Document:

jani_ex104.htm

EXHIBIT 10.4

 

THIS NONSTATUTORY STOCK OPTION AGREEMENT (“Agreement”) is made and entered into as of June 20, 2013 (the “Effective Date”), by and between Janus Resources, Inc., a Nevada corporation (the “Company”), and Rhonda B. Rosen (“Recipient”):

In consideration of the covenants herein set forth, the parties hereto agree as follows:

1.           Option Grant

 

	 	(a)	Date option grant authorized: 	June 20, 2013
	 	(b)	Number of shares:	350,000
	 	(c)	Exercise Price:	$0.72
	 	(d)	Form of options (select one):	 
	 	 	 	 
	 	 	
x Incentive Stock Options;

	 	 	
o Non-Qualified Stock Options

 

2.           Acknowledgements.

(a)           Recipient is an officer of the Company (the “Company/Recipient Relationship”).

(b)           The Board of Directors (the “Board”) has this day approved the granting of this Option subject to the execution and delivery of this Agreement;

(c)           The Board has authorized the granting to Recipient of a non-statutory stock option (the “Option”) to purchase up to 350,000 shares (collectively, the “Option Shares”) of common stock of the Company (“Common Stock”) upon the terms and conditions hereinafter stated and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”); and

(d)           This Agreement is further subject to the Company’s 2013 Long-Term Incentive Plan (the “Plan”).

3.           Option Shares; Price.

The Company hereby grants to Recipient the right to purchase, upon and subject to the terms and conditions herein stated, the Option Shares for cash (or other consideration as is authorized hereunder) at the price per Option Share set forth in Section 1 above (the “Exercise Price”), such price being not less than [e.g., 100%] of the fair market value per share of the Option Shares covered by this Option as of the date of grant. For purposes of the Options, the “fair market value” of the Common Stock is the closing price of the Common Stock as quoted on the OTC Markets Group Inc. QB tier (the “OTCQB”) on June 19, 2013.

4.           Term of Options; Continuation of Service.

Subject to the early termination provisions set forth in Sections 7 and 8 of this Agreement, these Options shall expire, and all rights hereunder to purchase the Option Shares shall terminate 10 years from the Effective Date. Nothing contained herein shall be construed to interfere in any way with the right of the Company, or its shareholders, or the Board, to remove or not elect Recipient as an officer and/or a director of the Company, or to increase or decrease the compensation of directors from the rate in effect at the date hereof.

5.           Vesting of Option and Filing of Form S-8.

Subject to the provisions of Sections 7 and 8 of this Agreement, these Options shall become exercisable during the term that Recipient serves in the Company/Recipient Relationship as follows:

 

  

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(i)           Retention Options. 150,000 of the Options (collectively, “Retention Options”) shall vest in three equal installments in arrears for each calendar year of service that Recipient serves in the Company/Recipient Relationship; none of the Retention Options shall vest for portions of any calendar year. For illustrative purposes:

(a)           50,000 of the Retention Options shall vest on June 20, 2014 and be exercisable at any time from June 20, 2014 through June 19, 2023;

(b)           50,000 of the Retention Options shall vest on June 20, 2015 and be exercisable at any time from June 20, 2015 through June 19, 2023; and

(c)           50,000 of the Retention Options shall vest on June 20, 2016 and be exercisable at any time from June 20, 2016 through June 19, 2023.

(ii)           Milestone Options. Up to a maximum of 200,000 of the Options (collectively, the “Milestone Options”) shall vest as follows:

(a)           [****];

(b)           [****];

(c)           [****];

(d)           [****];

(e)           [****];

(f)           [****];

(g)           [****]; and

(h)           [****].

 

For clarification purposes, a maximum of 200,000 Options may vest pursuant to the above milestones; once the maximum amount has been reached no further Options will vest pursuant to this Agreement. All determinations and calculations with respect to the satisfaction of the conditions to the vesting of any of the foregoing options shall be made by the Board or any committee thereof to which the Board has delegated such authority, in good faith in accordance with applicable law, the Articles of Incorporation and By-laws of the Company, in its sole discretion, and shall be final, conclusive and binding on all persons, including you and the personal representative of your estate.

(iii)           Additional Vesting Provisions.

(a)           Upon the fourth anniversary of Recipient serving in the Company/Recipient Relationship, all unvested Milestone Options shall vest in equal amounts upon the fourth and fifth anniversaries of the Recipient serving in the Company/Recipient Relationship;

For illustrative purposes, if 50,000 of the Milestone Options remain unvested on June 20, 2017, subject to Recipient serving in the Company/Recipient Relationship, 25,000 of the Milestone Options shall vest and be exercisable at any time from June 20, 2017 through June 19, 2023 and the remaining 25,000 Milestone Options shall vest and be exercisable at any time from June 20, 2018 through June 19, 2023.

(b)           All unvested Options shall vest and become immediately exercisable upon the occurrence of a Change in Control (as defined below).

 

  

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For purposes of this Section 5(b), a Change in Control shall mean any of the following:

	
(1)  

	
any merger, consolidation or liquidation of the Company in which the Company is not the continuing or surviving company or pursuant to which stock would be converted into cash, securities or other property, other than a merger of the Company in which the holders of the shares of stock immediately before the merger have the same proportionate ownership of common stock of the surviving company immediately after the merger;

	
(2)  

	
The completion of one or more transactions by which any person or entity (and his, her, or its affiliates) becomes the beneficial owner of more than 51% of the voting power of the Company’s securities

	
(3)  

	
substantially all of the assets of the Company are sold or otherwise transferred to parties that are not within a “controlled group of corporations” (as defined in Section 1563 of the Internal Revenue Code) in which the Company is a member at the time of such sale or transfer.

(iv)           Form S-8. The Company shall as soon as practicable following the date hereof and subject to satisfaction of any and all applicable regulatory requirements and shareholder approval, file a registration statement on Form S-8 with the Securities and Exchange Commission registering the Option Shares and keep such registration statement in effect until the sale of all shares of common stock issuable under the Options or expiration of the 10-year term.

6.           Exercise.

(a)           These Options shall be exercised, as to the vested shares, by delivery to the Company of (a) written notice of exercise stating the number of Option Shares being purchased (in whole shares only) and such other information set forth on the form of Notice of Exercise attached hereto as Exhibit A hereto, (b) a check or cash in the amount of the Exercise Price of the Option Shares covered by the notice, unless Recipient elects to exercise the cashless exercise option set forth in Section 6(b) below, in which case no payment will be required (or such other consideration as has been approved by the Board consistent with the Plan). These Options shall are not assignable or transferable, except by will or by the laws of descent and distribution, and shall be exercisable only by Recipient during his or her lifetime.

(b)           Anything herein to the contrary notwithstanding, to the extent and only to the extent vested, the Options may also be exercised (as to the Option Shares vested) at such time by means of a “cashless exercise” in which the Recipient shall be entitled to receive a certificate for the number of Option Shares equal to the quotient obtained by dividing:

[(A-B) (X)] by (A), where:

(A) equals the average of the closing price of the Company’s Common Stock, as reported (in order of priority) on the Trading Market on which the Company’s Common Stock is then listed or quoted for trading on the Trading Date preceding the date of the election to exercise; or, if the Company’s Common Stock is not then listed or traded on a Trading Market, then the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Recipient and the Company, the fees and expenses of which shall be paid by the Company;

(B) equals the Exercise Price of the Option, as adjusted from time to time in accordance herewith; and

(X) equals the number of vested Option Shares issuable upon exercise of these Options in accordance with the terms of the Options by means of a cash exercise rather than a cashless exercise (or, if the Option is being exercised only as to a portion of the shares as to which it has vested, the portion of the Options being exercised at the time the cashless exercise is made pursuant to this Section 6).

For purposes of this Agreement:

“Trading Day” means a day on which the Common Stock is traded on a Trading Market.

 

  

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“Trading Market” means, in order of priority, the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTCQB or the Pink Sheets.

(c)           No fractional shares shall be issued upon exercise of this Option. The Company shall, in lieu of issuing any fractional share, pay the Recipient entitled a sum in cash equal to such fraction multiplied by the then effective Exercise Price.

7.           Termination of Service.

If the Recipient’s services as an employee or director are terminated by either the Company or the Recipient, the Company agrees that all vested options may continue to be exercised until 5:00pm New York on the date of the second anniversary of the termination date of the Recipient’s services (the “Termination Date”). All unvested Options shall terminate and this Agreement shall be of no further force or effect as of the Termination Date.

8.           Death of Recipient.

If the Recipient shall die during the term of service to the Company, Recipient’s personal representative or the person entitled to Recipient’s rights hereunder may at any time within the then remaining exercise period, exercise this Option and purchase Option Shares to the extent, but only to the extent, that Recipient could have exercised this Option as of the date of Recipient’s death; following the expiration of the aforesaid then remaining exercise period, this Agreement shall terminate in its entirety and be of no further force or effect.

9.           No Rights as Shareholder.

Recipient shall have no rights as a shareholder with respect to the Option Shares covered by any installment of this Option until the effective date of issuance of the Option Shares following the exercise of this Option, and no adjustment will be made for dividends or other rights for which the record date is prior to the date such stock certificate or certificates are issued.

 

10.           Recapitalization.

(a)              Subdivision or consolidation of shares. Subject to any required action by the shareholders of the Company, the number of Option Shares covered by this Option, and the Exercise Price thereof, shall be proportionately adjusted for any increase or decrease in the number of issued shares resulting from a subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of such shares effected without receipt of consideration by the Company; provided however that the conversion of any convertible securities of the Company shall not be deemed having been “effected without receipt of consideration by the Company.”

(b)           Reorganizations, Mergers etc.

(i) In the event of a proposed dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the surviving entity, or a sale of all or substantially all of the assets or capital stock of the Company (collectively, a “Reorganization”):

 

(1) then, subject to Clause (b)(ii) below, any and all shares as to which the Option had not yet vested shall vest upon the date (the “Reorganization Vesting Date”) that the Company provides the Recipient with the Reorganization Notice (as defined below); and provided, however, that there has been no termination of the Recipient’s services, Recipient shall have the right to exercise this Option to the extent of all shares subject to the Option, for a period commencing on the Reorganization Vesting Date and terminating on the date of the consummation of such Reorganization. Unless otherwise agreed to by the Company, the Option shall terminate upon the consummation of the Reorganization and may not be exercised thereafter as to any shares subject thereto. The Company shall notify Recipient in writing (the “Reorganization Notice”), at least 30 days prior to the consummation of such Reorganization, of its intention to consummate a Reorganization.

 

  

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(2) Anything herein to the contrary notwithstanding, the exercise of the Option or any portion thereof pursuant to this Section 10(b) will be consummated simultaneously with the consummation of the Reorganization. If after the Company provides the Reorganization Notice to the Recipient the Company provides the Recipient with a further written notice notifying the Recipient that the Reorganization will not be consummated, then the Option will return to its status prior to the Reorganization Notice and the shares as to which the Option vested solely by virtue of this Section 10(b) (i) will revert to an unvested status.

(ii) Subject to any required action by the shareholders of the Company, if the Company shall be the surviving entity in any merger or consolidation, these Options thereafter shall pertain to and apply to the securities to which a Recipient of Option Shares equal to the Option Shares subject to these Options would have been entitled by reason of such merger or consolidation, and the installment provisions of Section 5 shall continue to apply.

(iii) To the extent that the foregoing adjustments relate to shares or securities of the Company, such adjustments shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as hereinbefore expressly provided, Recipient shall have no rights by reason of any subdivision or consolidation of shares of Stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class, and the number and price of Option Shares subject to this Option shall not be affected by, and no adjustments shall be made by reason of, any dissolution, liquidation, merger, consolidation or sale of assets or capital stock, or any issue by the Company of shares of stock of any class or securities convertible into shares of stock of any class.

(iv) The grant of these Options shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes in its capital or business structure or to merge, consolidate, dissolve or liquidate or to sell or transfer all or any part of its business or assets.

11.           Taxation upon Exercise of Option.

Recipient understands that, upon exercise of these Options, Recipient may recognize income, for Federal and state income tax purposes, in an amount equal to the amount by which the fair market value of the Option Shares, determined as of the date of exercise, exceeds the Exercise Price. The acceptance of the Option Shares by Recipient shall constitute an agreement by Recipient to report such income in accordance with then applicable law and to cooperate with Company in establishing the amount of such income and corresponding deduction to the Company for its income tax purposes. Withholding for federal or state income and employment tax purposes will be made, if and as required by law, from Recipient’s then current compensation, or, if such current compensation is insufficient to satisfy withholding tax liability, the Company may require Recipient to make a cash payment to cover such liability as a condition of the exercise of these Options.

12.           Modification, Extension and Renewal of Options.

The Board or a duly appointed committee thereof, may modify, extend or renew this Option or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore exercised), subject at all times to the Code and applicable securities laws. Notwithstanding the foregoing provisions of this Section 12, no modification shall, without the consent of the Recipient, alter to the Recipient’s detriment or impair any rights of Recipient hereunder.

13.           Investment Intent; Restrictions on Transfer.

Unless and until the Option Shares represented by this Option are registered under the Securities Act,

(a) all certificates representing the Option Shares and any certificates subsequently issued in substitution therefore and any certificate for any securities issued pursuant to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially the following form:

 

  

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“THESE SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE ‘SECURITIES ACT’) OR UNDER THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THAT CERTAIN NONSTATUTORY STOCK OPTION AGREEMENT DATED JUNE 20, 2013, BETWEEN THE COMPANY AND THE ISSUEE WHICH RESTRICTS THE TRANSFER OF THESE SHARES WHICH ARE SUBJECT TO REPURCHASE BY THE COMPANY UNDER CERTAIN CONDITIONS.”

and/or such other legend or legends as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions with respect to the Option Shares have been placed with the Company’s transfer agent.

 

(b) Recipient represents and agrees that if Recipient exercises this Option in whole or in part, Recipient will in each case acquire the Option Shares upon such exercise for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof; and that upon such exercise of this Option in whole or in part Recipient (or any person or persons entitled to exercise this Option under the provisions of Sections 7 and 8 of this Agreement) shall furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. If the Option Shares represented by this Option are registered under the Securities Act, either before or after the exercise this Option in whole or in part, the Recipient shall be relieved of the foregoing investment representation and agreement and shall not be required to furnish the Company with the foregoing written statement.

14.           Stand-off Agreement. Recipient agrees that, in connection with any registration of the Company’s securities under the Securities Act, and upon the request of the Company or any underwriter managing an underwritten offering of the Company’s securities, Recipient shall not sell, short any sale of, loan, grant an option for, or otherwise dispose of any of the Option Shares (other than Option Shares included in the offering) without the prior written consent of the Company or such managing underwriter, as applicable, for a period (the “Restrictive Period”) as may be specified by the Company or such underwriter or managing underwriter; provided, however, that the Restrictive Period shall not exceed one year following the effective date of registration of such offering.

15.           Construction. You and the Company have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by you and the Company and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The word “including” shall mean including without limitation. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. The headings in this Agreement are solely for the convenience of reference and shall be given no effect in the construction or interpretation of this Agreement.

16.           Notices. Any and all notices (including, but not limited to the Notice of Exercise) or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the 2nd Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

  

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17.           Agreement Not Subject to the Plan; Applicable Law. These Options are not granted pursuant to the Plan and shall be interpreted to comply therewith. A copy of such Plan is available to Recipient, at no charge, at the principal office of the Company. Any provision of this Option inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Option has been granted, executed and delivered in the State of Nevada, and the interpretation and enforcement shall be governed by the laws thereof and subject to the exclusive jurisdiction of the courts therein.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

  

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IN WITNESS WHEREOF the parties hereto have executed this Stock Option Agreement as of the date first above written.

 

	 	

Janus Resources, Inc.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Joseph Sierchio	 
	 	Name:	Joseph Sierchio	 
	 	Title:	Director	 
	 	 	 	 
	 	

Address For Notices: 

 

430 Park Avenue

Suite 702

New York, NY 10022

	 
	 	 	 	 
	 	

Recipient

	 
	 	 	 	 
	 	By:	/s/ Rhonda B. Rosen	 
	 	 	Rhonda B. Rosen	 
	 	 	 	 
	

Address:

	 	 

 

  

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Exhibit A

NOTICE OF EXERCISE OF STOCK OPTION

TO:         JANUS RESOURCES, INC.

430 Park Avenue

Suite 702

New York, NY 10022

ATTENTION: President and Chief Executive Officer

The undersigned hereby elects to purchase ______________ shares (the “Purchased Option Shares”) of the Company pursuant to the terms of the Stock Option Agreement Dated June 20, 2013, between the undersigned and Janus Resources, Inc. and the undersigned (the “Option Agreement”), herewith tenders payment of the aggregate exercise price in full, together with all applicable transfer taxes, if any, for the Purchased Option Shares, by (check applicable box):

o in lawful money of the United States; or

o [if permitted] the cancellation of such number of Option Shares as is necessary, in accordance with the formula set forth in Section 6(b) of the Option Agreement with respect to the maximum number of Option Shares purchasable pursuant to the cashless exercise procedure set forth Section 6(b).

Please issue a certificate or certificates representing said Option Shares in the name of the undersigned as is specified below and forward the same to the address set forth below.

 

__________________________________

Signature of Recipient

Print Name of Recipient: Rhonda B. Rosen

Address For Delivery of Option Shares:

___________________________________

___________________________________

___________________________________

 

 

9OILT 6.26.2013 EX - Debt Agmt

Exhibit 10.1

LOAN AGREEMENT

Dated 31. May 2013

USD 50,000,000

CREDIT FACILITY

for
Oiltanking Houston L.P.
as Borrower

PROVIDED BY

Oiltanking Finance B.V.
as Lender

(reference: IBOTHO50)

1

Index

	
				
	1
	

	DEFINITIONS
	3

	2
	

	LOAN AND PURPOSE
	6

	3
	

	CONDITIONS PRECEDENT, UTILISATION
	7

	4
	

	FEES
	8

	5
	

	REPAYMENT
	8

	6
	

	INTEREST
	8

	7
	

	PAYMENTS
	9

	8
	

	COVENANTS
	10

	9
	

	DEFAULT
	11

	10
	

	REPRESENTATIONS AND WARRANTIES
	13

	11
	

	INCREASE OF COSTS
	14

	12
	

	SECURITY
	14

	13
	

	ASSIGNMENT
	14

	14
	

	NO WAIVER
	15

	15
	

	PARTIAL INVALIDITY
	15

	16
	

	LANGUAGE
	15

	17
	

	NOTICES
	16

	18
	

	MODIFICATION
	17

	19
	

	INDEMNITIES
	17

	20
	

	APPLICABLE LAW AND JURISDICTION
	17

2

THIS AGREEMENT DATED 31.05.2013 IS ENTERED INTO BETWEEN:

		
	(i)
	Oiltanking Finance B.V., a private limited company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its registered office at Orlyplein 10, 1043 DP Amsterdam, The Netherlands (the Lender); and

		
	(ii)
	Oiltanking Houston L.P., a Texas limited partnership, having its registered office at 1401 McKinney, Suite 1700, Houston, Texas 77010-1079, USA (the Borrower),

WHEREAS:

		
	(a)
	The Lender, the Borrower and Oiltanking GmbH are group companies within the meaning of section 2:24b of the Dutch Civil Code (Burgerlijk Wetboek);

		
	(b)
	The Borrower has requested the Lender to provide a credit facility in an aggregate maximum principal amount of USD 50,000,000 for the purpose of financing fixed assets;  and

		
	(c)
	Subject to the terms of this Agreement, the Lender hereby agrees to make available to the Borrower such a credit facility.

NOW IT IS HEREBY AGREED AS FOLLOWS:

		
	1
	DEFINITIONS

		
	(a)
	In this agreement the following terms have the following meanings:

Agreement means this agreement.

Availability Period means in the case of the Facility the period from and including 31.05.2013 up to and including 31.08.2013.

Business Day means a day other than a Saturday, Sunday or bank holiday on which commercial banks are open for business in New York, USA. 

Commitment means an amount of USD 50,000,000 (in words fifty million) to the extent not cancelled, transferred or reduced under this Agreement.

Closed Circle means a “closed circle” (besloten kring) within the meaning of the Dutch FSA.

3

Cost of Funds means 
		
	a)
	during the Availability Period

the percentage rate of interest per annum determined by the Lender in its sole discretion and notified to the Borrower as representing the Lender’s cost of funds for each period between Utilization Date and end of the Availability Period.
		
	b)
	after the Availability Period

USD-swap rate for 10 years including the cost of funds that Lender has incurred, to be fixed two Business Days prior the end of the Availability Period until Final Maturity Date. 

Dutch FSA means the Financial Supervision Act (Wet op het financieel toezicht) including any and all subordinate decrees and regulations issued pursuant thereto, as amended from time to time.

EBITDA means the sum of the net income for such period, plus, to the extend such amount was deducted in the computation of the net income, the aggregate amount of Net Interest Expense, income tax, depreciation, and amortization for such period.

Event of Default means an event specified as such in Clause 9 of this Agreement.

Facility means the credit facility made available under this Agreement.

Final Maturity Date means 30.06.2023.

Finance Document means this Agreement, a Security Document and any other document designated as such by the Lender and the Borrower.

Financial Indebtedness means any indebtedness for or in respect of moneys borrowed, any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing, or any guarantee, (counter-) indemnity or similar assurance against financial loss of any person in respect of any item referred to in the above paragraphs.

Increased Costs means (a) a reduction in the rate of return from the Facility or on the Lender’s overall capital, (b) an additional or increased cost, or (c) reduction of any amount due and payable under any Finance Document, which is incurred or suffered by the Lender to the extent that it is attributable to the Lender having made available the Loan or funding or performing its obligations under any Finance Document.

Interest Payment Date means during the Availability Period, interest is payable at the end of the Availability Period.  After the Availability Period, interest payments are payable semi-annually, beginning on December 30, 2013.   

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Interest Period means, subject to paragraph (b) of Clause 7, the period of 3 months starting on the Utilisation Date or an Interest Payment Date and ending on the next Interest Payment Date.

Interest Rate means the aggregate of the Cost of Funds and the Margin.

Margin means 2.60 per cent. per annum.

Net Financial Indebtedness means 

(a) the sum of (i) all liabilities for borrowed money, (ii) liabilities from derivative financial instruments, (iii) liabilities for capital lease minus
(b) the sum of (i) subordinated loans, (ii) cash and cash equivalents held by the Borrower at such time.

Net Interest Expense means the sum of all interest expense minus all interest income and income in the nature of interest for such period.

Loan means, unless otherwise stated in this Agreement, the principal amount of each borrowing made to the Borrower under this Agreement or the principal amount outstanding of that borrowing.

PMP means a “professional market party” (professionele marktpartij) within the meaning of the Dutch FSA.

Security Document means any security document entered into by the Borrower and the Lender pursuant to Clause 12 of this Agreement.

Security Interest means any mortgage, pledge (of shares and/or accounts receivable), lien, charge, assignment, hypothecation or security interest or any other type of preferential agreement or arrangement securing any obligation of the Borrower and having a similar effect.

Stockholders Equity means the amount shown as stockholders equity on the balance sheet of the Borrower.

Total Debt Service means the sum of all interest and all capital repayments in respect of the Borrowers liabilities for borrowed money and for capital lease obligations for such period.

Utilisation Date means the date on which an utilisation of a Loan is made.

Utilisation Request means a notice substantially in the form set out in Schedule 2.

5

		
	(b)
	A party or any other person includes its successors in title, permitted assigns and permitted transferees, and a Finance Document or other document includes (without prejudice to any prohibition on amendments) all amendments however fundamental to that Finance Document or other document, including any amendment providing for any increase in the amount of a Loan or any additional facility.

		
	(c)
	Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that:

		
	(i)
	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is not);

		
	(ii)
	if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and

		
	(iii)
	notwithstanding sub-paragraph (i) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate.

		
	(d)
	A reference to a Clause or a Schedule is a reference to a clause hereof or a schedule hereto. 

		
	(e)
	A reference to a paragraph is, unless otherwise stated, a reference to a paragraph of the Clause in which the reference to the paragraph appears. A reference to a sub-paragraph is, unless otherwise stated, a reference to a sub-paragraph of the paragraph in which the reference to the sub-paragraph appears.

		
	(f)
	Clause headings are for ease of reference only and shall be disregarded in the construction of this Agreement.

		
	(g)
	Unless the context otherwise requires, words importing the singular form shall include the plural and vice versa.

		
	2
	LOAN AND PURPOSE

		
	(a)
	Subject to the terms of this Agreement, the Lender shall make available to the Borrower the Facility in an aggregate amount equal to the Commitment. The Facility shall be used for financing fixed assets.

		
	(b)
	The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

		
	(c)
	The Loan shall be drawn down on the basis of an Utilisation Request subject to the relevant conditions precedent. 

6

		
	3
	CONDITIONS PRECEDENT, UTILISATION

		
	3.1
	Conditions Precedent

		
	(a)
	The obligation of the Lender to make the Loan available to the Borrower is subject to receipt by the Lender on the date falling not less than five Business Days before the Utilisation Date of all documents and other evidence set out in Schedule 1 in form and substance satisfactory to the Lender.

		
	(b)
	The Lender shall only be obliged to make the Loan available to the Borrower, if:

		
	(i)
	all representations and warranties listed in the Clause 10 being true and correct on the date of an Utilisation Request and the proposed Utilisation Date;

		
	(ii)
	no Event of Default or an event which with the giving of notice, lapse of time or fulfillment of any other condition would constitute an Event of Default is outstanding or would result from the Loan on the date of an Utilisation Request and the proposed Utilisation Date; and

		
	(iii)
	the aggregate amount of the Loan outstanding under this Agreement (taking account of the proposed Loan) will not exceed the Commitment on the proposed Utilisation Date.

		
	3.2
	Utilisation

		
	(a)
	Upon receipt of a duly completed Utilisation Request, the Loan shall be made available to the Borrower on the Utilisation Date by payment by the Lender of the principal amount of the Loan into the account designated in the Utilisation Request.

		
	(b)
	Each Utilisation Request is irrevocable and the Borrower shall be bound to borrow in accordance with the Utilisation Request.

		
	(c)
	An Utilisation Request will not be regarded as having duly completed unless:

		
	(i)
	It has been received by the Lender not later than five Business Days before the proposed Utilisation Date for the proposed borrowing, unless explicitly stipulated otherwise between the Lender and the Borrower;

		
	(ii)
	the amount of the Loan is at least USD 1,000,000

		
	(iii)
	the proposed Utilisation Date is a Business Day within the Availability Period; and

7

		
	(iv)
	the amount of the Loan requested does not exceed the maximum undrawn amount available under the Facility on the proposed Utilisation Date.

		
	(d)
	The Commitment which is at the end of the Availability Period unutilised, shall be cancelled.

		
	4
	FEES

		
	4.1
	Arrangement fee

The Borrower shall pay to the Lender an arrangement fee of USD 225,000 for arranging, executing and handling this transaction.

		
	4.2
	Commitment fee

A commitment fee of 0.0 per cent. per annum will be calculated on the undrawn amount of the Facility is to be paid at the end of each month within the Availability Period. 

		
	5
	REPAYMENT

		
	(a)
	The Borrower shall repay the Loan in accordance with the repayment schedule contained in Schedule 3.

		
	(b)
	    The Borrower shall repay the outstanding amount of the Loan in full on the Final Maturity Date, together with all interest and any other amounts outstanding under the Finance Documents.

		
	(c)
	The Borrower may only prepay the Loan with the prior written approval of the Lender.

		
	(d)
	The Borrower may not reborrow any part of the Loan which is repaid.

		
	6
	INTEREST

		
	6.1
	Calculation and payment of interest    

		
	(a)
	The rate of interest on the Loan for each Interest Period is the applicable Interest Rate.

		
	(b)
	Interest shall accrue from day to day on the Outstanding Amount of the Loan and shall be calculated by the Lender on the basis of a year of three hundred sixty (360) days and the actual number of days elapsed.

		
	(c)
	The Borrower shall pay accrued interest on the Loan in arrears on each Interest Payment Date.  

8

		
	6.2
	Interest on overdue amounts    

		
	(a)
	If the Borrower fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Lender pay interest on the overdue amount from its due date up to the date of actual payment, both before, on and after judgment.

		
	(b)
	Interest on an overdue amount is payable at a rate determined by the Lender to be the aggregate of the Interest Rate and two per cent. per annum.

		
	7
	PAYMENTS

		
	(a)
	All amounts payable under this Loan Agreement by the Borrower including amounts payable under this paragraph (a), shall be paid in full without set-off or counterclaim or right of retention or other restrictions and free and clear of and without any deduction or withholding for or on account of any taxes or any charges or otherwise. In the event the Borrower is required by law to make any such deduction or withholding from any payment hereunder then:

		
	(i)
	the Borrower shall forthwith pay to the Lender such additional amount as will result in the immediate receipt of the full amount which would have been received hereunder, had no such deduction or withholding been made; and

		
	(ii)
	the Borrower shall immediately forward to the Lender official receipt of the relevant taxation or other authority or other evidence acceptable to the Lender of the amount deducted or withheld as aforesaid.

		
	(b)
	If a payment under the Finance Documents is due or any Interest Period ends on a day that is not a Business Day, such payment shall be made or the expiry of such Interest Period (as the case may be) shall instead be the previous Business Day. During any extension of the due date for payment of any principal and/or any extension of an Interest Period under the preceding sentence, interest will accrue and be payable on the relevant principal and/or during the extended Interest Period at the rate which applied on the original due date for payment of such principal and/or on the original end date for the relevant Interest Period.

		
	(c)
	The Lender may set off any matured obligation owed to it by the Borrower under the Finance Documents against any obligation (whether or not matured) owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency of either obligation.

		
	(d)
	All payments to be made by the Borrower under this Agreement to the Lender will be made in USD in immediately available funds not later than 10:00 hrs GMT+1 mean on the date upon which the relevant payment is due and, at the risk of the Borrower, remitted to the account of the Lender designated by it.

9

		
	(e)
	Irrespective of instructions by the Borrower to any other effect any amount received or recovered by the Lender in respect of any sum owed by the Borrower hereunder shall be applied by the Lender:

		
	(i)
	first, in or towards payment of costs and expenses;

		
	(ii)
	second, in or towards payment of any sums then due and payable hereunder in respect of interest;

		
	(iii)
	third, in or towards payment of any sums then due and payable hereunder in respect of principal; and

		
	(iv)
	fourth, in or towards satisfaction of any other sums then due and payable hereunder.

		
	(v)
	balance shall be payable to the account of Borrower.

		
	8
	COVENANTS

		
	8.1
	Compliance with laws    

The Borrower must comply in all respects with all material laws to which it is subject.

		
	8.2
	Negative pledge    

The Borrower may not create or allow to exist any Security Interest on any of its assets, except for any Security Interest provided to the Lender under or pursuant to the Finance Documents, unless prior agreement in writing has been obtained from the Lender by the Borrower or except for immaterial liens existing in the ordinary course of business or on immaterial portions of the Borrower’s assets. 

		
	8.3
	Financial Indebtedness    

The Borrower may not incur any Financial Indebtedness, except for any Financial Indebtedness incurred under the Finance Documents, and any subordinated indebtedness on terms approved by the Lender.

		
	8.4
	Financial Parameters

On the basis of its audited annual financial statements (local GAAP), the Borrower is obliged to meet the following Financial Parameters:

10

		
	a.
	Stockholders Equity: the Borrower will not, at any time, permit the ratio of (i) Stockholders Equity to (ii) non-current assets to be less than 30%.

		
	b.
	Debt Service Coverage Ratio: the Borrower will not, at any time, permit the ratio of (i) EBITDA for the period of 12 consecutive months to (ii) Total Debt Service to be less than 1.2.

		
	c.
	Leverage Ratio: the Borrower will not, at any time, permit the ratio of (i) Net Financial Indebtedness to EBITDA to be more than 3.75.

The Borrower shall supply to the Lender as soon as available, but in any event not later than the 31st of March of each calendar year during the lifetime of the loan, a compliance certificate setting out the computations as to compliance with paragraph 8.4 subclauses a to c. 

		
	8.5
	Constitutional documents    

The Borrower may not, without the prior consent of the Lender make any amendment to its constitutional documents.

		
	9
	DEFAULT

		
	9.1
	Events of Default

Each of the following circumstances is an Event of Default:

		
	(a)
	the Borrower does not pay on the due date any amount payable by it under the Finance Documents in the manner required under the Finance Documents, unless the non-payment is caused by technical or administrative error and is remedied within 3 Business Days of the due date;

		
	(b)
	the Borrower does not fulfill one of the Financial Parameters set out in 8.4

		
	(c)
	any representation, warranty, covenant, undertaking or statement made by the Borrower in this Agreement or any certificate, statement or opinion delivered or made hereunder or in connection herewith, is incorrect or inaccurate in any material respect when made;

		
	(d)
	the Borrower fails duly to perform or observe any provision of this Agreement and such failure, if capable of remedy shall continue for thirty (30) days after the Lender has given to the Borrower notice of such failure;

		
	(e)
	any Financial Indebtedness of the Borrower in excess of EUR 500,000 in the aggregate or the equivalent thereof in any other currency is not paid when due after expiry of any applicable grace period or the Borrower declares a general moratorium on the payment of indebtedness;

11

		
	(f)
	the Borrower suspends its operations in view of an impending insolvency or similar situation or ceases to act substantially in its current capacity in view of an impending insolvency or takes any corporate action or other steps, or commences legal proceedings for its winding-up, dissolution, administration or re-organization (being a re-organization in the context of a bankruptcy, insolvency or similar situation) or for the appointment of a receiver, trustee or similar officer of it or of any or all of its revenues and assets;

		
	(g)
	the Borrower announces its inability to meet its financial obligations or bankruptcy or other insolvency proceedings are instigated against the Borrower and have not been discharged or stayed within 60 days of the date of their instigation or the Borrower applies for or institutes such proceedings or offers to make an arrangement for the benefit of its creditors generally;

		
	(h)
	any governmental or other consent, license or authority required to make this Agreement legal, valid, binding, enforceable and admissible in evidence or required to enable the Borrower to perform its obligations hereunder is withdrawn or ceases to be in full force and effect;

		
	(i)
	the Borrower creates, without prior approval of the Lender, any attachment, sequestration, distress, execution, enforcement of a Security Interest or if any analogous event affects any asset(s) of the Borrower;

		
	(j)
	    any Security Document or any guarantee or indemnity in or any subordination under any Finance Document is not in full force and effect or any Security Document does not create in favour of the Lender the Security Interest which it is expressed to create fully perfected and with the ranking and priority it is expressed to have;

		
	(k)
	it is or becomes unlawful for the Borrower to perform any of its obligations under the Finance Documents;

		
	(l)
	The Borrower ceases to be, directly or indirectly, owned or controlled by Oiltanking GmbH; or 

		
	(m)
	the occurrence of an extraordinary and a material adverse change in the assets or financial condition of the Borrower, which means, in the reasonable opinion of the Lender, that the Borrower will be unable to perform its obligations under this Agreement as and when they fall due.

		
	9.2
	Acceleration

If an Event of Default is outstanding, the Lender may, by notice to the Borrower cancel all or any part of the Commitment and/or declare that all or part of any amounts outstanding under the Finance Documents are immediately due and payable and/or payable on demand by the Lender. Any notice given under this paragraph will take effect in accordance with its terms.

12

		
	9.3
	Notification

The Borrower shall promptly inform the Lender of the occurrence of any event which is or, with the giving of notice, lapse of time, determination of materiality or fulfillment of any other applicable condition (or any combination of the foregoing) may become an Event of Default and, upon receipt of a written request to that effect from the Lender, confirm to the Lender that, save as previously notified to the Lender or as notified in such confirmation, no such event has occurred.

		
	10
	REPRESENTATIONS AND WARRANTIES

		
	(a)
	The Borrower represents at the date hereof and at the Utilisation Date that:

		
	(i)
	it is a Texas limited partnership duly organized under the laws of its jurisdiction with power to enter into this Agreement and to exercise its rights and perform its obligations hereunder and all partnership and other actions required to authorize its execution of this Agreement and its performance of its obligations hereunder has been duly taken;

		
	(ii)
	it has not taken any partnership action nor have any other steps been taken or legal proceedings been started or (to the best of the Borrower’s knowledge and belief) threatened against it for its winding-up, dissolution, administration or reorganization or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or of any or all of its assets or revenues;

		
	(iii)
	it is not in breach of or in default under any agreement to which it is a party or which is binding on it or any of its assets to an extent or in a manner which might have a material adverse effect on its ability to perform its obligations hereunder as and when they fall due;

		
	(iv)
	there is no action or administrative proceeding of or before any court or agency which is reasonably likely, if adversely determined, to have a material adverse effect on its ability to perform its obligations hereunder as and when they fall due have been started or (to the best of its knowledge and belief) threatened;

		
	(v)
	the execution of this Agreement and its exercise of its rights and performance of its obligations hereunder do not constitute and will not result in any breach of any agreement or treaty to which the Borrower is a party; and

13

		
	(vi)
	the execution of this Agreement constitutes, and its exercise of its rights and performance of its obligations hereunder will constitute, private and commercial acts done and performed for private and commercial purposes.

		
	11
	INCREASE OF COSTS

		
	(a)
	The Borrower shall, within fourteen Business Days of a demand by the Lender, pay to the Lender the amount of any Increased Costs incurred by the Lender as a result of a Change of Law or compliance with any law or regulation made after the date of this Agreement.

		
	(b)
	In this Clause Change of Law means the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation, including the rules and regulations of De Nederlandsche Bank N.V., the European Central Bank or any other regulatory authority.

		
	(c)
	The Lender shall as soon as practicable notify the Borrower of the event giving rise to Increased Costs and provide a certificate confirming the amount of Increased Costs.

		
	12
	SECURITY

For the benefit of the Lender, upon first written request of the Lender, the Borrower shall create, as security for the payment of any and all amounts owed to the Lender under or in connection with the Finance Documents or arising from any other relationship between the Borrower and the Lender a first ranking Security Interest. As long as the first ranking Security Interest, as requested by the Lender, has not been registered, the Borrower shall refrain from registering any Security Interest in favour of a party other than the Lender. In the event that prior to the registration of the first ranking Security Interest as requested by the Lender, a Security Interest has been created in favour of a party, other than the Lender, such event shall constitute an Event of Default under 9.1 (h). 

		
	13
	ASSIGNMENT

		
	(a)
	The Borrower may not assign or transfer all or any of its rights, benefits and obligations hereunder without the prior written consent of the Lender.

		
	(b)
	The Lender may at any time assign or transfer all or any of its rights and obligations under this Agreement to another group company (within the meaning of section 2:24b of the Dutch Civil Code (Burgerlijk Wetboek) (the New Lender), provided that:

		
	(i)
	the New Lender forms part of a Closed Circle with the Borrower; or

14

		
	(ii)
	the New Lender’s Commitment shall be at least the USD equivalent of EUR 50,000 and any Loan under this Agreement transferred or assigned to the New Lender shall be at least the USD equivalent of EUR 50,000; or the New Lender otherwise qualifies as a PMP at the time it becomes party to this Agreement.

		
	(c)
	The Borrower hereby consents in advance (bij voorbaat) to the transfer mentioned in paragraph (b).

		
	(d)
	The Lender will inform the Borrower about an assignment or transfer as mentioned in paragraph (b) in writing before such an assignment or  transfer takes place. 

		
	14
	NO WAIVER

No failure to exercise and no delay in exercising on the part of the Lender any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or future exercise thereof, or the exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

		
	15
	PARTIAL INVALIDITY

If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provision hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall be affected or impaired thereby and the illegal, invalid or unenforceable provision shall be replaced by a legal, valid or enforceable provision which achieves to be greatest possible extent the economic purpose of the illegal, invalid or unenforceable provision.

		
	16
	LANGUAGE

Each document, instrument, certificate and statement referred to herein or to be delivered hereunder shall, if not in the English language, be accompanied by an English translation thereof, which shall prevail in the case of conflict with the non-English version. An officer of the Borrower shall certify such translation to be true and correct or another certified institution.

15

		
	17
	NOTICES

Any notice or other communication required or permitted to be given hereunder shall be:

		
	(a)
	in writing and duly addressed as follows (or such other address may be modified) in writing to:

		
	(i)
	the Lender:

Oiltanking Finance B.V.
Crystal Tower, Orlyplein 10
1043 DP Amsterdam
The Netherlands

Attn.     Managing Director
Tel.     +31 20 8200 690
Fax     +31 20 6821 848

		
	(ii)
	the Borrower:

Oiltanking Houston L.P.
Jacintoport Boulevard 15602
77015 Houston, Texas
United States of America

Attn. Managing Director
Tel.  +1 409 835 53 81
Fax. +1 409 833 04 64

		
	(b)
	signed by an authorized representative of the sender;

		
	(c)
	in the English language;

		
	(d)
	deemed duly given when received by the recipient in complete and legible form at the address stated/provided in (a) above;

		
	(e)
	sent in person or mail, telex, facsimile transmission or telegram. Unless such delivery or receipt is before 16.00 hrs (GMT+1) on a day on which business is generally carried on at the place to which such notice or communication is sent, notice shall be deemed to have been duly given or made at the commencement of the next working day.

		
	(f)
	The above shall not apply for the documents required under Clause 3 and Clause 8 which shall be actually received by the Lender in accordance with such Clauses.

16

		
	18
	    MODIFICATION

No amendment, modification or addition to this Agreement shall be effective or binding on either of the Borrower or the Lender unless set forth in writing and executed by them through their duly authorized representatives and subject to obtaining requisite approval, if any, following such execution.

		
	19
	INDEMNITIES

		
	(a)
	The Borrower must indemnify the Lender against any loss or liability which the Lender incurs as a consequence of:

		
	(i)
	the occurrence of any Event of Default;

		
	(ii)
	any failure by the Borrower to pay any amount due under a Finance Document on its due date;

		
	(iii)
	(other than by reason of negligence or default by the Lender) a Loan not being made after a Utilisation Request has been delivered for that Loan;

		
	(iv)
	investigating any event which the Lender reasonably believes to be a Default; or

		
	(v)
	acting or relying on any notice which the Lender reasonably believes to be genuine, correct and appropriately authorised.

		
	(b)
	The Borrower must indemnify the Lender against any loss or liability which the Lender (in its absolute discretion) determines will be or has been suffered (directly or indirectly) by it for or on account of Tax in relation to a payment received or receivable (or any payment deemed to be received or receivable) under a Finance Document.

		
	(c)
	The Borrower must pay to the Lender the amount of all costs and expenses (including legal fees) incurred by it in connection with the negotiation, preparation, printing, execution, the enforcement of, or the preservation of any rights under, any Finance Document.

		
	20
	    APPLICABLE LAW AND JURISDICTION

		
	(a)
	This Agreement shall be governed by and construed in accordance with the laws of the Netherlands.

		
	(b)
	If any dispute, controversy or claim arises out of or in connection with this Agreement, including any question regarding its existence, validity, termination or interpretation or any dispute regarding the validity, amount or liability for a Claim (a Dispute) the Parties shall use all commercially reasonable efforts to resolve the matter amicably. If one Party gives the other notice that a Dispute

17

has arisen and the Parties are unable to resolve the Dispute within 10 Business Days of service of such notice then the Dispute shall be referred to an ad hoc arbitration tribunal and finally resolved in accordance with the Arbitration Rules of the Netherlands Arbitration Institute as currently in force. The arbitration tribunal shall be composed of three (3) arbitrators. The place of arbitration shall be Amsterdam. The arbitral procedure shall be conducted in the English language. The arbitral tribunal shall decide in accordance with the rules and principles of Dutch law (naar regelen des rechts). Consolidation of the arbitral proceedings with other arbitral proceedings pending in The Netherlands, as provided in Section 1046 of the Netherlands Code of Civil Procedure (Wetboek van burgerlijke rechtsvordering) shall be excluded.

[signatories on next page]

18

	
					
	SIGNATORIES
	 
	 
	 

	 
	 
	 
	 
	 

	Borrower
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	/s/  Kenneth F. Owen
	By:
	/s/  Donna Hymel
	 

	Name:
	Kenneth F. Owen
	Name:
	Donna Hymel
	 

	Title:
	Vice President & Chief Financial Officer
	Title:
	Controller
	 

	 
	 
	 
	 
	 

	place and date:  Houston, Texas;  June 17, 2013
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Lender
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	/s/  Nino Schonemann-Foo
	By:
	/s/  Lisa Kromer
	 

	Name:
	Nino Schonemann-Foo
	Name:
	Lisa Kromer
	 

	Title:
	Managing Director
	Title:
	Financial Manager
	 

	 
	 
	 
	 
	 

	place and date:  Amsterdam, The Netherlands; June 26, 2013
	 
	 

19

SCHEDULE 1
Conditions Precedent documents

Each document to be in form and substance acceptable to the Lender. 

		
	(a)
	Company

		
	(i)
	Copies of the constitutional documents of the Borrower.

		
	(ii)
	An up-to-date excerpt of the Trade and Companies Register relating to the Borrower.

		
	(iii)
	A copy of the resolutions of the board of managers and a shareholder’s meeting of the Borrower approving the terms of, and the transactions contemplated by, this Agreement and any other Finance Document to which it is a party.

		
	(iv)
	Powers of attorney regarding the person(s) that signed the Agreement on behalf of the Borrower.

		
	(b)
	Finance Documents

		
	(i)
	Executed copies of all Finance Documents.

		
	(c)
	Other documents and evidence

		
	(i)
	A copy of any other authorisation or other document, opinion or assurance which the Lender has notified the Borrower is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, any Finance Document or for the validity and enforceability of any Finance Document.

		
	(ii)
	Evidence that all fees and expenses then due and payable by the Borrower under this Agreement have been or will be paid by the first Utilisation Date.

20

SCHEDULE 2
Utilisation Request

		
	From
	: Oiltanking Houston L.P.

To    : Oiltanking Finance B.V.

Dear Sirs,

We refer to the loan agreement (reference: IBOTHO50) made between Oiltanking Houston L.P. as Borrower and Oiltanking Finance B.V. as Lender dated 31.05.2013 (the Loan Agreement) under which a term loan of USD 50,000,000 was extended to the Borrower.

Terms defined in the Loan Agreement bear herein the meanings therein assigned to them.

We hereby give you notice that pursuant to the Loan Agreement on _________ (date of proposed drawing) we wish to draw until the end of the Availability Period, i.e. 31.08.2013. 
USD  ____________________________ (amount of the proposed drawing).

The proceeds are to be made available to 

account number _______________________ 

with _______________________________ (bank name and location of bank), 

swift/BIC ___________________.

We confirm that at the date hereof the representations and warranties set out in the relevant Clause of the Loan Agreement are true and that no event, which is or may, with the giving of notice, lapse of time, determination of materiality or fulfillment of any other applicable condition (or any combination of the foregoing), become an Event of Default, has occurred.

Yours faithfully,

Oiltanking Houston L.P.

21

SCHEDULE 3
Repayment Schedule

	
				
	nr.
	payment date
	repayment
	Balance amount

	—
	31.08.2013
	 
	50.000.000 USD

	1
	30.06.2023
	50.000.000 USD
	0 USD

22

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