will receive an initial payment equal to 50% of any amounts earned after the conclusion of the quarter ending December 31, 2013 (the “Initial Payment”), subject to your remaining in employment with the Company, unless the Company has terminated your employment other than pursuant to clause 12.5 or 12.6 (or given notice of its intent to do so, even though no notice is required under those clauses), through the date payment is to be made.  After the Initial Payment and prior to the end of the Performance Period, upon the satisfaction of any additional performance goal set forth below in any given fiscal quarter, you will receive a subsequent payment equal to 50% of any subsequent amount earned after the conclusion of such quarter, subject to your remaining in employment with the Company, unless the Company has terminated your employment other than pursuant to clause 12.5 or 12.6 (or given notice of its intent to do so, even though no notice is required under those clauses), through the date payment is to be made.  Any remaining amounts earned and payable shall be paid after the conclusion of the quarter ending June 30, 2015, subject to your remaining in employment with the Company, unless the Company has terminated your employment other than pursuant to clause 12.5 or 12.6 (or given notice of its intent to do so, even though no notice is required under those clauses), through the date payment is to be made.
Prior to the payment of any award hereunder, the Committee must certify in writing that the applicable performance goals have been satisfied and the cash incentive can be paid and any payment shall be made by the later of such certification date or three days following the earnings release for such quarter.
In the event of the sale of eBookers, subject to your remaining in employment with the Company, unless the Company has terminated your employment other than pursuant to clause 12.5 or 12.6 (or given notice of its intent to do so, even though no notice is required under those clauses), until the closing of the sale, (A) any amounts attributable to the eBookers performance goals that have not yet been earned, will be deemed earned and paid in full upon the closing of the sale, and (B) any amounts attributable to the HotelClub performance goals that have not yet been earned (i), if your employment transfers automatically or if you agree to become employed by the acquirer of eBookers after the closing of the sale, will be deemed earned and will be paid in full upon the closing of the sale or (ii), if you remain employed by the Company after the sale of eBookers, will remain unaffected by the sale and continue to be earned and paid according to the terms of the plan.
In the event of the discontinuance of the HotelClub business, the performance goals related to HotelClub that have not yet been satisfied will be replaced with alternative goals, commensurate with your new responsibilities and established by the Committee for the remainder of the Performance Period, and paid in accordance with the terms hereof.  The parties also agree that the discontinuance (or sale) of the HotelClub business and/or the sale (either asset or share sale) of the Company shall not be deemed to constitute a Forced Resignation or otherwise constitute grounds to assert a constructive dismissal or termination of employment.

2

Strategic Performance Goals

	
			
	eBookers
	Goal 1a
	Goal 2a

	TTM standalone hotel & DP revenue
	$69.0
	$75.0

	TTM Net Contribution Margin Floor
	$68.0
	$70.0

	
			
	HotelClub
	Goal 1b
	Goal 2b

	TTM standalone hotel revenue
	$34.0
	$38.3

	TTM Net Contribution Margin Floor
	$11.0
	$12.0

		
	•
	Amounts above set forth in millions of US Dollars

		
	•
	Achievement of any of the above performance goals requires satisfaction of both the revenue goal and the corresponding Net Contribution Margin Floor

		
	•
	Achievement of any of the goals set forth above will be based on the performance of eBookers and HotelClub as determined at the end of each fiscal quarter during the performance period from July 1, 2012 through June 30, 2015

5.  Section 10.6 of the Employment Agreement is hereby amended in its entirety as follows: 
		
	10.6
	Commencing on January 1, 2012, you shall receive a travel allowance of $3,300.00 per month, subject to or less applicable taxes so long as you are employed by the Company.

6.  Each of the Company and Executive agrees that, other than as expressly set forth in this Amendment, nothing in this Amendment is intended to alter the rights, duties or obligations of the parties, or each of them, under the Employment Agreement as amended, which shall remain in full force and effect as amended hereby.
7.  This Amendment shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
8.  This Amendment may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the last date executed below.
Signed on behalf of the Company:
	
		
	   /s/ James F. Rogers
	11 January 2013

	Name  James F. Rogers
	Date

	Title  Senior Vice President & General Counsel

I acknowledge that I have received and read a copy of my original Contract of Employment, the First Amendment and this Amendment.  Further, I understand, agree to and will abide by all the terms and conditions of employment as set out in this contract as amended.  
Signed as a Deed by:
	
			
	   /s/ Tamer Tamar

	Tamer Tamar
	 

	Date:
	January 14, 2013
	 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}]]