Document:

Exhibit 4.56

 

AMENDED AND RESTATED UNCOMMITTED CREDIT AGREEMENT

among

AEGEAN BUNKERING (USA) LLC,

as Borrower,

The Several Lenders

from time to time Parties Hereto,

and

ABN AMRO CAPITAL USA LLC,

as Administrative Agent, Collateral Agent, Syndication Agent,

Daylight Overdraft Lender, Swing Line Lender,

 and an Issuing Lender

and

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., 

 "RABOBANK NEDERLAND", NEW YORK BRANCH

and

NATIXIS, NEW YORK BRANCH

as Co-Documentation Agents

and

ABN AMRO CAPITAL USA LLC,

 as Lead Arranger and Bookrunner

Dated as of August 22, 2014

THIS AGREEMENT PROVIDES FOR AN UNCOMMITTED FACILITY

WITH A DEMAND FEATURE.  ALL LOANS AND

LETTERS OF CREDIT ARE DISCRETIONARY ON THE PART OF THE LENDERS

 IN THEIR SOLE AND ABSOLUTE DISCRETION.

THE LENDERS MAY MAKE DEMAND FOR PAYMENT OF LOANS OR CASH 

COLLATERALIZATION OF LETTERS OF CREDIT

 AT ANY TIME IN THEIR SOLE AND ABSOLUTE DISCRETION.

  

TABLE OF CONTENTS

Page

	
Section 1.  DEFINITIONS

	
1

	 	 
	
1.1  Defined Terms

	
1

	
1.2  Other Definitional Provisions

	
38

	
1.3  Rounding

	
38

	
1.4  Accounting Terms

	
38

	 	 
	
Section 2.  AMOUNT AND TERMS OF THE LOANS

	
39

	 	 
	
2.1  Revolving Credit Loans

	
39

	
2.2  Daylight Overdraft Loans

	
40

	
2.3  Swing Line Loans

	
41

	
2.4  Procedure for Borrowing

	
41

	
2.5  Refunding of Swing Line Loans

	
44

	
2.6  Refunding of Daylight Overdraft Loans

	
45

	
2.7  The Election of Approving Lenders to Continue Funding and Issuing Letters of Credit

	
46

	
2.8  Maximum Amount Increase

	
48

	
2.9  Elected Line Amount Selection

	
49

	 	 
	
Section 3.  LETTERS OF CREDIT

	
50

	 	 
	
3.1  Letters of Credit

	
50

	
3.2  Procedure for Issuance of Letters of Credit

	
51

	
3.3  Fees, Commissions and Other Charges

	
54

	
3.4  L/C Participations

	
55

	
3.5  Reimbursement Obligations of the Borrower

	
56

	
3.6  Obligations Absolute

	
57

	
3.7  Role of the Issuing Lender

	
59

	
3.8  Successor Letter of Credit Issuer

	
60

	
3.9  Letter of Credit Request

	
61

	 	 
	
Section 4.  GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT

	
61

	 	 
	
4.1  Termination or Reduction of Maximum Amount

	
61

	
4.2  Interest Rates and Payment Dates

	
61

	
4.3  Conversion and Continuation Options

	
62

	
4.4  Minimum Amounts of Tranches; Maximum Number of Tranches

	
63

	
4.5  Repayment of Loans; Evidence of Debt; Fees

	
63

	
4.6  Optional Prepayments

	
64

	
4.7  Mandatory Prepayments

	
65

	
4.8  Computation of Interest and Fees

	
66

	
4.9  Pro Rata Treatment and Payments

	
66

	
4.10  Requirements of Law

	
68

	
4.11  Taxes

	
69

	
4.12  Lending Offices

	
72

	
4.13  Extensions of Credit Reporting

	
72

	
4.14  [Intentionally Omitted]

	
73

	
4.15  Indemnity

	
73

	
4.16  Inability to Determine Interest Rate

	
73

	
4.17  Illegality

	
75

	
4.18  Defaulting Lender

	
75

	 	 
	
Section 5.  REPRESENTATIONS AND WARRANTIES

	
79

	 	 
	
5.1  Financial Condition

	
79

	
5.2  No Change

	
80

	
5.3  Existence; Compliance with Law

	
80

	
5.4  Power; Authorization; Enforceable Obligations

	
80

	
5.5  No Legal Bar

	
80

	
5.6  No Material Litigation

	
81

	
5.7  No Default

	
81

	
5.8  Title and Liens

	
81

	
5.9  Intellectual Property

	
81

	
5.10  No Burdensome Restrictions

	
81

	
5.11  Taxes

	
82

	
5.12  Federal Regulations

	
82

	
5.13  ERISA

	
82

	
5.14  Investment Company Act; Other Regulations

	
83

	
5.15  Subsidiaries

	
83

	
5.16  Security Documents

	
83

	
5.17  Accuracy and Completeness of Information

	
84

	
5.18  Labor Relations

	
84

	
5.19  Insurance

	
84

	
5.20  Solvency

	
84

	
5.21  Use of Letters of Credit and Proceeds of Loans

	
85

	
5.22  Maximum Position Limits; Risk Management Practices

	
85

	
5.23  Environmental Matters

	
85

	
5.24  Anti-Terrorism Laws

	
86

	
5.25  No Other Ventures

	
87

	
5.26  Remittances

	
87

	
5.27  Force Majeure

	
88

	
5.28  Certain Indebtedness

	
88

	 	 
	
Section 6.  CONDITIONS PRECEDENT

	
88

	 	 
	
6.1  Conditions Precedent

	
88

	
6.2  Conditions to Each Credit Extension

	
92

	 	 
	
Section 7.  AFFIRMATIVE COVENANTS

	
93

	 	 
	
7.1  Financial Statements

	
94

	
7.2  Certificates; Other Information

	
94

- 2 -

	
7.3  Payment of Obligations

	
95

	
7.4  Conduct of Business; Maintenance of Existence and Compliance with Law

	
95

	
7.5  Maintenance of Property; Insurance

	
96

	
7.6  Inspection of Property; Books and Records; Discussions

	
96

	
7.7  Notices

	
96

	
7.8  Environmental Laws

	
97

	
7.9  Periodic Audit of Borrowing Base

	
98

	
7.10  Maximum Position Limits; Risk Management

	
98

	
7.11  Notification of Account Debtors

	
98

	
7.12  Taxes

	
98

	
7.13  Additional Collateral

	
98

	
7.14  Stored Eligible Commodities

	
99

	
7.15  Use of Proceeds

	
99

	
7.16  Anti-Terrorism Laws

	
99

	 	 
	
Section 8.  NEGATIVE COVENANTS

	
99

	 	 
	
8.1  Financial Condition Covenants

	
99

	
8.2  Limitation on Indebtedness and Guarantee Obligations

	
101

	
8.3  Limitation on Liens

	
101

	
8.4  Limitation on Fundamental Changes

	
102

	
8.5  Limitation on Distributions

	
103

	
8.6  Limitation on Sale of Assets

	
103

	
8.7  Limitation on Capital Expenditures

	
104

	
8.8  Limitation on Investments

	
104

	
8.9  Limitation on Optional Payments and Modifications of Subordinated Debt Instruments

	
104

	
8.10  Limitation on Transactions with Affiliates

	
104

	
8.11  Limitation on Sales and Leasebacks

	
105

	
8.12  Limitation on Accounting Changes

	
105

	
8.13  Limitation on Negative Pledge Clauses

	
105

	
8.14  Limitation on Lines of Business

	
105

	
8.15  Limitation on Amendments to Governing Documents

	
105

	
8.16  Limitation on Speculative Transactions, Certain Futures, etc

	
106

	
8.17  Limitation on Cancellation of Indebtedness

	
106

	
8.18  Limitation on Capital Stock and New Subsidiaries

	
106

	
8.19  Limitation on Capital Structure

	
106

	
8.20  Limitation on Modifications to Contractual Obligations

	
106

	
8.21  Risk Management Practices

	
106

	 	 
	
Section 9.  EVENTS OF DEFAULT

	
106

	 	 
	
Section 10.  THE AGENTS

	
109

	 	 
	
10.1  Appointment

	
109

	
10.2  Delegation of Duties

	
110

	
10.3  Exculpatory Provisions

	
110

	
10.4  Reliance by Agents

	
110

	
10.5  Notice of Default

	
110

- 3 -

	
10.6  Non-Reliance on Agents and Other Lenders

	
111

	
10.7  Indemnification

	
111

	
10.8  Agent in Its Individual Capacity

	
111

	
10.9  Successor Administrative Agent

	
112

	
10.10  Collateral Matters

	
112

	
10.11  The Agents and Arranger

	
113

	 	 
	
Section 11.  MISCELLANEOUS

	
113

	 	 
	
11.1  Amendments and Waivers

	
113

	
11.2  Notices

	
115

	
11.3  No Waiver; Cumulative Remedies

	
116

	
11.4  Survival of Representations and Warranties

	
116

	
11.5  Release of Collateral and Guarantee Obligations

	
116

	
11.6  Payment of Expenses and Taxes; Indemnity

	
117

	
11.7  Successors and Assigns; Participations and Assignments

	
118

	
11.8  Adjustments; Set-off

	
121

	
11.9  Counterparts

	
122

	
11.10  Severability

	
122

	
11.11  Integration

	
122

	
11.12  GOVERNING LAW

	
122

	
11.13  Submission to Jurisdiction

	
122

	
11.14  Acknowledgments

	
123

	 	 
	
11.15  WAIVERS OF JURY TRIAL

	
123

	 	 
	
11.16  Confidentiality

	
123

	
11.17  Specified Laws

	
124

	
11.18  [Intentionally Omitted]

	
125

	 	 
	
11.19  DISCRETIONARY FACILITY

	
125

	 	 
	
11.20  Replacing Lenders

	
125

	 	 
	
Section 12.  ACKNOWLEDGMENT AND RESTATEMENT

	
126

	 	 
	
12.1  Existing Obligations

	
126

	
12.2  Acknowledgment of Security Interests

	
126

	
12.3  Loan Documents

	
126

	
12.4  Restatement

	
127

- 4 -

	
SCHEDULES

	 
	 	 
	
Schedule 1.0

	
Lenders, Maximum Credit Limit, and Applicable Lending Offices

	
Schedule 1.1A

	
Approved Inventory Locations

	
Schedule 1.1B

	
Existing Letters of Credit

	
Schedule 2.4

	
Wire Instructions for Loans

	
Schedule 5.1(c)

	
Undisclosed Liabilities

	
Schedule 5.1(d)

	
Sales, Transfers, Acquisitions and Dispositions

	
Schedule 5.4

	
Consents and Authorizations; FERC Contracts

	
Schedule 5.6

	
Litigation

	
Schedule 5.8

	
Real Property and Inventory Locations

	
Schedule 5.9

	
Intellectual Property

	
Schedule 5.11

	
Taxes

	
Schedule 5.15

	
Subsidiaries

	
Schedule 5.16

	
Filing Jurisdictions

	
Schedule 5.19

	
Insurance

	
Schedule 5.23(a)

	
Material Environmental Matters

	
Schedule 5.25

	
Joint Ventures and Partnerships

	
Schedule 8.2

	
Existing Indebtedness and Guarantee Obligation

	
Schedule 8.3(j)

	
Existing Liens

	
Schedule 8.8

	
Investments

	
Schedule 8.10

	
Transactions with Affiliates

	
Schedule 8.11

	
Sale Leasebacks

	 	 
	
EXHIBITS

	 
	 	 
	
Exhibit A-1

	
Form of Revolving Credit Note

	
Exhibit A-2

	
Form of Daylight Overdraft Note

	
Exhibit A-3

	
Form of Swing Line Note

	
Exhibit B

	
Form of Security Agreement

	
Exhibit C

	
[Reserved]

	
Exhibit D

	
Form of Assignment and Acceptance

	
Exhibit E

	
Form of Borrowing Base Report

	
Exhibit F

	
[Reserved]

	
Exhibit G-1

	
Form of Declining Lender Notice

	
Exhibit G-2

	
Form of Approving Lender Notice

	
Exhibit H

	
Form of Notice of Elected Line Amount

	
Exhibit I

	
Form of Compliance Certificate

	
Exhibit J

	
[Reserved]

	
Exhibit K

	
Form of Position Report

	 	 
	
ANNEXES

	 
	 	 
	
Annex I

	
Form of Borrowing Notice

	
Annex II

	
Form of Continuation/Conversion Notice

	
Annex III

	
Form of Letter of Credit Request – Initial Issuance

	
Annex IV

	
Form of Letter of Credit Request – Amendment or Extension

	
Annex V

	
Form of Notice of Prepayment

	
Annex VI

	
Form of Credit Utilization Summary

	
Annex VII

	
Form of Maximum Amount Increase Request

	
Annex VIII

	
Form of Increase and New Lender Agreement

- 5 -

AMENDED AND RESTATED UNCOMMITTED CREDIT AGREEMENT

AMENDED AND RESTATED UNCOMMITTED CREDIT AGREEMENT, dated as of August 22, 2014, among AEGEAN BUNKERING (USA) LLC, a limited liability company organized under the Laws of Delaware (the "Borrower"), the several banks and other financial institutions or entities from time to time parties to this Agreement as lenders (the "Lenders"), ABN AMRO CAPITAL USA LLC, a limited liability company organized under the Laws of Delaware ("ABN"), as administrative agent for the Lenders (together with any successor Administrative Agent appointed pursuant to Section 10.9, in such capacity the "Administrative Agent"), as collateral agent for the Lenders (together with any successor Collateral Agent pursuant to Section 10.9, in such capacity the "Collateral Agent"), as daylight overdraft lender (in such capacity, the "Daylight Overdraft Lender"), as swing line lender (in such capacity, the "Swing Line Lender"), as an issuing lender (in such capacity, an "Issuing Lender"), as the syndication agent (in such capacity, the "Syndication Agent") and as Lead Arranger and Bookrunner (in such capacities, the "Lead Arranger" and "Bookrunner"), COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK NEDERLAND", NEW YORK BRANCH, as a documentation agent for the Lenders ("Rabobank") and NATIXIS, NEW YORK BRANCH, as a documentation agent for the Lenders ("Natixis"; and together with Rabobank, each in its capacity as documentation agent, together with its successors in such capacity, a "Co-Documentation Agent" and collectively, the "Co-Documentation Agents").

RECITALS

WHEREAS, the Borrower is party to that certain line letter agreement, dated as of December 17, 2013 (as amended, supplemented or otherwise modified prior to the date hereof, the "Existing Credit Agreement"), between the Borrower and ABN, pursuant to which ABN made available to the Borrower certain extensions of credit, including certain standby and documentary letters of credit; and

WHEREAS, the Borrower has requested that ABN amend and restate the Existing Credit Agreement to add additional banks and other financial institutions or entities as lenders, and to make such other modifications as are set forth below, and ABN and the other parties hereto are willing to agree to this amendment and restatement, in each case on the terms and subject to the conditions of this Agreement;

NOW, THEREFORE, in consideration of the promises, mutual agreements, provisions and covenants contained herein, the parties hereto agree that, on the Amended and Restated Effective Date (as defined below), the Existing Credit Agreement will be amended and restated to read in its entirety as provided in the recitals and the introductory paragraph hereto and as follows:

		SECTION 1.	DEFINITIONS

1.1            Defined Terms.  As used in this Agreement, the following terms shall have the following meanings:

"ABN":  as defined in the introductory paragraph of this Agreement.

"Accounts":  the aggregate of the unpaid portions of Accounts Receivable arising from the Borrower's sale of Eligible Inventory in the ordinary course of business.

"Account Control Agreements":  with respect to any Deposit Account, Commodity Account or Securities Account, an account control agreement in form and substance reasonably satisfactory to the Collateral Agent.

"Account Debtor":  a Person who is obligated to the Borrower under an Account Receivable of the Borrower.

"Account Receivable":  an account, as defined in Section 9-102 of the New York Uniform Commercial Code, or Payment Intangible of the Borrower.

"Additional Amount":  as defined in Section 4.11(a).

"Administrative Agent":  as defined in the introductory paragraph of this Agreement.

"Aegean Belgium":  Aegean NWE N.V., a corporation incorporated under the laws of Belgium.

"Aegean Liberia":  Aegean Marine Petroleum S.A., a corporation incorporated under the laws of Liberia.

"Affiliate":  as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person.  For purposes of this definition, "control" of a Person (including, with its correlative meanings, "controlled by" and "under common control with") means the power, directly or indirectly, either to (a) vote 20% or more of the securities or other equity interests having ordinary voting power for the election of directors or managers of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

"Aggregate Available Elected Line Amount":  at any time, an amount equal to the excess, if any, of (i) the Elected Line Amount then in effect over (ii) the Total Extensions of Credit outstanding at such time.

"Agent-Related Person":  as defined in Section 10.3.

"Agents":  the Administrative Agent and the Collateral Agent, and "Agent" means each of them, as the context requires.

"Agreement":  this Amended and Restated Uncommitted Credit Agreement.

"Amended and Restated Effective Date":  the date on which the conditions precedent set forth in Section 6.1 shall be satisfied or waived.

"Anti-Terrorism Law":  as defined in Section 5.24.

"Applicable L/C Fee Rate":  on any date with respect to any Letter of Credit, the applicable rate set forth below:

- 2 -

	
Letter of Credit

	
Applicable L/C Fee Rate

Per 90 Day Period or Part Thereof

	
(A)  Standby Letters of Credit

	
0.22%

	
(B)  Documentary Letters of Credit

	
0.22%

"Applicable Lending Office":  for each Lender and for each Type of Loan, and/or participation in any Letter of Credit and Reimbursement Obligation, the lending office of such Lender designated on Schedule 1.0 (or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto) for such Type of Loan and/or participation in any Letter of Credit and Reimbursement Obligation (or any other lending office from time to time notified to the Administrative Agent by such Lender) as the office at which its Loans and/or participation in any Letter of Credit and Reimbursement Obligation of such Type are to be made and maintained.

"Applicable Margin":  on any date with respect to each Type of Loan (other than Daylight Overdraft Loans), the applicable rate per annum set forth below:

	
Type

	
Margin

	
Base Rate Loans

	
1.40%

	
Eurodollar Loans

	
2.40%

	
Cost of Funds Loans

	
2.40%

"Application":  an application, in such form as the applicable Issuing Lender may specify from time to time, requesting such Issuing Lender to issue a Letter of Credit.

"Approved Brokerage Accounts":  brokerage accounts that (a) are maintained by the Borrower with Newedge USA LLC or another Eligible Commodity Broker for the purpose of allowing the Borrower to engage in the purchase and sale of commodity futures, commodity options, forward or leverage contracts and/or actual or cash commodities, and subject to the Perfected First Lien, subject only to the applicable broker's lien over the account securing only indebtedness of the Borrower to such broker relating to transactions in such account and Permitted Borrowing Base Liens, and (b) are subject to an Account Control Agreement among the Borrower, the Collateral Agent and such broker in form and substance reasonably acceptable to the Collateral Agent.

"Approved Fund":  (a) with respect to any Lender, any Bank CLO of such Lender, and (b) with respect to any Lender that is a fund that invests in commercial loans and similar extensions of credit, any other fund that invests in commercial loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

"Approved Inventory Location":  any pipeline, third-party carrier, terminal or other storage facility that has been notified of the Perfected First Lien on the inventory owned by the Borrower located in or at such pipeline, third-party carrier, terminal or other storage facility, pursuant to a written notice substantially in the form of Annex 2-A or Annex 2-B, as applicable, to the Security Agreement (or such other form otherwise acceptable to the Collateral Agent), and, (a) if such pipeline, third-party carrier, terminal or other storage facility is located in the United States or Canada, which has been approved by the Administrative Agent, in its sole discretion, (i) as of the Amended and Restated Effective Date and set forth on Schedule 1.1A as an Approved Inventory Location or (ii) from time to time after the Amended

- 3 -

and Restated Effective Date and (b) if such pipeline, third-party carrier, terminal or other storage facility is located outside of the United States or Canada, which has been approved by the Administrative Agent and the Required Lenders, in their respective sole discretion, from time to time after the Amended and Restated Effective Date, provided that, in each case (with respect to clauses (a) and (b) above), at the request of the Collateral Agent, each such storage facility, carrier, bailee or consignee shall also have delivered a written acknowledgment of such notice to the Collateral Agent.  Schedule 1.1A shall be deemed amended to include any additional Approved Inventory Locations after the Amended and Restated Effective Date without further action immediately upon the Administrative Agent's approval.  The Administrative Agent will provide to each Lender, upon any Lender's reasonable request, an updated Schedule 1.1A.

"Approving Daylight Overdraft Lender":  each Lender or, at any time after a Conversion to Approving Lenders Funding Date, the Approving Lenders with respect to the applicable Daylight Overdraft Loan at such time.

"Approving Lenders":  as defined in Section 2.7(a).

"Approving Swing Line Lender":  each Lender or, at any time after a Conversion to Approving Lenders Funding Date, the Approving Lenders with respect to the applicable Swing Line Loan at such time.

"Assignee":  as defined in Section 11.7(c).

"Assignment and Acceptance":  as defined in Section 11.7(c).

"Assignment of Claims Act":  the Federal Assignment of Claims Act of 1940 (31 U.S.C. §3727 et seq.), and any similar Laws.

"Auto-Renewal Letter of Credit":  as defined in Section 3.2(b).

"Bank CLO":  as to any Lender, any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and is administered or managed by such Lender or an Affiliate of such Lender.

"Basel III":  all regulations, requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or any United States or foreign regulatory authorities, in each case pursuant to "Basel III", as amended from time to time.

"Base Rate":  for any day, the rate per annum equal to the greatest of (a) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%, (b) the Prime Rate in effect on such day as announced by JP Morgan Chase Bank, N.A. and (c) the Eurodollar Rate that would be applicable in respect of a proposed Eurodollar Loan made two days after such date with an Interest Period of three months, plus 1.50%.  Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the day such change in the Prime Rate or the Federal Funds Effective Rate becomes effective, respectively.

"Base Rate Loans":  Loans for which the applicable rate of interest is based upon the Base Rate.

- 4 -

"Benefited Lender":  as defined in Section 11.8(a).

"Board":  the U.S. Board of Governors of the Federal Reserve System of the United States (or any successor).

"Borrower":  as defined in the introductory paragraph of this Agreement.

"Borrowing Base":  on any date, the sum of:

(a)            100% of Cash; plus

(b)            90% of Eligible Net Liquidity in Brokerage Accounts; plus

(c)            90% of Eligible Accounts Receivable – Tier 1; plus

(d)            85% of Eligible Accounts Receivable – Tier 2; plus

(e)            80% of Eligible Unbilled Accounts Receivable; plus

(f)            90% of Eligible Inventory – Tier 1; plus

(g)            80% of Eligible Inventory – Tier 2; plus

(h)            80% of Eligible LCs Covering Commodities Not Yet Delivered; less

(i)            100% of the First Purchaser Lien Amount; less

(j)            100% of the Indebtedness secured by Permitted Borrowing Base Liens; less

(k)            100% of the Estimated Excise Taxes Payable.

In no event shall any amounts described in categories (a) through (h) above which may fall into more than one of such categories be counted more than once when making the calculation under this definition.  In calculating the Borrowing Base, the following adjustments shall be made:

(i)            Any category of the Borrowing Base shall be calculated taking into account any elimination and reduction related to any potential offset to such asset category; and

(ii)            if any of the information specified in the definition of "Borrowing Base Report" in Section 1.1 hereof is not delivered to the Administrative Agent when due in accordance with the terms hereof and such failure shall remain unremedied for a period of five (5) Business Days, the property of the Borrower related to such undelivered information shall be excluded from the calculation of the Borrowing Base until the next Borrowing Base Date on which the Administrative Agent has received a Borrowing Base Report containing the undelivered information but the provisions of this paragraph (ii) shall not constitute a waiver of any Default or Event of Default hereunder.

"Borrowing Base Availability":  at any time, an amount equal to the lesser of (A) the Borrowing Base at such time minus the Total Extensions of Credit at such time and (B) the Aggregate Available Elected Line Amount at such time.

"Borrowing Base Date":  at any time, the most recent date as of which the Borrower has calculated a Borrowing Base Report delivered pursuant to Section 7.2(c).

- 5 -

"Borrowing Base Report":  a report certified as true and complete by a Responsible Person of the Borrower, substantially in the form of Exhibit E, with appropriate insertions and schedules, showing the Borrowing Base and Total Extensions of Credit as of the date set forth therein.  Such report shall show the basis on which it was calculated, together with the following supporting information:

(a)            for Cash, copies of summary Deposit Account statements issued by the Collateral Agent and each Eligible Cash Management Bank where such assets are held, as of the applicable Borrowing Base Date;

(b)            a schedule listing each Eligible Account Receivable – Tier 1, Eligible Account Receivable – Tier 2 and Eligible Unbilled Account Receivable, the amount, the counterparty, the time outstanding, if applicable, all offsets, reductions and the contra account balance thereof and, if applicable, the marked-to-market losses, all margin monies received and/or paid and the details of any related letters of credit;

(c)            a list of those Eligible Unbilled Accounts Receivable converted into invoices unbilled (with associated invoice numbers);

(d)            for Eligible Net Liquidity in Brokerage Accounts, statements for each Commodity Account issued by each Eligible Commodity Broker;

(e)            for Eligible Inventory – Tier 1 and Eligible Inventory – Tier 2, a schedule listing inventory locations, Market Value and inventory volumes/quantities by location and type of Eligible Commodity, together with all supporting third party pipeline receipts, terminal tank receipts and/or inventory statements, and any additional statements issued by terminal/storage facilities to be delivered to the Administrative Agent promptly upon Borrower's receipt, and in any event, no later than the date of delivery of the next Borrowing Base Report following such receipt;

(f)            for Eligible LCs Covering Commodities Not Yet Delivered, a schedule listing each Letter of Credit giving rise to Eligible LCs Covering Commodities Not Yet Delivered, the face amount of such Letter of Credit and the Market Value of the goods to be financed thereunder (and, if applicable, the maximum value of such Letter of Credit after giving effect to any tolerance included therein, and the amount of such tolerance);

(g)            a schedule of the First Purchaser Lien Amount, if applicable, setting forth the holder of each First Purchaser Lien and the aggregate First Purchaser Lien Amount of such holder;

(h)            a schedule of the Permitted Borrowing Base Liens, if applicable, setting forth the holder of each Permitted Borrowing Base Lien and the aggregate amount of the Indebtedness secured by the Permitted Borrowing Base Liens;

(i)            a schedule showing the Estimated Excise Taxes Payable for the Borrower, together with a schedule setting forth the balance of any Controlled Account established for the purpose of depositing reserves for federal excise taxes and copies of the most recent bank statements for such accounts, to the extent not previously delivered; and

(j)            such other detailed supporting information with respect to the such commodities as requested from time to time by the Administrative Agent in its sole discretion;

(k)            a summary report showing the total amount outstanding under each type of Extension of Credit.

- 6 -

"Borrowing Date":  any Business Day (a) specified (i) in a Borrowing Notice as a date on which a Revolving Credit Loan is to be made, (ii) in a Borrowing Notice as a date on which a Swing Line Loan is to be made or (iii) in a request as a date on which a Letter of Credit is to be issued, amended or extended or (b) on which a Daylight Overdraft Loan is made.

"Borrowing Notice":  as defined in Section 2.4(a).

"Business":  as defined in Section 5.23(b).

"Business Day":  (a) for all purposes other than as covered by clause (b) of this definition, a day other than a Saturday, Sunday or other day on which commercial banks in New York City, Belgium or Geneva, Switzerland are authorized or required by Law to close, and, (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, any day which is a Business Day as described in clause (a) of this definition and which is also a day on which dealings in United States Dollar deposits are carried out in the applicable interbank market.

"Canadian Security Documentation": collectively, (a) that certain Canadian Security Agreement dated as of the date hereof between the Borrower and the Collateral Agent, (b) that certain Deed of Hypothec dated as of the date hereof between the Borrower and the Collateral Agent, (c) that certain 25% Collateral Mortgage Demand Bond dated as of the date hereof between the Borrower and the Collateral Agent, (d) that certain Deed Of Movable Hypothec on a Specific Claim dated as of the date hereof between the Borrower and the Collateral Agent and (e) certain other documents from time to time executed and/or delivered in connection therewith, each of the foregoing, as the same may be amended, modified or supplemented from time to time.

"Capital Expenditures":  for any period with respect to any Person, all expenditures made by such Person during such period that, in accordance with GAAP, should be classified as a capital expenditure including, without limitation, the aggregate amount of obligations incurred during such period under Financing Leases.

"Capital Stock":  any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, all membership interests in a limited liability company, all partnership interests in a general or limited partnership, or any and all similar ownership interests in a Person (other than a corporation, limited liability company or general or limited partnership) and any and all warrants, rights or options to purchase any of the foregoing.

"Cash":  at the time of any determination thereof, the balance in United States Dollars of collected funds of the Borrower on deposit in (i) a cash collateral account with the Collateral Agent, or (ii) an account maintained with an Eligible Cash Management Bank under arrangements satisfactory to the Collateral Agent in its sole discretion (including, without limitation, an executed Account Control Agreement in form and substance satisfactory to the Collateral Agent in its sole discretion), in each case subject to the Perfected First Lien and no other Liens, except Liens permitted under Section 8.3(l), provided that the aggregate amount of Cash, if any, included in the Borrowing Base shall be net of the aggregate amount secured by such Liens.

"Cash Collateral":  with respect to any Letter of Credit, cash or deposit account balances denominated in United States Dollars that have been pledged to the Collateral Agent for the ratable benefit of the Secured Parties to secure repayment of the Obligations, provided that the applicable deposit account is subject to an Account Control Agreement.

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"Cash Collateralize":  to pledge and deposit with or deliver to the Collateral Agent for the ratable benefit of the Secured Parties Cash Collateral as collateral for the Obligations pursuant to documentation reasonably satisfactory to the Collateral Agent.

"Cash Equivalents":  (a) securities with maturities of 90 days or less from the date of acquisition issued or fully guaranteed or insured by the U.S. government or by an instrumentality or agency of the U.S. government having the same credit rating as the U.S. government, (b) certificates of deposit with maturities of 90 days or less from the date of acquisition and overnight deposits of any Lender or of any commercial bank rated at least A‐1 or the equivalent thereof by S&P, P‐1 or the equivalent thereof by Moody's, (c) fully collateralized repurchase agreements with a Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than seven days with respect to securities issued or fully guaranteed or insured by the United States government, (d) commercial paper of a U.S. domestic issuer rated at least A‐1 or the equivalent thereof by S&P or P‐1 or the equivalent thereof by Moody's and in either case maturing within 90 days after the day of acquisition, (e) securities with maturities of 90 days or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the U.S., by any political subdivision or taxing authority of any such state, commonwealth or territory, the securities of which state, commonwealth, territory, political subdivision or taxing authority (as the case may be) are rated at least AAA by S&P or AAA by Moody's or (f) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (e) of this definition.

"Change of Control":  the occurrence of any of the following events:

(a)            The Direct Parent shall cease to own (directly or indirectly), beneficially and of record, and control, 100% of each class of outstanding Capital Stock of the Borrower free and clear of all Liens, charges or other encumbrances, other than Liens in favor of the Collateral Agent for the ratable benefit of the Secured Parties under the Loan Documents; or

(b)            The Parent shall cease to own (directly or indirectly), beneficially and of record, and control, 100% of each class of outstanding Capital Stock of the Borrower, the Direct Parent and each other Guarantor free and clear of all Liens, charges or other encumbrances, other than (i) Liens in favor of the Collateral Agent for the ratable benefit of the Secured Parties under the Loan Documents and (ii) as otherwise permitted under this Agreement.

"Co-Documentation Agents":  as defined in the introductory paragraph of this Agreement.

"Code":  the Internal Revenue Code of 1986.

"Collateral":  all property and interests in property of the Borrower and its Subsidiaries, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document.

"Collateral Agent":  as defined in the introductory paragraph of this Agreement.

"COMEX":  the New York Commodities Exchange or any successor thereto.

"Commodity Account":  as defined in Section 9-102 of the New York Uniform Commercial Code.

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"Commodity Contract":  (a) a Physical Commodity Contract, (b) a Futures Contract, (c) any Commodity OTC Agreement or Financial OTC Agreement or (d) contract for the storage or transportation of any physical Eligible Commodity.

"Commodity Exchange Act":  the Commodity Exchange Act (7.U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"Commodity OTC Agreement":  (i) any forward commodity contracts, swaps, options, collars, caps, or floor transactions, in each case based on Eligible Commodities, (ii) any currency swaps, cross-currency note swaps, currency options, interest rate swaps, interest rate caps, or interest rate collars, in each case related to a transaction related to Eligible Commodities and (iii) any other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing.

"Commonly Controlled Entity":  any trade or business, whether or not incorporated, which is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group which includes the Borrower and which is treated as a single employer under Section 414(b) or (c) of the Code or, for purposes of the Code, Section 414(m) or (o) of the Code.

"Compliance Certificate":  as defined in Section 7.2(b).

"Conduit Lender":  any special purpose corporation organized and administered by any Lender (or an Affiliate of such Lender) for the purpose of making Loans required to be made by such Lender or of funding such Lender's participation in any unpaid reimbursement obligation with respect to Letters of Credit, Swing Line Loan or Daylight Overdraft Loan and designated as its Conduit Lender by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan or a participation in any unpaid reimbursement obligation with respect to Letters of Credit, Swing Line Loan or Daylight Overdraft Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan or participation, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender; provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 4.10 or 4.11 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any commitment hereunder.

"Confidential Information":  as defined in Section 11.16(a).

"Consolidated Current Assets":  at any date, the total consolidated current assets of the Borrower and its consolidated Subsidiaries at such date, determined in accordance with GAAP, consistently applied.

"Consolidated Current Liabilities":  at any date, the total consolidated current liabilities of the Borrower and its consolidated Subsidiaries at such date, determined in accordance with GAAP, consistently applied.

"Consolidated Leverage Ratio":  at any time, with respect to the Borrower and its consolidated Subsidiaries, the ratio of (i) Consolidated Total Liabilities, plus outstanding Letters of Credit, to (ii) Consolidated Tangible Net Worth plus Subordinated Indebtedness.

"Consolidated Net Working Capital":  at any time, with respect to the Borrower and its consolidated Subsidiaries as of the date of determination thereof, (a) Consolidated Current Assets as of

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such date (excluding, to the extent included therein, Investments in and receivables and other obligations from employees, members, Subsidiaries and other Affiliates of the Borrower), minus (b) Consolidated Current Liabilities as of such date, plus (c) without duplication, short term Subordinated Indebtedness as of such date, in an aggregate amount not to exceed $3,500,000 at any time.

"Consolidated Tangible Net Worth":  at any time, with respect to the Borrower and its consolidated Subsidiaries as of the date of determination thereof, the excess of Consolidated Total Assets over Consolidated Total Liabilities determined in accordance with GAAP, consistently applied, and less the sum of (without duplication):

(a)            the total book value of all assets of such person or entity and its Subsidiaries properly classified as intangible assets under GAAP, including such items as goodwill, the purchase price of acquired assets in excess of the fair market value thereof, trademarks, trade names, service marks, brand names, copyrights, patents and licenses, rights with respect to the foregoing, organizational or developmental expenses, and all unamortized debt discount and expense; plus

(b)            all amounts representing any write-up in the book value of any assets of such person or entity or its Subsidiaries resulting from a revaluation thereof subsequent to December 31, 2013; plus

(c)            to the extent otherwise included in the computation of Consolidated Tangible Net Worth, any subscriptions receivable; plus

(d)            Investments in and receivables and other obligations from shareholders, directors, Subsidiaries and other Affiliates; plus

(e)            any deferred charges, deferred taxes, prepaid expenses and treasury stock.

"Consolidated Total Assets":  at any time with respect to any Person, the amount which, in accordance with GAAP, would be set forth opposite the caption "total assets" on a consolidated balance sheet of such Person and its consolidated Subsidiaries for such period.

"Consolidated Total Liabilities":  at any time with respect to any Person, the amount which, in accordance with GAAP, would be set forth opposite the caption "total liabilities" on a consolidated balance sheet of such Person and its consolidated Subsidiaries for such period.

"Continuation/Conversion Notice":  as defined in Section 4.3(a).

"Continue", "Continuation" and "Continued":  the continuation of a Eurodollar Loan or a Cost of Funds Loan from one Interest Period to the next Interest Period, as applicable.

"Contractual Obligation":  as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

"Controlled Account":  each Pledged Account that is subject to an Account Control Agreement.

"Conversion to Approving Lenders Funding Date":  as defined in Section 2.7(a).

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"Convert", "Conversion" and "Converted":  a conversion of Base Rate Loans into Eurodollar Loans or Cost of Funds Loans, a conversion of Eurodollar Loans into Base Rate Loans or Cost of Funds Loans, or a conversion of Cost of Funds Loans into Eurodollar Loans or Base Rate Loans, which may be accompanied by the transfer by a Lender (at its sole discretion) of a Loan from one Applicable Lending Office to another.

"Cost of Funds Rate":  the rate per annum determined by the Administrative Agent at which U.S. dollar deposits, loans or advances of an amount comparable to the amount of the respective Loan and for a period comparable to the relevant Interest Period are offered to the Administrative Agent in such market or from such other funding source (including, without limitation, the Administrative Agent's Affiliates) as the Administrative Agent shall select from time to time in its sole discretion at or about 11:00 a.m. (New York City time) on the date of the commencement of each Interest Period or, if so selected by the Administrative Agent, on the first or second Business Day prior to such commencement, such rate to be increased to reflect all market, liquidity and regulatory conditions which the Administrative Agent deems applicable from time to time and to remain in effect for the entire Interest Period, provided that such rate is not necessarily limited to the actual cost to the Administrative Agent to fund the specific required Loan and may exceed the Administrative Agent's and its Affiliates' actual cost of borrowing in the interbank market or other markets in which the Administrative Agent or its Affiliates may obtain funds from time to time for amounts similar to the amount of the requested Loan.

"Cost of Funds Loan":  Loans the rate of interest of which is based upon the Cost of Funds Rate.

"Credit Extension":  any Revolving Credit Loan, any Daylight Overdraft Loan, any Swing Line Loan, and any Letter of Credit.

"Crude Oil":  crude petroleum oil and all other hydrocarbons, regardless of gravity, produced at the well in liquid form by ordinary production methods.

"Daylight Overdraft Cap":  on any date, the maximum Daylight Overdraft Cap as set forth below that corresponds with the then current Elected Line Amount as set forth below:

	
Elected Line Amount

	
Maximum Daylight Overdraft Cap

	
US$150,000,000

	
US$22,500,000

	
Greater than US$150,000,000 and less than or equal to US$175,000,000

	
US$26,250,000

	
Greater than US$175,000,000 and less than or equal to US$200,000,000

	
US$30,000,000

	
Greater than US$200,000,000 and less than or equal to US$225,000,000

	
US$33,750,000

	
Greater than US$225,000,000 and less than or equal to US$250,000,000

	
US$37,500,000

	
Greater than US$250,000,000 and less than or equal to US$300,000,000

	
US$45,000,000

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"Daylight Overdraft Lender":  as defined in the introductory paragraph to this Agreement.

"Daylight Overdraft Loan" and "Daylight Overdraft Loans":  as defined in Section 2.2(a).

"Daylight Overdraft Participation Amount":  as defined in Section 2.6(b).

"Declining Lender" and "Declining Lenders":  as defined in Section 2.7(a).

"Declining Lender Notice":  as defined in Section 2.7(a).

"Default":  any of the events specified in Section 9, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.

"Default Period":  with respect to any Lender, the period during which such Lender is a Defaulting Lender.

"Defaulting Lender":  at any time, any Lender that (a) within one (1) Business Day after the date when due, has failed to fund any portion of any Loans or participations in Letters of Credit, Daylight Overdraft Loans or Swing Line Loans to the Borrower, the Administrative Agent, any Lender or an Issuing Lender required pursuant to the terms of this Agreement to be funded by such Lender, unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable Default or Event of Default, shall be specifically identified in such writing) has not been satisfied; (b) has notified the Borrower, the Administrative Agent, an Issuing Lender, or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under agreements in which it commits to extend credit (unless such writing or public statement relates to such Lender's obligation to fund an Extension of Credit hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable Default or Event of Default, shall be specifically identified in such writing or public statement) cannot be satisfied); (c) has failed, within one (1) Business Day after request by the Administrative Agent or the Borrower, to confirm that it will comply with the terms of this Agreement relating to its agreement (to the extent set forth herein) to make Loans or participate in Letters of Credit, Daylight Overdraft Loans or Swing Line Loans, unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable Default or Event of Default, shall be specifically identified in such writing) has not been satisfied; (d) otherwise failed to pay over to the Administrative Agent, an Issuing Lender, or any other Lender any other amount required to be paid by it hereunder within one (1) Business Day after the date when due, unless the subject of a good faith dispute; (e) (i) has become or is insolvent or has a parent company that has become or is insolvent or (ii) has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not become a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or Person controlling such Lender or the exercise of control over such Lender or Person controlling such Lender by a Governmental Authority or an instrumentality thereof.

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"Derivatives Counterparty":  as defined in Section 8.5.

"Deposit Account":  as defined in Section 9-102 of the New York Uniform Commercial Code.

"Direct Parent":  AMPNI Holdings Co. Limited, a limited liability company incorporated under the laws of the Republic of Cyprus.

"Disclosing Party":  as defined in Section 11.16(b).

"Disposition":  with respect to any Property, any sale, lease, sub-lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof; and the terms "Dispose" and "Disposed of" shall have correlative meanings.

"Documentary Letter of Credit":  a Letter of Credit intended to be drawn as a means of payment upon the presentation of documents for Eligible Commodities purchased by the Borrower under any Commodity Contract, excluding any such Letter of Credit issued for the primary purpose of serving as a means of payment for or supporting payments for costs, charges or fees relating to transportation, transmission or storage services or similar services

"Dodd-Frank Act":  the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, as amended from time to time, and all rules, regulations, requests, guidelines or directives in connection therewith.

"Elected Line Amount":  on the Amended and Restated Effective Date, an amount selected by the Borrower not to exceed the Maximum Amount and not to be less than $150,000,000, as such amount may be increased or decreased from time to time in accordance with Section 2.9.

"Eligible Accounts Receivable – Tier 1":  Accounts created by the Borrower (net of any credits, rebates, offsets (including, without limitation, any offset relating to any forward contract marked-to-market loss), holdbacks or other adjustments or commissions and reduced by any sales, use, excise or other taxes, imposts, levies or other governmental charges included therein) that satisfy such eligibility requirements as the Administrative Agent may impose from time to time in its sole discretion, which shall at all times include the requirements that (a) the Borrower has legal, valid and absolute title to such Accounts, subject only to Permitted Borrowing Base Liens, and reasonably and in good faith determines such Accounts to be collectible in full and enforceable in accordance with their terms against the Account Debtors under such Accounts; provided that, the amount of the Eligible Account Receivable – Tier 1, if any, included in the Borrowing Base shall be net of the aggregate amount secured by such Permitted Borrowing Base Lien (except Liens in favor of the Collateral Agent for the ratable benefit of the Secured Parties under the Loan Documents); (b) such Accounts are either (i) fully supported by letters of credit on terms and conditions acceptable to the Administrative Agent issued by a financial institution acceptable to the Administrative Agent, (ii) owing to the Borrower from Account Debtors with an Investment Grade Rating, or (iii) approved for inclusion in Eligible Accounts Receivable – Tier 1 by the Administrative Agent in writing; (c) the Account Debtors under such Accounts:  (i) are not affiliates of the Borrower, (ii) purchased the goods giving rise to the relevant Account in an arm's length bona fide transaction conducted in the ordinary course of business in compliance with all applicable laws and regulations, (iii) are not insolvent or involved in any case or proceeding, whether voluntary or involuntary, under any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt, dissolution, liquidation or similar law of any jurisdiction, (iv) are not the United States government or any department or agency thereof, or any state or municipal government or any department or agency thereof, except if the Borrower has complied in a manner satisfactory to the Administrative Agent with the Assignment of

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Claims Act or any comparable state law, such Accounts as to which the Borrower has so complied shall not be excluded from Eligible Accounts Receivable – Tier 1 by this clause (iv), (v) are organized, located in and primarily conducting business in the United States or any country that is a member country of the Organization for Economic Cooperation and Development, (vi) are not determined by the Borrower or the Administrative Agent in its sole judgment to be uncreditworthy, and (vii) have received notice (which may be stamped on the applicable invoices) of the Collateral Agent's lien on the Account and instructions to make payments directly to the Administrative Agent at an account referred to in the definition of "Cash" set forth above; (d) such Accounts are in payment for goods actually delivered or services or obligations that have been fully performed and are not in dispute or subject to any other claim, defense, offset, reduction or counterclaim or any claim on the part of the Account Debtor denying liability under such Account, and such Accounts shall have been reduced by the amount of all obligations and liabilities of the Borrower to the Account Debtor; (e) such Accounts are not subject to any pledge, restriction, security interest or other lien or encumbrance other than those created by the Loan Documents or Permitted Borrowing Base Liens; (f) such Accounts are subject to a Perfected First Lien prior to the rights of, and enforceable as such against, any other person, (g) such Accounts are not outstanding for more than 30 days past the due date of the respective invoices therefor; (h) the due date for payment of such Accounts is not more than 30 days past the original invoice date; (i) such Accounts represent legal, valid and binding obligations of the applicable Account Debtor, enforceable in accordance with their terms against the Account Debtor; (j) such Accounts are evidenced by an invoice rendered to the Account Debtor and not by any instrument or chattel paper, unless (i) there is only one original of such instrument or chattel paper, (ii) such original shall have been delivered to the Collateral Agent, and (iii) by virtue of such delivery the Collateral Agent shall have a Perfected First Lien on such instrument or chattel paper; (k) such Account arises from a completed sale (on an absolute basis and not on a consignment, sale-and-return, approval or bill and hold basis); and (l) such Accounts are payable in U.S. Dollars; and (m) such Accounts are not due from any single Account Debtor if more than twenty-five percent (25%) of the aggregate amount of all Accounts owing from such Account Debtor would otherwise not be eligible for inclusion in the Borrowing Base.

"Eligible Accounts Receivable – Tier 2":  all Accounts created by the Borrower (net of any credits, rebates, offsets (including, without limitation, any offset relating to any forward contract marked-to-market loss), holdbacks or other adjustments or commissions and reduced by any sales, use, excise or other taxes, imposts, levies or other governmental charges included therein) which satisfy all of the requirements of Eligible Accounts Receivable – Tier 1 other than clause (b) of the definition thereof, provided that the Account Debtor shall have been approved in writing by the Administrative Agent. Notwithstanding the foregoing, the aggregate amount of Eligible Accounts Receivable – Tier 2 due from any Account Debtor and its Affiliates included in the Borrowing Base at any time, after giving effect to the applicable advance rate, shall not exceed 5.0% of the total aggregate amount of Eligible Accounts Receivable – Tier 1, Eligible Accounts Receivable – Tier 2 and Eligible Unbilled Accounts Receivable included in the Borrowing Base at such time.

"Eligible Cash Management Bank":  any financial institution reasonably satisfactory to the Collateral Agent, in its sole discretion, and not disapproved by the Required Lenders.

"Eligible Commodities":  bunker fuel, Crude Oil, fuel oil, gas oil, lubricants, and other petroleum products, and with the consent of the Required Lenders, any other energy commodities that are of the type which are purchased, sold or otherwise traded in physical, futures, forward or over the counter markets.

"Eligible Commodity Broker":  any commodity broker acceptable to the Collateral Agent, in its sole discretion, and not disapproved by the Required Lenders.

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"Eligible Inventory":  at the time of any determination thereof, all inventory of the Borrower's consisting of Eligible Commodities that are acceptable to the Administrative Agent in its sole discretion, valued at Market Value.  Eligible Inventory shall satisfy such eligibility requirements as the Administrative Agent may impose from time to time in its sole discretion, which shall at all times include the following:

(a)            such inventory was acquired by the Borrower in the ordinary course of business from a non-Affiliate, or if from an Affiliate, such Affiliate shall be a party to the Global Facility Agreement and the Collateral Agent shall have received an express written release of lien, in form and substance satisfactory to the Collateral Agent in its sole discretion, duly executed and delivered by an authorized officer of the Facility Agent under the Global Facility Agreement, and such inventory is merchantable and not obsolete, damaged or otherwise unfit for sale or further processing in the ordinary course of business;

(b)            the Borrower has legal and valid title to such inventory, free and clear of all Liens other than Perfected First Liens or Permitted Borrowing Base Liens and the value of such inventory is reduced by both the Market Value of any net volumetric balance owed by the Borrower to a counterparty which is in possession of the inventory and the aggregate amount secured by such Permitted Borrowing Base Liens;

(c)            the Borrower has the full and unqualified right to assign and grant a Lien on such inventory to the Collateral Agent, for the ratable benefit of the applicable Agents and the Secured Parties, as security for the Obligations;

(d)            the inventory is subject to a Perfected First Lien, subject only to Permitted Borrowing Base Liens;

(e)            none of such inventory is evidenced by bills of lading or other documents of title, whether negotiable or non-negotiable, unless such negotiable bill of lading or negotiable document of title is physically located in the United States and has been issued and duly negotiated to the Collateral Agent or to order, or blank endorsed, and in the possession of the Collateral Agent, or such non-negotiable bill of lading or document of title has been issued in the name of and delivered to the Collateral Agent, and, in each case, the issuer is acceptable to the Collateral Agent;

(f)            such inventory is located in the United States either (i) at a third party storage facility acceptable to the Administrative Agent in its sole discretion and such storage facility has executed a control agreement with the Collateral Agent, satisfactory to the Collateral Agent in its sole discretion, or (ii) in transit to such facility in the United States or from one of such facilities to a buyer in connection with a sale in the ordinary course of business and such inventory is (A) evidenced by 3/3 on board negotiable bills of lading that have been issued and duly negotiated to the Collateral Agent, or to order and blank endorsed and in the possession of the Collateral Agent and (B) located on a vessel chartered to the Borrower by a person acceptable to the Collateral Agent in its sole discretion;

(g)            none of such inventory has given rise to an Eligible Account Receivable – Tier 1, an Eligible Account Receivable – Tier 2 or an Unbilled Eligible Account Receivable; and

(h)            the inventory has not been identified to deliveries with the result that a buyer would have rights to the inventory that would be superior to the Perfected First Liens, nor shall such inventory have become the subject of a customer's ownership or Lien.

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Notwithstanding the foregoing, no inventory shall be excluded from Eligible Inventory solely because such inventory is subject to a Permitted Borrowing Base Lien; provided that the amount of any such obligations has been deducted in determining the amount of Eligible Inventory.

"Eligible Inventory – Tier 1":  Eligible Inventory which meets all of the requirements set forth in the definition of Eligible Inventory (including, without limitation, clause (f) thereof).

"Eligible Inventory – Tier 2":  as of any date of determination, inventory of the Borrower in transit from Canada or another location in the United States to a third party storage facility in the United States, acceptable to the Administrative Agent in its sole discretion, which would constitute Eligible Inventory but for the failure to satisfy clauses (e) and (f) of the definition thereof, and is evidenced by copies of negotiable or non-negotiable documents of title issued to the Borrower or the Collateral Agent (and such copies are in the possession of the Collateral Agent), and which was purchased by the Borrower less than 15 days prior to its inclusion in the Borrowing Base (at any time) as Eligible Inventory – Tier 2. Notwithstanding the foregoing, the aggregate amount of Eligible Inventory – Tier 2 included in the Borrowing Base at any time, after giving effect to the applicable advance rate, shall not exceed $40,000,000.  For the avoidance of doubt, Eligible Inventory – Tier 2 shall only include inventory of the Borrower in transit to a third party storage facility in the United States while on United States or Canadian waters.

"Eligible LCs Covering Commodities Not Yet Delivered":  as of any date of determination, the face amount of any Letter of Credit supporting the purchase price of any Eligible Commodities contracted for purchase by the Borrower, provided that:

(a)            the applicable supplier has or is required to have title to such Eligible Commodities prior to delivery to the Borrower;

(b)            such Eligible Commodities are not included as Eligible Inventory – Tier 1 or Eligible Inventory – Tier 2, in the Borrowing Base but, upon delivery to the Borrower, such Eligible Commodities will qualify as Eligible Inventory – Tier 1 or Eligible Inventory – Tier 2, as applicable; and

(c)            the Borrower has the absolute and unqualified right to obtain such Eligible Commodities from the applicable seller or supplier, and the Borrower's right is subject to the Perfected First Lien and no other equal or prior Liens (other than Permitted Borrowing Base Liens).

"Eligible Net Liquidity in Brokerage Accounts":  as of any date of determination, the aggregate value of "net equity" or "net liquidity value" however designated of Approved Brokerage Accounts, not to exceed the amount that would be available for withdrawal upon closing such account and liquidation of all open positions at current market values, as reported in the account statements for the relevant Approved Brokerage Accounts, which are subject only to Perfected First Liens and the Liens of the Eligible Commodity Broker as provided for in the applicable Account Control Agreement as of such date, provided that, if any portion of the net equity is not represented by cash, the value of any such equity shall be determined by the Administrative Agent in its reasonable discretion and provided, further, that all amounts due to such broker secured by Permitted Borrowing Base Liens shall be deducted in calculating Eligible Net Liquidity in Brokerage Accounts.

"Eligible Unbilled Accounts Receivable":  all Accounts created by the Borrower (net of any credits, rebates, offsets (including, without limitation, any offset relating to any forward contract marked-to-market loss), holdbacks or other adjustments or commissions and reduced by any sales, use, excise or other taxes, imposts, levies or other governmental charges included therein) which would qualify as Eligible Accounts Receivable – Tier 1 or Eligible Accounts Receivable – Tier 2 but for the fact

- 16 -

that an invoice has not yet been issued by the Borrower to the applicable Account Debtor, provided, that (a) even if no other services were performed or goods delivered to the Account Debtor, the Borrower has the right to issue an invoice to the Account Debtor for services performed or goods delivered prior to the date as of which Eligible Unbilled Accounts Receivable is determined, (b) no Eligible Unbilled Accounts Receivable shall be included in Eligible Accounts Receivable – Tier 1 or Eligible Accounts Receivable – Tier 2 and (c) upon the issuance of an invoice for any such Account, such Account shall no longer be an Eligible Unbilled Account Receivable. The amount of Eligible Unbilled Accounts Receivable shall be equal to the amount that would be included as Eligible Accounts Receivable – Tier 1 or Eligible Accounts Receivable – Tier 2 upon the issuance of an invoice therefor. Notwithstanding the foregoing, the aggregate amount of Eligible Unbilled Accounts Receivable included in the Borrowing Base at any time, after giving effect to the applicable advance rate, shall not exceed $20,000,000.

"Environmental Laws":  any and all international, European Union, national, federal, state, provincial or local statutes, orders, regulations or other Law or guidance notes or regulatory codes of practice or guidelines concerning the environment or health and safety (including, without limitation, regulating, relating to or imposing liability on standards of conduct concerning Materials of Environmental Concern) which are in existence now or in the future and are binding at any time on the Loan Parties or any of their respective Subsidiaries in the relevant jurisdiction in which such Loan Party or such Subsidiary has been or is operating (including by the export of its products or its waste to that jurisdiction).

"Environmental Permits":  any permit, license, consent, approval and other authorization and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any Loan Party conducted on or from the properties owned or used by any Loan Party.

"ERISA":  the Employee Retirement Income Security Act of 1974.

"Estimated Excise Taxes Payable":  as of any date of determination, the amount of the Borrower's obligations to any Governmental Authority or taxing authority for sales, excise or other taxes, levies or governmental charges relating to the purchase or sale of its inventory, except to the extent deducted in calculating Eligible Accounts Receivable – Tier 1 or Eligible Accounts Receivable – Tier 2.

"Eurodollar Loans":  Loans for which the applicable rate of interest is based upon the Eurodollar Base Rate.

"Eurodollar Base Rate": with respect to any Eurodollar Loan for any Interest Period therefor, the rate of interest per annum equal to the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in Dollars with a term equivalent to such Interest Period as displayed on the Reuters screen page that displays such rate (currently page LIBOR01) (or, in the event such rate does not appear on a Reuters page or screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) as of 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period (but in respect of the Eurodollar Rate as that term is used in the definition of the term "Base Rate", as of 11:00 a.m., London time, on the day of determination thereof or if such day is not a Business Day on the immediately preceding Business Day (the rate determined pursuant to this sentence, herein the "Page Rate"); provided that in the event that the Page Rate is not available at such time for any reason, the "Eurodollar Base Rate" for the purposes of this definition shall instead be the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) offered by ABN AMRO Bank N.V., or its successors to prime banks in the London interbank market at approximately 11:00 a.m. London time (or as soon thereafter as

- 17 -

practicable) two Business Days prior to the first day of such Interest Period (but in respect of the Eurodollar Rate as that term is used in the definition of the term "Base Rate", as of 11:00 a.m., London time, on the day of determination thereof) or if such day is not a Business Day on the immediately preceding Business Day by leading banks in the London interbank market of Dollar deposits in immediately available funds having a term comparable to such Interest Period.  Notwithstanding anything to the contrary contained herein, the Eurodollar Base Rate shall, at all times, be equal to or greater than zero percent (0.00%).

"Eurodollar Rate":  for any Eurodollar Loan for any Interest Period therefor, a rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) determined by the Administrative Agent to be equal to the Eurodollar Base Rate for such Loan for such Interest Period divided by 1 minus the Reserve Requirement (if any) for such Loan for such Interest Period.

"Event of Default":  any of the events specified in Section 9 for which any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.

"Executive Order":  as defined in Section 5.24(a).

"Existing Credit Agreement":  as defined in the recitals to this Agreement.

"Existing Letters of Credit":  the letters of credit described in Schedule 1.1B.

"Extensions of Credit":  at any date, as to any Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding plus (b) the aggregate amount of such Lender's participation, to the extent of its Stated Percentage of each Letter of Credit, of the L/C Obligations then outstanding plus (c) such Lender's Stated Percentage of the principal amount of each Swing Line Loan then outstanding plus (d) such Lender's Stated Percentage of the principal amount of each Daylight Overdraft Loan then outstanding.

"FATCA":  Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof.

"Federal Funds Effective Rate":  for any day, the rate per annum equal to the weighted average of the interest rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it.

"Fee Letter":  the fee letter between the Borrower and the Administrative Agent in connection with this Agreement, as amended, modified or supplemented from time to time.

"FERC":  the U.S. Federal Energy Regulatory Commission.

"FERC Contract Collateral":  as defined in the Security Agreement.

"Financial OTC Agreement":  any currency swap, cross-currency rate swap, currency option, interest rate option, interest rate swap, cap or collar agreement or similar arrangement or any other similar transaction (including any option to enter into any of the foregoing) or any combination of the

- 18 -

foregoing including, without limitation, any derivative relating to interest rate or currency rate risk, in each case which is not a Commodity OTC Agreement.

"Financing Lease":  any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee.

"First Purchaser Lien":  a so-called "first purchaser" Lien, as defined in Texas Bus. & Com. Code Section 9.343, comparable Laws of the states of Oklahoma, Kansas, Mississippi, Wyoming or New Mexico, or any other comparable Law.

"First Purchaser Lien Amount":  as of any Borrowing Base Date, in respect of any property of the Borrower subject to a First Purchaser Lien, the aggregate amount of the obligations outstanding as of such date giving rise to such First Purchaser Lien as of such date, less any portion of such obligations that are secured or supported by a Letter of Credit issued hereunder.

"Fiscal Quarter":  each fiscal quarter of each Fiscal Year.

"Fiscal Year":  the fiscal year of the Borrower which consists of a twelve-month period, ending on each December 31.

"Fitch":  Fitch Ratings Ltd. or any successor to its rating agency business.

"Forward Contract":  a Commodity Contract with a delivery date more than two days after the contract is entered into.

"Fronting Fee Letter": that certain Fronting Fee Letter dated as of the date hereof between the Administrative Agent and ING, as amended, modified or supplemented from time to time.

"Funding Request Period":  the period commencing on the Amended and Restated Effective Date and ending on the day that is one (1) Business Day prior to the Termination Date.

"Futures Contract":  a contract for making or taking delivery of Eligible Commodities that is traded on a market-recognized commodity exchange, which contract meets the specification and delivery requirements of commodity futures contracts on such commodity exchange, the value of which shall be reflected in a Commodity Account.

"GAAP":  generally accepted accounting principles in the United States of America in effect from time to time.

"Global Facility Agreement":  the Facility Agreement for a Borrowing Base Facility dated September 19, 2013, by and among Aegean Liberia, as the company, Aegean Liberia, Aegean Petroleum International Inc. and Aegean Belgium, as the borrowers, certain other companies as guarantors, ABN AMRO Bank N.V., as Facility Agent, and the other agents and lenders party thereto, as amended, modified, extended, supplemented, replaced, refinanced or otherwise modified from time to time.

"Governing Documents":  with respect to (a) a corporation, its articles or certificate of incorporation, continuance or amalgamation and by-laws, (b) a partnership, its certificate of limited partnership or partnership declaration, as applicable, and partnership agreement, (c) a limited liability

- 19 -

company, its certificate of formation and operating agreement and (d) any other Person, the other organizational or governing documents of such Person.

"Governmental Authority":  any nation or government, any state, provincial or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

"Grantors":  any Person executing and delivering a Security Document, or becoming party to a Security Document (by supplement or otherwise), pursuant to this Agreement.

"Group":  Parent, Aegean Liberia and each of their respective Subsidiaries from time to time.

"Group Borrowings":  at any time, the aggregate outstanding principal, capital or nominal amount (and any fixed or minimum premium payable or prepayment or redemption) of any indebtedness of members of the Group for or in respect of:

(a)            moneys borrowed and debit balances at banks or other financial institutions;

(b)            any acceptance under any acceptance credit or bill discounting facility (or dematerialized equivalent);

(c)            any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

(d)            any Finance Lease (as defined in the Global Facility Agreement);

(e)            receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under GAAP);

(f)            any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Termination Date (as defined in the Global Facility Agreement) in respect of all Facilities (as defined in the Global Facility Agreement) or are otherwise classified as borrowings under GAAP);

(g)            any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;

(h)            any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than ninety (90) days after the date of supply;

(i)            any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and

(j)            (without double counting) the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (i) above.

- 20 -

"Group Cash":  at any time, cash in hand or at bank and (in the latter case) credited to an account in the name of a member of the Group with an Acceptable Bank (as defined in the Global Facility Agreement) and to which a member of the Group is alone (or together with other members of the Group) beneficially entitled and for so long as:

(a)            that cash is repayable on demand;

(b)            repayment of that cash is not contingent on the prior discharge of any other indebtedness of any member of the Group or of any other person whatsoever or on the satisfaction of any other condition;

(c)            there is no Security (as defined in the Global Facility Agreement) over that cash except for Transaction Security (as defined in the Global Facility Agreement) or any Security permitted pursuant to clause 24.13 (Negative pledge) of the Global Facility Agreement constituted by a netting or set-off arrangement entered into by members of the Group in the ordinary course of their banking arrangements; and

(d)            the cash is freely and immediately available to be applied in repayment or prepayment of the Facilities (as defined in the Global Facility Agreement).

"Group Cash Equivalent Investments":  at any time:

(a)            certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank (as defined in the Global Facility Agreement);

(b)            any investment in marketable debt obligations issued or guaranteed by the government of the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security;

(c)            commercial paper not convertible or exchangeable to any other security:

(i)            for which a recognized trading market exists;

(ii)            issued by an issuer incorporated in the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State;

(iii)            which matures within one year after the relevant date of calculation; and

(iv)            which has a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody's, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating;

(d)            any investment in money market funds which (i) have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody's, (ii) which invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above and (iii) can be turned into cash on not more than thirty (30) days' notice; or

- 21 -

(e)            any other debt security approved by the Majority Lenders (as defined in the Global Facility Agreement);

in each case, to which any member of the Group is alone (or together with other members of the Group beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (as defined in the Global Facility Agreement) (other than Security arising under the Transaction Security Documents (as defined in the Global Facility Agreement)).

"Group Consolidated Current Assets":  on the last day of a Group Measurement Period, the aggregate consolidated amount of all Group Current Assets of members of the Group.

"Group Consolidated Current Liabilities":  on the last day of a Group Measurement Period, the aggregate consolidated amount of all Group Current Liabilities of members of the Group.

"Group Consolidated Current Ratio":  the ratio of Group Consolidated Current Assets (less the amount of any loans made to shareholders, directors or related companies) to Group Consolidated Current Liabilities.

"Group Consolidated Interest Coverage Ratio":  in respect of any Group Measurement Period, the ratio of Group EBITDA to Group Finance Charges.

"Group Consolidated Net Working Capital":  on the last day of a Group Measurement Period, Group Consolidated Current Assets minus the sum of (i) Group Consolidated Current Liabilities on such date and (ii) the amount of any loans made to shareholders, directors or related companies.

"Group Consolidated Tangible Net Worth":  at any time the aggregate of the amounts paid up or credited as paid up on the issued ordinary share capital of the Parent and the aggregate amount of the reserves of the Group,

(a)            including:

(i)            any amount credited to the share premium account;

(ii)            any capital redemption reserve fund; and

(iii)            any balance standing to the credit of the consolidated profit and loss account of the Group;

but

(b)            deducting:

(i)            any debit balance on the consolidated profit and loss account of the Group;

(ii)            (to the extent included) any amount shown in respect of goodwill (including goodwill arising only on consolidation) or other intangible assets of the Group;

(iii)            any amount in respect of interests of non-Group members in Group Subsidiaries;

- 22 -

(iv)            any amount in respect of loans to shareholders, directors or related companies;

(v)            (to the extent included) any amount set aside for taxation, deferred taxation or bad debts;

(vi)            (to the extent included) any amounts arising from an upward revaluation of assets made at any time after December 31, 2012;

(vii)            any amount in respect of any dividend or distribution declared, recommended or made by any member of the Group to the extent payable to a person who is not a member of the Group and to the extent such distribution is not provided for in the most recent financial statements;

and so that no amount shall be included or excluded more than once.

"Group Current Assets":  the aggregate (on a consolidated basis) of all inventory, work in progress, trade and other receivables of each member of the Group including prepayments in relation to operating items and sundry debtors (but excluding Group Cash and Group Cash Equivalent Investments) expected to be realized within twelve (12) months from the date of computation but excluding amounts in respect of:

(a)            receivables in relation to Taxes;

(b)            Group Exceptional Items and other non-operating items;

(c)            insurance claims; and

(d)            any interest owing to any member of the Group.

"Group Current Liabilities":

(a)            prior to the date which is six (6) months after the date of the Global Facility Agreement, the sum of current liabilities as determined in accordance with GAAP;

(b)            from the date which is six (6) months after the date of the Global Facility Agreement until (but excluding) the date which is eighteen (18) months after the date of the Global Facility Agreement, the sum of:

(i)            current liabilities as determined in accordance with GAAP; and

(ii)            50% of the amount of all Utilizations (as defined in the Global Facility Agreement) under Facility B (as defined in the Global Facility Agreement); and

(c)            from the date which is eighteen (18) months after the date of the Global Facility Agreement, the sum of:

(i)            current liabilities as determined in accordance with GAAP; and

(ii)            the total amount of all Utilizations (as defined in the Global Facility Agreement) under Facility B (as defined in the Global Facility Agreement).

- 23 -

"Group EBITDA":  in respect of any Group Measurement Period, the consolidated operating profit of the Group before taxation (excluding the results from discontinued operations):

(a)            before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges and other finance payments whether paid, payable or capitalized by any member of the Group (calculated on a consolidated basis) in respect of that Group Measurement Period;

(b)            before deducting any depreciation and amortization/impairment;

(c)            not including any accrued interest owing to any member of the Group;

(d)            before taking into account any Group Exceptional Items;

(e)            after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributable to minority interests;

(f)            plus or minus the Group's share of the profits or losses (after finance costs and tax) of Non-Group Entities after deducting the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in the financial statements of the Group exceeds the amount actually received in cash by members of the Group through distributions by such Non-Group Entity;

(g)            before taking into account any unrealized gains or losses on any derivative instrument/financial instrument (other than any derivative instrument which is accounted for on a hedge accounting basis); and

(h)            before taking into account any gain or loss arising from an upward or downward revaluation of any other asset at any time after December 31, 2012,

in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation, depreciation and amortization.

"Group Exceptional Items":  any exceptional, one off, non-recurring or extraordinary items/any material items of an unusual or non-recurring nature which represent gains or losses including those arising on:

(a)            the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring;

(b)            disposals, revaluations or impairment of non-current assets; and

(c)            disposals of assets associated with discontinued operations.

"Group Finance Charges":  for any Group Measurement Period, the aggregate amount of the accrued interest, commission, fees, discounts, prepayment fees, premiums or charges and other finance payments in respect of Group Borrowings whether paid, payable or capitalized by any member of the Group (calculated on a consolidated basis) in respect of that Group Measurement Period:

(a)            including the interest (but not the capital) element of payments in respect of Finance Leases (as defined in the Global Facility Agreement);

- 24 -

(b)            including any commission, fees, discounts and other finance payments payable by (and deducting any such amounts payable to) any member of the Group under any interest rate hedging arrangement; and

(c)            taking no account of any unrealized gains or losses on any derivative instruments other than any derivative instruments which are accounted for on a hedge accounting basis.

"Group Measurement Period":  means a period of three (3) months ending on the last day of any calendar quarter.

"Guarantee Agreements":  (a) the Amended and Restated Guarantee dated as of the Amended and Restated Effective Date, by the Parent in favor of the Administrative Agent, (b) the Amended and Restated Guarantee dated as of the Amended and Restated Effective Date, by Aegean Liberia in favor of the Administrative Agent, and (c) the Amended and Restated Guarantee dated as of the Amended and Restated Effective Date, by Aegean Belgium in favor of the Administrative Agent, each of the foregoing (subsections (a), (b) and (c) above) in form and substance satisfactory to the Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time.

"Guarantee Obligation":  as to any Person (the "guaranteeing person"), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of such obligation the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness or other liability or obligation (the "primary obligations") of any other third Person (the "primary obligor") in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor for the purpose (whether explicit or implicit) of ensuring that the primary obligor is able to repay the primary obligations of such primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business.  The terms "Guarantee" and "Guaranteed" used as a verb shall have a correlative meaning.  The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (x) an amount equal to the stated or determinable maximum amount of the primary obligation in respect of which such Guarantee Obligation is made and (y) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect thereof as determined in good faith.

"Guarantors":  The Parent, Aegean Liberia, Aegean Belgium and any other Person becoming party to this Agreement (by supplement or otherwise), as a Guarantor.

"ICE":  The Intercontinental Exchange, Inc. or any successor thereto.

"Increase Amount":  as defined in Section 2.8(c).

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"Increase and New Lender Agreement":  as defined in Section 2.8(d)(i).

"Increase Effective Date":  as defined in Section 2.8(d).

"Increasing Lender":  as defined in Section 2.8(d)(i).

"Indebtedness":  of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money (whether by loan or the issuance and sale of debt securities and including, without limitation, reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers' acceptances, whether or not matured) or for the deferred purchase price of property or services (other than non-interest bearing current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all indebtedness of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (d) all obligations of such Person under Financing Leases or Synthetic Leases, (e) all obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar instruments issued or created for the account of such Person, whether or not drawn on or paid, (f) all liabilities of a third party secured by (or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value any Capital Stock of such Person, valued, in the case of redeemable preferred stock, at the greater of its voluntary and involuntary liquidation preference plus accrued and unpaid dividends, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, and (i) all obligations of such Person in respect of Commodity OTC Agreements and Financial OTC Agreements.  The amount of any Indebtedness under (x) clause (f) shall be equal to the lesser of (A) the stated amount of the relevant obligations and (B) the fair market value of the property subject to the relevant Lien and (y) clause (i) shall be the net amount, including any net termination payments, that would be required to be paid to a counterparty in the event of termination at the time of calculation rather than the notional amount of the applicable Commodity OTC Agreement or Financial OTC Agreement.

"Indemnified Liabilities":  as defined in Section 11.6.

"Indemnitee":  as defined in Section 11.6.

"ING": ING Belgium, Brussels, Geneva Branch.

"Insolvency":  with respect to any Multiemployer Plan, the condition that such plan is insolvent within the meaning of Section 4245 of ERISA.

"Insolvent":  pertaining to a condition of Insolvency.

"Intellectual Property":  as defined in Section 5.9.

"Interest Payment Date":  (a) with respect to any Base Rate Loan or Cost of Funds Loan, (i) prior to the Revolving Credit Maturity Date, the first Business Day of each month and (ii) the Revolving Credit Maturity Date, (b) as to any Eurodollar Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of

- 26 -

such Interest Period and the last day of such Interest Period and (d) as to any Loan the date of any repayment or prepayment made in respect thereof.

"Interest Period":

(a)             with respect to any Eurodollar Loan:

(i)      initially, the period commencing on the Borrowing Date or Conversion date, as the case may be, with respect to such Eurodollar Loan and ending one week or one, two or three months thereafter, as selected by the Borrower in its Borrowing Notice or Continuation/Conversion Notice, as the case may be, given with respect thereto; and

(ii)      thereafter, each period commencing on the last day of the immediately preceding Interest Period applicable to such Eurodollar Loan and ending one week or one, two or three months thereafter, as irrevocably selected by the Borrower in its Continuation/Conversion Notice to the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto; and

(b)            with respect to any Cost of Funds Loan:

(i)      initially, the period commencing on the Borrowing Date or Conversion date, as the case may be, with respect to such Cost of Funds Loan and ending one Business Day, one week or one, two or three months thereafter, as selected by the Borrower in its Borrowing Notice or Continuation/Conversion Notice, as the case may be, given with respect thereto; and

(ii)      thereafter, each period commencing on the last day of the immediately preceding Interest Period applicable to such Cost of Funds Loan and ending one Business Day, one week or one, two or three months thereafter, as selected by the Borrower in its Continuation/Conversion Notice to the Administrative Agent;

provided that, with respect to any Eurodollar Loan or Cost of Funds Loan:

(A)            if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

(B)            any Interest Period with respect to any Loan that would otherwise extend beyond the Revolving Credit Maturity Date, shall end on the Revolving Credit Maturity Date; and

(C)            any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the applicable calendar month; and

(D)            there shall be no more than five (5) Interest Periods outstanding at any time.

"Investment":  any advance, loan, extension of credit or capital contribution to, investment in, or purchase or acquisition of any stock, bonds, notes, debentures or other securities of or

- 27 -

any assets constituting all or substantially all assets of, or of a business unit of, any Person or any commitment to make or do any of the foregoing.

"Investment Grade Rating":  a long term senior unsecured non-credit enhanced credit rating of BBB- or higher by S&P or Baa3 or higher by Moody's; provided that, in the event that the rating given by (or equivalent to) S&P or Moody's is higher than the rating given by (or equivalent to) Moody's or S&P, as applicable, the determination that such rating is an Investment Grade Rating shall be made based on the higher of the two ratings.

"ISP":  International Standby Practices ISP98, International Chamber of Commerce Publication No. 590, as from time to time amended, modified or supplemented.

"Issuance Cap":  with respect to an Issuing Lender's willingness to consider issuance of any Letter of Credit pursuant to Section 3.1, the aggregate amount of outstanding L/C Obligations attributable to Letters of Credit issued by such Issuing Lender as set forth below:

	
Issuing Lender

	
Issuance Cap1

	
ABN AMRO Capital USA LLC

	
$250,000,000

	 	 

"Issuing Lender":  ABN and, with the consent of the Borrower and the Administrative Agent, any other Lender that agrees to issue Letters of Credit, or any office, branch or affiliate designated by it or any successor pursuant to Section 3.8.

"Laws":  collectively, all international, foreign, Federal, state, provincial and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"L/C Fee Payment Date":  with respect to any Letter of Credit, the first Business Day of each month (or if any such day is not a Business Day, the next succeeding Business Day).

"L/C Obligations" or "L/C Obligation":  at any time, an amount equal to the sum of (a) the aggregate maximum undrawn amount of the then-outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed.

"L/C Participants":  with respect to any Letter of Credit, all of the Lenders other than the Issuing Lender thereof and, subject to Section 2.7(b), any Declining Lender with respect to such Letter of Credit.

"Lead Arranger":  as defined in the introductory paragraph of this Agreement.

"Lenders":  as defined in the introductory paragraph to this Agreement and, as the context requires, includes, the Issuing Lenders, the Daylight Overdraft Lender, and the Swing Line Lender.  As of the Amended and Restated Effective Date, each Lender is specified on Schedule 1.0.

1 Any Issuing Lender may, by notice to the Administrative Agent (which notice shall be irrevocable), increase the amount of such Issuing Lender's Issuance Cap hereunder.

- 28 -

"Letter of Credit Request":  a request by the Borrower for a new Letter of Credit or an amendment to an existing Letter of Credit, in each case pursuant to Section 3.2(a).

"Letters of Credit Sublimit":  as at any date, the then current Elected Line Amount.

"Letters of Credit":  as defined in Section 3.1(a).

"Lien":  any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever having or intended to have similar effect (including, without limitation, any conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing), and the filing of any financing statement under the Uniform Commercial Code or comparable Law of any jurisdiction in order to perfect any of the foregoing.

"Loan":  any Revolving Credit Loan, Swing Line Loan or Daylight Overdraft Loan.

"Loan Documents":  this Agreement, the Notes, the Guarantee Agreements and the Security Documents, each as amended, modified or supplemented from time to time.

"Loan Parties":  the Borrower, the Guarantors and each Subsidiary of the Borrower that is a party to a Loan Document.

"Marked-to-Market Report": a report of the Borrower's Eligible Commodities purchase and sale positions in a form reasonably acceptable to the Administrative Agent.  Such report shall include all open fixed positions for all current and future time periods and cover all instruments and/or contracts that create either an obligation or a right under a Commodity Contract and/or that generate price exposure and shall include Marked-to-Market Value for each position considered.  The instruments and/or contracts shall include but not be limited to contracts for spot and future deliveries of Eligible Commodities, exchanges, derivatives including Physical Commodity Contracts, Commodity OTC Agreements, Financial OTC Agreements and Futures Contracts (and options on such Futures Contracts).

"Marked-to-Market Value":  with respect to any Commodity Contract of any Person on any date:

(a)            in the case of a Commodity Contract for the purchase, sale, transfer or exchange of any physical Eligible Commodities, the unrealized gain or loss on such Commodity Contract, determined by comparing (i) the amount to be paid or received under such Commodity Contract for such Eligible Commodities pursuant to the terms thereof to (ii) the Market Value of such Eligible Commodities on such date, and

(b)            in the case of any other Commodity Contract, the unrealized gain or loss on such Commodity Contract determined by calculating the amount to be paid or received under such other Commodity Contract pursuant to the terms thereof as if the cash settlement of such other Commodity Contract were to be calculated on such date of determination by reference to the Market Value of the Eligible Commodities which is the subject of such other Commodity Contract;

provided, that (i) in the case of any Commodity Contract that is, in whole or in part, an option by its terms, the amount so calculated shall reflect industry standard valuation models approved by the Administrative Agent and any associated premium which remains unpaid and (ii) in the case of amounts due under any Forward Contract with a delivery date more than one year from the date of determination,

- 29 -

each such amount shall be discounted to present value in a commercially reasonable manner unless otherwise discounted as part of the calculation referred to above.

"Market Value":  with respect to any Eligible Commodities on any date, the price at which such Eligible Commodities could be purchased or sold for delivery on that date or during the applicable period adjusted to reflect the specifications thereof and the location and transportation differential, and, without duplication, reduced by storage, transportation and other costs related to sale thereof.  Such prices shall be determined by using prices (a) on the New York Mercantile Exchange, the COMEX, the New York Board of Trade, the International Petroleum Exchange, ICE, the Chicago Board of Trade, the Chicago Mercantile Exchange or, if a price for any such Eligible Commodities (or delivery period or location) is not available on such exchanges, such other markets or exchanges recognized as such in the commodities trading industry, including over-the-counter markets and private quotations, or as published in an independent industry recognized source, in each case reasonably selected by the Borrower and reasonably satisfactory to the Administrative Agent, (b) if such a price for any such Eligible Commodities is not available in any market or exchange described in clause (a) above, any other exchange or market reasonably selected by the Borrower and reasonably satisfactory to the Administrative Agent on such date or (c) if such a price for any such Eligible Commodities is not available in any market or exchange described in clauses (a) or (b) above, such other value determined pursuant to methodology reasonably selected by the Borrower and reasonably satisfactory to the Administrative Agent.

"Material Adverse Effect":  a material adverse effect on (a) the business, assets, income, property, financial condition, business, performance, prospects, operations or properties of any Loan Party on an individual basis, or the Loan Parties and their respective Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform any of its obligations under this Agreement or any of the other Loan Documents on a timely basis, or (c) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Agents or the Lenders hereunder or thereunder.

"Materials of Environmental Concern":  any gasoline or petroleum (including Crude Oil or any fraction thereof) or petroleum products or any pollutant, contaminant, dangerous good, hazardous substances, toxic substances, materials or wastes, defined or regulated as such in or under, or which form the basis of liability under, any Environmental Law or Environmental Permit, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation, medical waste, mold, microbial matters, radioactive materials and electromagnetic fields.

"Maximum Amount":  on the Amended and Restated Effective Date, $250,000,000, as such amount may be increased from time to time in accordance with Section 2.8, or decreased from time to time or terminated in accordance with Section 4.1.

"Maximum Credit Limit":  for each Lender, the maximum amount of such Lender's Extensions of Credit that may be made or incurred by such Lender hereunder, which amount as of the Amended and Restated Effective Date shall be provided on Schedule 1.0 hereto, and which amount may be increased or decreased at each Lender's sole discretion (a) as a result of assignments; or (b) in connection with a Declining Lender election pursuant to Section 2.7; provided that, at no time shall any Lender's Maximum Credit Limit be decreased to an amount less than such Lender's Extensions of Credit as of the date of such reduction.  Subject to the proviso below, in the event of any increase or decrease in the Maximum Credit Limit for any Lender at any time, the manner in which the shares of all existing Lenders shall be reallocated (both with respect to then outstanding Loans and Letters of Credit and with respect to future Loans and Letters of Credit) shall be on a pro rata basis based on such Lender's Stated Percentage, as calculated immediately prior to such decrease or subsequent to such increase, as the case may be, or as otherwise determined by agreement of all of the Lenders, including any new Lender,

- 30 -

provided, however, that no Lender shall be obligated to increase its Maximum Credit Limit or increase or decrease its share of outstanding Loans or Letters of Credit.

"Maximum Position Limits":  the Risk Limits set forth in the Trading Guidelines of the Risk Management Practices as in effect on the Amended and Restated Effective Date or as in effect on such other date if approved in accordance with Section 7.10.

"Moody's":  Moody's Investors Service, Inc., or any successor to its rating agency business.

"Multiemployer Plan":  a Plan which is a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA and which is subject to Title IV of ERISA.

"New Lenders":  as defined in Section 2.8(c).

"Non-Defaulting Lender":  at any time, each Lender that is not a Defaulting Lender at such time.

"Non-Excluded Taxes":  as defined in Section 4.11(a).

"Non-Group Entity":  any investment or entity (which is not itself a member of the Group (including associates and joint venture entities)) in which any member of the Group has an ownership interest.

"Nonrenewal Notice Date":  as defined in Section 3.2(b).

"Non-U.S. Lender":  as defined in Section 4.11(f).

"Note" and "Notes":  as defined in Section 4.5(f).

"Notice of Elected Line Amount":  as defined in Section 2.9.

"Notice of Prepayment":  as defined in Section 4.6.

"NYMEX":  the New York Mercantile Exchange or any successor thereto; any reference in this Agreement to NYMEX Futures Contracts or options includes ICE future contracts or options of the same type.

"Obligation Date":  with respect to any Revolving Credit Loan, Swing Line Loan, Daylight Overdraft Loan or Letter of Credit, the Borrowing Date of such Revolving Credit Loan, Swing Line Loan, Daylight Overdraft Loan or Letter of Credit, as applicable, provided that, the "Obligation Date" of any Revolving Credit Loan made pursuant to Section 3.5(b) shall be the Borrowing Date of the related Letter of Credit.

"Obligations":  the unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) on the Loans and Reimbursement Obligations, and all other obligations and liabilities of the Borrower to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, in each case which may arise

- 31 -

under, or out of or in connection with this Agreement, the Notes, the Security Documents, any other Loan Documents, any Letter of Credit and any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Agents or to the Lenders that are required to be paid by the Borrower pursuant to the terms of the Loan Documents) or otherwise.

"OFAC":  as defined in Section 5.24(b)(i).

"Other Taxes":  as defined in Section 4.11(b).

"Parent":  Aegean Marine Petroleum Network Inc., a corporation incorporated under the laws of the Marshall Islands.

"Participant" and "Participants":  as defined in Section 11.7(b).

"Participating Member State":  any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"Participation":  as defined in Section 11.7(b).

"Payment Intangible":  as defined in Section 9-102 of the New York Uniform Commercial Code.

"PBGC":  the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

"Perfected First Lien":  any perfected, first priority Lien granted by the Borrower pursuant to a Security Document in favor of the Collateral Agent, for the ratable benefit of the Secured Parties; provided that, in the case of inventory that is not located in the United States of America or contracts, Accounts Receivable or Payment Intangibles not governed by Laws of the United States of America or any state or political subdivision thereof, the validity and priority of such Lien shall be confirmed by an opinion of special local counsel, the form and substance of which shall be reasonably satisfactory to the Collateral Agent.

"Permitted Borrowing Base Liens":  Liens of carriers, warehousemen, mechanics, materialmen, and any similar Lien arising by operation of Law securing obligations to pay or provide consideration for goods or services with respect to Eligible Commodities, which obligations are not past due, including, without limitation, with respect to Eligible Inventory, Liens in favor of the third party from whom the Borrower chartered, rented or leased the property on which such Eligible Inventory is located securing the charter, rent or lease obligations.

"Permitted Financial Management Liens":  Liens of an Eligible Cash Management Bank on currency or Cash Equivalents of the Borrower deposited in, or credited to, any Controlled Account (other than a Commodity Account) of the Borrower, provided that such Liens arise out of (i) amounts due to the applicable Eligible Cash Management Bank, in respect of customary fees and expenses for the routine maintenance and operation of such Controlled Account, (ii) the face amount of any checks which have been credited to such Controlled Account, but are subsequently returned unpaid because of uncollected or insufficient funds, or (iii) other returned items or mistakes made in crediting such

- 32 -

Controlled Account, provided, further that such Liens are provided for in the related Account Control Agreement or arise by operation of Law.

"Permitted Refinancing Indebtedness":  as defined in Section 8.2(c).

"Permitted Tax Distribution":  for so long as the Borrower is a "subchapter S" corporation for federal income tax purposes or otherwise regarded as a flow-through or conduit for federal income tax purposes, the Borrower shall be permitted to pay quarterly dividends to the holders of its Capital Stock in amounts sufficient to pay federal, state and local income taxes payable by such holders and arising solely from their ownership of Capital Stock in the Borrower.

"Person":  an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

"Physical Commodity Contract":  a contract for the purchase, sale, transfer or exchange of any physical Eligible Commodity.

"Plan":  any employee pension benefit plan (other than a Multiemployer Plan) which is subject to Title IV of ERISA that is maintained or contributed to by (or to which there is an obligation to contribute of) any Loan Party or any Commonly Controlled Entity for its current or former employees, or any beneficiary thereof.

"Pledged Account":  all Commodity Accounts, Deposit Accounts and Securities Accounts of the Borrower.

"Position Report":  a report, substantially in the form of Exhibit K, delivered to the Administrative Agent by the Borrower pursuant to Section 7.2(g), certified by a Responsible Person of the Borrower, and setting forth as of the preceding Business Day, the calculations evidencing compliance with the Maximum Position Limits of the Borrower, together with supporting detail, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

"Post-Termination LOC":  as defined in Section 3.1(g).

"Prime Rate":  for any day, a fluctuating interest rate per annum at all times equal to the rate of interest established by JP Morgan Chase Bank, N.A. in New York, New York, from time to time, as its base or prime rate.  The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available.

"Properties":  as defined in Section 5.23(a).

"Refunded Daylight Overdraft Loan":  as defined in Section 2.6(a).

"Refunded Swing Line Loan":  as defined in Section 2.5(a).

"Register":  as defined in Section 11.7(d).

"Regulation D":  Regulation D of the Board.

"Regulation U":  Regulation U of the Board.

"Reimbursement Date":  as defined in Section 3.4(c).

- 33 -

"Reimbursement Obligations":  the obligation of the Borrower to reimburse an Issuing Lender, pursuant to Section 3.5 for Unreimbursed Amounts.

"Reorganization":  with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.

"Reportable Event":  any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the 30 day notice period is waived.

"Representatives":  as defined in Section 11.16(a).

"Requested Increase Amount":  as defined in Section 2.8(a).

"Required Lenders":  at any time, Lenders the Maximum Credit Limits (or, if the Maximum Credit Limits have expired or terminated, the Extensions of Credit) of which aggregate to at least 51.00% of the total Maximum Credit Limits (or, if the Maximum Credit Limits have expired or terminated, the Extensions of Credit); provided that, the portion of the Maximum Credit Limits or Extensions of Credit held by any Defaulting Lender shall be excluded from both the approvals received and the total Maximum Credit Limits or Extensions of Credit then in effect for purposes of making a determination of Required Lenders for any purpose hereunder or under any other Loan Document.

"Requirement of Law":  as to any Person, any Law or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"Reserve Requirement": the average maximum rate at which reserves (including any marginal, supplemental or emergency reserves) are required to be maintained under Regulation D by member banks of the Federal Reserve System in New York City with deposits exceeding one billion Dollars against "Eurocurrency liabilities" (as such term is used in Regulation D).  Without limiting the effect of the foregoing, the Reserve Requirement shall include any other reserves required to be maintained by such member banks by reason of any Regulatory Change with respect to (i) any category of liabilities that includes deposits by reference to which the Eurodollar Base Rate is to be determined as provided in the definition of "Eurodollar Base Rate" in this Section 1.1 or (ii) any category of extensions of credit or other assets that includes Eurodollar Loans.

"Responsible Person":  with respect to any Loan Party, the chief executive officer, president, chairman, senior vice-president, executive vice-president, vice-president of finance or treasurer of such Loan Party.

"Revolving Credit Loans":  as defined in Section 2.1(a).

"Revolving Credit Maturity Date":  with respect to any Loan, the earliest to occur of (i) written demand by the Administrative Agent or the Required Lenders, (ii) the date 90 days after the Borrowing Date of such Loan (other than Swing Line Loans or Daylight Overdraft Loans), (iii) the date on which the Loans become due and payable pursuant to Section 9 or the Maximum Amount terminates pursuant to Section 4.1 and (iv) the Termination Date.

"Risk Management Practices":  practices adopted and implemented by the Borrower and reasonably satisfactory to the Administrative Agent and Required Lenders for (a) the mitigation of risks including price, location, product grade and time risk associated with the Borrower's Eligible

- 34 -

Commodities trading and marketing activities and (b) the evaluation and mitigation of credit risk exposure of the Borrower to an Account Debtor and any counterparty party to a Commodity Contract.

"Sanctioned Person":  as defined in Section 5.24.

"Secured Parties":  the Lenders (including, the Daylight Overdraft Lender, the Swing Line Lender and the Issuing Lenders), the Administrative Agent and the other Agents and, in respect of each of the foregoing, their respective successors, endorsees, transferees and assigns.

"Securities Account":  as defined in Section 8-501 of the New York Uniform Commercial Code.

"Security Agreement":  the Amended and Restated Security Agreement (to the Uncommitted Credit Agreement), dated as of the date hereof, executed and delivered by the Borrower to the Collateral Agent, substantially in the form of Exhibit B, as amended, modified or supplemented from time to time.

"Security Documents":  the collective reference to the Account Control Agreements, the Security Agreement, the Canadian Security Documentation and all other security documents hereafter delivered to the Collateral Agent granting a Lien on any asset or assets of the Borrower to secure any of the Obligations, each as amended, modified or supplemented from time to time.

"Single Employer Plan":  any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

"S&P":  Standard and Poor's Ratings Group, or any successor to its rating agency business.

"Specified Laws":  (i) Trading with the Enemy Act and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) the USA PATRIOT Act.

"Standby Letter of Credit": a standby Letter of Credit which (i) supports the purchase of Eligible Commodities giving rise to Eligible Inventory and/or an Eligible Accounts Receivable or (ii) is issued other than in connection with financing the purchase of Inventory by the Borrower.

"Stated Percentage":  for any Lender (a) with respect to any Loan made, or Letter of Credit issued, extended or increased at any time prior to any Conversion to Approving Lenders Funding Date, the ratio of such Lender's Maximum Credit Limit at the Borrowing Date for such Loan or Borrowing Date for such Letter of Credit's issuance, extension or increase to the aggregate amount of the Lenders' Maximum Credit Limits at such time, and (b) with respect to any Loan made or Letter of Credit issued, extended or increased on or after a Conversion to Approving Lenders Funding Date, (i) if such Lender is an Approving Lender, Approving Daylight Overdraft Lender or Approving Swing Line Lender, as the case may be, with respect to such Loan or Letter of Credit as of the Borrowing Date of such Loan or Borrowing Date for such Letter of Credit's issuance, extension or increase, the ratio of such Lender's Maximum Credit Limit at the Borrowing Date for such Loan or Borrowing Date for such Letter of Credit's issuance, extension or increase to the aggregate amount of the Lenders' Maximum Credit Limits at such time, and (ii) if such Lender is a Declining Lender as of the Borrowing Date of such Loan or Borrowing Date for such Letter of Credit's issuance, extension or increase, 0%, in each case, as may be adjusted pursuant to Section 4.18 in the event any Lender shall become a Defaulting Lender, provided that:

- 35 -

(1)            solely with respect to Section 10.7, with respect to any Lender at any time, the Stated Percentage shall be the ratio of such Lender's Extensions of Credit to the Total Extensions of Credit at such time,

(2)            if on any date the Lenders shall become obligated to purchase a participating interest in any Daylight Overdraft Loan pursuant to Section 2.6(b), the Stated Percentage of each Lender in such Daylight Overdraft Loan shall remain fixed at the Stated Percentage of such Lender as of the Borrowing Date of such Daylight Overdraft Loan;

(3)            if on any date the Lenders shall become obligated to purchase a participating interest in any Swing Line Loan pursuant to Section 2.5(b), the Stated Percentage of each Lender in such Swing Line Loan shall remain fixed at the Stated Percentage of such Lender as of the Borrowing Date of such Swing Line Loan, and

(4)            the initial Borrowing Date for Existing Letters of Credit shall be deemed to be the Amended and Restated Effective Date for purposes of this definition.

"Subordinated Indebtedness":  any unsecured Indebtedness of the Borrower and its consolidated Subsidiaries:  (i) the payment of the principal of and interest on which and other obligations of such Person in respect thereof are subordinated to the prior payment in full of the principal of and interest (including by its terms post-petition interest) on the Loans and all other Obligations of the Borrower to the Agents and the Lenders under the Loan Documents on terms and conditions (including, without limitation, the identity of the creditor) approved in writing by the Administrative Agent; and (ii) any portion which is guaranteed by the Parent or any other Loan Party and all Guarantee Obligations in respect of such guarantee of such subordinated Indebtedness are subordinated to the Guarantee Agreements and all other Obligations and liabilities of such Person to the Agents and the Lenders under the Loan Documents in the manner and to the extent such subordinated Indebtedness is subordinated to the Loans and all other Obligations and liabilities of the Borrower to the Agents and the Lenders under the Loan Documents under subclause (i) of this definition.

"Subordination Agreement": the Agreement of Subordination and Assignment dated as of the date hereof among the Borrower, Aegean Liberia and the Collateral Agent, in form and substance satisfactory to the Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time.

"Subsidiary":  as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock, partnership, membership or other ownership interests having ordinary voting power (other than stock, partnership, membership or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries or both, by such Person, as the case may be, or any such Person has the contractual power presently to designate a majority of the directors of such corporation, or in the case of unincorporated entities, of individuals exercising similar functions.  Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

"Swing Line Cap":  on any date, the maximum Swing Line Cap as set forth below that corresponds with the then current Elected Line Amount as set forth below:

- 36 -

	
Elected Line Amount

	
Maximum Swing Line Cap

	
US$150,000,000

	
US$22,500,000

	
Greater than US$150,000,000 and less than or equal to US$175,000,000

	
US$26,250,000

	
Greater than US$175,000,000 and less than or equal to US$200,000,000

	
US$30,000,000

	
Greater than US$200,000,000 and less than or equal to US$225,000,000

	
US$33,750,000

	
Greater than US$225,000,000 and less than or equal to US$250,000,000

	
US$37,500,000

	
Greater than US$250,000,000 and less than or equal to US$300,000,000

	
US$45,000,000

"Swing Line Lender":  as defined in the introductory paragraph to this Agreement.

"Swing Line Loan" and "Swing Line Loans":  as defined in Section 2.3(a).

"Swing Line Participation Amount":  as defined in Section 2.5(b).

"Synthetic Lease":  any lease of property, real or personal, the obligations of the lessee in respect of which are treated as an operating lease for financial accounting purposes in accordance with GAAP and indebtedness for federal tax purposes.

"Tax Affiliate":  as to any Person, any Affiliate of such Person with which such Person files or is eligible to file consolidated, combined or unitary tax returns.

"Taxes":  as defined in Section 4.11(a).

"Termination Date":  August 21, 2015.

"Total Extensions of Credit":  at any time, the aggregate outstanding principal and/or face amount of the Extensions of Credit of the Lenders then in effect.

"Trading Business":  with respect to each Lender, the day-to-day activities of such Lender or a division or Affiliate of such Lender relating to the proprietary purchase, sale, hedging and/or trading of commodities, including, without limitation, Eligible Commodities and any related derivative transactions.

"Tranche":  Loans which are either Eurodollar Loans or Cost of Funds Loans, the then-current Interest Periods which all begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day).

"Transferee":  as defined in Section 11.16(e).

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"Type":  (i) as to any Loan, its nature as a Base Rate Loan, a Eurodollar Loan or a Cost of Funds Loan and (ii) as to any Letter of Credit, its nature as a Documentary Letter of Credit or a Standby Letter of Credit.

"UCP":  the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, as the same may be amended from time to time.

"United States" or "U.S.":  the United States of America.

"United States Dollars" and "$":  dollars in lawful currency of the United States of America.

"Unreimbursed Amount":  as defined in Section 3.5(a).

"USA PATRIOT Act":  as defined in Section 5.24(a).

1.2            Other Definitional Provisions.

(a)            Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any Notes or any other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.

(b)            The words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule, Exhibit and Annex references are to this Agreement unless otherwise specified.

(c)            The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

(d)            Unless otherwise expressly provided herein, (i) references to Governing Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, waivers, supplements and other modifications thereto and (ii) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

1.3            Rounding.  Any financial ratios required to be maintained by the Borrower or the Parent pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

1.4            Accounting Terms.  For purposes of this Agreement, any Loan Document, and any certificate or other document made or delivered pursuant hereto or thereto, all accounting terms not otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP.  Financial statements and other information furnished to the Lenders pursuant to Section 7.1 shall be prepared in accordance with GAAP (as in effect at the time of such preparation) on a consistent basis, except for any adjustments thereto which may be approved from time to time in writing by the Required Lenders in their sole discretion.  In the event any Accounting Changes (as defined below) shall occur and such changes affect financial covenants, standards or terms in this Agreement, then the Borrower and the

- 38 -

Lenders agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating the financial condition of the Loan Parties and their respective Subsidiaries shall be the same after such Accounting Changes as if such Accounting Changes had not been made, and until such time as such an amendment shall have been executed and delivered by the Borrower and the Lenders, (A) all financial covenants, standards and terms in this Agreement shall be calcu­lated and/or construed as if such Account­ing Changes had not been made, and (B) the Borrower shall prepare footnotes to each compliance certificate and the financial statements required to be delivered hereunder that show the differences between the financial state­ments delivered (which reflect such Accounting Changes) and the basis for calculating financial covenant compliance (without reflecting such Accounting Changes).  "Accounting Changes" means:  (a) changes in accounting principles required by GAAP and implemented by the Loan Parties and their respective Subsidiaries; (b) changes in accounting principles recommended by the Borrower's certified public accountants; and (c) changes in carrying value of any of the Loan Parties' or any of their respective Subsidiaries' assets, liabilities or equity accounts resulting from any adjustments in excess of $50,000 in the aggregate.

		SECTION 2.	AMOUNT AND TERMS OF THE LOANS

2.1            Revolving Credit Loans.

(a)            Subject to the terms and conditions hereof, each Lender (other than the Issuing Lenders, the Daylight Overdraft Lender, and the Swing Line Lender) severally agrees on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis, to consider making revolving credit loans from time to time (the revolving credit loans made on and after the Amended and Restated Effective Date pursuant to this Section 2.1, together with any amounts allocated to Revolving Credit Loans pursuant to Section 12.4(b), collectively, the "Revolving Credit Loans")) to the Borrower in an amount requested by the Borrower from time to time during the Funding Request Period in an aggregate principal amount at any one time outstanding which, when added to such Lender's Extensions of Credit, does not exceed such Lender's Maximum Credit Limit.  During the Funding Request Period, the Borrower may borrow, prepay the Revolving Credit Loans in whole or in part, and reborrow, all in accordance with the terms and conditions hereof, including, without limitation, Section 4.5, provided that the Borrower shall not request, and the Lenders shall not make, any Revolving Credit Loan if, after giving effect to the making of such Revolving Credit Loan, the Borrowing Base Availability would be less than zero.

(b)            NO LENDER SHALL HAVE ANY COMMITMENT OR OBLIGATION TO MAKE ANY REVOLVING CREDIT LOAN HEREUNDER UNLESS AND UNTIL SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 2.4(e) TO SUCH REQUESTED FUNDING TRANSACTION.  NOTHING CONTAINED HEREIN SHALL OTHERWISE COMMIT OR OBLIGATE ANY LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY ANY LENDER TO MAKE OR ELECT TO MAKE ANY SUCH REVOLVING CREDIT LOAN UNLESS AND UNTIL SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 2.4(e) TO SUCH REQUESTED FUNDING TRANSACTION.

(c)            Revolving Credit Loans may be denominated only in United States Dollars and may from time to time be (i) Eurodollar Loans, (ii) Base Rate Loans, (iii) Cost of Funds Loans or (iv) a combination thereof, in each case, as the Borrower shall notify the Administrative Agent in accordance with Sections 2.4 and 4.3.  No Revolving Credit Loan shall be made as a Eurodollar Loan or Cost of Funds Loan (other than a Cost of Funds Loan with an Interest Period of one day or one week) after the day that is one month prior to the Termination Date.

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2.2            Daylight Overdraft Loans.

(a)            Subject to the terms and conditions hereof, the Daylight Overdraft Lender agrees, on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis to consider making a portion of the Elected Line Amount available to the Borrower by making daylight overdraft loans with respect to Deposit Accounts that are Controlled Accounts of the Borrower (individually, a "Daylight Overdraft Loan" and, together with any amounts allocated to Daylight Overdraft Loans pursuant to Section 12.4(b), collectively, the "Daylight Overdraft Loans") to the Borrower from time to time during the Funding Request Period in an aggregate principal amount at any one time outstanding not to exceed the applicable Daylight Overdraft Cap; provided that, (i) the aggregate principal amount of Daylight Overdraft Loans outstanding at any time, when aggregated with the Daylight Overdraft Lender's Stated Percentage of the Total Extensions of Credit, may not exceed such Daylight Overdraft Lender's Maximum Credit Limit then in effect, (ii) the Borrower shall not request, and the Daylight Overdraft Lender shall not make, any Daylight Overdraft Loan if, after giving effect to the making of such Daylight Overdraft Loan, the Borrowing Base Availability would be less than zero and (iii) with respect to each Lender (other than a Declining Lender), and after giving effect to such Lender's Stated Percentage of such Daylight Overdraft Loan, such Lender's Extensions of Credit do not exceed such Lender's Maximum Credit Limit.  During the Funding Request Period, the Borrower may use the Daylight Overdraft Cap by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof, including, without limitation, Section 4.5.

(b)            NEITHER THE DAYLIGHT OVERDRAFT LENDER NOR ANY LENDER SHALL HAVE ANY COMMITMENT OR OBLIGATION TO PARTICIPATE IN AND/OR MAKE ANY DAYLIGHT OVERDRAFT LOAN HEREUNDER UNLESS AND UNTIL THE DAYLIGHT OVERDRAFT LENDER OR SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 2.4(f) TO SUCH REQUESTED DAYLIGHT OVERDRAFT LOAN.  NOTHING CONTAINED HEREIN SHALL OTHERWISE COMMIT OR OBLIGATE THE DAYLIGHT OVERDRAFT LENDER OR SUCH LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY THE DAYLIGHT OVERDRAFT LENDER OR SUCH LENDER TO MAKE OR ELECT TO MAKE SUCH DAYLIGHT OVERDRAFT LOAN OR PARTICIPATE OR ELECT TO PARTICIPATE IN SUCH DAYLIGHT OVERDRAFT LOAN UNLESS AND UNTIL THE DAYLIGHT OVERDRAFT LENDER OR SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 2.4(f) TO SUCH REQUESTED DAYLIGHT OVERDRAFT LOAN.

(c)            Daylight Overdraft Loans may be denominated only in United States Dollars and, if any Daylight Overdraft Loan shall not be repaid on the date it is made, such Daylight Overdraft Loan shall be a Base Rate Loan bearing interest at a rate per annum equal to the Base Rate plus 1.90% from and including the date such Daylight Overdraft Loan is made to, but excluding, the date of payment.  Subject to Section 2.6, each Daylight Overdraft Loan shall mature at 4:30 p.m. (New York City time), on the Borrowing Date therefor or such later time agreed by the Daylight Overdraft Lender in its sole discretion, such later time not to be later than 10:00 a.m. (New York City time) on the next Business Day following the Borrowing Date therefor.

(d)            In the event that the Daylight Overdraft Lender has not received full repayment in cash of any Daylight Overdraft Loan at or before 4:30 p.m. (New York City time) on the Borrowing Date of such Daylight Overdraft Loan (or such later time determined by the Daylight Overdraft Lender in its sole discretion, such later time not to be later than 10:00 a.m. (New York City time) on the next Business Day following the Borrowing Date thereof), the Daylight Overdraft Lender shall promptly notify the Administrative Agent of any such outstanding Daylight Overdraft Loans and of the amount of such outstanding Daylight Overdraft Loans.

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(e)            The Borrower may borrow Daylight Overdraft Loans solely to make payments on any Business Day prior to the Collateral Agent's receipt of payment on such Business Day of the aggregate amount of Eligible Accounts Receivable – Tier 1 and Eligible Accounts Receivable – Tier 2 of the Borrower, which the Borrower reasonably expects the Collateral Agent will receive on such Business Day.

(f)            Notwithstanding the foregoing and without in any way limiting the discretionary nature of this loan facility, the Daylight Overdraft Lender, in its sole discretion at any time may, and upon two (2) Business Days prior written instruction from the Required Lenders shall, terminate its obligation to consider making Daylight Overdraft Loans.

2.3            Swing Line Loans.

(a)            Subject to the terms and conditions hereof, the Swing Line Lender agrees, on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis to consider making, a portion of the Elected Line Amount available to the Borrower by making swing line loans (individually, a "Swing Line Loan" and, together with any amounts allocated to Swing Line Loans pursuant to Section 12.4(b), collectively, the "Swing Line Loans") to the Borrower on same day notice from time to time during the Funding Request Period in an aggregate principal amount at any one time outstanding not to exceed the Swing Line Cap; provided that, (i) the aggregate principal amount of Swing Line Loans outstanding at any time, when aggregated with the Swing Line Lender's Stated Percentage of the Total Extensions of Credit, may not exceed the Swing Line Lender's Maximum Credit Limit then in effect, (ii) the Borrower shall not request, and the Swing Line Lender shall not make, any Swing Line Loan if, after giving effect to the making of such Swing Line Loan, the Borrowing Base Availability would be less than zero and (iii) with respect to each Lender (other than a Declining Lender), and after giving effect to such Lender's Stated Percentage of such Swing Line Loan, such Lender's Extensions of Credit do not exceed such Lender's Maximum Credit Limit.  During the Funding Request Period, the Borrower may use the Swing Line Cap by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof, including, without limitation, Section 4.5.

(b)            NEITHER THE SWING LINE LENDER NOR ANY LENDER SHALL HAVE ANY COMMITMENT OR OBLIGATION TO PARTICIPATE IN OR MAKE ANY SWING LINE LOAN HEREUNDER UNLESS AND UNTIL THE SWING LINE LENDER OR SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 2.4(g) TO SUCH REQUESTED SWING LINE LOAN.  NOTHING CONTAINED HEREIN SHALL OTHERWISE COMMIT OR OBLIGATE THE SWING LINE LENDER OR SUCH LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY THE SWING LINE LENDER OR SUCH LENDER TO MAKE OR ELECT TO MAKE SUCH SWING LINE LOAN OR PARTICIPATE OR ELECT TO PARTICIPATE IN SUCH SWING LINE LOAN UNLESS AND UNTIL THE SWING LINE LENDER OR SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 2.4(g) TO SUCH REQUESTED SWING LINE LOAN.

(c)            Swing Line Loans may be denominated only in United States Dollars and shall be Cost of Funds Loans with successive Interest Periods ending on the Business Day after the date made and each succeeding Business Day thereafter.

2.4            Procedure for Borrowing.

(a)            The Borrower may request Loans during the Funding Request Period on any Business Day; provided that, the Borrower shall give the Administrative Agent irrevocable written notice (which notice must be received by the Administrative Agent (x) in the case of a Revolving Credit

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Loan, (A) prior to 11:00 a.m. (New York City time) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (B) prior to 10:00 a.m. (New York City time) on the same Business Day of the requested Borrowing Date, otherwise) or (y) in the case of a Swing Line Loan, prior to 3:00 p.m. (New York City time) on the requested Borrowing Date), in each case, in the form attached hereto as Annex I (the "Borrowing Notice"), specifying:

(i)            the amount to be borrowed;

(ii)            the requested Borrowing Date;

(iii)            whether the borrowing is to be a Revolving Credit Loan or Swing Line Loan;

(iv)            in the case of a Revolving Credit Loan, whether the borrowing is to be a Base Rate Loan, a Cost of Funds Loan, a Eurodollar Loan or a combination thereof;

(v)            if the borrowing is to be entirely or partly of Eurodollar Loans or Cost of Funds Loans, the respective amounts of each such Type of Revolving Credit Loan and the respective lengths of the initial Interest Periods therefor.

(b)            On any Business Day and with respect to any Deposit Account that is a Controlled Account of the Borrower, the Daylight Overdraft Lender will consider making Daylight Overdraft Loans based on a written statement delivered by the Borrower showing the accounts payable due and owing from such Deposit Account on such day and the aggregate amount of Eligible Accounts Receivable – Tier 1 and Eligible Accounts Receivable – Tier 2 expected by the Borrower to be received in such Deposit Account on such day, provided that, (x) no Borrowing Notice shall be required, (y) the making of a Daylight Overdraft Loan by the Daylight Overdraft Lender shall be deemed to constitute a representation by the Borrower that the conditions contained in Section 6.2 have been satisfied, and (z) the making of any Daylight Overdraft Loan shall not constitute a waiver of the failure of any condition in Section 6.2 to be satisfied or any other Default or Event of Default.

(c)            Each borrowing hereunder shall be in an amount equal to (x) in the case of Base Rate Loans and Cost of Funds Loans, $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if the then available aggregate Maximum Credit Limit of all Lenders is less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or a whole multiple of $500,000 in excess thereof.

(d)            Subject to Section 2.4(e), upon receipt of any Borrowing Notice from the Borrower pursuant to Section 2.4(a) with respect to a requested borrowing of a Revolving Credit Loan, the Administrative Agent shall promptly notify each Lender, or at any time after the Conversion to Approving Lenders Funding Date, each Approving Lender thereof.  Subject to Section 2.4(f), upon receipt of any notice from the Daylight Overdraft Lender pursuant to Section 2.2(d), the Administrative Agent shall promptly notify each Lender, or at any time after the Conversion to Approving Lenders Funding Date, each Approving Daylight Overdraft Lender thereof and of the amount of such Lender's Stated Percentage thereof.  Subject to Section 2.4(g), upon receipt of any Borrowing Notice from the Borrower pursuant to Section 2.3 with respect to a requested borrowing of a Swing Line Loan, the Administrative Agent shall promptly notify each Lender, or at any time after the Conversion to Approving Lenders Funding Date, each Approving Swing Line Lender thereof and of the amount of such Lender's Stated Percentage thereof.

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(e)            Unless the Administrative Agent shall have received a written notice from one or more Declining Lenders pursuant to Section 2.7 prior to 12:00 p.m. (New York City time), one Business Day prior to the Administrative Agent's receipt of any Borrowing Notice for a Revolving Credit Loan (in which event Section 2.7 shall be applicable), each of the Lenders (other than ING) shall be obligated, regardless of whether it has affirmatively agreed to fund its Stated Percentage of the related Revolving Credit Loan, to make the amount of its Stated Percentage of such borrowing available to the Administrative Agent for the account of the Borrower at the Administrative Agent's office specified in Section 11.2 prior to 3:00 p.m. (New York City time) on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent, provided, however, that, with respect to ING, the Administrative Agent will advance ING's portion of such Revolving Credit Loan on the Borrowing Date requested by the Borrower and ING shall be irrevocably obligated, regardless of whether it has affirmatively agreed to fund its Stated Percentage of the related Revolving Credit Loan, to pay to the Administrative Agent the amount of such Revolving Credit Loan advanced by the Administrative Agent on ING's behalf, plus interest (at the rate specified in the Fronting Fee Letter) at the Administrative Agent's office specified in Section 11.2 prior to 3:00 p.m. (New York City time) on the date that is one (1) Business Day after such Borrowing Date.  Each such borrowing will then be made available on the Borrowing Date therefor to the Borrower by the Administrative Agent by wire transfer to the account of the Borrower set forth on Schedule 2.4 (or such other accounts of the Borrower or other Person reasonably acceptable to the Administrative Agent in the United States as may be notified in writing by the Borrower to the Administrative Agent from time to time) in like funds as received by the Administrative Agent.  If any Lender in a timely manner provides the Administrative Agent with such a written notice of its disapproval of further borrowings, the Administrative Agent shall notify the Borrower that one or more of the Lenders have elected not to fund further borrowings.

(f)            Unless the Administrative Agent shall have received a written notice from one or more Declining Lenders pursuant to Section 2.7 prior to 12:00 p.m. (New York City time), one Business Day prior to the Administrative Agent's making of a Daylight Overdraft Loan (in which event Section 2.7 shall be applicable), each Lender will be deemed to have approved such Daylight Overdraft Loan and each of the Lenders shall be obligated, regardless of whether it has affirmatively agreed to fund its Stated Percentage of any related Revolving Credit Loan to be applied to repay the Refunded Daylight Overdraft Loans, if applicable, to make the amount of its Stated Percentage of such Revolving Credit Loans pursuant to Section 2.6(a).  Each Daylight Overdraft Loan will be made available on the Borrowing Date therefor to the Borrower by the Daylight Overdraft Lender by wire transfer to the account of the Borrower set forth on Schedule 2.4 (or such other accounts of the Borrower or other Person reasonably acceptable to the Administrative Agent in the United States as may be notified in writing by the Borrower to the Administrative Agent from time to time).  If any Lender in a timely manner provides the Administrative Agent with such a written notice of its disapproval of further borrowings, the Administrative Agent shall notify the Borrower that one or more of the Lenders have elected not to fund further borrowings.

(g)            Unless the Administrative Agent shall have received a written notice from one or more Declining Lenders pursuant to Section 2.7 prior to 12:00 p.m. (New York City time), one Business Day prior to the Administrative Agent's receipt of any Borrowing Notice for a Swing Line Loan (in which event Section 2.7 shall be applicable), if the Swing Line Lender elects in its sole discretion to advance a Swing Line Loan pursuant to a Borrowing Notice on such date, each Lender will be deemed to have approved such requested Swing Line Loan and each of the Lenders shall be obligated, regardless of whether it has affirmatively agreed to fund its Stated Percentage of any related Revolving Credit Loan to be applied to repay the Refunded Swing Line Loans, if applicable, to make the amount of its Stated Percentage of such Revolving Credit Loans pursuant to Section 2.5(a).  Each Swing Line Loan will be made available on the Borrowing Date therefor to the Borrower by the Swing Line Lender by wire transfer to the account of the Borrower set forth on Schedule 2.4 (or such other accounts of the Borrower

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or other Person reasonably acceptable to the Administrative Agent in the United States as may be notified in writing by the Borrower to the Administrative Agent from time to time).  If any Lender in a timely manner provides the Administrative Agent with such a written notice of its disapproval of further borrowings, the Administrative Agent shall notify the Borrower that one or more of the Lenders have elected not to fund further borrowings.

2.5            Refunding of Swing Line Loans.

(a)            If the Administrative Agent shall not have received full repayment in cash of any Swing Line Loan at or before 11:00 a.m. (New York City time) on the day that is five (5) Business Days after the making of such Swing Line Loan, the Swing Line Lender may, not later than 2:00 p.m. (New York City time), on such day, request on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to act on its behalf), that each Approving Swing Line Lender, including the Swing Line Lender, make a Revolving Credit Loan (which initially shall be a Cost of Funds Loan with an Interest Period ending the next Business Day) in an amount equal to such Lender's Stated Percentage of the outstanding amount of such Swing Line Loan (a "Refunded Swing Line Loan").  In accordance with Section 2.5(d), unless any of the events described in Section 9(f) shall have occurred (in which event the procedures of clause (b) of this Section 2.5 shall apply), each Approving Swing Line Lender (other than ING) shall make the proceeds of its Revolving Credit Loan available to the Swing Line Lender for the account of the Swing Line Lender at the Swing Line Lender's Applicable Lending Office for Cost of Funds Loans prior to 11:00 a.m. (New York City time) in funds immediately available on the Business Day next succeeding the date such request is made, provided, that, with respect to ING, the Administrative Agent will advance ING's portion of such Revolving Credit Loan on the Business Day next succeeding the date such request is made and, in accordance with Section 2.5(d), ING shall be irrevocably obligated, regardless of whether it has affirmatively agreed to fund its Stated Percentage of the related Revolving Credit Loan, to pay to the Administrative Agent the amount of such Revolving Credit Loan advanced by the Administrative Agent on ING's behalf, plus interest (at the rate specified in the Fronting Fee Letter) at the Administrative Agent's office specified in Section 11.2 prior to 3:00 p.m. (New York City time) on the date that is one (1) Business Day after such Business Day.  The proceeds of such Revolving Credit Loans shall be immediately applied to repay the Refunded Swing Line Loans.

(b)            If prior to the making of any Revolving Credit Loan pursuant to paragraph (a) of this Section 2.5 one of the events described in Section 9(f) shall have occurred, each Approving Swing Line Lender shall, on the date such Revolving Credit Loan was to have been made, purchase an undivided participating interest in the then outstanding Swing Line Loan in an amount equal to its Stated Percentage of such Swing Line Loans that were to have been repaid with such Revolving Credit Loans (the "Swing Line Participation Amount").  Each Approving Swing Line Lender shall promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its Swing Line Participation Amount and upon receipt thereof the Swing Line Lender shall deliver to such Lender a Swing Line Loan participation certificate, in a form specified by the Swing Line Lender, dated the date of receipt of the Swing Line Participation Amount and in such amount.

(c)            Whenever, at any time after the Swing Line Lender has received from any Approving Swing Line Lender such Lender's Swing Line Participation Amount, the Swing Line Lender receives any payment on account thereof, the Swing Line Lender shall distribute to such Lender its Swing Line Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's participating interest was outstanding and funded, and in the case of principal and interest payments, to reflect such Lender's pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swing Line Loans then due) in like funds as received; provided, however, that in the event that such payment received by the Swing Line Lender is required to be returned, such Lender shall return to the Swing Line Lender any portion thereof

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previously distributed by the Swing Line Lender to it in like funds as such payment is required to be returned by the Swing Line Lender.

(d)            Each Approving Swing Line Lender's obligation to make Revolving Credit Loans referred to in Section 2.5(a) and to purchase participating interests pursuant to Section 2.5(b) shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower, or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default, (iii) any failure to satisfy any condition precedent to extensions of credit set forth in Section 6.2, (iv) any adverse change in the condition (financial or otherwise) of any Loan Party, (v) any breach of this Agreement by any Loan Party or any other Lender or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

2.6            Refunding of Daylight Overdraft Loans.

(a)            If the Administrative Agent shall not have received full repayment in cash of any Daylight Overdraft Loan at or before 4:30 p.m. (New York City time) on the Borrowing Date of such Daylight Overdraft Loan (or such later time determined by the Daylight Overdraft Lender in its sole discretion, such later time not to be later than 10:00 a.m. (New York City time) on the next Business Day following the Borrowing Date therefor), the Daylight Overdraft Lender may on the immediately following Business Day request on behalf of the Borrower (which hereby irrevocably authorizes the Daylight Overdraft Lender to act on its behalf), that each Approving Daylight Overdraft Lender, including the Daylight Overdraft Lender, make a Revolving Credit Loan (which initially shall be a Cost of Funds Loan with an Interest Period ending the next Business Day) in an amount equal to such Lender's Stated Percentage of the outstanding amount of such Daylight Overdraft Loan (a "Refunded Daylight Overdraft Loan").  In accordance with Section 2.6(d), unless any of the events described in Section 9(f) shall have occurred (in which event the procedures of clause (b) of this Section 2.6 shall apply), each Approving Daylight Overdraft Lender (other than ING) shall make the proceeds of its Revolving Credit Loan available to the Daylight Overdraft Lender for the account of the Daylight Overdraft Lender at the Daylight Overdraft Lender's Applicable Lending Office for Base Rate Loans prior to 3:00 p.m. (New York City time) in funds immediately available on the date such request is made, provided that, such request is received by each Lender prior to 10:30 a.m. on such date and, provided, further, that, with respect to ING, the Administrative Agent will advance ING's portion of such Revolving Credit Loan on the Business Day immediately following the Borrowing Date of such Daylight Overdraft Loan and, in accordance with Section 2.6(d), ING shall be irrevocably obligated, regardless of whether it has affirmatively agreed to fund its Stated Percentage of the related Revolving Credit Loan, to pay to the Administrative Agent the amount of such Revolving Credit Loan advanced by the Administrative Agent on ING's behalf, plus interest (at the rate specified in the Fronting Fee Letter) at the Administrative Agent's office specified in Section 11.2 prior to 3:00 p.m. (New York City time) on the date that is one (1) Business Day after such Business Day.  The proceeds of such Revolving Credit Loans shall be immediately applied to repay the Refunded Daylight Overdraft Loans.

(b)            If prior to the making of any Revolving Credit Loan pursuant to paragraph (a) of this Section 2.6 one of the events described in Section 9(f) shall have occurred, each Approving Daylight Overdraft Lender shall, on the date such Revolving Credit Loan was to have been made, purchase an undivided participating interest in the then outstanding Daylight Overdraft Loan in an amount equal to its Stated Percentage of such Daylight Overdraft Loans that were to have been repaid with such Revolving Credit Loans (the "Daylight Overdraft Participation Amount").  Each Approving Daylight Overdraft Lender shall promptly transfer to the Daylight Overdraft Lender, in immediately available funds, the amount of its Daylight Overdraft Participation Amount and upon receipt thereof the

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Daylight Overdraft Lender shall deliver to such Lender a Daylight Overdraft Loan participation certificate, in a form specified by the Daylight Overdraft Lender, dated the date of receipt of the Daylight Overdraft Participation Amount and in such amount.

(c)            Whenever, at any time after the Daylight Overdraft Lender has received from any Approving Daylight Overdraft Lender such Lender's Daylight Overdraft Participation Amount, or the Daylight Overdraft Lender receives any payment on account thereof, the Daylight Overdraft Lender shall distribute to such Lender its Daylight Overdraft Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's participating interest was outstanding and funded, and in the case of principal and interest payments, to reflect such Lender's pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Daylight Overdraft Loans then due) in like funds as received; provided, however, that in the event that such payment received by the Daylight Overdraft Lender is required to be returned, such Lender shall return to the Daylight Overdraft Lender any portion thereof previously distributed by the Daylight Overdraft Lender to it in like funds as such payment is required to be returned by the Daylight Overdraft Lender.

(d)            Each Approving Daylight Overdraft Lender's obligation to make Revolving Credit Loans referred to in Section 2.6(a) and to purchase participating interests pursuant to Section 2.6(b) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Daylight Overdraft Lender, the Borrower, or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default, (iii) any failure to satisfy any condition precedent to extensions of credit set forth in Section 6.2, (iv) any adverse change in the condition (financial or otherwise) of any Loan Party, (v) any breach of this Agreement by any Loan Party or any other Lender or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

2.7            The Election of Approving Lenders to Continue Funding and Issuing Letters of Credit.

(a)            If on any date one or more Lenders provides the Administrative Agent with, and the Administrative Agent has actually received, a written notice in the form of Exhibit G-1 (a "Declining Lender Notice") indicating that for reasons other than the occurrence of an Event of Default such Lender or Lenders have elected not to fund any additional Revolving Credit Loans, to approve the issuance of additional Letters of Credit, to approve the extension, amendment, increase or decrease of any existing Letter of Credit or to participate in any additional Swing Line Loan or Daylight Overdraft Loan (in any such event, such Lender or Lenders to be referred to herein as a "Declining Lender" or "Declining Lenders"), the Administrative Agent shall promptly distribute to Lenders other than the Declining Lenders a written notice of such Declining Lenders.  Any Declining Lender Notice received by the Administrative Agent prior to 12:00 p.m. (New York City time) on any Business Day from any Declining Lender shall be effective with respect to such Declining Lender on the immediately succeeding Business Day and such Declining Lender shall not be required to (i) fund any Revolving Credit Loans that are made pursuant to Borrowing Notices received by the Administrative Agent on or after such next Business Day, (ii) participate in any Daylight Overdraft Loans made on or after such next Business Day, (iii) participate in any Swing Line Loans made pursuant to Swing Line requests received by the Administrative Agent on or after such next Business Day or (iv) issue or participate in any Letter of Credit issued, extended or amended on or after such next Business Day. On and after the Business Day following receipt of any Declining Lender Notice by the Administrative Agent, if the Lender or Lenders which are not the Declining Lenders desire, in their full and absolute discretion, they may (on a pro rata basis among the Lenders that have elected to continue funding in accordance with their Stated

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Percentages thereof) make the full amount or any part of any Revolving Credit Loan requested on or after such date, approve the issuance of, or extension or increase to, Letters of Credit requested on or after such date or approve the making of the requested Swing Line Loan or Daylight Overdraft Loan requested on or after such date, as applicable, irrespective of the Declining Lenders' disapproval (in such case, the Lenders that provide written notice in the form of Exhibit G-2 to the Administrative Agent of their election to continue funding, approve such issuance of, or extension or increase to, Letters of Credit or approve the making of Swing Line Loans or Daylight Overdraft Loans shall be referred to as the "Approving Lenders" and any Lender who does not provide such notice shall be deemed to be a Declining Lender); provided that no Lender's Maximum Credit Limit shall be exceeded without its written consent.  In such event, from the Business Day following receipt of any Declining Lender Notice by the Administrative Agent (each, a "Conversion to Approving Lenders Funding Date") forward, all subsequent Revolving Credit Loans, issuances of Letter of Credit or amendments to Letters of Credit that increase the amount or extend the expiration date and participations in such Letters of Credit, and participations in Swing Line Loans or Daylight Overdraft Loans made from and after such date shall be made unilaterally by the Approving Lenders and no Letter of Credit thereafter issued or amended to increase the amount or extend the expiration date, or Revolving Credit Loans, Swing Line Loans or Daylight Overdraft Loans thereafter made shall be participated in by the Declining Lenders.

(b)            Notwithstanding any other provision of this Section 2.7, in the event that a Letter of Credit is issued or amended hereunder prior to a Conversion to Approving Lenders Funding Date and a Revolving Credit Loan is required to be made in respect of such Letter of Credit on or after a Conversion to Approving Lenders Funding Date pursuant to Section 3.5(b), each of the Declining Lenders who had originally purchased a participation in such Letter of Credit pursuant to Section 3.4 shall be required to fund, on a pro rata basis based upon its Stated Percentage of participation in the related Letter of Credit on the Borrowing Date of such Letter of Credit, its portion of such Revolving Credit Loan notwithstanding that such Revolving Credit Loan is being made after a Conversion to Approving Lenders Funding Date and this Section 2.7 shall survive any Declining Lenders' termination of its obligations under this Agreement so as to permit enforcement of this obligation as against such Declining Lender.

(c)            Notwithstanding any other provision of this Section 2.7, in the event that a Swing Line Loan or Daylight Overdraft Loan is made prior to the Conversion to Approving Lenders Funding Date and either (i) a Revolving Credit Loan is required to be made in respect of such Swing Line Loan or Daylight Overdraft Loan on or after the Conversion to Approving Lenders Funding Date pursuant to Section 2.5(a) or Section 2.6(a), as applicable, or (ii) the Lenders are required to purchase a participation in respect of such Swing Line Loan or Daylight Overdraft Loan on or after the Conversion to Approving Lenders Funding Date pursuant to Section 2.5(b) or Section 2.6(b), each of the Declining Lenders that were not Declining Lenders on the date such Loans were made shall be required to fund a Revolving Credit Loan or to purchase a participation in such Swing Line Loan or Daylight Overdraft Loan, as applicable, on a pro rata basis based upon its Stated Percentage of participation in the related Swing Line Loan or Daylight Overdraft Loan, notwithstanding that such Revolving Credit Loan is being made or participation is being purchased after a Conversion to Approving Lenders Funding Date and this Section 2.7 shall survive any Declining Lenders' termination of its obligations under this Agreement so as to permit enforcement of this obligation as against such Declining Lender.

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2.8            Maximum Amount Increase.  The Maximum Amount may be increased, with the consent of the Administrative Agent, the Collateral Agent, the Swing Line Lender, the Daylight Overdraft Lender, the Issuing Lenders, the Increasing Lenders and the Borrower by an aggregate amount up to $50,000,000 to a maximum of $300,000,000 at any time after the Amended and Restated Effective Date as follows:

(a)            Not more than 60 days and not less than 30 days prior to the proposed effective date of any such increase in the Maximum Amount (unless otherwise agreed between the Administrative Agent and the Borrower), the Borrower may make a written request to the Administrative Agent, substantially in the form attached hereto as Annex VII, for such increase (the "Requested Increase Amount") in the Maximum Amount, who shall forward a copy of any such request to each of the Lenders, provided that, no more than one (1) such request will be made to the Administrative Agent.  Such request shall specify a proposed effective date of such increase and shall constitute an invitation to each Lender to increase its Maximum Credit Limit by a ratable portion of such Requested Increase Amount.

(b)            Each Lender, acting in its sole discretion and with no obligation to increase its Maximum Credit Limit pursuant to this Section 2.8(b), shall by written notice to the Borrower and the Administrative Agent advise the Borrower and the Administrative Agent whether or not such Lender agrees to all or any portion of such increase in its Maximum Credit Limit within 15 days after the Borrower's request.  Any such Lender may accept all of such ratable increase, a portion of such increase, or decline to accept any of such increase in its Maximum Credit Limit.  If any Lender shall not have responded affirmatively within such 15 day period, such Lender shall be deemed to have rejected the Borrower's request for an increase in its Maximum Credit Limit in full.  Promptly following the conclusion of such 15 day period, the Administrative Agent shall notify the Borrower of the results of such request to the Lenders to so increase the Maximum Amount by the Requested Increase Amount.

(c)            If the aggregate amount of the increases in the Maximum Credit Limit for each of the Lenders which the Lenders have accepted in accordance with Section 2.8(b) shall be less than the Requested Increase Amount, the Administrative Agent (subject to the approval of the Borrower, the Swing Line Lender, the Daylight Overdraft Lender and the Issuing Lenders, which approval shall not be unreasonably withheld, delayed or conditioned) may offer to such additional Persons ("New Lenders") as may be agreed by the Borrower, the Issuing Lenders, the Swing Line Lender, the Daylight Overdraft Lender and the Administrative Agent the opportunity to make available such amount of new Maximum Credit Limit as may be required so that the aggregate increases in Maximum Credit Limits by the existing Lenders and new Maximum Credit Limits by the New Lenders shall equal the Requested Increase Amount (the aggregate increases in the Maximum Credit Limits by the existing Lenders and new Maximum Credit Limits by the New Lenders, the "Increase Amount").  Each Increase Amount shall be in an amount equal to $25,000,000 or a whole multiple of $5,000,000 in excess thereof.

(d)            The increases in the Maximum Credit Limits shall be effective on the date (the "Increase Effective Date") all of the following conditions are satisfied:

(i)            the Administrative Agent shall have received an agreement, substantially in the form attached hereto as Annex VIII (an "Increase and New Lender Agreement"), executed and delivered by a duly authorized officer of each Lender that so elects to increase its Maximum Credit Limit (each an "Increasing Lender"), each New Lender, the Administrative Agent, the Swing Line Lender, the Daylight Overdraft Lender, the Issuing Lenders and the Borrower;

(ii)            the Maximum Amount after giving effect to such increases and new Maximum Credit Limits shall not exceed $300,000,000;

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(iii)            an increase fee in an amount to be agreed upon between the Borrower and the Administrative Agent and payable on the Increase Effective Date to each Lender that agrees to increase its Maximum Credit Limit, and any other fees and amounts (including, without limitation, pursuant to Section 11.6) payable by the Borrower in connection with such increase, shall have been paid in immediately available funds;

(iv)            immediately prior to and after giving effect to such increase in the Maximum Amount, each of the Borrower and the Parent shall be in pro forma compliance with each of the financial covenants set forth in Section 8.1;

(v)            no Default or Event of Default shall have occurred and be continuing or would exist after giving effect to such increase in the Maximum Amount and the Administrative Agent shall have received a certificate of a Responsible Person of the Borrower as to the matters set forth in Sections 6.2(b) and (c);

(e)            On the Increase Effective Date, Schedule 1.0 of the Increase and New Lender Agreement, which shall reflect the Maximum Credit Limits of the Lenders at such time, shall be deemed to supersede Schedule 1.0 hereto without any further action or consent of any party, provided that, the Maximum Credit Limit of any Lender set forth on Schedule 1.0 shall not be increased unless such Lender is an Increasing Lender.  The Administrative Agent shall cause a copy of such revised Schedule 1.0 to be available to the Lenders.

2.9            Elected Line Amount Selection.  From time to time, but in any event, no more than four (4) times in any calendar year, the Borrower may elect by notice in writing to the Administrative Agent, in substantially the form of Exhibit H hereto (the "Notice of Elected Line Amount"), to increase or decrease the Elected Line Amount to an amount (a) not greater than the Maximum Amount in effect at the time of such election and (b) not less than $150,000,000, provided, that each such election of the Elected Line Amount shall only be effective on the date all of the following conditions are satisfied:

(i)            the Administrative Agent shall have received a Notice of Elected Line Amount, executed and delivered by a duly authorized officer of the Borrower;

(ii)            no Default or Event of Default shall have occurred and be continuing or would exist after giving effect to such election of the Elected Line Amount and the Administrative Agent shall have received a certificate of a Responsible Person of the Borrower as to the matters set forth in Sections 6.2(b) and (c); and

(iii)            immediately prior to and after giving effect to such election of the Elected Line Amount, each of the Borrower and the Parent shall be in pro forma compliance with each of the financial covenants set forth in Section 8.1.

For the avoidance of doubt, nothing contained in this Agreement is intended to or shall constitute a commitment or agreement by any Agent or any Lender to make any Loan or other Credit Extension to or for the account of the Borrower, regardless of the Elected Line Amount.

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		SECTION 3.	LETTERS OF CREDIT

3.1            Letters of Credit.

(a)            Subject to the terms and conditions hereof, each Issuing Lender severally agrees on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis, to consider requests for issuance of and participation in letters of credit (the letters of credit issued on and after the Amended and Restated Effective Date pursuant to this Section 3.1, together with any "Letters of Credit" (as defined in the Existing Credit Agreement) deemed to be Letters of Credit pursuant to Section 12.4(b), collectively, "Letters of Credit") for the account of the Borrower from time to time during the Funding Request Period; provided that, (i) Section 3.1(b) shall not be contravened at any time, (ii) the Borrower shall not request, and no Issuing Lender shall issue, any Letter of Credit if, after giving effect to the issuance of such Letter of Credit, the Borrowing Base Availability would be less than zero; and (iii) the applicable L/C Obligations arising from Letters of Credit shall not exceed the Letters of Credit Sublimit.

(b)            Each Letter of Credit shall be denominated in United States Dollars and shall:

(i)          be either a Standby Letter of Credit or a Documentary Letter of Credit;

(ii)          state a maximum liability thereunder; and

(iii)          expire no later than the earlier of (i) the date that is 180 days after the original date of issuance, or (ii) the date that is 90 days after the Termination Date; provided that at lease fifteen (15) Business Days prior to the Termination Date, all Letters of Credit that expire after the Termination Date shall be Cash Collateralized by the Borrower in an amount equal to 105% of the face amount of each such Letter of Credit.

(c)            The amount of the L/C Obligations in respect of any Letter of Credit providing for a tolerance shall be determined by adding (i) the face amount of such Letter of Credit and (ii) the amount of tolerance provided therein.

(d)            Notwithstanding anything to the contrary contained herein, no Issuing Lender shall be obligated to consider requests that it issue any Letter of Credit if, after giving effect to the issuance of such Letter of Credit, the aggregate outstanding L/C Obligations attributed to Letters of Credit issued by such Issuing Lender would exceed such Issuing Lender's Issuance Cap, provided that subject to the terms and conditions hereof, each Issuing Lender may issue Letters of Credit on a discretionary basis during such time as the aggregate outstanding L/C Obligations attributed to Letters of Credit issued by such Issuing Lender exceeds such Issuing Lender's Issuance Cap, but such Issuing Lender shall have no obligation to do so.

(e)            NEITHER ANY ISSUING LENDER NOR ANY LENDER SHALL HAVE ANY COMMITMENT OR OBLIGATION TO PARTICIPATE IN ANY LETTER OF CREDIT AND/OR ISSUE ANY LETTER OF CREDIT UNLESS AND UNTIL SUCH ISSUING LENDER OR SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 3.2(d) TO SUCH REQUESTED LETTER OF CREDIT.  NOTHING CONTAINED HEREIN SHALL OTHERWISE COMMIT OR OBLIGATE ANY ISSUING LENDER OR SUCH LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY ANY ISSUING LENDER OR SUCH

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LENDER TO ISSUE OR ELECT TO ISSUE ANY SUCH LETTER OF CREDIT OR PARTICIPATE OR ELECT TO PARTICIPATE IN ANY SUCH LETTER OF CREDIT UNLESS AND UNTIL SUCH ISSUING LENDER OR SUCH LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 3.2(d) TO SUCH REQUESTED LETTER OF CREDIT.

(f)            The obligations of the L/C Participants to purchase participations in the obligations of the Issuing Lenders under outstanding Letters of Credit and Reimbursement Obligations pursuant to Section 3.4 shall survive the Termination Date with respect to Letters of Credit which have been or were required to be Cash Collateralized pursuant to this Section 3.1 until the earliest of (i) the expiration date for such Letters of Credit, (ii) the date the entire amounts available under such Letters of Credit are drawn and such drawings are repaid, and (iii) the date that is 91 days after the Termination Date; provided that notwithstanding any other provision of this Section 3.1(f), with respect to any Letter of Credit having an expiration date following the Termination Date (such a Letter of Credit, a "Post-Termination LOC"), in no event shall the obligations of the L/C Participants to purchase participations in the obligations of an Issuing Lender under a Post-Termination LOC and Reimbursement Obligations pursuant to Section 3.4 expire or terminate prior to the Business Day following the expiration, cancellation or termination of the last remaining outstanding Post-Termination LOC and payment of all Reimbursement Obligations relating thereto.

(g)            Each Letter of Credit shall be subject to ISP or UCP, and to the extent not inconsistent with ISP or UCP, the Laws of the State of New York.

(h)            Upon the demand of the Required Lenders, any Issuing Lender or the Administrative Agent at any time, the Borrower shall Cash Collateralize any outstanding Letter of Credit requested by the Required Lenders, the Issuing Lender thereof or the Administrative Agent in an amount equal to 105% of the undrawn and unexpired face amount of each such outstanding Letter of Credit.

3.2            Procedure for Issuance of Letters of Credit.

(a)            The Borrower may from time to time request that an Issuing Lender issue or amend a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information relating to the proposed Letter of Credit as such Issuing Lender may reasonably request, and a Letter of Credit Request.  In the case of a request for an initial issuance of any Letter of Credit, such Letter of Credit Request shall be in the form attached hereto as Annex III, shall include a form of such requested Letter of Credit and shall specify:

(i)            the maximum liability under such Letter of Credit;

(ii)            the requested date on which such Letter of Credit is to be issued;

(iii)            the Type of Letter of Credit being requested and the purpose thereof;

(iv)            the name and address of the beneficiary of such Letter of Credit;

(v)            the expiration or termination date of such Letter of Credit;

(vi)            the documents to be presented by the beneficiary thereof in the case of a drawing or demand for payment thereunder; and

(vii)            the delivery instructions for such Letter of Credit.

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In the case of a request for an amendment or extension of any outstanding Letter of Credit, such Letter of Credit Request shall be in the form attached hereto as Annex IV and shall specify in form and detail satisfactory to the Administrative Agent and the Issuing Lender thereof:

(A)            the Letter of Credit to be amended;

(B)            the requested date of the proposed amendment or extension;

(C)            the nature of the proposed amendment or period of extension; and

(D)            the delivery instructions or other action for such amendment or extension.

Subject to the terms and conditions hereof, if the applicable Issuing Lender elects to do so, the applicable Issuing Lender shall issue, amend or extend such Letter of Credit on the first Business Day following the Business Day on which such Issuing Lender and the Administrative Agent receive the corresponding Letter of Credit Request; provided, that with respect to any Letter of Credit Request received by an Issuing Lender and the Administrative Agent later than 3:00 p.m. (New York City time) on a Business Day, such Letter of Credit Request shall be deemed to have been delivered on the next succeeding Business Day and the requested date of issuance, amendment or extension, as applicable, shall be adjusted accordingly.  Upon the effectiveness of any Letter of Credit or any amendment to an outstanding Letter of Credit, the Administrative Agent and the Lenders shall be entitled to assume that the Applications and certificates, documents and other papers and information requested by the applicable Issuing Lender in connection therewith were completed and delivered to the satisfaction of such Issuing Lender.

(b)            If the Borrower so requests in any Letter of Credit Request, the applicable Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an "Auto-Renewal Letter of Credit"); provided that any such Auto‐Renewal Letter of Credit must permit such Issuing Lender to prevent any such renewal at least once during the term thereof by giving prior notice to the beneficiary thereof not later than a specified date (the "Nonrenewal Notice Date") to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise agreed by the applicable Issuing Lender and the Administrative Agent, the Nonrenewal Notice Date for each Auto-Renewal Letter of Credit shall occur prior to the date that is thirty (30) days before the Termination Date.  The Borrower shall be required to make a specific request to such Issuing Lender and the Administrative Agent for any non-renewal of an Auto-Renewal Letter of Credit, such notice to be delivered not less than fifteen (15) days prior to the Nonrenewal Notice Date, and unless such notice is given, the Borrower shall be deemed to have requested renewal of such Auto-Renewal Letter of Credit.  Such Issuing Lender shall not be required to provide prior notice to the Borrower, the Administrative Agent or any Lender of any pending renewal of an Auto‐Renewal Letter of Credit.  Once an Auto-Renewal Letter of Credit has been issued, notwithstanding the Borrower's compliance or non-compliance with its obligation to make such specific request, unless the Borrower shall have specifically requested non-renewal, the Borrower and the Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than 90 days after the Termination Date; provided, however, that such Issuing Lender shall have no obligation to permit any renewal of an Auto‐Renewal Letter of Credit; provided, further, however, that such Issuing Lender shall not permit any renewal of an Auto-Renewal Letter of Credit if (A) it has received notice (in writing) on or before the date that is five (5) Business Days before the Nonrenewal Notice Date from the Administrative Agent or the Required Lenders advising it not to permit renewal, or (B) after giving effect to any such renewal, the earlier of the (x) expiration date of such Auto-Renewal

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Letter of Credit, and (y) the next occurring Non-Renewal Notice Date of such Auto-Renewal Letter of Credit would occur more than 60 days after the Termination Date.

(c)            Upon receipt of a Letter of Credit Request by an Issuing Lender, such Issuing Lender shall confirm with the Administrative Agent (by telephone and in writing) that the Administrative Agent has received a copy of such Letter of Credit Request and, if not, such Issuing Lender shall provide the Administrative Agent with a copy thereof.  Upon receipt by such Issuing Lender of confirmation from the Administrative Agent in writing that the requested Letter of Credit, amendment or extension is permitted in accordance with the terms hereof, such Issuing Lender may, if it elects to do so in its absolute discretion, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment or effect the applicable extension, as the case may be, in each case in accordance with such Issuing Lender's usual and customary business practices.

(d)            Unless a Lender has provided the Administrative Agent with a written notice prior to 12:00 p.m. (New York City time) one Business Day prior to the day such Letter of Credit is to be issued, extended or amended that such Lender does not approve further issuances of Letters of Credit, if an Issuing Lender elects in its sole discretion to issue, extend or amend a Letter of Credit pursuant to a Letter of Credit Request, each Lender will be deemed to have approved such requested issuance, extension or amendment of such Letter of Credit.  No Letter of Credit will be issued, extended or increased if, prior to 12:00 p.m. (New York City time) on the Business Day immediately preceding the proposed Borrowing Date of such Letter of Credit, the Administrative Agent has received a written notice of Declining Lender in accordance with Section 2.7.  If the Administrative Agent does receive a written notice from a Declining Lender on a timely basis, the Administrative Agent shall notify the Borrower and such Issuing Lender by 12:00 p.m. (New York City time) on the proposed Borrowing Date, and the proposed Letter of Credit will not be issued, extended or increased unless one or more of the Lenders have elected to become Approving Lenders thereby triggering the Conversion to Approving Lenders Funding Date.  If the Approving Lenders elect to issue, extend or increase the Letter of Credit applicable notwithstanding the Administrative Agent's receipt of such a notice from a Declining Lender, the applicable Issuing Lender shall (on a pro rata basis among the Approving Lenders) issue a Letter of Credit in the full amount or extend or increase such Letter of Credit upon such requested terms.

(e)            Notwithstanding anything herein to the contrary, the Issuing Lenders are under no obligation to consider requests to issue or provide any Letter of Credit (including any renewal of an Auto-Renewal Letter of Credit) unless consented to by the applicable Issuing Lender and the Administrative Agent if:

(i)            Any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing or providing such Letter of Credit, or any Requirement of Law applicable to such Issuing Lender or any request or directive (whether or not having the force of Law) from any Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance or provision of such type of Letter of Credit generally or such Letter of Credit in particular or shall impose upon such Issuing Lender with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Amended and Restated Effective Date, or shall impose upon such Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Amended and Restated Effective Date and which such Issuing Lender in good faith deems material to it; or

(ii)            such Letter of Credit is not in form and substance reasonably acceptable to such Issuing Lender or the issuance and/or provision of such Letter of Credit shall violate any applicable policies of such Issuing Lender.

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(f)            If any Issuing Lender shall issue, extend or amend any Letter of Credit without obtaining prior consent of the Administrative Agent (as provided in sub-section (c) above), or if any Issuing Lender shall permit the extension or renewal of an Auto-Renewal Letter of Credit either (i) without giving timely prior notice to the Administrative Agent, (ii) after receiving timely notice not to renew pursuant to Section 3.2(b) or (iii) when such issuance, extension or amendment is not permitted hereunder (as provided in Section 3.2(b) above), such Letter of Credit (A) shall for all purposes be deemed to have been issued by such Issuing Lender solely for its own account and risk and (B) shall not be considered a Letter of Credit outstanding under this Agreement, and no Lender shall be deemed to have any participation therein, effective as of the date of such issuance, amendment, extension or renewal, as the case may be, unless the Required Lenders or Approving Lenders, as the case may be, expressly consent thereto in which case the Lenders or only the Approving Lenders, as the case may be, shall participate; provided, however, that to be subsequently considered a Letter of Credit outstanding under this Agreement, the consent of all Lenders shall be required to the extent that any such issuance, amendment, extension or renewal is not then permitted hereunder by reason of the provisions of Sections 3.1(d) or 6.2.

(g)            Within one (1) Business Day after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the Issuing Lender thereof shall also deliver to the Administrative Agent a true and complete copy of such Letter of Credit or amendment, and within one (1) Business Day of the effectiveness of any extension of any Letter of Credit, such Issuing Lender shall deliver to the Administrative Agent notice of the terms of such extension. In the event that an Issuing Lender fails to satisfy the terms of this Section 3.2(g), such Issuing Lender shall not be credited for any portion of the applicable fees accrued on the applicable Letter of Credit pursuant to Section 3.3(a) during the period from the Business Day following the effectiveness of the Letter of Credit until the time such failure is remedied.

3.3            Fees, Commissions and Other Charges.

(a)            Letter of Credit Fee.

(i)            The Borrower shall pay to the Administrative Agent, for the account of the applicable Issuing Lender and the L/C Participants which participate therein, a letter of credit commission on each outstanding Letter of Credit as follows:

(A)            in respect of each Standby Letter of Credit, at a rate equal to the Applicable L/C Fee Rate on the average daily undrawn amount of such Standby Letter of Credit during the period from the date of issuance through and including the date of drawing of the entire amount or expiration or termination thereof, and

(B)            in respect of each Documentary Letter of Credit, at a rate equal to the Applicable L/C Fee Rate of the initial face amount of such Documentary Letter of Credit,

provided that such letter of credit commissions with respect to each Letter of Credit shall not be in an amount less than $1,000, and, in each case, shall be payable to the Administrative Agent to be shared ratably among the L/C Participants and such Issuing Lender in accordance with their respective Stated Percentages for such Letter of Credit.  Such commissions in respect of Standby Letters of Credit shall be payable in arrears on each L/C Fee Payment Date and in respect of each Documentary Letter of Credit shall be payable in advance upon the issuance thereof, and shall in each case be nonrefundable.

(ii)            The Borrower shall pay to the Administrative Agent, for the sole account of the applicable Issuing Lender, a letter of credit fronting commission on each outstanding Letter

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of Credit at a rate per annum equal to 0.20% on the average daily undrawn amount of such Letter of Credit during the period from the date of issuance through and including the date of drawing of the entire amount or expiration or termination thereof.  Such fronting commission shall be payable in arrears on each L/C Fee Payment Date and shall in each such case be nonrefundable.

(b)            Other Charges.  In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the applicable Issuing Lender for such normal and customary out-of-pocket costs and expenses as are incurred or charged by such Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit (including, without limitation, an amendment fee of $200 for each amendment) (for the avoidance of doubt, such customary out-of-pocket costs and expenses shall include any customary fees, costs and expenses charged by any correspondent bank of such Issuing Lender in connection therewith).

(c)            Distribution of Fees.  The Administrative Agent shall, promptly following its receipt thereof, distribute to the applicable Issuing Lender and the L/C Participants entitled thereto all fees and commissions received by the Administrative Agent for their respective accounts pursuant to this Section.

3.4            L/C Participations.

(a)            Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce each Issuing Lender to issue Letters of Credit hereunder, each L/C Participant, subject to Section 2.7 irrevocably, absolutely and unconditionally agrees to accept and purchase and hereby accepts and purchases from such Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant's own account and risk, an undivided participation interest in such Issuing Lender's obligations and rights under each Letter of Credit issued by such Issuing Lender hereunder and the amounts paid by such Issuing Lender thereunder or in connection therewith equal to such L/C Participant's Stated Percentage for such Letter of Credit; provided that, with respect to each Lender (other than a Declining Lender), and after giving effect to such Lender's Stated Percentage of such Letter of Credit, such Lender's Extensions of Credit do not exceed such Lender's Maximum Credit Limit.

(b)            Each L/C Participant's obligation to accept and purchase for such L/C Participant's own account and risk, an undivided interest in any Issuing Lender's obligations and rights under each Letter of Credit and the amounts paid by such Issuing Lender thereunder or in connection therewith equal to such L/C Participant's Stated Percentage for such Letter of Credit shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such L/C Participant may have against such Issuing Lender, the Borrower, or any other Person for any reason whatsoever, (ii) the occurrence or continuance of an Event of Default, (iii) any adverse change in the condition (financial or otherwise) of any Loan Party, (iv) any breach of this Agreement by any Loan Party or any other Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

(c)            If the Borrower fails to reimburse the applicable Issuing Lender pursuant to Section 3.5 at the time and on the due date specified in such Section (the "Reimbursement Date"), such Issuing Lender shall so notify the Administrative Agent (with a copy to the Borrower), which notice shall be provided on a Business Day, and specify in such notice the amount of the Unreimbursed Amount.  Immediately upon receipt of such notice from the applicable Issuing Lender, the Administrative Agent shall notify each L/C Participant of the Reimbursement Date, the Unreimbursed Amount and the amount of such L/C Participant's Stated Percentage for the related Letter of Credit and such L/C Participant (other than ING) shall immediately pay to the Administrative Agent for the account of such Issuing Lender such

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percentage thereof, without setoff, deduction, recoupment, defense, or counterclaim of any nature whatsoever, provided, however, that, with respect to ING, the Administrative Agent will advance ING's portion of such Unreimbursed Amount on the date of such notice and ING shall be irrevocably obligated, regardless of whether it has affirmatively agreed to fund its Stated Percentage of the related Revolving Credit Loan made in accordance with Section 3.5(b), to pay to the Administrative Agent the amount of such Revolving Credit Loan advanced by the Administrative Agent on ING's behalf, plus interest (at the rate specified in the Fronting Fee Letter) at the Administrative Agent's office specified in Section 11.2 prior to 3:00 p.m. (New York City time) on the date that is one (1) Business Day after the date of such notice.

(d)            If any amount required to be paid by any L/C Participant to the applicable Issuing Lender pursuant to Sections 3.4(a), 3.4(b) and 3.4(c) in respect of any Unreimbursed Amount is paid to the applicable Issuing Lender within one Business Day after such L/C Participant receives a copy of the notice delivered by such Issuing Lender to the Administrative Agent, pursuant to Section 3.4(c) (provided that, if such notice is not received by such L/C Participant prior to 11:00 a.m. (New York City time), the amount required to be paid shall be due on the second Business Day following the receipt of such notice), such L/C Participant shall pay on that Business Day to such Issuing Lender from its Applicable Lending Office for the Letter of Credit for which reimbursement is being sought on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate, as quoted by such Issuing Lender, during the period from and including the date such payment is required to the date on which such payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during the period from and including the date of such Issuing Lender's payment of the demand or drawing which gave rise to such Unreimbursed Amount to the date of such payment by such L/C Participant to such Issuing Lender and the denominator of which is 360.  If any such amount required to be paid by any L/C Participant pursuant to this Section 3.4 is not in fact made available to the applicable Issuing Lender by such L/C Participant within such one or two, as applicable, Business Day period, such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon during the period referred to in clause (iii) of the preceding sentence at the rate per annum applicable to Cost of Funds Loans hereunder.  A certificate of any Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section 3.4 shall be conclusive in the absence of manifest error.

(e)            Whenever, at any time after the applicable Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its Stated Percentage of such payment in accordance with Section 3.4(c) plus amounts payable under Section 3.4(c), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of Collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its Stated Percentage thereof; provided, however, that in the event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed by such Issuing Lender to it.

3.5            Reimbursement Obligations of the Borrower.

(a)            Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing or demand for payment under such Letter of Credit, the applicable Issuing Lender shall promptly notify the Borrower and the Administrative Agent thereof.  If the Borrower receives notice (confirmed by telephone) from an Issuing Lender of a drawing or demand for payment under a Letter of Credit prior to 12:00 p.m. (New York City time), on any Business Day, the Borrower shall reimburse such Issuing Lender no later than 3:00 p.m. New York City time on such Business Day for the Unreimbursed Amount of such Letter of Credit.  If the Borrower receives notice (confirmed by telephone)

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from an Issuing Lender of a drawing or demand for payment under a Letter of Credit at or after 12:00 p.m. (New York City time), on any Business Day, the Borrower shall so reimburse the applicable Issuing Lender no later than 3:00 p.m., New York City time, on the Business Day immediately following the Business Day upon which such notice was received by the Borrower.  Such reimbursement shall be made directly to the applicable Issuing Lender at its Applicable Lending Office in immediately available funds in U.S. Dollars, in an amount equal to (i) the amount so paid by such Issuing Lender in connection with such drawing or payment and (ii) any taxes and any reasonable fees, charges or other costs or expenses incurred in by such Issuing Lender (such amount prior to being reimbursed by the Borrower, the "Unreimbursed Amount").

(b)            Each drawing or payment under any Letter of Credit that is not timely reimbursed by the Borrower pursuant to this Section 3.5 shall (unless an event of the type described in Section 9(f) shall have occurred and be continuing with respect to the Borrower or the Termination Date shall have occurred, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the Borrower for a borrowing pursuant to Section 2.4 of Revolving Credit Loans that are Base Rate Loans in the amount equal to the Unreimbursed Amount of such Letter of Credit, the proceeds of which shall be applied to repay such Unreimbursed Amount.  The Borrower shall not be required to give notice of such Loans to the Administrative Agent, and the Administrative Agent shall not be required to give notice of such Loans to the Lenders, except notice under Section 3.4(c).  So long as no Event of Default under Section 9.1(f) shall have occurred and be continuing, the applicable Issuing Lender and each other Lender which shall have made the payment required by it under Section 3.4(c) shall be deemed to have approved and made Loans under this Section 3.5(b) automatically and without any action by the Borrower.  The Borrowing Date with respect to such borrowing shall be the date of such drawing or payment.

(c)            Interest shall be payable on any and all Unreimbursed Amounts from and including the date of payment by an Issuing Lender to the applicable beneficiary until payment by the Borrower (either in cash or pursuant to a Loan) in full at (i) for the first three Business Days, the rate per annum applicable to Base Rate Loans under Section 4.2(b), and (ii) thereafter, the rate set forth in Section 4.2(d) regardless of whether the Required Lenders have made the election referred to therein.

3.6            Obligations Absolute.

(a)            The Borrower's obligations under this Section 3 shall be absolute and unconditional under any and all circumstances and irrespective of any set‐off, recoupment, counterclaim or defense to payment which the Borrower may have or have had against the applicable Issuing Lender, the Administrative Agent, any beneficiary of a Letter of Credit or any other Person.

(b)            Subject to Section 3.6(d), the Borrower also agrees with the Lenders that neither the applicable Issuing Lender nor its Nominated Persons shall be responsible for, and the Borrower's Reimbursement Obligations under Section 3.5(a) shall not be affected or reduced by, among other things, (i) acts or omissions of any other Person, including, without limitation, any beneficiary or transferee of any Letter of Credit; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or rights or benefits thereof or proceeds thereunder in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the form, accuracy, falsification, legal effect, validity, sufficiency, or genuineness of documents or drafts, even if such documents or drafts should in fact prove to be in any or all respects in improper form, inaccurate, false, invalid, insufficient, fraudulent or forged; (iv) failure of any draft to bear any reference or adequate reference to any Letter of Credit, or failure of documents to accompany any draft, or failure of any Person to note the amount of any draft on the reverse of any Letter of Credit or to surrender or take up any Letter of Credit or to send forward documents apart from drafts as required by the terms of any Letter of Credit;

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each of which provisions, if contained in any Letter of Credit itself, it is agreed may be waived by such Issuing Lender; (v) compliance with any laws, customs and regulations which may be effective in countries of issuance, presentation under, negotiation and/or payment of any Letter of Credit or any ruling of any court or governmental authority or agency, or any control or restriction rightfully or wrongfully exercised by any government or group asserting or exercising governmental or paramount powers; (vi) the acceptance by such Issuing Lender as complying with the applicable Letter of Credit of any draft or document drawn, issued or presented under such Letter of Credit which is issued or purportedly issued by an agent, executor, trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative or successor of the party identified in such Letter of Credit as the party permitted to draw, issue or present such draft or document (or any transferee thereof); (vii) any error, neglect, insolvency, failure of business or default of any of such Issuing Lender's Nominated Persons; (viii) any delay, omission, interruption, loss in transit, or mutilation or other errors arising in (A) transmission, dispatch or delivery of any document or draft or proceeds thereof or (B) transmission, dispatch or delivery of any messages by mail, cable, telegraph, wireless or otherwise, whether or not they be in code; (ix) the description, weight, existence, character, quality, quantity, condition, packing, value or delivery of the property, services or performance purporting to be represented by documents, or errors in translation or errors in interpretation of technical terms; (x) any difference in character, quality, quantity, condition or value of the property from that expressed in documents; (xi) the time, place, manner or order in which shipment is made or payment of the obligations of the Borrower under the applicable Letter of Credit or any other amendment or waiver of or any consent to departure from the terms of any Letter of Credit or any document or certificate that does not strictly comply with the terms of such Letter of Credit; (xii) any partial or incomplete shipment or failure or omission to ship any or all of the property referred to in any Letter of Credit; (xiii) the character, adequacy, validity or genuineness of any insurance; (xiv) the solvency or responsibility of any insurer, or the acts or omissions, performance or standing of any insurer, or any other risk connected with insurance; (xv) any deviation from instructions, delay, default or fraud by the shipper or anyone else in connection with the property or the shipping thereof; (xvi) the solvency, responsibility, performance or standing of, or the acts or omissions of, any consignor, carrier, forwarder or consignee of any goods or any other Person; (xvii) any delay in arrival or failure to arrive of either the property or any of the documents relating thereto; (xviii) any delay in giving or failure to give notice of arrival or any other notice; (xix) any claim, breach of contract or dispute between the beneficiary, shippers or vendors and the Borrower; (xx) any waiver of any requirement in a Letter of Credit that exists for such Issuing Lender's protection and not the protection of the Borrower or any waiver which does not in fact materially prejudice the Borrower; (xxi) any payment made in respect of a draft or document presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if payment after such date is authorized by the Uniform Commercial Code, the UCP or the ISP, as applicable; (xxii) without limiting the foregoing, any consequences arising (A) from the interruption of such Issuing Lender's business, Acts of God, riots, civil commotions, insurrections, war, acts of terrorism, strikes, lockouts, or other causes beyond such Issuing Lender's control, (B) from any act or omission by such Issuing Lender or any of its Nominated Persons, Affiliates or agents or any bank whose services are utilized for the purpose of giving effect to the Borrower's instructions, in each case if not done or omitted with such Issuing Lender's gross negligence or willful misconduct, or (C) from the failure of another bank to carry out instructions transmitted by such Issuing Lender, whether such other bank was selected by the Borrower, such Issuing Lender or any other Person; and none of the above shall affect, impair or prevent the vesting of any of such Issuing Lender's rights or powers hereunder.  If any Letter of Credit provides that payments are to be made by the applicable Issuing Lender's Nominated Person, neither such Issuing Lender nor such Nominated Person shall be responsible for the failure of any of the documents specified in such Letter of Credit to come into such Issuing Lender's possession or for any delay in connection therewith, and the Borrower's obligations under this Agreement shall not be affected by such failure or delay in the receipt by such Issuing Lender of any such documents.

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(c)            In addition to the exculpatory provisions contained in the UCP, the ISP and/or the Uniform Commercial Code of the State of New York (as in effect from time to time), as applicable, the applicable Issuing Lender and such Issuing Lender's Nominated Persons shall not be responsible for, and the Borrower's obligation to reimburse such Issuing Lender shall not be affected or reduced by, any action or inaction required or permitted under the Uniform Commercial Code of the State of New York (as in effect from time to time), the UCP or the ISP, in each case as applicable.

(d)            In addition to the exculpatory provisions and rights of the Lenders contained in Sections 3.6(a), (b) and (c), the parties agree that:

(i)            any action taken by the applicable Issuing Lender or by any Nominated Person or any inaction or omission by such Issuing Lender or them under or in connection with any Letter of Credit or the relative drafts or documents, if not taken or omitted with gross negligence or willful misconduct, shall be binding on the Borrower and shall not put such Issuing Lender or such Issuing Lender's Nominated Person under any resulting liability to the Borrower; and

(ii)            the applicable Issuing Lender shall not be excused from liability to the Borrower to the extent, but only to the extent, of any direct damages (as opposed to special, indirect, punitive, consequential or exemplary, damages or claims, which are hereby waived by the Borrower), suffered by the Borrower which the Borrower proved were caused by such Issuing Lender's gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable order) when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof, provided that (A) such Issuing Lender may accept documents that appear on their face to be in order and substantially comply with the terms of the Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary and without any responsibility to make any inquiry as to the validity or accuracy thereof or any other inquiry, and may make payment upon presentation of documents or, in the case of lost or missing documents, letters of indemnity (in form and substance acceptable to such Issuing Lender in its sole discretion), that appear on their face to be in substantial compliance with the terms of such Letter of Credit, (B) such Issuing Lender shall have the right, in its sole discretion, to decline to accept documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit and (C) this sentence shall establish the standard of care to be exercised by such Issuing Lender when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the Borrower hereby waives, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing).

3.7            Role of the Issuing Lender.

(a)            The responsibility of the Issuing Lenders to the Borrower in connection with any draft presented for payment under any Letter of Credit issued on behalf of the Borrower shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered by or on behalf of the beneficiary under such Letter of Credit in connection with such presentment appear on their face to be in conformity with such Letter of Credit.  In addition, the Lenders and the Borrower agree that, in paying any drawing or demand for payment under any Letter of Credit, the Issuing Lender thereof shall not have any responsibility to inquire as to the validity or accuracy of any document presented in connection with such drawing or demand for payment or the authority of the Person executing or delivering the same.

(b)            Neither any Issuing Lender nor any of the respective correspondents, participants or assignees of any Issuing Lender shall be liable to any Lender for:  (i) any action taken or omitted in connection herewith in respect of any Letter of Credit at the request or with the approval or

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deemed approval of the Required Lenders; (ii) any action taken or omitted in respect of any Letter of Credit in the absence of gross negligence or willful misconduct;  (iii) the due execution, effectiveness, validity or enforceability of any Letter of Credit or any document delivered in connection with the issuance or payment of such Letter of Credit; or (iv) any matter set forth in Section 3.6.

(c)            The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower from pursuing such rights and remedies as it may have against such beneficiary or transferee.

3.8            Successor Letter of Credit Issuer.

(a)            The Issuing Lender may resign as Issuing Lender upon thirty (30) days prior written notice to the Administrative Agent, the Lenders and the Borrower.  If the Issuing Lender shall resign, then the Borrower may appoint from among the Lenders a successor issuer of Letters of Credit, whereupon such successor issuer shall succeed to the rights, powers and duties of the resigning Issuing Lender under this Agreement and the other Loan Documents, and the term "Issuing Lender" shall mean such successor issuer of Letters of Credit effective upon such appointment.  At the time such resignation shall become effective, the Borrower shall pay to the resigning Issuing Lender all accrued and unpaid fees payable by it pursuant to Section 3.3.  The acceptance of any appointment as an Issuing Lender hereunder in accordance with this Agreement, shall be evidenced by an agreement entered into by such successor issuer of Letters of Credit, in a form satisfactory to the Borrower and the Administrative Agent and, from and after the effective date of such agreement, such successor issuer of Letters of Credit shall become the "Issuing Lender" hereunder.  After the resignation of the Issuing Lender hereunder, the resigning Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of the Issuing Lender under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit.  In connection with any resignation pursuant to this Section 3.8 (but only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Borrower, the resigning Issuing Lender and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning Issuing Lender replaced with Letters of Credit issued by the successor issuer of Letters of Credit or (ii) the Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is satisfactory to the resigning Issuing Lender (in its sole discretion), to issue "back-stop" Letters of Credit naming the resigning Issuing Lender as beneficiary for each outstanding Letter of Credit issued by the resigning Issuing Lender, which new Letters of Credit shall have a face amount equal to the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be a drawing on the corresponding back-stopped Letters of Credit.  After any resigning Issuing Lender's resignation as Issuing Lender, the provisions of this Agreement relating to the Issuing Lender shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was the Issuing Lender under this Agreement or (B) at any time with respect to Letters of Credit issued by it.

(b)            To the extent that there are, at the time of any resignation as set forth in Section 3.8(a) above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of fees or the reimbursement or funding of amounts drawn), except that the Borrower, the resigning Issuing Lender and the successor issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in Section 3.8(a) above.

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3.9            Letter of Credit Request.  To the extent that any provision of any Application or Letter of Credit Request is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply.

		SECTION 4.	GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT

4.1            Termination or Reduction of Maximum Amount. The Borrower shall have the right, from time to time, upon not less than ten (10) Business Days' notice to the Administrative Agent, to terminate the Maximum Amount or, from time to time, to reduce the Maximum Amount to an amount not less than $150,000,000; provided that, no such termination or reduction of the Maximum Amount shall be permitted to the extent that, after giving effect thereto and to any prepayments of the Loans and Cash Collateralization of the Letters of Credit made on or before the effective date thereof, the Total Extensions of Credit would exceed the Maximum Amount.  In each case, any such reduction shall be in an amount equal to $1,000,000 or a whole multiple thereof and shall reduce permanently the Maximum Amount then in effect by such amount.

4.2            Interest Rates and Payment Dates.

(a)            Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate for such Eurodollar Loan determined for such Interest Period plus the Applicable Margin.

(b)            Each Base Rate Loan shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin.

(c)            Each Cost of Funds Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Cost of Funds Rate for such Cost of Funds Loan determined for such Interest Period plus the Applicable Margin.

(d)            If any Event of Default shall have occurred and be continuing, then if the Required Lenders so elect, during the continuance of such Event of Default (i) the principal amount of the Loans and Reimbursement Obligations shall bear interest (as well after as before judgment) at the interest rate otherwise in effect plus 2.0% and (ii) any other amounts payable hereunder or under any of the other Loan Documents not paid when due shall bear interest (after as well as before judgment) at a rate per annum equal to 5.0%.

(e)            Interest shall be payable upon demand, or if no demand is made, shall be payable in arrears on each Interest Payment Date.

(f)            Notwithstanding anything to the contrary contained herein, (i) as to all Eurodollar Loans, to the extent the Borrower selects the Eurodollar Rate in connection with any request (A) to Continue an outstanding Eurodollar Loan, (B) for the Lenders to make a Eurodollar Loan or (C) to Convert any Base Rate Loan or Cost of Funds Loan into a Eurodollar Loan, and the Eurodollar Rate plus the Applicable Margin is less than the Cost of Funds Rate plus the Applicable Margin, then (I) such outstanding Eurodollar Loan shall automatically Convert to a Base Rate Loan on the last day of the then existing Interest Period therefor, (II) any Eurodollar Loan requested to be made on the first day of the applicable Interest Period shall be made as a Base Rate Loan, (III) any Base Rate Loan requested to be Converted on the first day of the applicable Interest Period to a Eurodollar Loan shall Continue as a Base Rate Loan and (IV) any Cost of Funds Loan requested to be Converted on the first day of the applicable Interest Period to a Eurodollar Loan shall Continue as a Cost of Funds Loan and (ii) as to all Base Rate

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Loans (including, without limitation, any Eurodollar Loans that would otherwise have been Converted to Base Rate Loans pursuant to clause (i) of this Section 4.2(f)), to the extent (A) on any day with respect to any outstanding Base Rate Loan, the Administrative Agent shall have determined that the Base Rate plus the Applicable Margin is less than the Cost of Funds Rate plus the Applicable Margin or (B) the Borrower selects the Base Rate in connection with any request for the Lenders to make a Base Rate Loan or to Convert any Eurodollar Loan or Cost of Funds Loan into a Base Rate Loan, and the Administrative Agent shall have determined that the Base Rate plus the Applicable Margin is less than the Cost of Funds Rate plus the Applicable Margin, then (I) such outstanding Base Rate Loan shall automatically Convert to a Cost of Funds Loan on the date of such determination by the Administrative Agent, (II) such outstanding Base Rate Loan shall automatically Convert to a Cost of Funds Loan on the day the Administrative Agent received the notice of Conversion from the Borrower, (III) any Base Rate Loan requested to be made shall be made as a Cost of Funds Loan, (IV) any Eurodollar Loan requested to be Converted to a Base Rate Loan shall be Converted to a Cost of Funds Loan and (V) any Cost of Funds Loan requested to be Converted to a Base Rate Loan shall Continue as a Cost of Funds Loan.

(g)            Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "Maximum Rate").  If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (i) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations.

4.3            Conversion and Continuation Options.

(a)            The Borrower may elect from time to time to Convert Eurodollar Loans to Base Rate Loans or Cost of Funds Loans by giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election in the form attached hereto as Annex II (the "Continuation/Conversion Notice"), such Continuation/Conversion Notice specifying the amount and the date such Conversion is to be made; provided that, any such Conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto.  The Borrower may elect from time to time to Convert Base Rate Loans or Cost of Funds Loans to Eurodollar Loans by giving the Administrative Agent irrevocable notice of such election (in the form of a Continuation/Conversion Notice) prior to 12:30 p.m. (New York City time) at its New York office, three Business Days before the date of such election.  Any such notice of Conversion to Eurodollar Loans shall specify the amount to be Converted, the date of such Conversion and the length of the initial Interest Period or Interest Periods therefor, as applicable.  The Borrower may elect from time to time to Convert Base Rate Loans to Cost of Funds Loans or Convert Cost of Funds Loans to Base Rate Loans by giving the Administrative Agent irrevocable notice of such election (in the form of a Continuation/Conversion Notice) prior to 12:30 p.m. (New York City time) at its New York office, one Business Day before the date of such election.  Any such notice of Conversion shall specify the amount to be Converted, the date of such Conversion and the length of the initial Interest Period or Interest Periods therefor.  Upon receipt of any such notice, the Administrative Agent shall promptly notify each Lender thereof.  All or any part of outstanding Eurodollar Loans, Base Rate Loans or Cost of Funds Loans may be Converted as provided herein; provided that, (i) no Base Rate Loan or Costs of Funds Loan may be Converted into a Eurodollar Loan after the date that is one month prior to the Termination Date and (ii) no Base Rate Loans or Eurodollar Loans may be Converted into a Cost of Funds Loan (other than Costs of Funds Loans with an Interest Period of one day or one or two weeks) after the date that is one month prior to the Termination Date.

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(b)            Any Eurodollar Loans or Cost of Funds Loans may be Continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving the Administrative Agent irrevocable notice (in the form of a Continuation/Conversion Notice) prior to 12:30 p.m. (New York City time), at its New York office (x) in the case of Eurodollar Loans, three Business Days before the date such Eurodollar Loans, and (y) in the case of Cost of Funds Loans, one Business Day before the date such Cost of Funds Loans, as applicable, are to be Continued, in accordance with the applicable provisions of the term "Interest Period" set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans.  If the relevant Borrower fails to give timely notice requesting a Continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans.  Any automatic Conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Loans or Cost of Funds Loans.

(c)            During the existence of an Event of Default, no Loans may be requested as, Converted to or Continued as Eurodollar Loans or Cost of Funds Loans if the Required Lenders or Administrative Agent have reasonably determined that such a request, Conversion or Continuation is not appropriate.

4.4            Minimum Amounts of Tranches; Maximum Number of Tranches.

(a)            All borrowings, Conversions and Continuations of Eurodollar Loans hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Tranche shall be equal to $1,000,000 or a whole multiple of $500,000 in excess thereof.  All borrowings, Conversions and Continuations of Cost of Funds Loans hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate amount of Cost of Funds Loans comprising each Tranche shall be equal to $1,000,000 or a whole multiple of $500,000 in excess thereof.

(b)            No more than 10 Tranches of Eurodollar and Cost of Funds Loans shall be outstanding at any one time.

4.5            Repayment of Loans; Evidence of Debt; Fees.

(a)                  (i)            The Borrower unconditionally promises to pay the then unpaid principal amount of each Revolving Credit Loan to the Administrative Agent for the account of the Lenders to which such Revolving Credit Loan is owed upon the DEMAND of the Required Lenders, or if payment is not demanded prior thereto, on the Revolving Credit Maturity Date applicable to such Revolving Credit Loan.

(ii)            The Borrower unconditionally promises to pay to the Administrative Agent for the account of the Daylight Overdraft Lender the then unpaid principal amount of each Daylight Overdraft Loan owing to the Daylight Overdraft Lender not later than 4:30 p.m. (New York City time) on the Borrowing Date of such Daylight Overdraft Loan (or such later time determined by the Daylight Overdraft Lender in its sole discretion, such later time not to be later than 10:00 a.m. (New York City time) on the next Business Day following the Borrowing Date therefor); provided that, the Borrower shall be deemed to be in compliance with its obligations in this sentence in the event that such Daylight Overdraft Loan is repaid with the proceeds of a Revolving Credit Loan in accordance with Section 2.6(a).

(iii)            The Borrower unconditionally promises to pay to the Administrative Agent for the account of the Swing Line Lender the then unpaid principal amount of each Swing Line Loan owing to the Swing Line Lender upon the DEMAND of the Swing Line Lender or the

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Required Lenders, or if demand for payment is not made prior thereto, by 11:00 a.m. (New York City time) on the day that is five (5) Business Days following the Borrowing Date of such Swing Line Loan; provided that, the Borrower shall be deemed to be in compliance with its obligations in this sentence in the event that such Swing Line Loan is repaid with the proceeds of a Revolving Credit Loan in accordance with Section 2.5(a).

(b)            The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans and Reimbursement Obligations from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 4.2.

(c)            Each Lender shall maintain in accordance with its usual practice a record or records setting forth all of the indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.

(d)            The Administrative Agent on behalf of the Borrower, shall maintain the Register required by Section 11.7(d), and shall include a subaccount therein for each Lender, in which it shall record, for each Loan (i) the amount of such Loan and a copy of the Note, if any, evidencing such Loan, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender's share thereof.

(e)            The entries made in the Register and the records of each Lender maintained pursuant to Section 4.5(c) shall, to the extent permitted by applicable Law, be presumed to be conclusive evidence of the existence and amounts of the obligations of the Borrower therein recorded (absent manifest error); provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans and other Extensions of Credit made by such Lender in accordance with the terms of this Agreement.

(f)            The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower shall execute and deliver to such Lender a promissory note evidencing the Revolving Credit Loan, the Daylight Overdraft Loans or the Swing Line Loans, as applicable, of such Lender, substantially in the form of Exhibit A-1, A-2 or A-3, as applicable, with appropriate insertions as to date and principal amount (individually a "Note" and, collectively, the "Notes").

(g)            The Borrower agrees to pay to the Administrative Agent, the Lead Arranger and the Bookrunner the fees in the amounts and on the dates from time to time agreed to in writing by the Borrower and the Administrative Agent, the Lead Arranger and the Bookrunner.

(h)            All fees provided for in this Section 4.5 shall be fully earned when paid and shall be non-refundable.

4.6            Optional Prepayments.  The Borrower may at any time and from time to time prepay the Loans made to it, in whole or in part, without premium or penalty, upon irrevocable notice (except in the case of Daylight Overdraft Loans) in the form attached hereto as Annex V (the "Notice of Prepayment") delivered to the Administrative Agent at least three Business Days prior to 12:30 p.m. (New York City time), on the proposed prepayment date in the case of Eurodollar Loans and at least one Business Day prior thereto in the case of Base Rate Loans and Cost of Funds Loans, which notice shall specify (x) the date and amount of prepayment, (y) which Revolving Credit Loans or Swing Line Loans

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shall be prepaid and (z) whether the prepayment is of Base Rate Loans, Cost of Funds Loans, Eurodollar Loans or a combination thereof, and, if of a combination thereof, the amount allocable to each; provided that, if a Eurodollar Loan or Cost of Funds Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, or the Borrower revokes any notice of prepayment previously delivered pursuant to this Section 4.6, the Borrower shall also pay any amounts owing pursuant to Section 4.15.  Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender (or in the case of prepayment of a Swing Line Loan, the Swing Line Lender) thereof.  If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with any amounts payable pursuant to Section 4.15.  Partial prepayments of Loans pursuant to this Section 4.6 shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof.  If the Borrower shall make any payment of a Swing Line Loan after 11:00 a.m. (New York City time) on the fifth Business Day following the making of such Swing Line Loan and the Swing Line Lender shall have requested from the Lenders, Revolving Credit Loans in accordance with Section 2.5(a) on account of such Swing Line Loan, the Administrative Agent shall apply such prepayment in the following order:  first to any other Swing Line Loans of the Borrower outstanding at such time and second, to any outstanding Revolving Credit Loans that are Base Rate Loans of the Borrower (other than any Base Rate Loans made on the same day such prepayment is made) in chronological order by Obligation Date.  If the amount of such prepayment is greater than the outstanding amount of such Swing Line Loans and such Base Rate Loans at the time such prepayment is made (other than any Base Rate Loans made on the same day such prepayment is made), the Administrative Agent shall promptly remit the excess to the Borrower.

4.7            Mandatory Prepayments.

(a)            If, on any date, the Total Extensions of Credit exceed the Borrowing Base, the Borrower shall prepay the Loans and/or Cash Collateralize, replace or decrease (if the beneficiary of such Letter of Credit agrees to such decrease) the Letters of Credit in an amount so that, after giving effect to any such action, the Total Extensions of Credit do not exceed the Borrowing Base, no later than one (1) Business Day immediately following such date.

(b)            If, on any date, the Extensions of Credit exceed the Elected Line Amount then in effect, the Borrower shall prepay the Loans and/or Cash Collateralize, replace or decrease (if the beneficiary of such Letter of Credit agrees to such decrease) the Letters of Credit in an amount so that, after giving effect to any such action, the Total Extensions of Credit do not exceed the Elected Line Amount then in effect, no later than one (1) Business Day immediately following such date.

(c)            If, on any date, the aggregate principal amount of outstanding Daylight Overdraft Loans exceeds the Daylight Overdraft Cap, the Borrower shall prepay such Daylight Overdraft Loans in an aggregate amount so that after giving effect to any such action, the aggregate outstanding Daylight Overdraft Loans do not exceed such Daylight Overdraft Cap, no later than one (1) Business Day immediately following such date.

(d)            If, on any date, the aggregate principal amount of outstanding Swing Line Loans exceeds the Swing Line Cap, the Borrower shall prepay such Swing Line Loans in an aggregate amount so that after giving effect to any such action, the aggregate outstanding Swing Line Loans do not exceed the Swing Line Cap, no later than one (1) Business Day immediately following such date.

(e)            If, on any date, the aggregate face amount of outstanding Letters of Credit exceeds the Letters of Credit Sublimit, the Borrower shall Cash Collateralize, replace or decrease (if the beneficiary of such Letter of Credit agrees to such decrease) such Letters of Credit in an aggregate amount so that after giving effect to any such action, the aggregate outstanding non-Cash Collateralized

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Letters of Credit do not exceed the Letters of Credit Sublimit, no later than one (1) Business Day immediately following such date.

(f)            The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swing Line Loan, the Swing Line Lender) by written notice of any mandatory prepayment hereunder (i) in the case of prepayment of a Eurodollar Loan, not later than 12:30 p.m. (New York City time), three Business Days before the date of the prepayment or such later time as a Responsible Person of the Borrower has knowledge of the obligation to so prepay, (ii) in the case of prepayment of a Base Rate Loan or Cost of Funds Loans, not later than 12:30 p.m. (New York City time) one Business Day before the date of the prepayment and (iii) in the case of prepayment of a Swing Line Loan, not later than 12:30 p.m. (New York City time) on the date of prepayment.  Each such notice shall specify the prepayment date, the principal amount of each Loan or portion thereof to be prepaid and, a reasonably detailed calculation of the amount of such prepayment.  Promptly following receipt of any such notice (other than a notice relating solely to Swing Line Loans), the Administrative Agent shall advise the Lenders of the contents thereof.

(g)            Any prepayment of Revolving Credit Loans pursuant to this Section 4.7, and the rights of the Lenders in respect thereof, are subject to the provisions of Section 4.9.

4.8            Computation of Interest and Fees.

(a)            All fees and all interest on Eurodollar Loans and Cost of Funds Loans shall be calculated on the basis of a 360-day year for the actual days elapsed.  Interest on Base Rate Loans shall be calculated on the basis of a 365/366 day year, as the case may be, for the actual days elapsed.  The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of each Eurodollar Rate for any Eurodollar Loans outstanding.  Any change in the interest rate on a Loan resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change becomes effective.  The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change in interest rate.

(b)            Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error.  The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 4.2(a).

4.9            Pro Rata Treatment and Payments.

(a)            Each borrowing of Revolving Credit Loans hereunder, each reduction of the Maximum Amount and each payment of the fees under Sections 3.3(a) shall be made pro rata according to the respective Stated Percentage of the Lenders. Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans and Reimbursement Obligations shall be made pro rata according to the respective outstanding principal amounts of the Loans and Reimbursement Obligations (or participations therein) then held by the Lenders, but principal payments shall be applied first to Reimbursement Obligations, Base Rate Loans and thereafter to Eurodollar Loans or Cost of Funds Loans.  Each payment of fees under Section 3.3(a) shall be made pro rata according to the respective Stated Percentages of the Lenders.  Each reduction of the Maximum Amount pursuant to Section 4.1 shall be made pro rata according to the Stated Percentages of the Lenders.  Payments shall be applied to accrued and unpaid interest, fees under Section 3.3(a) and the principal amount of the Loans and Reimbursement Obligations prior to Cash Collateralizing L/C Obligations.

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(b)            All payments (including prepayments) to be made by the Borrower hereunder on account of principal of Loans shall be accompanied by a payment in an amount equal to all accrued and unpaid interest on such Loans.  All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal (other than Daylight Overdraft Loans), interest, fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 1:00 p.m. (New York City time) on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Administrative Agent's office specified in Section 11.2 in United States Dollars and in immediately available funds.  Any payment made by the Borrower after 1:00 p.m. (New York City time) on any Business Day (other than on account of Daylight Overdraft Loans) shall be deemed to have been made on and, with respect to principal payments, interest shall continue to accrue until, the next following Business Day.  All payments made by the Borrower on account of Daylight Overdraft Loans shall be made without set-off or counterclaim and shall be made prior to 4:30 p.m. (New York City time) on the Borrowing Date of such Daylight Overdraft Loan (or such later time determined by the Daylight Overdraft Lender in its sole discretion, such later time not to be later than 10:00 a.m. (New York City time) on the next Business Day following the Borrowing Date therefor) to the Administrative Agent for the account of the Daylight Overdraft Lender at the Administrative Agent's office specified in Section 11.2 in United States Dollars and in immediately available funds.  Any payment on account of Daylight Overdraft Loans made by the Borrower after the time specified in the immediately preceding sentence on any Business Day shall be deemed to have been made on and, with respect to principal payments, interest shall continue to accrue until, the next following Business Day.  The Administrative Agent shall distribute such payments, in the case of Revolving Credit Loans, to the relevant Lenders, in the case of Daylight Overdraft Loans, to the Daylight Overdraft Lender and, in the case of Swing Line Loans, to the Swing Line Lender, promptly upon receipt in like funds as received.  If any payment hereunder (other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment obligation shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.  If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month in which event such payment shall be made on the immediately preceding Business Day.  In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension.

(c)            Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its Stated Percentage of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent on demand, such amount with interest thereon at a rate equal to the daily average Federal Funds Effective Rate or such higher overnight rate then in effect in accordance with banking industry rates or standard practices in New York, New York on interbank compensation, as determined by the Administrative Agent for the period until such Lender makes such amount immediately available to the Administrative Agent.  A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section 4.9 shall be conclusive in the absence of manifest error.  If such Lender's Stated Percentage of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount for its own account with interest thereon at the rate per annum applicable to Base Rate Loans on demand, from the Borrower (without duplication of the interest otherwise applicable thereto).

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(d)            The failure by any Lender to make a payment required under this Agreement or any other Loan Document, whether on account of any Loan, Letter of Credit or otherwise, shall not affect the obligations of any other Lender under this Agreement or the other Loan Documents, and no Lender shall be responsible for the failure of any other Lender to comply with its obligations under this Agreement or any other Loan Document or be released from its obligations hereunder or thereunder as a result thereof.

4.10            Requirements of Law.

(a)            If the introduction of, adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any guideline, request or directive (in each case, whether or not having the force of law), from any central bank or other Governmental Authority made subsequent to the date hereof:

(i)            does or shall subject any Lender to any Tax or increased Tax of any kind whatsoever with respect to this Agreement, any Note or any Eurodollar Loan or Cost of Funds Loan made by it, any Letter of Credit issued or participated in it by it or any participation by it in any Swing Line Loan or Daylight Overdraft Loan (except for changes in the rate of tax on the overall net income of such Lender or Non-Excluded Taxes for which indemnification or additional costs are paid pursuant to Section 4.11) or change the basis or rate of taxation of payments to such Lender in respect thereof;

(ii)            does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by or participated in by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurodollar Base Rate or Cost of Funds Rate; or

(iii)            does or shall impose on such Lender any other condition, cost or expense;

and the result of any of the foregoing is to increase the cost to such Lender of making, Converting into, Continuing or maintaining Eurodollar Loans or Cost of Funds Loans or issuing, providing and maintaining Letters of Credit or holding an interest in an Issuing Lender's obligations thereunder or of holding a participation interest in Swing Line Loans or Cost of Funds Loans, or to reduce any amount receivable by such Lender in respect thereof;

then, in any such case, the Borrower shall promptly, after receiving notice as specified in clause (c) of this Section 4.10, pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable plus any Taxes thereon.  For purposes of this Agreement, the Dodd-Frank Act and Basel III, and all rules, regulations, requests, guidelines or directives in connection with the Dodd-Frank Act or Basel III shall be deemed to have become effective, enacted and adopted after the date hereof.

(b)            If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity requirements or in the interpretation or application thereof or compliance by such Lender or any Person controlling such Lender with any Requirement of Law regarding capital adequacy or liquidity requirements or with any request or directive regarding capital adequacy or liquidity requirements (in each case, whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof (including, without limitation, under or pursuant to Basel III and the Dodd-Frank Act) shall have the effect of reducing the rate of return on such Lender's or such Person's capital as a consequence of this Agreement, its obligations (if any) or

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its Maximum Credit Limit hereunder or its obligations under Letters of Credit (issued by it or in which it has a participation interest) or in respect of its Loans or participations therein to a level below that which such Lender or such Person could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such Person's policies with respect to capital adequacy and liquidity requirements) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction plus any Taxes thereon.  In determining such amount or amounts, any Lender may use any method of averaging and attribution as it shall deem applicable.

(c)            If any Lender becomes entitled to claim any additional amounts pursuant to this Section 4.10, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled.  A certificate as to any additional amounts payable pursuant to this Section 4.10 submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.  The agreements in this Section 4.10 shall survive the termination of this Agreement and the payment of the Loans, Reimbursement Obligations and all other amounts payable hereunder.

(d)            The Administrative Agent and each Lender or Transferee hereby agrees that, upon the occurrence of any circumstances entitling the Administrative Agent or such Lender or Transferee to additional amounts pursuant to this Section 4.10, the Administrative Agent or such Lender or Transferee shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions), at the sole expense of the Borrower, to designate a different Applicable Lending Office if the making of such a change would avoid the need for, or materially reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the sole judgment of the Administrative Agent or such Lender or Transferee, be otherwise disadvantageous to the Administrative Agent or such Lender or Transferee in any material respect.

4.11            Taxes.

(a)            Any and all payments by or on behalf of each Loan Party under or in respect of this Agreement or any other Loan Documents to which such Loan Party is a party shall be made free and clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental Authority (collectively, "Taxes") or Other Taxes, unless otherwise required by any Requirement of Law, excluding (i) Taxes imposed on the net income of the Administrative Agent or any Lender (or Transferee) and franchise taxes in lieu thereof as a result of a present or former connection between the Administrative Agent or such Lender (or Transferee) and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or taxing authority thereof or therein (other than as a result of entering into this Agreement or the Loan Documents, performing any obligations hereunder or thereunder, receiving any payments hereunder or thereunder or enforcing any rights hereunder or thereunder) (ii) any Taxes that are attributable solely to the failure of any Lender to comply with Section 4.11(f) and (iii) any U.S. federal withholding Taxes imposed under FATCA (all such nonexcluded Taxes and Other Taxes, collectively or individually, "Non-Excluded Taxes").  If any Loan Party shall be required to deduct any Non-Excluded Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative Agent, (i) the sum payable shall be increased by the amount (an "Additional Amount") necessary so that after making all required deductions (including deductions applicable to Additional Amounts payable under this Section 4.11) such Lender or the Administrative Agent (as the case may be) shall receive an amount equal to the sum it would have received had no such deductions been made, (iii) such Loan Party shall make

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such deductions and (iv) such Loan Party shall pay the full amount deducted to the relevant Government Authority in accordance with applicable law.

(b)            In addition, each Loan Party agrees to pay in accordance with applicable law any current or future stamp, intangibles, recording, documentary, excise, property, goods and services or value-added taxes, or similar taxes, charges or levies (including, without limitation, mortgage recording taxes and similar fees) imposed by any Governmental Authority that arise from any payment made hereunder or under any other Loan Documents, or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other Loan Documents (collectively, "Other Taxes").

(c)            Each Loan Party hereby agrees to indemnify each Lender, each Agent and each Transferee for, and to hold each of them harmless against, the full amount of Non-Excluded Taxes and Other Taxes in respect of this Agreement, any other Loan Document, any Loan or any Letter of Credit and all payments received by it in respect of the foregoing, and the full amount of Taxes of any kind imposed by any jurisdiction on amounts payable under this Section 4.11, imposed on or paid by such Lender, an Agent or such Transferee, and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto.  The indemnity by each Loan Party provided for in this Section 4.11(c) shall apply and be made whether or not the Non-Excluded Taxes or Other Taxes for which indemnification hereunder is sought have been correctly or legally asserted.  Amounts payable by any Loan Party under the indemnity set forth in this Section 4.11(c) shall be paid within ten (10) days from the date on which the applicable Lender, the Administrative Agent or the applicable Transferee, as the case may be, makes written demand therefor.  A certificate as to the amount of such payment or liability prepared by a Lender, or the Administrative Agent on its behalf and setting forth in reasonable detail the manner in which such amount shall have been determined, absent manifest error, shall be final, conclusive and binding for all purposes.

(d)            Each Lender, each Agent and each Transferee pursuant to Section 4.11(a) shall take all reasonable actions (consistent with its internal policy and legal and regulatory restrictions) requested by any Loan Party to assist such Loan Party, at the sole expense of such Loan Party, to recover from the relevant taxation authority or other Governmental Authority any Taxes in respect of which amounts were paid by such Loan Party pursuant to Section 4.11(a), (b) or (c) with respect to amounts paid or payable to such Lender, such Agent or such Transferee.  However, neither any Lender, any Agent nor any Transferee shall be required to take any action that would be, in the sole judgment of such Lender, such Agent or such Transferee, legally inadvisable, or commercially or otherwise disadvantageous to such Lender, such Agent or such Transferee in any respect.

(e)            Within thirty (30) days after the date of any remittance or payment of Taxes, the applicable Loan Party (or any Person making such payment on behalf of such Loan Party) shall furnish to the applicable Lender or Agent or the applicable Transferee a certified copy of the original official receipt evidencing payment thereof.

(f)            On or prior to the date hereof (or in the case of a transferee Lender, the date that it becomes a party to this Agreement), and thereafter when reasonably requested by the Borrower, each Lender or transferee that is organized under the laws of a jurisdiction outside the United States (a "Non-U.S. Lender") shall deliver to the Borrower and the Administrative Agent two properly completed and duly executed copies of (as applicable) IRS Form W-8BEN-E, W-8ECI or W-8IMY or, upon request of the Borrower or the Administrative Agent, any subsequent versions thereof or successors thereto, in each case claiming a reduced rate (which may be zero) of U.S. federal withholding tax under Sections 1441 and 1442 of the Code with respect to payments of interest hereunder as such Non-U.S. Lender may properly claim.  In addition, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code, such Non-U.S. Lender shall, on or

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prior to the date hereof (or in the case of a transferee Lender, the date that it becomes a party to this Agreement), and thereafter when reasonably requested by the Borrower, provide to the Administrative Agent in addition to the IRS Form W-8 required above a certificate representing that such Non-U.S. Lender is not a "bank" for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code), and such Non-U.S. Lender agrees that it shall promptly notify the Administrative Agent in the event any representation in such certificate is no longer accurate.  Each Lender (or Transferee) that is a United States person as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent two copies of Internal Revenue Service Form W-9, or any subsequent or substitute versions thereof or successors thereto, certifying that such Lender (or Transferee) is entitled to a complete exemption from U.S. Federal backup withholding tax on payments made pursuant to this Agreement.  Such forms shall be delivered by each Lender on or before the date it becomes a party to this Agreement (or, in the case of a participant, on or before the date such participant becomes a participant hereunder) and on or before the date, if any, such Lender changes its Applicable Lending Office unless each of the Applicable Lending Office prior to such designation and the new Applicable Lending Office is located within the United States.  In addition, each Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Lender.  Notwithstanding any other provision of this Section 4.11(f), a Lender shall not be required to deliver any form pursuant to this Section 4.11(f) that such Lender is not legally able to deliver.

(g)            No Loan Party shall be obligated to pay any additional amounts to any Lender pursuant to Section 4.11(a), or to indemnify any Lender pursuant to Section 4.11(c), in respect of United States federal withholding taxes to the extent imposed as a result of (i) the failure of such Lender to deliver to the Borrower the form or forms, as applicable to such Lender, pursuant to Section 4.11(f), (ii) such form or forms not establishing a complete exemption from U.S. federal withholding tax or the information or certifications made therein by the Lender being untrue or inaccurate on the date delivered in any material respect, or (iii) the Lender designating a successor Applicable Lending Office which has the effect of causing the Loan Parties to become obligated to make payments under this Section 4.11 in excess of those in effect immediately prior to such designation; provided, however, that notwithstanding the foregoing, each Loan Party shall be obligated to pay additional amounts to any such Lender pursuant to Section 4.11(a), and to indemnify any such Lender pursuant to Section 4.11(c), if  (i) any such failure to deliver a form or forms or the failure of such form or forms to establish a complete exemption from U.S. federal withholding tax or such inaccuracy or untruth contained therein resulted from a change in any applicable Law or any interpretation of any Law occurring after the Amended and Restated Effective Date, which change rendered such Lender no longer legally entitled to deliver such form or forms or otherwise ineligible for a complete exemption from U.S. federal withholding tax, or rendered the information or certifications made in such form or forms untrue or inaccurate in a material respect or (ii) the redesignation of the Lender's Applicable Lending Office was made at the request of the Borrower.

(h)            The Administrative Agent and each Lender or Transferee hereby agrees that, upon the occurrence of any circumstances entitling the Administrative Agent or such Lender or Transferee to additional amounts pursuant to this Section 4.11, the Administrative Agent or such Lender or Transferee shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions), at the sole expense of the Borrower, to designate a different Applicable Lending Office if the making of such a change would avoid the need for, or materially reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the sole judgment of the Administrative Agent or such Lender or Transferee, be otherwise disadvantageous to the Administrative Agent or such Lender or Transferee in any respect.

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(i)            Without prejudice to the survival of any other agreement of the Loan Parties hereunder, the agreements and obligations of the Loan Parties contained in this Section 4.11 shall survive the termination of this Agreement and the other Loan Documents and the payment of the Loans, Reimbursement Obligations and all other amounts payable hereunder.

(j)            Nothing contained in this Section 4.11 shall require any Agent or Lender (or any Transferee) to make available any of its tax returns or any other information that it deems to be confidential or proprietary.

(k)            Without limiting the generality of the foregoing, if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (k), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.  In addition, each Lender shall severally indemnify the Administrative Agent and the Borrower for any withholding Tax attributable to such Lender or other penalties imposed in connection with any "withholdable payment," as defined in Section 1473 of the Internal Revenue Code, made to a Lender that is not a U.S. Person that has failed to comply with the reporting requirements or otherwise qualify for an exemption under FATCA.

4.12            Lending Offices.  Loans of each Type made by any Lender shall be made and maintained at such Lender's Applicable Lending Office for Loans of such Type.

4.13            Extensions of Credit Reporting.

(a)            Within five (5) Business Days after the end of each calendar month, each Issuing Lender shall deliver a report to the Administrative Agent, substantially in the form of Annex VI (a "Credit Utilization Summary"), setting forth, for each Letter of Credit issued or provided by such Issuing Lender, (i) the amount available to be drawn or utilized under such Letters of Credit as of the end of such calendar month and (ii) the amount of any drawings, payments or reductions of such Letters of Credit during such month, in each case, on an aggregate and per Letter of Credit basis. Upon receiving notice from the Borrower or the beneficiary under a Letter of Credit issued or provided by such Issuing Lender of a reduction or termination of such Letter of Credit, each Issuing Lender shall notify the Administrative Agent thereof.  Each Issuing Lender shall also deliver to the Administrative Agent, together with each Credit Utilization Summary and more frequently if necessary to permit the Administrative Agent to collect such fees, a list of all fees payable by the Borrower under Section 3.3(a) and Section 3.3(b) in connection with Letters of Credit issued by such Issuing Lender.

(b)            Within five (5) Business Days after receiving each Credit Utilization Summary from the Issuing Lenders, the Administrative Agent shall deliver to each Lender a Credit Utilization Summary of all issued and outstanding Letters of Credit and Revolving Credit Loans, setting forth (i) for each Letter of Credit, the information referred to in clauses (i) and (ii) of Section 4.13(a) and (ii) for each Type of Revolving Credit Loan, (A) the amount outstanding under such Revolving Credit Loans as of the last day of such calendar month and (ii) the amount of any payments of such Revolving Credit Loans during such month, in each case, on an aggregate and per Letter of Credit basis.

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4.14            [Intentionally Omitted].

4.15            Indemnity.  The Borrower agrees to indemnify each Lender and to hold each Lender harmless from any actual loss or expense (including, without limitation, any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender) which such Lender may sustain or incur as a consequence of (a) any failure by the Borrower in making a borrowing of, Conversion into or Continuation of Eurodollar Loans or Cost of Funds Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) any failure by the Borrower in making any prepayment or payment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a payment or prepayment of Eurodollar Loans or Cost of Funds Loans (whether optional or mandatory, whether from proceeds of Collateral or otherwise) on a day which is not the last day of an Interest Period with respect thereto.  A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be presumptively correct in the absence of manifest error.  This covenant shall survive the termination of this Agreement and the payment in full of the Loans, Reimbursement Obligations and all other amounts payable hereunder.

4.16            Inability to Determine Interest Rate.

(a)            If, with respect to any Eurodollar Loan:

(i)            the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower absent manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the relevant Eurodollar Base Rate for the applicable Interest Period, or

(ii)            the Administrative Agent shall have received notice from the Required Lenders that the relevant Eurodollar Base Rate determined or to be determined for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively determined by them absent manifest error) of making or maintaining their affected Loans during such Interest Period,

then, subject to Section 4.16(c), the Administrative Agent shall give written notice thereof to the Borrower and the Lenders as soon as practicable thereafter and:

(A)            each outstanding Eurodollar Loan will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Loan;

(B)            the obligations of the Lenders to make Eurodollar Loans or to Convert Base Rate Loans or Cost of Funds Loans into Eurodollar Loans shall be suspended until the Administrative Agent shall notify the Borrower that such Lenders have determined that the circumstances causing such suspension no longer exist;

(C)            any Eurodollar Loans requested to be made on the first day of the applicable Interest Period shall be made as Base Rate Loans;

(D)            any Base Rate Loans that were to have been Converted on the first day of the applicable Interest Period to Eurodollar Loans shall Continue as Base Rate Loans; and

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(E)            any Cost of Funds Loans that were to have been Converted on the first day of the applicable Interest Period to Eurodollar Loans shall Continue as Base Rate Loans.

(b)            If, with respect to any Cost of Funds Loan:

(i)            the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower absent manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the relevant Cost of Funds Rate for the applicable Interest Period, or

(ii)            the Administrative Agent shall have received notice from the Required Lenders that the relevant Cost of Funds Rate determined or to be determined for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively determined by them absent manifest error) of making or maintaining their affected Loans during such Interest Period,

then, subject to Section 4.16(c), the Administrative Agent shall give written notice thereof to the Borrower and the Lenders as soon as practicable thereafter and:

(A)            each outstanding Cost of Funds Loan will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Loan;

(B)            the obligations of the Lenders to make Cost of Funds Loans or to Convert Base Rate Loans or Eurodollar Loans into Cost of Funds Loans shall be suspended until the Administrative Agent shall notify the Borrower that such Lenders have determined that the circumstances causing such suspension no longer exist;

(C)            any Cost of Funds Loans requested to be made on the first day of the applicable Interest Period shall be made as Base Rate Loans;

(D)            any Base Rate Loans that were to have been Converted on the first day of the applicable Interest Period to Cost of Funds Loans shall Continue as Base Rate Loans; and

(E)            any Eurodollar Loans that were to have been Converted on the first day of the applicable Interest Period to Cost of Funds Loans shall Continue as Base Rate Loans.

(c)            If, with respect to any Base Rate Loan (including, without limitation, any Eurodollar Loan that would otherwise have been Converted into a Base Rate Loan pursuant to Section 4.16(a) and any Cost of Funds Loan that would otherwise have been Converted into a Base Rate Loan pursuant to Section 4.16(b)), the Administrative Agent shall have received notice from the Required Lenders that the Applicable Margin plus the Base Rate is less than the Applicable Margin plus Cost of Funds Rate, then the Administrative Agent shall give written notice thereof to the Borrower and the Lender as soon as practicable thereafter and:

(i)            each outstanding Base Rate Loan will automatically, on the first day after the Administrative Agent received such notice, including, without limitation, any notice delivered pursuant to Section 4.16(a) or Section 4.16(b), from the Required Lenders, Convert into a Cost of Funds Loan;

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(ii)            the obligations of the Lenders to make Base Rate Loans or to Convert Eurodollar Loans or Cost of Funds Loans into Base Rate Loans shall be suspended until the Administrative Agent shall notify the Borrower that the Required Lenders have determined that the circumstances causing such suspension no longer exist;

(iii)            any Base Rate Loans requested to be made shall be made as Cost of Funds Loans;

(iv)            any Eurodollar Loans that were to have been Converted to Base Rate Loans shall be Converted into Cost of Funds Loans; and

(v)            any Cost of Funds Loans that were to have been Converted to Base Rate Loans shall Continue as Cost of Funds Loans.

(d)            The Administrative Agent shall promptly revoke (i) any such notice pursuant to clause (a)(i) or (b)(i) above if the Administrative Agent determines that the relevant circumstances have ceased to exist and (ii) any such notice pursuant to clause (a)(ii), (b)(ii) or (c) above upon receipt of notice from the Required Lenders that the relevant circumstances described in such clause (a)(ii), (b)(ii) or (c) have ceased to exist.

4.17            Illegality.  Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans or Cost of Funds Loans as contemplated by this Agreement, (a) the willingness of such Lender hereunder to consider requests to make Eurodollar Loans or Cost of Funds Loans, Continue Eurodollar Loans or Cost of Funds Loans as such and Convert Base Rate Loans or Cost of Funds Loans to Eurodollar Loans and Eurodollar Loans or Base Rate Loans to Cost of Funds Loans shall forthwith be cancelled and (b) such Lender's Loans then outstanding as Eurodollar Loans or Cost of Funds Loans, if any, shall be Converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law.  If any such Conversion of a Eurodollar Loan or Cost of Funds Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 4.15.

4.18            Defaulting Lender.

(a)                  (i)            Anything contained herein to the contrary notwithstanding, in the event that any Lender becomes a Defaulting Lender, then the Swing Line Lender may, in its sole discretion, require such Defaulting Lender or, in the event such Defaulting Lender fails to do so, require the Borrower to deposit cash collateral with the Collateral Agent in an aggregate amount equal to such Defaulting Lender's participations in any requested or outstanding Swing Line Loans, and each Defaulting Lender and the Borrower hereby grants a first priority security interest in such cash collateral in favor of the Collateral Agent, for the sole benefit of the Swing Line Lender.

(ii)            Anything contained herein to the contrary notwithstanding, in the event that any Lender becomes a Defaulting Lender, then the Daylight Overdraft Lender may, in its sole discretion, require such Defaulting Lender or, in the event such Defaulting Lender fails to do so, require the Borrower to deposit cash collateral with the Collateral Agent in an aggregate amount equal to such Defaulting Lender's participations in any requested or outstanding Daylight Overdraft Loans, and each Defaulting Lender and the Borrower hereby grants a first priority security interest in such cash collateral in favor of the Collateral Agent, for the sole benefit of the Daylight Overdraft Lender.

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(b)            Anything contained herein to the contrary notwithstanding, in the event that any Lender becomes a Defaulting Lender, then each Issuing Lender may, in its sole discretion, require such Defaulting Lender to deposit cash collateral with the Collateral Agent or, in the event such Defaulting Lender fails to do so, require the Borrower to deposit Cash Collateral with the Collateral Agent in an aggregate amount equal to 105% of such Defaulting Lender's participations in any requested or outstanding Letters of Credit, and each Defaulting Lender and the Borrower hereby grants, a first priority security interest in such cash collateral or Cash Collateral, as applicable, provided by it in favor of the Collateral Agent, for the sole benefit of the applicable Issuing Lender.

(c)            Notwithstanding any other provision in this Agreement to the contrary, if at any time a Lender becomes a Defaulting Lender, the following provisions shall apply so long as such Lender is a Defaulting Lender:

(i)            [Intentionally Omitted]

(ii)            With respect to any L/C Obligations, Swing Line Loans, Daylight Overdraft Loans and participations in L/C Obligations, Daylight Overdraft Loans and Swing Line Loans of the Defaulting Lender (including, without limitation, any of them that exists at the time a Lender becomes a Defaulting Lender or thereafter) (the "Defaulting Lender's Exposure"):

(A)            such Defaulting Lender's Exposure shall automatically be reallocated (without further action of any party) among the Non-Defaulting Lenders (other than Declining Lenders) ratably in accordance with their respective Stated Percentages (determined as if the applicable Letter of Credit were issued or Swing Line Loan or Daylight Overdraft Loan were made at such time) (calculated without regard to any Defaulting Lender's Maximum Credit Limit) but only to the extent that (x) the conditions set forth in Section 6.2 are satisfied at such time and (y) the Extensions of Credit of each Non-Defaulting Lender do not exceed such Non-Defaulting Lender's Maximum Credit Limit;

(B)            if the reallocation described in paragraph (A) above cannot, or can only partially, be effected, then the Borrower shall within one (1) Business Day following notice by the Administrative Agent, any Issuing Lender, the Swing Line Lender or the Daylight Overdraft Lender, as applicable, (1) deliver to the Collateral Agent Cash Collateral for such Defaulting Lender's Exposure relating to L/C Obligations, (after giving effect to any partial reallocation pursuant to paragraph (A) above) as otherwise provided in this Agreement for so long as such L/C Obligations are outstanding, (2) immediately repay the non-reallocated amount of each Swing Line Loan for so long as such Swing Line Loan or any participation therein is outstanding and (3) immediately repay the non-reallocated amount of each Daylight Overdraft Loan for so long as such Daylight Overdraft Loan or any participation therein is outstanding;

(C)            if the Borrower shall deliver to the Collateral Agent Cash Collateral for any portion of such Defaulting Lender's participations in L/C Obligations pursuant to Section 4.18(b) or (c)(ii)(B) then the Borrower shall not be required to pay any fees for the benefit of such Defaulting Lender pursuant to Section 3.3(a) of this Agreement with respect to the portion of such Defaulting Lender's share of outstanding Letters of Credit equal to such Cash Collateral during the period such Cash Collateral is held by the Collateral Agent;

(D)            to the extent the Defaulting Lender's Exposure is reallocated to the Non-Defaulting Lenders pursuant to clause (A) above, the fees payable to the Lenders pursuant to Section 3.3(a) shall be adjusted in accordance with such Non-Defaulting Lenders' Maximum Credit Limits (disregarding the Maximum Credit Limits of any Defaulting Lender);

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(E)            if any Defaulting Lender's Exposure is not cash collateralized by such Defaulting Lender, Cash Collateralized by the Borrower, reallocated or prepaid pursuant to this Section 4.18, then, without prejudice to any rights or remedies of any Issuing Lender, the Swing Line Lender, the Daylight Overdraft Lender or any other Lender hereunder, all fees payable to the Lenders pursuant to Sections 3.3(a) with respect to such Defaulting Lender's Exposure that is not cash collateralized, Cash Collateralized, reallocated or prepaid shall be payable to the Issuing Lenders, the Daylight Overdraft Lender or the Swing Line Lender, as applicable, until such Defaulting Lender's Exposure is fully cash collateralized or Cash Collateralized as set forth in this Section 4.18, reallocated and/or prepaid;

(F)            (i) no Issuing Lender shall be required to consider agreeing to issue, provide, amend or increase any Credit, unless it is satisfied in its sole discretion that the related exposure will be 105% covered by the Maximum Credit Limits of the Non-Defaulting Lenders and/or Cash Collateral will be provided by the Borrower in accordance with Section 4.18(b) or Section 4.18(c)(ii)(B), and participating interests in any such newly issued, provided or increased Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 3.4 (and Defaulting Lenders shall not participate therein) and (ii) neither the Swing Line Lender nor the Daylight Overdraft Lender shall be required to consider agreeing to advance any Swing Line Loan or Daylight Overdraft Loan, unless it is satisfied that the related exposure will be 100% covered by the Maximum Credit Limits of the Non-Defaulting Lenders and/or Cash Collateral will be provided by the Borrower in accordance with Section 4.18(a) or the Borrower will repay the non-reallocated amount of each Swing Line Loan and/or Daylight Overdraft Loan in accordance with Section 4.18(c)(ii)(B);

(G)            any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative Agent in a segregated account and subject to any applicable Requirements of Law, and be applied:

(1)            first, to the payment of any amounts owing by such Defaulting Lender to the Agents hereunder,

(2)            second, to the payment pro rata of any amounts owing by such Defaulting Lender to the Issuing Lenders, the Daylight Overdraft Lender and/or the Swing Line Lender hereunder,

(3)            third, to the payment pro rata to (x) the cash collateralization, as set forth in this Section 4.18, of any participating interest in any Letter of Credit in respect of which such Defaulting Lender has failed to fund cash collateral for its portion thereof as required by this Agreement, pro rata among such Letters of Credit, as determined by the Administrative Agent, and (y) the repayment of any uncovered portion of any outstanding Swing Line Loans and Daylight Overdraft Loans, pro rata among such Loans,

(4)            fourth, if so determined by the Administrative Agent, any of the Issuing Lenders, the Daylight Overdraft Lender or the Swing Line Lender, held in such account as cash collateral for future funding obligations of such Defaulting Lender under this Agreement,

(5)            fifth, to the payment of any amounts owing to the Non-Defaulting Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Non-Defaulting Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement,

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(6)            sixth, so long as no Default or Event of Default shall have occurred and be continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement, and

(7)            seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, however, that notwithstanding this clause seventh, if such payment is (x) a payment of the principal amount of any Loans or Unreimbursed Amount which a Defaulting Lender has not funded in accordance with its participation obligations hereunder and (y) made at a time when the conditions set forth in Section 6.2 are satisfied, such payment shall be applied solely to prepay the Loans of, and Unreimbursed Amounts owed to, all Non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or Unreimbursed Amounts owed to, any Defaulting Lender.

(d)            Each Defaulting Lender shall indemnify the Borrower, the Agents, the Issuing Lenders, the Daylight Overdraft Lender, the Swing Line Lender and each Non-Defaulting Lender from and against any and all loss, damage or expenses, including but not limited to reasonable attorneys' fees and, in the case of the Agents, the Issuing Lenders, the Swing Line Lender, the Daylight Overdraft Lender or any Non-Defaulting Lender, funds (if any) advanced by the Agents, the Issuing Lenders, the Swing Line Lender, the Daylight Overdraft Lender or by any Non-Defaulting Lender, on account of such Defaulting Lender's failure to timely fund its applicable share of a Loan or to otherwise perform its obligations under the Loan Documents.

(e)            In the event that the Administrative Agent, the Borrower, each Issuing Lender, the Daylight Overdraft Lender and the Swing Line Lender agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Obligations, Daylight Overdraft Loans, participations in Daylight Overdraft Loans, Swing Line Loans, participations in Swing Line Loans, and participations in L/C Obligations of the Lenders shall be readjusted to reflect the inclusion of such Lender's Maximum Credit Limit and on such date such Lender shall purchase at par such of the Loans, Maximum Credit Limit and/or L/C Obligations, or participations therein of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans, Maximum Credit Limits and/or Obligations in accordance with its applicable share thereof. Each Defaulting Lender shall further indemnify and hold harmless the Agents, the Issuing Lenders, the Daylight Overdraft Lender, the Swing Line Lender and each Non-Defaulting Lender from any actual loss or expense (including, without limitation, any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender) which the Agents, the Issuing Lenders, the Daylight Overdraft Lender, the Swing Line Lender and each Non-Defaulting Lender may sustain or incur as a direct consequence of the readjustment and purchase referred to in this clause (e) above.

(f)            At any time during a Default Period, the Borrower may, upon three (3) Business Days prior notice to the applicable Defaulting Lender (so long as such Default Period remains in effect at the end of such notice period), require such Defaulting Lender to assign all right, title and interest that it may have in, and its participations in, all Loans, Letters of Credit and any other Obligations of the Borrower under this Agreement and the Loan Documents to another Lender (if another Lender will consent to purchase such right, title and interest and participations) or another Person in accordance with and subject to the terms of Section 11.20 of this Agreement, if such Person can be found by the Borrower, for a purchase price equal to 100% of the principal amount such Obligations plus the amount of any interest and fees accrued and owing to such Defaulting Lender as of the date of such assignment plus any amount payable under Section 4.15.

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		SECTION 5.	REPRESENTATIONS AND WARRANTIES

To induce the Agents and the Lenders to enter into this Agreement and to consider making the Loans and consider issuing or participating in Letters of Credit, the Borrower hereby represents and warrants to each Agent and each Lender that:

5.1            Financial Condition.

(a)            The audited consolidated balance sheet of the Parent at December 31, 2013 and the related consolidated statements of operations and of cash flows for the Fiscal Year ended on such date, audited by Deloitte Touche Tohmatsu Limited, copies of which have heretofore been furnished to each Lender, in each case are complete and correct in all material respects and present fairly the consolidated financial condition of each Loan Party as at such date, and the consolidated results of their operations and their consolidated cash flows for the Fiscal Year then ended.  The financial statements described in this Section 5.1(a), including the related schedules and notes thereto, have been prepared in accordance with GAAP, in each case applied consistently throughout the periods involved (except as approved by such accountants and as disclosed therein).

(b)            (i)            The unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at March 31, 2014 and the related unaudited consolidated statements of operations for the Fiscal Quarter ended on such date, certified by a Responsible Person of the Borrower, copies of which have heretofore been furnished to each Lender, are complete and correct in all material respects and present fairly the consolidated financial condition of the Borrower and its Subsidiaries as at such date, and the consolidated results of their operations for the Fiscal Quarter then ended (subject to normal year‐end audit adjustments).  All such financial statements have been prepared in accordance with GAAP (except for the absence of footnote disclosures) applied consistently throughout the periods involved (except as approved by such Responsible Person of the Borrower and as disclosed therein).

(ii)            The unaudited consolidated balance sheet of the Parent and its Subsidiaries as at March 31, 2014 and the related unaudited consolidated statements of operations and cash flows for the Fiscal Quarter ended on such date, certified by a Responsible Person of the Parent, copies of which have heretofore been furnished to each Lender, are complete and correct in all material respects and present fairly the consolidated financial condition of the Parent and its Subsidiaries as at such date, and the consolidated results of their operations and their consolidated cash flows for the Fiscal Quarter then ended (subject to normal year‐end audit adjustments).  All such financial statements have been prepared in accordance with GAAP (except for the absence of footnote disclosures) applied consistently throughout the periods involved (except as approved by such Responsible Person of the Parent and as disclosed therein).

(c)            Except as set forth on Schedule 5.1(c) hereto, neither the Parent nor any of its consolidated Subsidiaries had, at the date of the most recent balance sheet referred to in subsections (a) and (b) above, any material Guarantee Obligation, contingent liability or liability for taxes, or any material long-term lease or unusual forward or long-term commitment, including, without limitation, any material interest rate or foreign currency swap or exchange transaction or other financial derivative, which is not reflected in the foregoing statements or in the notes thereto.

(d)            During the period from December 31, 2013 to and including the date hereof, there has been no sale, transfer or other disposition by the Parent, the Borrower or any of their respective consolidated Subsidiaries of any material part of their respective business or property and no purchase or other acquisition of any business or property (including any Capital Stock of any other Person) material in relation to the consolidated financial condition of the Parent, the Borrower or any of

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such Subsidiaries at December 31, 2013, other than (i) sales and Dispositions of inventory in the ordinary course of business and (ii) those sales, transfers, dispositions and acquisitions listed on Schedule 5.1(d).

5.2            No Change.  Except as disclosed on Schedule 5.23(a), since December 31, 2013, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect.

5.3            Existence; Compliance with Law.  Each Loan Party (a) is duly formed or organized, validly existing and in good standing under the Laws of the jurisdiction of its organization, (b) has the corporate, limited liability company or partnership (or analogous) power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation, limited liability company or partnership (as applicable) and in good standing under the Laws of each jurisdiction where such qualification is required, except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

5.4            Power; Authorization; Enforceable Obligations.  Each Loan Party has the corporate, limited liability company or partnership (or analogous) power and authority, and the legal right, to execute, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to borrow and obtain Letters of Credit hereunder, and has taken all necessary corporate, limited liability company or partnership (or analogous) action to authorize the borrowings and Letters of Credit on the terms and conditions of this Agreement and to authorize the execution, delivery and performance of the Loan Documents to which it is a party.  Except for (a) the filing of UCC financing statements and equivalent filings for foreign jurisdictions and (b) the filings or other actions listed on Schedule 5.4 (and including, without limitation, such other authorizations, approvals, registrations, actions, notices, or filings as have already been obtained, made or taken and are in full force and effect and listed on Schedule 5.4), no consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person, including, without limitation, the FERC, to which any Loan Party is subject, is required in connection with the borrowings or Letters of Credit hereunder or with the execution, delivery, performance, validity or enforceability of the Loan Documents to which the Loan Parties are a party or the granting of Liens under the Security Documents; provided that, approval by the FERC may be required for the transfer of direct or indirect ownership or control of FERC Contract Collateral; provided further, that, no approval of the FERC is required for the granting of the security interest in the FERC Contract Collateral to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to the Security Documents.  As of the Amended and Restated Effective Date, the only contracts comprising FERC Contract Collateral of any Loan Party as to which further consent of the FERC may be required in connection with the exercise of remedies by the Administrative Agent or the Collateral Agent under the Loan Documents are contracts for the transportation of certain Eligible Commodities listed on Schedule 5.4.  This Agreement has been, and each other Loan Document to which they are a party will be, duly executed and delivered on behalf of the Loan Parties.  This Agreement constitutes, and each other Loan Document to which it is a party when executed and delivered will constitute, a legal, valid and binding obligation of each Loan Party enforceable against such Loan Party in accordance with its terms, subject to the effects, if any, of bankruptcy, insolvency, reorganization, moratorium and other similar Laws relating to or affecting creditors' rights generally, and general equitable principles (whether considered in a proceeding in equity or at law).

5.5            No Legal Bar.  The execution, delivery and performance of the Loan Documents to which each of the Loan Parties is a party, the borrowings hereunder and the use of the proceeds thereof and the use of Letters of Credit (i) will not violate any Requirement of Law, including any rules or

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regulations promulgated by the FERC, in each case to the extent applicable to or binding upon such Loan Party or its properties, (ii) will not violate any Contractual Obligation of any Loan Party or any of their respective Subsidiaries, except where such violation could not reasonably be expected to have a Material Adverse Effect and (iii) will not result in, or require, the creation or imposition of any Lien on any Loan Party's or any of their respective Subsidiaries' properties or revenues pursuant to any such Requirement of Law or Contractual Obligation (other than Liens created by the Security Documents in favor of the Collateral Agent for the ratable benefit of the Secured Parties).

5.6            No Material Litigation.  No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of any Loan Party, threatened by or against any Loan Party or any of their respective Subsidiaries or against any of their respective properties or revenues (a) with respect to any of the Loan Documents, (b) with respect to any of the transactions contemplated by or occurring simultaneously with the entering into of the Loan Documents in which the litigation, investigation or proceeding is material and has a reasonable basis in fact, or (c) which could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.  All material litigation or proceedings pending as of the date hereof before any arbitrator or Governmental Authority against any Loan Party or any of their respective Subsidiaries is set forth on Schedule 5.6.

5.7            No Default.  None of the Loan Parties or any of their respective Subsidiaries is in default under or with respect to any Contractual Obligations in any respect which could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.  No Default or Event of Default has occurred and is continuing.

5.8            Title and Liens.  Each of the Loan Parties and their respective Subsidiaries has good and defensible title in fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other property, and none of such property is subject to any Lien except as permitted by Section 8.3.  Schedule 5.8 accurately lists:

(i)            all of the real property and leasehold interests in real property of each of the Loan Parties and their respective Subsidiaries, and

(ii)            all locations where inventory of the Borrower is held on or expected to be held after the Amended and Restated Effective Date.

5.9            Intellectual Property.  Each of the Loan Parties and each of their respective Subsidiaries owns, is licensed to use or has a common law or contractual right to access and use, all trademarks, trade names, copyrights, technology, know‐how and processes necessary for the conduct of its business as currently conducted and as proposed to be conducted except for those the failure to own or license which could not in the aggregate reasonably be expected to have a Material Adverse Effect (the "Intellectual Property").  Except as set forth on Schedule 5.9, no claim has been asserted or is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does any Loan Party know of any valid basis for any such claim, except any claim that could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.  The use of such Intellectual Property by any of the Loan Parties or any of their respective Subsidiaries does not infringe on the rights of any Person, except for such infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

5.10            No Burdensome Restrictions.  There is no Requirement of Law or Contractual Obligation of any of the Loan Parties or any of their respective Subsidiaries, compliance with which has had or could reasonably be expected to have a Material Adverse Effect.

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5.11            Taxes.

(a)            Except as set forth on Schedule 5.11, each Loan Party and each of their respective Tax Affiliates has timely filed or caused to be filed all income, franchise and other Tax returns required to be filed and has timely paid all income, franchise and other Taxes due and payable by it or imposed with respect to any of its property and all other income, franchise and other Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the applicable Loan Party or the applicable Tax Affiliate, and of which notice has been given to the Administrative Agent in each case where the amount of the contest exceeds $100,000).  Except as set forth on Schedule 5.11, each Loan Party and each of their respective Tax Affiliates has complied in all material respects with all applicable Laws relating to the withholding and payment of taxes and has timely withheld from employee wages and paid over to the proper Governmental Authorities all amounts required to be so withheld and paid over for all periods under all applicable Laws.  Except as set forth on Schedule 5.11, as of the Amended and Restated Effective Date, no tax return of any Loan Party or any of their respective Tax Affiliates is being audited by any Governmental Authority.  Except as set forth on Schedule 5.11, none of the Loan Parties or any of their respective Tax Affiliates has (i) as of the Amended and Restated Effective Date, executed or filed with any Governmental Authority any agreement or other document extending, or having the effect of extending, the period for assessment or collection of any federal, state, local or foreign taxes or other imposition; (ii) agreed or been requested to make any adjustment under Section 481(a) of the Code by reason of a change in accounting method or otherwise (other than as a result of changes in the Code or regulations thereunder); or (iii) any obligation under any written tax-sharing agreement.  None of the Loan Parties or any of their respective Tax Affiliates has taken any reporting position for which it does not have a reasonable basis or anticipates any further material tax liability with respect to its taxable years that have not been closed, taken as a whole.

(b)            There are no Liens for Taxes against the Collateral or any property of any Loan Party or any of their Subsidiaries and no claim is being asserted with respect to Taxes which could result in such Liens, except for statutory liens for Taxes not yet due and payable or for Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and, in each case, with respect to which reserves in conformity with GAAP have been provided on the books of such Loan Party.

5.12            Federal Regulations.  No part of the proceeds of any Loan or Letter of Credit will be used for "purchasing" or "carrying" any "margin stock" within the respective meanings of each of the quoted terms under Regulation U, or for any purpose which violates, or which would be inconsistent with, the provisions of the regulations of the Board.  If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G‐3 or FR Form U‐1 referred to in said Regulation U.

5.13            ERISA.  Neither a Reportable Event nor any failure to satisfy the "minimum funding standard" (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the six‐year period prior to the date on which this representation is made or deemed made or is reasonably expected to occur with respect to any Single Employer Plan that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, and each Plan (and, to the knowledge of any Loan Party, each Multiemployer Plan and multiemployer welfare plan maintained pursuant to a collective bargaining agreement with respect to which any Loan Party has any liability) has complied in all respects with the applicable provisions of ERISA, the Code and the constituent documents of such Plan, except for instances of non-compliance that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect.  No termination of a Single Employer Plan has occurred

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during such six-year period or is reasonably expected to occur (other than a termination described in Section 4041(b) of ERISA), and no Lien in favor of a Plan or the PBGC in connection with any Plan has arisen during such six-year period or is reasonably expected to arise.  Except to the extent that any such excess could not reasonably be expected to have a Material Adverse Effect, the present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits.  Except to the extent that such liability could not reasonably be expected to have a Material Adverse Effect, (a) none of the Loan Parties nor any Commonly Controlled Entity have had a complete or partial withdrawal from any Multiemployer Plan, and (b) none of the Loan Parties would become subject to any liability under ERISA if a Loan Party or any Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made.  To the knowledge of the Loan Parties, no such Multiemployer Plan is in Reorganization, Insolvent or terminating or is reasonably expected to be in Reorganization, become Insolvent or be terminated.  Except to the extent that any such excess could not reasonably be expected to have a Material Adverse Effect, the present value (determined using actuarial and other assumptions which are reasonable in respect of the benefits provided and the employees participating) of the liability of the Loan Parties and each Commonly Controlled Entity for post-retirement benefits to be provided to their current and former employees under Plans which are welfare benefit plans (as defined in Section 3(1) of ERISA) other than such liability disclosed in the financial statements of the Loan Parties does not, in the aggregate, exceed the assets under all such Plans allocable to such benefits.  None of the Loan Parties or any Commonly Controlled Entity has engaged in a prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code in connection with any Plan that would subject any Loan Party to liability under ERISA and/or Section 4975 of the Code that could reasonably be expected to have a Material Adverse Effect.  There is no other circumstance existing which may give rise to a liability in relation to any Plan that could reasonably be expected to have a Material Adverse Effect.  None of the assets of the Borrower constitute "plan assets" for purposes of Section 406 of ERISA and/or Section 4975 of the Code, or for purposes of any other applicable statute, regulation or other rule which is materially similar to Section 406 of ERISA or Section 4975 of the Code.

5.14            Investment Company Act; Other Regulations.  None of the Loan Parties is an "investment company," or a company "controlled" by an "investment company," within the meaning of the Investment Company Act of 1940.  None of the Loan Parties is subject to regulation under any Federal or State statute or regulation which limits its ability to incur Indebtedness or grant Liens on its assets.  None of the Loan Parties or any of their Affiliates is subject to the jurisdiction of the FERC or any rules and regulations promulgated thereby.

5.15            Subsidiaries.  Schedule 5.15 sets forth as of the Amended and Restated Effective Date the name of each direct or indirect Subsidiary of each Loan Party, their respective forms of organization, their respective jurisdictions of organization, the total number of issued and outstanding shares or other interests of Capital Stock thereof, the classes and number of issued and outstanding shares or other interests of Capital Stock of each such class, and with respect to each Loan Party, the name of each holder of Capital Stock thereof and the number of shares or other interests of such Capital Stock held by each such holder and the percentage of all outstanding shares or other interests of such class of Capital Stock held by such holders.

5.16            Security Documents.

(a)            The provisions of each Security Document are effective to create in favor of the Collateral Agent for the ratable benefit of the Secured Parties a legal, valid and enforceable Lien in all right, title and interest of the Borrower in the "Collateral" described therein.

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(b)            When proper UCC financing statements or other applicable filings listed in Schedule 5.16 have been filed in the offices in the jurisdictions listed in Schedule 5.16, the Security Agreement shall constitute a Perfected First Lien on all right, title and interest of the Borrower in the Collateral described therein, which can be perfected by such filing, prior and superior in right to any other Person subject to any Permitted Borrowing Base Liens, in the case of assets in the Borrowing Base, or Liens permitted under Section 8.3 in the case of other assets.

(c)            When an Account Control Agreement has been entered into with respect to each Pledged Account, the Security Agreement shall constitute a Perfected First Lien on all right, title and interest of the Borrower in the portion of the Collateral described therein that consists of Pledged Accounts, prior and superior in right to any other Person subject to any Permitted Financial Management Liens.

5.17            Accuracy and Completeness of Information.  All factual information, reports and other papers and data with respect to the Loan Parties or any of their respective Subsidiaries furnished, and all factual statements and representations made, to the Agents or the Lenders by any Loan Party, or on behalf of any Loan Party, were, at the time the same were so furnished or made, when taken together with all such other factual information, reports and other papers and data previously so furnished in connection with this Agreement and the Extensions of Credit hereunder and all such other factual statements and representations previously so made in connection with this Agreement and the Extensions of Credit hereunder, complete and correct in all material respects, to the extent necessary to give the Agents and the Lenders true and accurate knowledge of the subject matter thereof in all material respects, and did not as of the date so furnished or made, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements contained therein not misleading in light of the circumstances in which the same were made.

5.18            Labor Relations.  None of the Loan Parties or any of their respective Subsidiaries is engaged in any unfair labor practice. There is (i) no unfair labor practice complaint pending or, to the knowledge of any Loan Party or any of their respective Subsidiaries, threatened against any Loan Party or any of their respective Subsidiaries before the National Labor Relations Board and no grievance or arbitration proceeding arising out of or under a collective bargaining agreement is so pending or to their knowledge threatened, (ii) no strike, labor dispute, slowdown or stoppage pending or, to the knowledge of any Loan Party, threatened against any Loan Party and any of their respective Subsidiaries, and (iii) no union representation question existing with respect to the employees of any Loan Party or any of their respective Subsidiaries and no union organizing activities are taking place with respect to any thereof.

5.19            Insurance.  As of the Amended and Restated Effective Date, each Loan Party has, with respect to its properties and business, insurance covering the risks, in the amounts, with the deductible or other retention amounts, and with the carriers, listed on Schedule 5.19, which insurance meets the requirements of Section 7.5 hereof and, in the case of the Borrower, Section 3 of the Security Agreement.  No property insurance covering any of the Collateral names any loss payee or additional insured other than the Collateral Agent for the ratable benefit of the Secured Parties.  Except as set forth on Schedule 5.19 (as updated from time to time by the Borrower with the written consent of the Administrative Agent), no Loan Party has been refused insurance for which it applied or had any policy of insurance terminated (other than at its request).

5.20            Solvency.  As of the date hereof, the Amended and Restated Effective Date, and each other date of determination, after giving effect to Loans and Letters of Credit to be made, issued or provided on or prior to such date, (i) the amount of the "present fair saleable value" of the assets of the Loan Parties, each on an individual basis, and of the Loan Parties and their respective Subsidiaries taken as a whole, will, as of such date, exceed the amount of all "liabilities of the Loan Parties, each on an

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individual basis, and of the Loan Parties and their respective Subsidiaries taken as a whole, contingent or otherwise", as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (ii) the present fair saleable value of the assets of the Loan Parties, each on an individual basis, and of the Loan Parties and their respective Subsidiaries taken as a whole, will, as of such date, be greater than the amount that will be required to pay the liabilities of the Loan Parties, each on an individual basis, and of the Loan Parties and their respective Subsidiaries taken as a whole, on its respective debts as such debts become absolute and matured, (iii) the Loan Parties, each on an individual basis, and the Loan Parties and their respective Subsidiaries taken as a whole, will not have, as of such date, an "unreasonably small amount of capital" with which to conduct their respective businesses, as such quoted term is determined in accordance with applicable U.S. federal and state Laws governing the determination of insolvency of debtors and (iv) the Loan Parties, each on an individual basis, and the Loan Parties and their respective Subsidiaries taken as a whole, will be able to pay their respective debts as they mature.  For purposes of this Section 5.20, "debt" means "liability on a claim", "claim" means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured and (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured.

5.21            Use of Letters of Credit and Proceeds of Loans.  (a) On the Amended and Restated Effective Date, the Letters of Credit and the proceeds of the Loans shall be used to refinance outstandings under the Borrower's Existing Credit Agreement, (b) on and after the Amended and Restated Effective Date, the Letters of Credit and the proceeds of the Loans shall be used by the Borrower for the purpose of the purchase, transportation, storage, hedging and sale of Eligible Commodities and Accounts Receivable arising from sale thereof on terms and conditions and acceptable to the Required Lenders and (c) funding the general working capital needs and other limited liability company requirements of the Borrower.

5.22            Maximum Position Limits; Risk Management Practices.  The Maximum Position Limits and the Risk Management Practices have been duly adopted by the Borrower and are in full force and effect and the Borrower conducts its business in compliance with the Maximum Position Limits and the Risk Management Practices.

5.23            Environmental Matters.  Except as set forth on Schedule 5.23(a):

(a)            The facilities and properties owned, leased or operated by any Loan Party or any of their respective Subsidiaries (the "Properties") do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations which (i) constitute or constituted a violation of, or (ii) could give rise to liability under, any Environmental Law.

(b)            The Loan Parties, their respective Subsidiaries, the Properties and all operations at the Properties are in compliance, and have, for the duration of their ownership, lease, or operation by the Loan Parties and their respective Subsidiaries, been in compliance with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the business operated by the Loan Parties or any of their respective Subsidiaries (the "Business").  All Environmental Permits necessary in connection with the ownership and operation of the Business of the Loan Parties and their respective Subsidiaries have been obtained and are in full force and effect.

(c)            None of the Loan Parties or any of their respective Subsidiaries have received any notice of violation, alleged violation, non-compliance, liability or potential liability or the

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incurrence of costs by any Governmental Authority for remediation regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the Business, nor does the Borrower have knowledge or reason to believe that any such notice will be received or is being threatened.

(d)            Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location which could give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Law.

(e)            No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Borrower, threatened, under any Environmental Law to which the Loan Parties or any of their respective Subsidiaries are or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business.

(f)            There has been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of the Loan Parties or any of their respective Subsidiaries in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws.

5.24            Anti-Terrorism Laws.

(a)            None of the Loan Parties or any of their respective Subsidiaries are, and to their knowledge none of their respective Affiliates are, in violation of any Requirement of Law relating to economic or trade sanctions, terrorism, corruption, bribery or money laundering (collectively, "Anti-Terrorism Laws"), including, but not limited to, regulations enacted, imposed, enforced or administered by the United States Treasury Department's Office of Foreign Asset Control ("OFAC"), the U.S. Department of State, the United Nations Security Council and/or the European Union, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the "Executive Order"), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 ("USA PATRIOT Act").

(b)            None of the Loan Parties or any of their Subsidiaries is, and to their knowledge, no Affiliate or employee or broker or other agent of any Loan Party or any such Subsidiary acting or benefiting in any capacity in connection with the Loans or the Letters of Credit is, any of the following (each such Person, a "Sanctioned Person"):

(i)            a Person or country that is listed in the annex to, or is otherwise subject to the provisions contained in, the Executive Order or the OFAC regulations or that is subject or target of any sanction by OFAC, the U.S. State Department, the European Union, the United Nations Security Council or other relevant sanctions authority;

(ii)            a Person directly or indirectly owned or controlled by, or acting on behalf of, any Person described in this clause (b);

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(iii)            a Person with which any Agent, any Issuing Lender or any Lender is prohibited from dealing or otherwise engaging in any transaction by any applicable Anti-Terrorism Law;

(iv)            a Person that commits, threatens or conspires to commit or supports "terrorism" as defined in the Executive Order or other applicable OFAC regulations;

(v)            a Person that is (A) named as a "specially designated national" or "blocked person" on the most current list published by OFAC at its official website or any replacement website or other replacement official publication of such list or (B) similarly designated in any comparable list published by the United Nations or any Governmental Authority of the European Union, the Netherlands, the United Kingdom, Switzerland (the State Secretariat for Economic Affairs and/or the Department of Public International Law) or the French Republic; or

(vi)            a Person located, organized or resident in a country or territory that is, or whose government is, the subject of sanctions including, without limitation, Cuba, Iran, North Korea, Sudan and Syria.

(c)            None of the Loan Parties or any of their Subsidiaries, and to their knowledge, no Affiliate or broker or other agent of any Loan Party or any such Subsidiary acting in any capacity in connection with the Loans or the Letters of Credit, (i) conducts any business or engages in, or has engaged in, making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or other applicable Anti-Terrorism Law, or (iii) engages in, has engaged in, or conspires to engage in any transaction, activity or conduct that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, or does or would violate any of the prohibitions set forth in any applicable Anti-Terrorism Law.

(d)            No part of the proceeds of the Loans or the Letters of Credit will be used, directly or, to the knowledge of the Loan Parties, indirectly, for any payments, loans or contributions to or otherwise made available to any Person to fund any activities or business of or with any Sanctioned Person, governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in violation of any applicable Anti-Terrorism Law (including, without limitation, OFAC, regulations of the European Union or the United States Foreign Corrupt Practices Act of 1977, as amended), or that could result in the violation by, or the imposition of sanctions against, any Person (including any Agent, any Issuing Lender or any Lender).

5.25            No Other Ventures.  Except as set forth in Schedule 5.25, none of the Loan Parties or any of their respective Subsidiaries is engaged in any joint venture or partnership with any other Person.

5.26            Remittances.  The Borrower has (i) instructed its Account Debtors in respect of Accounts and each other Person who remits or is to remit payments to the Borrower to remit any and all payments in respect of Accounts or by each such other Person solely to a Controlled Account and (ii) given notice of the Lien of the Collateral Agent.  Except as provided in the last sentence of this Section 5.26, all payments in respect of sales by the Borrower of Eligible Commodities are remitted directly to a Controlled Account.  Each bank which receives any payment made by any Account Debtor in respect of Accounts or by any other Person making any payment to the Borrower has been instructed to transfer all such payments immediately upon receipt.

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5.27            Force Majeure.  Neither the business nor the properties of the Loan Parties or any of their respective Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty.

5.28            Certain Indebtedness.  Schedule 8.2 separately identifies all Indebtedness (other than trade payables, the Loans or the Letters of Credit) of the Loan Parties and their respective Subsidiaries, which is either (a) for borrowed money or (b) incurred outside of the ordinary course of business or in a manner not consistent with past practice.

		SECTION 6.	CONDITIONS PRECEDENT

6.1            Conditions Precedent.  The amendment and restatement of the Existing Credit Agreement by this Agreement, the agreement of each "Lender" (as defined in the Existing Credit Agreement) to continue outstanding its "Extensions of Credit" (as defined in the Existing Credit Agreement) as Extensions of Credit hereunder, the agreement of each Lender, on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis, to consider making the initial Loan requested to be made by it and participating in the initial Letter of Credit to be issued by each of the Issuing Lenders and the agreement of each of the Issuing Lenders, on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis, to consider issuing the initial Letter of Credit to be issued by it, is subject to the satisfaction, immediately prior to or concurrently with such amendment and restatement, the making of such Extension of Credit or such continuation on the Amended and Restated Effective Date, of the following conditions precedent:

(a)            Loan Documents.  The Administrative Agent shall have received:

(i)            this Agreement, executed and delivered by a duly authorized officer of the Borrower with a counterpart or conformed copy for each Lender;

(ii)            the Security Documents, executed and delivered by a duly authorized officer of the Borrower with a counterpart or conformed copy for each Lender;

(iii)            for each Lender requesting the same, a Note of the Borrower conforming to the requirements hereof and executed by a duly authorized officer of the Borrower;

(iv)            for the Swing Line Lender requesting the same, a Note of the Borrower conforming to the requirements hereof and executed by a duly authorized officer of the Borrower;

(v)            for the Daylight Overdraft Lender requesting the same, a Note of the Borrower conforming to the requirements hereof and executed by a duly authorized officer of the Borrower;

(vi)            the Guarantee Agreements, executed and delivered by a duly authorized officer of each Guarantor party thereto, with a counterpart for each Lender;

(vii)            the Subordination Agreement, executed and delivered by a duly authorized officer of the Borrower and Aegean Liberia, with a counterpart for each Lender; and

(viii)            each of the other Loan Documents required by the Administrative Agent, executed and delivered by a duly authorized officer of the applicable Loan Party, with a counterpart or conformed copy for each Lender.

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(b)            Secretary's Certificates.  The Administrative Agent shall have received a certificate of each Loan Party, dated the Amended and Restated Effective Date, satisfactory in form and substance to the Administrative Agent, executed by a duly authorized officer of such Loan Party, or, if applicable, of the general partner or managing member or members of such Loan Party, on behalf of such Loan Party.

(c)            Borrowing Base Report.  The Administrative Agent shall have received, with a counterpart for each Lender, a fully completed Borrowing Base Report showing the Borrowing Base as of August 15, 2014, executed by a Responsible Person of the Borrower in his or her capacity as a Responsible Person.

(d)            Proceedings of the Loan Parties.  The Administrative Agent shall have received a copy of the resolutions, in form and substance satisfactory to the Administrative Agent, of the Board of Directors (or analogous body) of each Loan Party authorizing (i) the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party, (ii) the borrowings and Extensions of Credit contemplated hereunder and (iii) the granting by it of the Liens created pursuant to the Security Documents, certified on behalf of such Loan Party by a duly authorized officer of such Loan Party, or, if applicable, of the general partner or managing member or members of such Loan Party, as of the Amended and Restated Effective Date, which certification shall be included in the certificate delivered in respect of such Loan Party pursuant to Section 6.1(b), shall be in form and substance satisfactory to the Administrative Agent and shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded.

(e)            Incumbency Certificates.  The Administrative Agent shall have received a certificate of each Loan Party, dated the Amended and Restated Effective Date, as to the incumbency and signature of the officers of such Loan Party or, if applicable, of the general partner or managing member or members of such Loan Party, executing any Loan Document, which certificate shall be satisfactory in form and substance to the Administrative Agent, and shall be executed by a duly authorized officer of such Loan Party, or, if applicable, of the general partner or managing member or members of such Loan Party, on behalf of such Loan Party.

(f)            Organizational Documents.  The Administrative Agent shall have received as to each Loan Party true and complete copies of the Governing Documents of such Loan Party, certified as of the Amended and Restated Effective Date as complete and correct copies thereof by a duly authorized officer of such Loan Party, or, if applicable, of the general partner or managing member or members of such Loan Party, on behalf of such Loan Party, which certification shall be included in the certificate delivered in respect of such Loan Party pursuant to Section 6.1(b), and shall be in form and substance reasonably satisfactory to the Administrative Agent.

(g)            Good Standing Certificates.  The Administrative Agent shall have received certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of each Loan Party (i) in the jurisdiction of its organization and (ii) in each other jurisdiction where its ownership, lease or operation of property or the conduct of its business requires it to qualify as a foreign Person.

(h)            Consents, Licenses and Approvals.  The Administrative Agent shall have received a certificate of a Responsible Person of the Borrower either (i) attaching copies of all consents, authorizations, licenses and filings referred to in Section 5.4, and stating that such consents, authorizations, licenses and filings are in full force and effect or (ii) stating that no such consents, authorizations, licenses or filings are so required.

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(i)            Borrower's Certificate.  The Administrative Agent shall have received a certificate signed by a Responsible Person of the Borrower, stating on behalf of the Borrower that:

(i)            The representations and warranties contained in Section 5 are true and correct in all material respects on and as of such date, as though made on and as of such date;

(ii)            No Default or Event of Default exists;

(iii)            There has not occurred since December 31, 2013, an event or circumstance that has resulted or could reasonably be expected to result in a Material Adverse Effect; and

(iv)            The Borrower is in compliance with the Maximum Position Limits as of the most recent Business Day prior to the Amended and Restated Effective Date.

(j)            Fees.  Each Agent, the Lead Arranger and the Bookrunner and the Lenders shall have received the fees (including reasonable fees, disbursements and other charges of counsel to each Agent, the Lead Arranger and the Bookrunner) to be received on the Amended and Restated Effective Date referred to herein and in the Fee Letter and the Fronting Fee Letter.

(k)            Legal Opinions.  The Administrative Agent shall have received, with a counterpart for each Lender, the executed legal opinions of:

(i)            Seward & Kissel LLP, special New York and Delaware counsel to the Borrower, in form and substance satisfactory to the Administrative Agent.  Such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent and the Lenders may reasonably require;

(ii)            Seward & Kissel LLP, special Marshall Islands counsel to the Parent, in form and substance satisfactory to the Administrative Agent.  Such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent and the Lenders may reasonably require;

(iii)            Seward & Kissel LLP, special Liberian counsel to Aegean Liberia, in form and substance satisfactory to the Administrative Agent.  Such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent and the Lenders may reasonably require;

(iv)            Bernard LLP, special Canadian counsel to the Borrower, in form and substance satisfactory to the Administrative Agent.  Such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent and the Lenders may reasonably require; and

(v)            Koan Legal Strategies, special Belgian counsel to Aegean Belgium, in form and substance satisfactory to the Administrative Agent.  Such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent and the Lenders may reasonably require.

(l)            Control.  The Administrative Agent shall have received (i) duly executed Account Control Agreements with respect to each of the Borrower's Deposit Accounts (including, without limitation, with Wells Fargo Bank, National Association) in form and substance satisfactory to the Administrative Agent, (ii) duly executed Account Control Agreements with respect to each of the

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Borrower's Commodity Accounts (including, without limitation, with Newedge USA , LLC) in form and substance satisfactory to the Administrative Agent, and (iii) duly executed Notification and Agreements with respect to each warehouse and terminal in which the Borrower's inventory is stored (including, without limitation, Buckeye Bayonne Terminal LLC, Buckeye Pennsauken Terminal LLC and Buckeye Terminals, LLC) in form and substance satisfactory to the Administrative Agent, which in each case is necessary or, in the opinion of the Administrative Agent, desirable to perfect the Liens created by the Security Documents.

(m)            Lien Searches; Termination Statements.  The Administrative Agent shall have received

(i)            the results of a recent search by a Person satisfactory to the Administrative Agent, of the Uniform Commercial Code, and all judgment, litigation, and federal and state tax Lien searches in the jurisdictions specified by the Administrative Agent, and the results of such search shall be reasonably satisfactory to the Administrative Agent and the Lenders; and

(ii)            duly filed termination statements or other customary releases of Liens disclosed by such searches which are not permitted under Section 8.3.

(n)            Actions to Perfect Liens.  All filings, recordings, registrations and other actions, including, without limitation, the filing of duly executed financing statements on form UCC‐1 in the appropriate jurisdictions in the United States and PPSA financing statements in the appropriate provinces in Canada, necessary or, in the reasonable opinion of the Administrative Agent, desirable to perfect the Liens created by the Security Documents shall have been filed, registered or recorded or shall have been delivered to the Administrative Agent in proper form for filing, registration or recordation.

(o)            Position Report.  The Administrative Agent and the Lenders shall have received from the Borrower a completed Position Report, certified by a Responsible Person of the Borrower as of the Amended and Restated Effective Date.

(p)            Financial Statements.  The Administrative Agent and the Lenders shall have received copies of the financial statements referred to in Section 5.1.

(q)            Insurance.  The Administrative Agent shall have received evidence in form and substance reasonably satisfactory to it that all of the requirements of Section 7.5 hereof and Section 3(g) of the Security Agreement shall have been satisfied.

(r)            Due Diligence.                                        The Administrative Agent and its counsel and the Lenders shall be satisfied (in their sole discretion) with the results of their due diligence review of the Loan Parties including, without limitation, a review of the Borrower's and its Subsidiaries' assets, liabilities, Contractual Obligations, insurance, Risk Management Practices, financial statements and environmental matters.

(s)            Perfection Certificate.  The Administrative Agent shall have received from the Borrower a completed Perfection Certificate in the form attached to the Security Agreement, executed by a Responsible Person of the Borrower, in form and substance satisfactory to the Administrative Agent.

(t)            Request to Honor Oral and Telefax Instructions.  The Administrative Agent shall have received from the Borrower a completed request to honor oral and telefax instructions,

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executed by a Responsible Person of the Borrower, in form and substance satisfactory to the Administrative Agent.

(u)            Risk Management Practices.  There shall have been delivered to the Administrative Agent copies of the Risk Management Practices as in effect on the Amended and Restated Effective Date, certified as true and complete by a Responsible Person of the Borrower, and in form and substance satisfactory to the Lenders in their sole discretion and to the Borrower.

(v)            Know Your Customer.  The Administrative Agent and the Lenders shall have received, sufficiently in advance of the Amended and Restated Effective Date, all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.

(w)            Capital Structure and Equity.  The Administrative Agent and the Lenders shall be satisfied (in their sole discretion) (i) with the corporate or other organizational and capital structure of the Loan Parties, and (ii) that the sum of Consolidated Tangible Net Worth plus Subordinated Indebtedness is greater than or equal to $25,000,000.

(x)            Material Adverse Change.  There has been no change in the facts or information regarding any Loan Party or any of their respective Subsidiaries that was represented to the Administrative Agent and the Lenders by the Loan Parties (including, without limitation, the factual information, reports and other papers and data referred to in Section 5.17) that could reasonably be expected to be materially adverse to the Administrative Agent and the Lenders.

(y)            Global Facility Agreement Consent Letter.  The Administrative Agent shall have received from the Borrower a copy of the existing Consent Letter dated July 2, 2014 among the Parent, Aegean Liberia, Aegean Belgium, Aegean Petroleum International Inc. and ABN AMRO Bank N.V. as Facility Agent and Security Agent, together with a legal opinion from the Law Office of B. Koumbiadou (special Greek counsel to Borrower) stating that the execution and delivery of the Credit Agreement, the Security Agreement and each of the Guarantees by the applicable Loan Parties do not, and will not, constitute a Default or Event of Default under the Global Facility Agreement.

(z)            Post-Closing Agreement.  The Administrative Agent shall have received from the Borrower the Post-Closing Agreement, duly executed by a Responsible Person of the Borrower, in form and substance satisfactory to the Administrative Agent.

(aa)            Additional Matters.  All corporate, limited liability company or partnership (as applicable) and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the other Loan Documents shall be satisfactory in form and substance to the Administrative Agent, and the Administrative Agent shall have received such other documents and legal opinions in respect of any aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request.

6.2            Conditions to Each Credit Extension.  The agreement of each Lender, on an UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis, to consider making any Loan requested to be made by it on any date (including, without limitation, its initial Loan, if any) and the agreement of each Issuing Lender to issue or provide any Letter of Credit (including, without limitation, the initial Letters of Credit, if any) is subject to the satisfaction of the following conditions precedent:

(a)            Borrowing Notice, etc.  The Administrative Agent shall have received a Borrowing Notice pursuant to Section 2.4 or Letter of Credit Request pursuant to Section 3.2, except in

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the case of a Daylight Overdraft Loan, the Daylight Overdraft Lender shall have received a request pursuant to Section 2.4(b).

(b)            Representations and Warranties.  Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents shall be true and correct immediately prior to and after giving effect to the Credit Extension requested to be made on such date as if such representation and warranty was made on and as of such date, except to the extent any such representation and warranty relates solely to a specified prior date, in which case such representation and warranty shall be true and correct as of such specified date.

(c)            No Default.  No Default or Event of Default shall have occurred and be continuing on such date or immediately after giving effect to the Credit Extensions requested to be made on such date.

(d)            Borrowing Base Report.  The Administrative Agent and the Lenders shall have timely received a Borrowing Base Report for the most recent period for which such Borrowing Base Report is required to be delivered in accordance with Section 7.2(b) and no prepayment under Section 4.7 shall then or thereafter be required (after giving effect to the proposed Loan or Letter of Credit) based on such report.

(e)            Reports.  The Administrative Agent and the Lenders shall have received (i) a Marked-to-Market Report for the most recent period for which such Marked-to-Market Report is required to be delivered in accordance with Section 7.2(d) and (ii) a Position Report for the most recent period for which such Position Report is required to be delivered in accordance with Section 7.2(g) and (iii) any other report which is required to be delivered under Section 7.2.

(f)            Credit Availability.  After giving effect to such Credit Extension requested to be made on such date, (i) the Total Extensions of Credit shall not exceed the Borrowing Base as of such date, (ii) the Total Extensions of Credit shall not exceed the Elected Line Amount as of such date, (iii) following a Conversion to Approving Lenders Funding Date, no Approving Lender's Extensions of Credit shall exceed such Approving Lender's Maximum Credit Limit, (iv) the aggregate outstanding principal amount of Swing Line Loans shall not exceed the Swing Line Cap, (v) the aggregate outstanding principal amount of Daylight Overdraft Loans shall not exceed the Daylight Overdraft Cap, and (vi) the aggregate face amount of outstanding Letters of Credit and Reimbursement Obligations with respect to Letters of Credit shall not exceed the Letter of Credit Sublimit.

(g)            No Legal Bar.  There shall not be any order, judgment or decree of any Governmental Authority or arbitrator that by its terms purports to enjoin or restrain any Lender from making any Loan or issuing or participating in any Letter of Credit, or any Requirement of Law applicable to such Lender or any request or directive (whether or not having the force of Law) from any Governmental Authority with jurisdiction over such Lender that prohibits, or requests that such Lender refrain from, making such Loan or issuing or participating in any Letter of Credit.

Each borrowing of a Loan by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date thereof that the conditions contained in this Section 6.2 have been satisfied.

		SECTION 7.	AFFIRMATIVE COVENANTS

The Borrower hereby agrees that so long as any Maximum Credit Limit remains in effect, any Letter of Credit remains outstanding or any amount is owing to any Lender or any Agent hereunder or

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under any other Loan Document, the Borrower shall, and shall cause each other Loan Party and their respective Subsidiaries to:

7.1            Financial Statements.  Furnish to the Administrative Agent (for distribution to the other Agents and each Lender):

(a)                 (i)            as soon as available, but in any event within 120 days after the end of each Fiscal Year of the Parent, a copy of the audited consolidated financial reports of the Parent and its consolidated Subsidiaries, as at the end of such year and the related consolidated and consolidating statements of income and retained earnings and cash flows for such year, setting forth in each case in comparative form the figures for the previous year, and in the case of such consolidated financial statements, certified without qualification or exception by Deloitte Touche Tohmatsu Limited or other independent certified public accountants of nationally recognized standing reasonably acceptable to the Administrative Agent, and in the case of consolidating statements, certified by a Responsible Person of the Parent in his or her capacity as a Responsible Person, as fairly presenting the Parent's and its consolidated Subsidiaries' financial condition, results of operations and cash flows in accordance with GAAP; and

(ii)            as soon as available, but in any event within 90 days after the end of each Fiscal Year of the Borrower, a copy of the audited consolidated and consolidating financial reports of the Borrower and its consolidated Subsidiaries, as at the end of such year and the related consolidated and consolidating statements of income and retained earnings for such year, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Person of the in his or her capacity as a Responsible Person, as fairly presenting the Borrower's and its consolidated financial condition, results of operations in accordance with GAAP; and

(b)            as soon as available, but in any event not later than 30 days after the end of each fiscal month of the Borrower, a copy of the unaudited consolidated balance sheets of the Borrower and its consolidated Subsidiaries as at the end of such fiscal month and the related unaudited consolidated statements of income and retained earnings for such fiscal month and the portion of the Fiscal Year through the end of such fiscal month, setting forth in each case in comparative form the figures for the previous Fiscal Year, certified by a Responsible Person of the Borrower, in his or her capacity as a Responsible Person, as fairly presenting the Borrower's and such Subsidiaries' financial condition, results of operations and cash flows in accordance with GAAP.

All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein).

7.2            Certificates; Other Information.  Furnish to the Administrative Agent for distribution to the Lenders:

(a)            concurrently with the delivery of the financial statements referred to in Section 7.1(a), (i) a certificate of the independent certified public accountants reporting on such financial statements stating in substance that in connection with their audit nothing came to their attention that caused them to believe the Borrower failed to comply with the terms, covenants, provisions or conditions of Section 8.1(a) insofar as it relates to financial and accounting matters, except as specified in such certificate, and (ii) a certificate of the independent certified public accountants reporting on such financial statements stating in substance that in connection with their audit nothing came to their attention that caused them to believe the Parent failed to comply with the terms, covenants, provisions or conditions of

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Section 8.1(b) insofar as it relates to financial and accounting matters, except as specified in such certificate;

(b)            concurrently with each delivery of the financial statements referred to in Section 7.1(a) and (b), a certificate of a Responsible Person of the Borrower substantially in the form of Exhibit I (such a certificate, a "Compliance Certificate") (i) stating that to the best of such Person's knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements and satisfied every condition contained in this Agreement and the other Loan Documents to be observed, performed or satisfied by it, and that such Responsible Person has obtained no knowledge of any Default or Event of Default, in each case except as specified in such certificate, (ii) showing in detail the calculations supporting such Person's certification of the compliance with the requirements of Section 8.1, (iii) certifying to such Person's knowledge that the Borrower and its Subsidiaries have paid (A) all insurance premiums covering the Collateral due and payable during such period, and (B) subject to Section 7.12, taxes due and payable during such period (including sales, excise or similar taxes payable with respect to any sale giving rise to any Account Receivable);

(c)            on or before the fifth (5th) Business Day following the close of business on the 15th day of each month and the final day of each month, a Borrowing Base Report and supporting schedules in substantially the form of Exhibit E hereto for the Borrower, in each case, dated as of the 15th day of such month or the final day of such month, as applicable and certified as true and complete by a Responsible Person of the Borrower;

(d)            concurrently with the delivery of the financial statements referred to in Section 7.1(b), the Marked-to-Market Report for the Borrower, in form reasonably acceptable to the Administrative Agent certified by the Borrower;

(e)            during the first Fiscal Quarter of each Fiscal Year, a report of a reputable insurance broker with respect to the insurance maintained by or on behalf of the Borrower and its Subsidiaries in accordance with Section 7.5 of this Agreement;

(f)            promptly, upon receipt thereof, copies of all "management letters" submitted to the Borrower or the Parent by the independent public accountants referred to in Section 7.1(a) above;

(g)            on or before the fifth (5th) Business Day following the close of business on the final day of each month, a Position Report, substantially in the form of Exhibit K, for the Borrower, by commodity, location and time, which shall set forth in reasonable detail the information necessary to calculate compliance with the Maximum Position Limits;

(h)            promptly, such additional financial and other information regarding the Loan Parties and their respective Subsidiaries as any Lender may from time to time reasonably request.

7.3            Payment of Obligations.  Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on its books.

7.4            Conduct of Business; Maintenance of Existence and Compliance with Law.  (a) Continue to engage in business of the same general type as now conducted by it or as described in Section 8.14 and preserve, renew and keep in full force and effect its corporate, partnership or limited liability company (as applicable) existence and use reasonable efforts to (i) preserve its business and the

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goodwill and business of the customers, suppliers and others having business relations with the Loan Parties or any of their respective Subsidiaries and (ii) keep available the services and goodwill of such of its present employees as are, in the reasonable opinion of the Loan Parties or any of their respective Subsidiaries, as applicable, necessary or desirable for the conduct of its business as it is currently conducted, except, with respect to any Guarantor, to the extent permitted under the Global Facility Agreement; (b) preserve all registered Intellectual Property with respect to its business; (c) preserve all other rights, privileges and franchises necessary or desirable in the normal conduct of its business except as otherwise permitted pursuant to Section 8.4; (d) perform and observe, in all material respects, all the terms, covenants and conditions required to be performed and observed by it under its Contractual Obligations and do all things necessary to preserve and keep unimpaired its rights under such Contractual Obligations; and (e) comply with all Requirements of Law, except, with respect to any Guarantor, to the extent permitted under the Global Facility Agreement.

7.5            Maintenance of Property; Insurance.  (a) Keep all property useful or necessary in its business in good working order and condition (ordinary wear and tear excepted); (b) maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business, and in any event on terms and conditions not less favorable than those in effect on the Amended and Restated Effective Date, all of which insurance shall name the Collateral Agent for the ratable benefit of the Secured Parties as lender loss payee and additional insured, in the case of property or casualty insurance, and as an additional insured, in the case of liability insurance, as its interests may appear; (c) furnish to the Administrative Agent, upon request, full information as to the insurance carried, a copy of the underlying policy, the related cover note and all addendums thereto; and (d) promptly pay all insurance premiums covering the Collateral.

7.6            Inspection of Property; Books and Records; Discussions.  At the sole expense of the Borrower:  (a) keep proper books of records and accounts in which complete and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit representatives of the Administrative Agent and the Lenders (i) to visit and inspect any of its properties, and examine and make abstracts from any of its books and records upon reasonable notice, twice per calendar year, or more often in Administrative Agent's or Required Lenders' sole discretion during normal business hours; provided, that, during the continuance of an Event of Default, such visits and inspections may occur at any time, and provided, further that, unless an Event of Default shall have occurred and be continuing, the Borrower shall be obligated to pay the reasonable cost and expense of no more than two (2) such inspections and reviews in any one year period commencing with the Amended and Restated Effective Date and (ii) to discuss the business, operations, properties and financial and other condition of the Loan Parties or any of their respective Subsidiaries with officers and employees of the Loan Parties or any of their respective Subsidiaries and with their respective independent certified public accountants, at any time deemed necessary by the Administrative Agent or the Required Lenders but with reasonable notice (which need not exceed one Business Day). The Borrower authorizes the Administrative Agent to share the information obtained by the Administrative Agent pursuant to this Section 7.6 with any Lender upon the request of such Lender.

7.7            Notices.  Promptly give written notice to the Administrative Agent for delivery to each Lender of:

(a)            the occurrence of any Default or Event of Default;

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(b)            any (i) default or event of default under any Contractual Obligation of the Loan Parties or any of their respective Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time between the Loan Parties or any of their respective Subsidiaries and any Governmental Authority;

(c)            any litigation or proceeding affecting any Loan Party or any of their respective Subsidiaries in which the amount involved is $100,000 or more or in which injunctive or similar relief is sought;

(d)            the following events, as soon as possible and in any event within 30 days after the Borrower knows or has reason to know thereof:  (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan when due, the creation of any Lien on the assets of any Loan Party in favor of a Plan or the PBGC in connection with any Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan, in each case which, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan, in each case which, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or (iii) any asset of the Borrower constitutes "plan assets" for purposes of Section 406 of ERISA and/or Section 4975 of the Code, or for purposes of any other applicable statute, regulation or other rule which is materially similar to Section 406 of ERISA or Section 4975 of the Code;

(e)            any time at which (i) the Total Extensions of Credit exceeds the Borrowing Base, (ii) the Total Extensions of Credit exceeds the then current Elected Line Amount, (iii) the aggregate principal amount of Daylight Overdraft Loans exceeds the Daylight Overdraft Cap, (iv) the aggregate principal amount of outstanding Swing Line Loans exceeds the Swing Line Cap, or (v) the aggregate face amount of outstanding Letters of Credit and Reimbursement Obligations relating to Letters of Credit exceeds the Letters of Credit Sublimit;

(f)            promptly upon the occurrence of any violation by the Borrower of the Maximum Position Limits, telephonic notice thereof to the Administrative Agent followed by a notice in writing the same Business Day, outlining actions taken or to be taken to remedy the violation; and

(g)            any development or event which could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this Section 7.7 shall be accompanied by a statement of a Responsible Person setting forth details of the occurrence referred to therein and stating what action the Borrower, the relevant Loan Party or their respective Subsidiaries propose to take with respect thereto, and the Borrower shall answer any and all questions of the Administrative Agent or the Required Lenders regarding same.

7.8            Environmental Laws.

(a)            Comply with, and ensure compliance by all tenants and subtenants (if any) with, all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws.

(b)            Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions, required under Environmental Laws and promptly comply

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with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that the same are being contested in good faith by appropriate proceedings, and for which adequate reserves have been established and maintained on the books and records of the applicable Loan Party and the applicable Subsidiary in accordance with GAAP.

(c)            Handle, transport and dispose of, and cause all subtenants to handle, transport and dispose of, all Materials of Environmental Concern in compliance with all applicable Environmental Laws.

7.9            Periodic Audit of Borrowing Base.  Permit the Administrative Agent, its representatives or any other designee of the Administrative Agent to perform, or to have an independent inspector perform, at the cost and expense of the Borrower, (a) a collateral and risk management practices review for the Borrower and (b) periodic due diligence inspections, tests and reviews of all of the assets of the Borrower that comprise Collateral, each asset category set forth in the definition of Borrowing Base, the Borrower's other reporting under this Agreement and the Borrower's compliance with the Risk Management Practices, twice per calendar year, or more often in Administrative Agent's or Required Lenders' sole discretion during business hours, the results of which shall be satisfactory to the Required Lenders, provided that unless an Event of Default shall have occurred and be continuing, the Borrower shall be obligated to pay the reasonable cost and expense of no more than two (2) such inspections, tests and reviews in any one year period commencing with the Amended and Restated Effective Date.  The Administrative Agent will provide copies of final reports prepared by independent inspectors to each Lender promptly following receipt by the Administrative Agent thereof.

7.10            Maximum Position Limits; Risk Management.  Comply with the Maximum Position Limits and the Risk Management Practices, in each case, as in effect on the Amended and Restated Effective Date.  The Borrower shall provide at least five Business Days' prior written notice to the Administrative Agent of any proposed material change to the Risk Management Practices.  Any change (whether material or immaterial) to the Risk Management Practices that relates to the Maximum Position Limits (unless corresponding to a decrease) must be approved in advance by the Administrative Agent and the Required Lenders.

7.11            Notification of Account Debtors.  Pursuant to and in accordance with Section 5(f) of the Security Agreement, notify each Account Debtor of the Perfected First Lien of the Collateral Agent, and instruct each Account Debtor of an Account Receivable to make all payments to the Borrower in respect of such Account Receivable to a Controlled Account, without offset, defense or counterclaim of any kind, nature or description whatsoever.

7.12            Taxes.  Timely file or cause to be filed all income, franchise and other Tax returns required to be filed by any Loan Party and each of their respective Subsidiaries and shall timely pay all income, franchise and other Taxes due and payable (other than any Taxes the amount or validity of which are being contested in good faith by appropriate proceedings, with respect to which reserves in conformity with GAAP have been provided on the books of the Loan Parties and their respective Subsidiaries, as applicable, and where non-payment could not reasonably be expected to have a Material Adverse Effect).

7.13            Additional Collateral.  With respect to any property of the Borrower as to which the Collateral Agent for the ratable benefit of the Secured Parties does not have a Perfected First Lien, promptly (i) execute and deliver to the Collateral Agent such amendments to the Security Agreement or such other documents as the Administrative Agent deems necessary or reasonably advisable to grant to the Collateral Agent for the ratable benefit of the Secured Parties a Perfected First Lien in such property and (ii) take all actions necessary or reasonably advisable to grant to the Collateral Agent for the ratable

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benefit of the Secured Parties a Perfected First Lien in such property, including, without limitation, the filing of UCC financing statements in such jurisdictions as may be required by the Security Agreement or by Law or as may be requested by the Administrative Agent.

7.14            Stored Eligible Commodities.  Store all Eligible Commodities in an Approved Inventory Location so long as whenever applicable, as determined by the Administrative Agent or the Required Lenders in its or their sole discretion, (i) such Eligible Commodities are covered by an appropriate insurance policy that names the Collateral Agent for the ratable benefit of the Secured Parties as additional insured and loss payee as their interests may appear, (ii) the Administrative Agent shall have received such amendments to the Security Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant the Collateral Agent for the ratable benefit of the Secured Parties a Perfected First Lien in such Eligible Commodities and (iii) the Borrower shall take all actions necessary or advisable to grant to the Collateral Agent for the ratable benefit of the Secured Parties a Perfected First Lien in such property, including, without limitation, the filing of UCC financing statements in such jurisdiction as may be required by the Security Agreement or by Law or as may be requested by the Administrative Agent.

7.15            Use of Proceeds.  The Borrower shall use the entire amount of the Loan proceeds and the Letters of Credit for the purposes set forth in Section 5.21.

7.16            Anti-Terrorism Laws.  The Borrower covenants that it will, and will cause its Subsidiaries to (i) maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, any Person that is an Affiliate of the Borrower, including its Subsidiaries, and their respective directors, officers, employees and, to the extent commercially reasonable, its agents with applicable Anti-Terrorism Laws and (ii) ensure at all times the truth and accuracy of the representations and warranties, and adherence to, the covenants, set forth in Section 5.24.

		SECTION 8.	NEGATIVE COVENANTS

The Borrower hereby agrees that, so long as any Maximum Credit Limit remains in effect, any Letter of Credit remains outstanding or any amount is owing to any Lender or any Agent hereunder or under any other Loan Document, the Borrower shall not, and shall not permit any of the Loan Parties and their respective Subsidiaries to, directly or indirectly:

8.1            Financial Condition Covenants.

(a)            With respect to the Borrower, the Borrower shall not:

(i)            Minimum Consolidated Tangible Net Worth.  Permit, at any time, Consolidated Tangible Net Worth plus Subordinated Indebtedness to be less than the amount set forth below that corresponds with the then current Elected Line Amount as set forth below:

	
Elected Line Amount

	
Minimum Consolidated 

Tangible Net Worth

	
US$150,000,000

	
US$15,000,000

	
Greater than US$150,000,000 and less than or equal to US$175,000,000

	
US$17,500,000

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Elected Line Amount

	
Minimum Consolidated 

Tangible Net Worth

	
Greater than US$175,000,000 and less than or equal to US$200,000,000

	
US$20,000,000

	
Greater than US$200,000,000 and less than or equal to US$225,000,000

	
US$22,500,000

	
Greater than US$225,000,000 and less than or equal to US$250,000,000

	
US$25,000,000

	
Greater than US$250,000,000 and less than or equal to US$300,000,000

	
US$30,000,000

(ii)            Minimum Consolidated Net Working Capital.  Permit, at any time, Consolidated Net Working Capital to be less than the amount set forth below that corresponds with the then current Elected Line Amount as set forth below:

	
Elected Line Amount

	
Minimum Consolidated Net Working Capital

	
US$150,000,000

	
US$15,000,000

	
Greater than US$150,000,000 and less than or equal to US$175,000,000

	
US$17,500,000

	
Greater than US$175,000,000 and less than or equal to US$200,000,000

	
US$20,000,000

	
Greater than US$200,000,000 and less than or equal to US$225,000,000

	
US$22,500,000

	
Greater than US$225,000,000 and less than or equal to US$250,000,000

	
US$25,000,000

	
Greater than US$250,000,000 and less than or equal to US$300,000,000

	
US$30,000,000

 

(iii)              Maximum Consolidated Leverage Ratio.  Permit, at any time, the Consolidated Leverage Ratio to exceed 9.0 to 1.0.

(b)            With respect to the Parent, the Parent shall not:

(i)            Minimum Group Consolidated Tangible Net Worth.  Permit, at any time, the Group Consolidated Tangible Net Worth to be less than $410,000,000.

(ii)            Minimum Group Consolidated Net Working Capital.  Permit, at any time, the Group Consolidated Net Working Capital to be less than $125,000,000.

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(iii)            Minimum Group Consolidated Current Ratio.  Permit, at any time, the Group Consolidated Current Ratio to be less than 1.15 to 1.0.

(iv)            Minimum Group Consolidated Interest Coverage Ratio.  Permit, at any time, the Group Consolidated Interest Coverage Ratio to be less than 1.90 to 1.0.

8.2            Limitation on Indebtedness and Guarantee Obligations.  Create, incur, assume or suffer to exist any Indebtedness or Guarantee Obligations, or permit any preferred stock or preferred membership interest to be issued or outstanding, except:

(a)            Indebtedness of such Loan Party under the Loan Documents;

(b)            Subordinated Indebtedness;

(c)            Indebtedness outstanding on the date hereof and listed on Schedule 8.2, or any refinancings, refundings, renewals or extensions thereof (such refinanced, refunded, renewed or extended Indebtedness, "Permitted Refinancing Indebtedness"); provided that, (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension, (ii) such refinancing, refunding, renewal or extended Indebtedness shall (A) not have a final maturity prior to the final maturity date of the Indebtedness being refinanced, refunded, renewed or extended and (B) have an average life to maturity equal to or greater than such Indebtedness, (iii) the terms of such refinancing, refunding, renewal or extension shall not be more restrictive than the terms of such Indebtedness, (iv) any guarantee entered into in connection with such refinancing, refunding, renewal or extension that is not a refinancing of an existing guarantee of such Indebtedness shall not be permitted under this Section 8.2(c) and (v) if the Indebtedness being refinanced is subordinated, such Permitted Refinancing Indebtedness shall be subordinated to at least the same extent, and on terms at least as favorable to the Lenders, as the Indebtedness being refinanced;

(d)            Guarantee Obligations in existence on the date hereof and listed on Schedule 8.2 or any refinancings, renewals or extensions thereof which do not result in an increase thereof;

(e)            Indebtedness under Commodity OTC Agreements and Financial OTC Agreements entered into in compliance with the Risk Management Practices; and

(f)            with respect to any Guarantor, Indebtedness and Guarantee Obligations to the extent permitted under the terms of the Global Facility Agreement.

Notwithstanding the foregoing, any Indebtedness of the Borrower to any other Subsidiary or Affiliate shall not be permitted under any subparagraph of this Section 8.2 unless such Indebtedness is subordinated to the Obligations pursuant to a subordination agreement in form and substance satisfactory to the Required Lenders.

 

8.3            Limitation on Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for:

(a)            Liens (other than Liens arising under any Environmental Law) for taxes, assessments or governmental charges or levies not yet due and payable, provided that (i) none of the Loan Parties or any of their respective Subsidiaries are in default in respect of any payment obligation with respect thereto unless such Person is in good faith and by appropriate proceedings diligently contesting such obligation and adequate reserves with respect thereto are maintained on the books of such Person

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and (ii) the consequences of all such defaults, taken as a whole, could not reasonably be expected to have a Material Adverse Effect;

(b)            carriers', warehousemen's, mechanics', materialmen's, repairmen's, landlord's, or other similar Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith by appropriate proceedings for which adequate reserves are maintained on its books and records in accordance with GAAP;

(c)            pledges or deposits in connection with workers' compensation, unemployment insurance and other social security legislation;

(d)            deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

(e)            Permitted Borrowing Base Liens;

(f)            Permitted Financial Management Liens and Liens on Commodities Accounts in favor of Eligible Commodity Brokers permitted under the applicable Account Control Agreement;

(g)            easements, rights-of-way, restrictions and other similar title exceptions and encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount, secure obligations that do not constitute Indebtedness, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Loan Parties and their respective Subsidiaries;

(h)            Liens created pursuant to the Security Documents;

(i)            First Purchaser Liens;

(j)            Liens in existence on the Amended and Restated Effective Date that are listed, and the property subject thereto described, on Schedule 8.3(j);

(k)            Liens securing judgments for the payment of money not constituting an Event of Default under Section 9(h);

(l)            Liens on cash deposited as collateral by the Borrower to secure the performance of Indebtedness permitted pursuant to Section 8.2(e), in an amount not to exceed that which is required by the contract with the applicable counterparty (or counterparties) thereto; and

(m)            Liens on the assets of any Guarantor (other than any Capital Stock of the Borrower owned by such Guarantor), to the extent permitted under the Global Facility Agreement.

8.4            Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of the property, business or assets of any Loan Party or any of their respective Subsidiaries, without the prior written consent of each Lender, except, with respect to any Guarantor, to the extent permitted under the Global Facility Agreement.

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8.5            Limitation on Distributions.  Declare or pay any dividend or make any other payment or distribution (by reduction of capital or otherwise) to any direct or indirect owner of the Capital Stock of any Loan Party or any Subsidiary of any Loan Party, whether in cash, property, securities, obligations of the Loan Parties or any Subsidiary of any Loan Party or a combination thereof, with respect to any of such Loan Party's or any Subsidiary's Capital Stock, or directly or indirectly redeem, purchase, retire or otherwise acquire for value any of such Loan Party's or any Subsidiary's Capital Stock or set aside any amount for any such purpose, or enter into any derivative or other transaction with any financial institution, commodities or stock exchange or clearinghouse (a "Derivatives Counterparty") obligating any Loan Party or any Subsidiary of any Loan Party to make payments to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock, provided, however, that the Borrower at any time may declare or make any such dividend payment or other distribution otherwise prohibited pursuant to this Section 8.5 if, as of the date of any such payment (i) no Default or Event of Default shall have occurred and be continuing or result from the making of such payment, (ii) the Lenders shall not have (A) declared the Obligations to be due and payable or (B) demanded payment of the Loans and Reimbursement Obligations or Cash Collateral for the L/C Obligations, (iii) the Borrower shall have given the Administrative Agent and each Lender reasonable prior notice of such payment or distribution, and (iv) the Borrower shall have delivered to the Administrative Agent (A) a certificate of a Responsible Person, in form and substance satisfactory to the Administrative Agent, representing and warranting (x) compliance with the terms and conditions of Section 8.1, both before and immediately after giving effect to any such payment, and providing detailed calculations of the financial covenants contained therein and (y) that, both before and immediately after giving effect to any such payment, Consolidated Tangible Net Worth plus Subordinated Indebtedness is equal to or greater than 15% of the then current Elected Line Amount, and providing detailed pro-forma calculations showing compliance with this Section 8.5(iv)(A)(y), and (B) a Compliance Certificate showing pro-forma compliance with the terms of this Agreement before and immediately after giving effect to any such payment; provided, further that, such limitation shall not apply to:

(a)            dividends payable by any Subsidiary to the Borrower or any other Subsidiary of the Borrower that is its direct parent;

(b)            dividends payable solely in the Capital Stock of a Loan Party or a Subsidiary;

(c)            dividends and the making of distributions by any Guarantor, to the extent permitted under the Global Facility Agreement; and

(d)            so long as (i) no Event of Default shall have occurred and be continuing or would exist after giving effect thereto and (ii) the Lenders shall not have (A) declared the Obligations to be due and payable or (B) demanded payment of the Loans and Reimbursement Obligations or Cash Collateral for the L/C Obligations, Permitted Tax Distributions.

8.6            Limitation on Sale of Assets.  Dispose of, whether in one transaction or in a series of transactions, any of its property, business or assets (including receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary's Capital Stock to any Person, except:

(a)            the Disposition of obsolete or worn out property in the ordinary course of business;

(b)            the sale of Eligible Commodities and other inventory in the ordinary course of business; and

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(c)            with respect to any Guarantor, to the extent permitted under the Global Facility Agreement.

8.7            Limitation on Capital Expenditures.  Make or commit to make (by way of the acquisition of securities of a Person or otherwise) any Capital Expenditure, if after giving effect to such commitment or expenditure, (a) a Default or Event of Default would exist under this Agreement, or (b) the aggregate of such expenditures or commitments in any one fiscal year would exceed $500,000;

8.8            Limitation on Investments.  Make any Investment in any Person, except:

(a)            Investments in Cash Equivalents;

(b)            Investments by any Loan Party or any of their respective Subsidiaries in any other Loan Party;

(c)            Investments consisting of cash and Cash Equivalents posted as collateral to satisfy margin requirements with counterparties of Commodity Contracts of the Borrower and its Subsidiaries;

(d)            Investments (including debt obligations and equity securities) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

(e)            with respect to any Guarantor, Investments by such Guarantor, to the extent permitted under the Global Facility Agreement; and

(f)            Investments in existence on the Amended and Restated Effective Date and listed on Schedule 8.8, together with any renewals and extensions thereof so long as the principal amount of such renewal or extension does not exceed the original principal amount of such Investment.

8.9            Limitation on Optional Payments and Modifications of Subordinated Debt Instruments.  (a) Make any optional payment or prepayment on or redemption or purchase of any Subordinated Indebtedness, other than with the proceeds of Permitted Refinancing Indebtedness; (b) except as provided in clause (c) of this Section 8.9, amend, modify or change or consent or agree to any material amendment, modification or change to any of the terms of, rescind, terminate or waive any of terms of any such Subordinated Indebtedness (other than any such amendment, modification or change, which would extend the maturity or reduce the amount of any payment of principal thereof or which would reduce the rate or extend the date for payment of interest thereon or that would relax or waive any covenant therein) that could reasonably be expected to be adverse to the interests of the Lenders without the consent of the Required Lenders, such consent not to be unreasonably withheld or delayed; or (c) amend the subordination or related provisions of any Subordinated Indebtedness, without the consent of the Required Lenders.

8.10            Limitation on Transactions with Affiliates.  Engage or enter into any transaction or arrangement, including, without limitation, any purchase, sale, transfer, lease or exchange of property or the rendering of any service, with any Affiliate unless such transaction is (a) otherwise permitted under this Agreement, (b)  upon fair and reasonable terms no less favorable to the applicable Loan Party than it would obtain in a substantially comparable arm's length transaction with a Person which is not an Affiliate, provided that this clause shall not permit the purchase of inventory by the Borrower from any Affiliate, unless any Lien on such inventory held by any creditor of such Affiliate shall be released prior

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to or simultaneously with such sale; (c) between any Guarantor and any other member of the Group (other than the Borrower and its Subsidiaries), to the extent permitted under the Global Facility Agreement and (d) transactions described on Schedule 8.10.

8.11            Limitation on Sales and Leasebacks.  Enter into any arrangement with any Person providing for (i) the leasing by any Loan Party of real or personal property which has been or is to be either sold or transferred by such Loan Party to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of such Loan Party or (ii) the purchase or transfer of any real or personal property from any Person to such Loan Party which has been leased by such Loan Party to such Person, except for any transactions set forth on Schedule 8.11.

8.12            Limitation on Accounting Changes.  Make any significant change in its accounting treatment or reporting practices, except as required by GAAP, or change its Fiscal Year without providing the Administrative Agent with at least ten days' prior written notice of such change.  At the end of any calendar quarter during which any such change has occurred, the Loan Party or the Subsidiary, as applicable, shall prepare and deliver to the Administrative Agent an explanatory statement, in form and substance reasonably satisfactory to the Administrative Agent, reconciling the previous treatment or practice with the new treatment or practice.

8.13            Limitation on Negative Pledge Clauses.  Enter into with any Person any agreement which effectively prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon or otherwise transfer any interest in any of its property, assets or revenues as Collateral, whether now owned or hereafter acquired, other than:

(a)            this Agreement;

(b)            the Loan Documents;

(c)            leases containing restrictions on assignment entered into in the ordinary course of business;

(d)            licensing agreements or management agreements with customary provisions restricting assignment, entered into in the ordinary course of business;

(e)            agreements entered into in the ordinary course of business with commodity storage, transportation and/or processing facilities that prohibit Liens on the commodities that are the subject thereof and which shall not be included in the Borrowing Base; and

(f)            agreements with respect to assets not included in the Borrowing Base, the aggregate value of such assets at any one time outstanding not to exceed $1,000,000.

8.14            Limitation on Lines of Business.  Enter into any business except for those lines of business in which the Loan Parties and their respective Subsidiaries are engaged on the date of this Agreement, engage in the trading or marketing of any product that is not an Eligible Commodity or make any changes in any of their business objectives, purposes or operations.

8.15            Limitation on Amendments to Governing Documents.  Amend its Governing Documents, in any manner that could reasonably be expected to be materially adverse to the interests of the Lenders and the Agents, without the prior written consent of the Required Lenders, which shall not be

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unreasonably withheld, except, with respect to any Guarantor, in connection with any transaction permitted under the Global Facility Agreement.

8.16            Limitation on Speculative Transactions, Certain Futures, etc.  (a) Purchase or sell Futures Contracts or options on Futures Contracts except purchases or sales by the Borrower of energy Futures Contracts or options on energy Futures Contracts on the NYMEX or ICE or any commodity exchange acceptable to the Administrative Agent in its sole discretion in compliance with the Maximum Position Limits and for the sole purpose of hedging its Eligible Inventory or any risk exposure in connection with a Commodity Contract; (b) engage in (i) any speculative transaction in respect of Eligible Commodities which would at any time cause the Borrower to exceed the Maximum Position Limits or (ii) any other speculative transaction which is not directly related to the Borrower's usual Eligible Commodities trading and marketing activities or has or may result in a Material Adverse Effect, or (c) obtain any credit from any futures broker except with the prior written approval of the Administrative Agent.

8.17            Limitation on Cancellation of Indebtedness.  Cancel any claim or Indebtedness owed to it except for adequate consideration.

8.18            Limitation on Capital Stock and New Subsidiaries.  (a) Issue, agree to issue, or permit to be transferred to any Person any shares of such Person's Capital Stock which issuance or transfer results in a Change of Control or (b) incorporate or otherwise organize any new Subsidiary which was not in existence on the date hereof, unless (i) such new Subsidiary becomes a Guarantor and (ii) prior to such incorporation or organization, the Borrower, the Agents and the Required Lenders shall have entered into amendments to this Agreement and the Loan Documents satisfactory to them in their sole discretion.

8.19            Limitation on Capital Structure.  Make any changes in its capital structure (including, without limitation, in the terms of its outstanding Capital Stock).

8.20            Limitation on Modifications to Contractual Obligations.  Amend, modify, rescind, terminate or waive any of its rights under, or permit any breach or event of default to exist and continue under, any of their respective Contractual Obligations, except in the ordinary course of business or where such action could not reasonably be expected to have a Material Adverse Effect.

8.21            Risk Management Practices.  Amend, waive or modify the Risk Management Practices in any material manner.

		SECTION 9.	EVENTS OF DEFAULT

If any of the following events shall occur and be continuing:

(a)            (i) the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms thereof or hereof, including, without limitation, such amounts as may come due as a result of a demand made by the Lenders; or (ii) the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under the other Loan Documents, including, without limitation, prepayments and depositing the Cash Collateral required pursuant to Section 4.7, after such interest or other amount becomes due and payable in accordance with the terms thereof or hereof, including, without limitation, such amounts as may come due as a result of a demand made by the Lenders; or

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(b)            any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been incorrect in any material respect on or as of the date made or deemed made; or

(c)            any Loan Party shall default in the observance or performance of any covenant contained in (i) Section 7 (other than Sections 7.4(d), 7.4(e), 7.5(a), 7.6(a) and 7.12) or Section 8 of this Agreement, or (ii) Sections 3(f) and (i), 5 and 8 of the Security Agreement; or

(d)            any Loan Party shall default in the observance or performance of any other obligation contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a), (b) and (c) of this Section 9), and such default shall continue unremedied for a period of twenty (20) days; or

(e)            any Loan Party or any of their respective Subsidiaries shall (A)(i) default in any payment of principal of or interest on any Indebtedness (other than the Loans or Reimbursement Obligations) or in the payment of any Guarantee Obligation, if the aggregate amount of the Indebtedness and/or Guarantee Obligations of any Loan Party or any of their respective Subsidiaries in respect of which such default or defaults shall have occurred is at least $100,000; (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or Guarantee Obligation (in each case involving the amounts, if any, specified in clause (A) above) contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee Obligation (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or such Guarantee Obligation to become payable; or (C) default in any payment of any obligation under any Commodity Contract when the same becomes due and payable; or

(f)            (i) any Loan Party or any of their respective Subsidiaries shall commence any case, proceeding or other action (A) under any existing or future Law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, arrangement, liquidation, winding-up or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding‐up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Loan Party or any of their respective Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any Loan Party or any of their respective Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 30 days; or (iii) there shall be commenced against any Loan Party or any of their respective Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief with regard to all or any substantial part of its assets, which shall not have been vacated, discharged, or stayed or bonded pending appeal within 30 days from the entry thereof; or (iv) any Loan Party or any of their respective Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Loan Party or any of their respective Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

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(g)            (i) any Person shall engage in any "prohibited transaction" (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any failure to satisfy the "minimum funding standard" (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of a Plan or the PBGC in connection with a Plan shall arise on the assets of any Loan Party or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, or (v) the Loan Parties or any Commonly Controlled Entity incur, or in the reasonable opinion of the Required Lenders are likely to incur, any liability in connection with a complete or partial withdrawal from, or the Insolvency, Reorganization or termination of, a Multiemployer Plan; and in each case in clauses (i) through (v) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or

(h)            one or more judgments or decrees shall be entered against any Loan Party or any of their respective Subsidiaries involving in the aggregate a liability of $100,000 or more individually or in the aggregate (or the equivalent thereof in another currency), and either (i) shall remain unpaid, unbonded, unvacated or unstayed for a period of ten days or (ii) enforcement proceedings shall have been commenced with respect thereto; or

(i)            (i) any of the Security Documents shall cease, for any reason, to be in full force and effect, or any Loan Party or any of their respective Subsidiaries shall so assert, or (ii) the Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or

(j)            any Guarantee Agreement shall cease, for any reason, to be in full force and effect, or any Loan Party or any of their respective Subsidiaries shall so assert; or

(k)            any agreement or provision pertaining to the subordination of any Subordinated Indebtedness (or any related provision) under a subordination agreement shall cease, for any reason, to be in full force and effect; or

(l)            any Loan Party shall be criminally indicted or convicted under any Law that would reasonably be expected to lead to a forfeiture of any Collateral; or

(m)            any Loan Party shall fail to be in compliance with the Risk Management Practices; or

(n)            any Change of Control shall occur; or

(o)            any Event of Default shall occur under, and as defined in, the Global Facility Agreement; or

(p)            any event, circumstance or condition shall occur or exist that could reasonably be expected to have a Material Adverse Effect;

then, and in any such event, WITHOUT LIMITING THE RIGHTS OF LENDERS UNDER SECTION 2.7 AND THE  RIGHT OF THE REQUIRED LENDERS TO DEMAND PAYMENT OF THE LOANS AND REIMBURSEMENT OBLIGATIONS AND CASH COLLATERAL FOR THE L/C

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OBLIGATIONS AT ANY TIME IN THEIR SOLE DISCRETION, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) of this Section 9 with respect to the Borrower, the Maximum Amount shall immediately and automatically terminate and the Loans and Reimbursement Obligations hereunder (with accrued interest thereon) and all other amounts owing under this Agreement shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken:  (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of such Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Maximum Amount to be terminated forthwith, whereupon the Maximum Amount shall immediately terminate, and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans and Reimbursement Obligations hereunder (with accrued interest thereon) and all other amounts owing under this Agreement (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable, without further notice, notice of intent to accelerate or presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by the Borrower.

With respect to all outstanding Letters of Credit with respect to which demand for payment shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, the Borrower shall at such time Cash Collateralize an amount equal to 105% of the aggregate then undrawn and unexpired amount of such Letters of Credit.  The Borrower hereby grants to the Collateral Agent, for the benefit of the applicable Issuing Lenders and, in the case of any Letter of Credit, the applicable L/C Participants, a security interest in such Cash Collateral to secure all obligations of the Borrower under this Agreement and the other Loan Documents.  Cash Collateralized amounts shall be applied by the Collateral Agent to the payment of Reimbursement Obligations with respect to drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the Notes.  After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the Notes shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower.  The Borrower shall execute and deliver to the Collateral Agent, for the account of the applicable Issuing Lenders and, in the case of any Letter of Credit, the applicable L/C Participants, such further documents and instruments as the Collateral Agent may reasonably request to evidence the creation and perfection of the within security interest in such Cash Collateral account.

IN NO EVENT SHALL ANY PROVISION OF THIS AGREEMENT PROVIDING FOR SPECIFIC EVENTS OF DEFAULT BE CONSTRUED TO WAIVE, LIMIT OR OTHERWISE MODIFY THE DEMAND NATURE OF (I) THE LOANS WHICH MAY BE MADE PURSUANT TO THIS AGREEMENT AND (II) THE REQUIREMENT TO CASH COLLATERALIZE LETTERS OF CREDIT WHICH MAY BE ISSUED PURSUANT TO THIS AGREEMENT, AND THE BORROWER HEREBY ACKNOWLEDGES AND AGREES THAT THE LENDERS' RIGHT TO DEMAND PAYMENT OR CASH COLLATERALIZATION AT ANY TIME IS ABSOLUTE AND UNCONDITIONAL.

		SECTION 10.	THE AGENTS

10.1            Appointment.  Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform

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such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent.

10.2            Delegation of Duties.  Each Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys‐in‐fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  No Agent shall be responsible for the negligence or misconduct of any agents or attorneys in‐fact selected by it with reasonable care.

10.3            Exculpatory Provisions.  Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates (each an "Agent-Related Person") shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except for its or such Person's own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by any Agent under or in connection with, this Agreement or any other Loan Document (including, without limitation, in any audit or due diligence report prepared by the internal auditor of any Agent, each of which is to be accepted by each Lender without representation or warranty by any Agent and without recourse to any Agent) or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder.  The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party.

10.4            Reliance by Agents.  Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter, electronic communication (including electronic mail), cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties), independent accountants and other experts selected by such Agent without gross negligence or willful misconduct.  The Agents may deem and treat the payee of any Note as the owner thereof for all purposes unless a notice of assignment, negotiation or transfer thereof shall have been filed with such Agent.  Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of Required Lenders, as it deems appropriate or as otherwise required by Section 11.1 or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.  Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders, or as otherwise required by Section 11.1 and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders and all future holders of the Loans and all other Obligations.

10.5            Notice of Default.  No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless such Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default."  In the event that the Administrative Agent receives such a

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notice, the Administrative Agent shall give notice thereof to the Lenders.  The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

10.6            Non-Reliance on Agents and Other Lenders.  Each Lender expressly acknowledges that none of the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by any Agent hereinafter taken, including any review of the affairs of any Loan Party or any audit or due diligence review prepared by the internal auditor of any Agent, shall be deemed to constitute any representation or warranty by any Agent to any Lender.  Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower and the other Loan Parties and made its own decision to extend credit to the Borrower hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties.  Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder or under the other Loan Documents, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party which may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys‐in‐fact or Affiliates.  Without limiting the generality of the foregoing, no Agent shall have any duty to monitor or verify the Collateral used to calculate the Borrowing Base or the reporting requirements or the contents of reports delivered by the Borrower.  Each Lender assumes the responsibility of keeping itself informed at all times.

10.7            Indemnification.  The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Stated Percentages in effect on the date on which indemnification is sought, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Loans and Reimbursement Obligations and the cash collateralization of the L/C Obligations) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Maximum Credit Limits, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that, no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from such Agent's gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final non-appealable order.  The agreements in this Section 10.7 shall survive the payment of the Loans, Reimbursement Obligations and all amounts payable hereunder and the cash collateralization of the L/C Obligations.

10.8            Agent in Its Individual Capacity.  Each Agent and its Affiliates may make loans and other extensions of credit to, accept deposits from and generally engage in any kind of business with

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the Borrower and the other Loan Parties as though such Agent were not an Agent hereunder and under the other Loan Documents.  With respect to the Loans and other Extensions of Credit made by it, if any, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms "Lender" and "Lenders" shall include each Agent in its individual capacity.

10.9            Successor Administrative Agent.  (a)  The Administrative Agent may resign as Administrative Agent upon 30 days' notice to the Lenders.  If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor Administrative Agent for the Lenders, which successor Administrative Agent shall be approved by the Borrower (unless a Default or Event of Default shall have occurred and then be continuing), whereupon such successor Administrative Agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term "Administrative Agent" shall mean such successor Administrative Agent effective upon such appointment and approval, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans or other Obligations.  After any retiring Administrative Agent's resignation as Administrative Agent, the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents.  If no successor Administrative Agent has accepted appointment as Administrative Agent by the date which is 30 days following a retiring Administrative Agent's notice of resignation, the retiring Administrative Agent's resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of such Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above.

(b)            The Collateral Agent may, at any time, by notice to the Lenders and the Administrative Agent, resign as Collateral Agent hereunder, whereupon the duties, rights, obligations and responsibilities of the Collateral Agent hereunder shall automatically be assumed by, and inure to the benefit of, the Administrative Agent, without any further act by the Collateral Agent, the Administrative Agent or any Lender.

(c)            After any retiring Agent's resignation as Agent, the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents.

10.10            Collateral Matters.

(a)            The Collateral Agent is authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from the Lenders, from time to time to take any action with respect to any Collateral or the Loan Documents which may be necessary to perfect and maintain perfected the security interest in and Liens upon the Collateral granted pursuant to the Loan Documents.

(b)            The Lenders irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any Lien granted to or held by the Collateral Agent upon any Collateral (i) upon termination of the Maximum Amount, the expiration or termination of all Letters of Credit and the payment in full of all Loans and all other Obligations known to the Administrative Agent and payable under this Agreement or any other Loan Document (except indemnification obligations for which no claim has been made and of which no Responsible Person of any Loan Party has knowledge); (ii) constituting property sold or to be sold or Disposed of as part of or in connection with any Disposition permitted hereunder; or (iii) if approved, authorized or ratified in writing by all or the requisite number of

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the Lenders as set forth in Section 11.1.  Upon request by the Collateral Agent at any time, the Lenders will confirm in writing the Collateral Agent's authority to release particular types or items of Collateral pursuant to this Section 10.10; provided that, the absence of any such confirmation for whatever reason shall not affect the Collateral Agent's rights under this Section 10.10.

(c)            The Collateral Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  The Collateral Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.

(d)            The Collateral Agent and the Issuing Lenders shall be entitled to all rights, indemnities and limitations on liability under this Section 10 available to the Administrative Agent to the same extent as if each reference to the Administrative Agent in this Section 10 were a reference to the Collateral Agent and the Issuing Lenders.

10.11            The Agents and Arranger.  None of the Syndication Agent, the Co-Documentation Agents, the Arranger or Bookrunner, in its capacity as such, shall have any duties or responsibilities, nor shall any of them incur any liability in such capacity, under this Agreement and the other Loan Documents.

		SECTION 11.	MISCELLANEOUS

11.1            Amendments and Waivers.

(a)            Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 11.1.  The Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents with the Borrower or other applicable Loan Party for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (ii) waive or consent to any departure from, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver or consent and no such amendment, supplement or modification shall:

(i)            reduce the amount or extend the scheduled date of maturity of any Loan or Reimbursement Obligation hereunder or any installment thereof, or reduce the stated rate or amount of any interest or fee payable hereunder or extend the scheduled date of any payment thereof, in each case without the consent of each Lender affected thereby, or

(ii)            amend or modify the definition of "Termination Date" or the definition of "Revolving Credit Maturity Date," or otherwise extend the Funding Request Period, or any rights or obligations of Declining Lenders or Defaulting Lenders or any other provision providing for the pro rata nature of payments to a Lender, including any definitions contained therein, without the written consent of all of the Lenders, or

(iii)            increase the Maximum Credit Limit of any Lender, without the written consent of such Lender, or

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(iv)            reduce the amount or extend the payment date for any required mandatory prepayments under Section 4.7, without the written consent of all of the Lenders, or

(v)            amend or modify the definition of "Borrowing Base," the definition of any component of "Borrowing Base" that has the effect of increasing the Borrowing Base Availability, or the definition of "Change of Control," in each case without the consent of all of the Lenders, or

(vi)            amend, modify or waive any provision of this Section 11.1 or any provision setting forth the requisite Lenders for granting any consent or taking any action or change the definition of Required Lenders or the definition of any term used therein, or consent to the assignment or transfer by any of the Borrower or any of the Guarantors of any of their rights and obligations under this Agreement and the other Loan Documents, in each case without the written consent of all of the Lenders, or

(vii)            consent to the release by the Collateral Agent of all or substantially all of the Collateral or release any Guarantor from its Guarantee Obligations under the applicable Guarantee Agreement, without the written consent of all of the Lenders, or

(viii)            amend, modify or waive any provision of Section 10, or any other provision affecting the rights, duties or obligations of any Agent, without the written consent of any Agent directly affected thereby, or

(ix)            amend, modify or waive any provision of Section 3, or any provision of Section 2.8, Section 11.7(c) or Section 11.20 affecting the right of the Issuing Lenders to consent to certain assignments thereunder, without the written consent of each Issuing Lender directly affected thereby, or

(x)            amend, modify or waive any provision of Section 2.2 or Section  2.6, or any provision of Section 2.8, Section 11.7(c) or Section 11.20 affecting the right of the Daylight Overdraft Lender to consent to certain assignments thereunder, without the written consent of the Daylight Overdraft Lender directly affected thereby, or

(xi)            amend, modify or waive any provision of Section 2.3 or Section 2.5, or any provision of Section 2.8, Section 11.7(c) or Section 11.20 affecting the right of the Swing Line Lender to consent to certain assignments thereunder, without the written consent of the Swing Line Lender directly affected thereby;

provided, however, that (A) a Declining Lender shall not have any right to (1) consent to or approve any amendment, modification or waiver or (2) direct, or consent to or approve any direction to, the Administrative Agent to take or refrain from taking any action hereunder, in each case which does not directly affect either (x) such Declining Lender or any Loan made by it or Letter of Credit which it has issued or in which it has participated or (y) Collateral securing Obligations owed to such Declining Lender or guarantees thereof and, (B) the preceding clause (A) shall not limit any right of a Declining Lender to consent to or approve any amendment, modification or waiver referred to in clause (i), (ii), (iii), (vi) or (ix) solely to the extent relating to a Loan or Letter of Credit made, issued or participated in by such Declining Lender.

(b)            Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans and other Obligations.  In the case of any waiver, any Default

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or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

(c)            Notwithstanding anything to the contrary herein, any Lender that is a Defaulting Lender shall not have any right to approve or disapprove of any amendment, waiver or consent hereunder; provided, however, except as otherwise provided in Section 4.18, (i) the Maximum Credit Limit of such Defaulting Lender may not be increased or extended without the consent of such Defaulting Lender, (ii) the Stated Percentage of such Defaulting Lender may not be increased without the consent of such Defaulting Lender, and (iii) no payment to such Defaulting Lender shall be decreased or postponed without the consent of such Defaulting Lender.

11.2            Notices.

(a)            General.  All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile or, unless otherwise prohibited hereunder, other electronic transmission) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made (a) in the case of delivery by hand, when delivered, (b) in the case of delivery by mail, three Business Days after being deposited in the mails, postage prepaid, or (c) in the case of delivery by facsimile or, unless otherwise prohibited hereunder, other electronic transmission, when sent and receipt has been electronically confirmed, addressed as follows in the case of the Borrower and any other Loan Party and the Agents, and as set forth in Schedule 1.0 in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto:

	 	
The Borrower:

	
Aegean Bunkering (USA) LLC

	 	 	
299 Park Avenue

	 	 	
New York, New York 10171

	 	 	
Attention:

	
E. Nikolas Tavlarios

	 	 	
Fax:

	
(212) 763-5605

	 	 	 
	 	 	 
	 	 	
with a copy to:

	 	 	
Seward & Kissel LLP

	 	 	
One Battery Park Plaza

	 	 	
New York, NY  10004

	 	 	
Attention:

	
Mike Timpone, Esq.

	 	 	
Fax:

	
(212) 480-8421

	 	 	 
	 	
and

	 

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The Agents:

	
ABN AMRO Capital USA LLC

	 	 	
100 Park Avenue

	 	 	
New York, New York 10017

	 	 	
Attention:

	
ECT Group

	 	 	
Fax:

	
(917) 284-6697

	 	 	 
	 	 	
with a copy to:

	 	 	 
	 	 	
Emmet, Marvin & Martin, LLP

	 	 	
120 Broadway

	 	 	
New York, NY  10271

	 	 	
Attention:

	
Jane E. Croes, Esq.

	 	 	
Fax:

	
(212) 238-3100

provided that any notice, request or demand to or upon any Agent, any Issuing Lender or the Lenders pursuant to Section 2.4, 2.7, 2.8, 3.2, 3.4, 4.3, 4.6, 4.7, or 4.9 shall not be effective until received.

(b)            Limited Use of Electronic Mail.  Electronic mail and internet and intranet websites (including DebtDomain) may be used only to distribute routine communications, such as financial statements and other information required to be delivered pursuant to Section 7.1 or 7.2, and to distribute Loan Documents for execution by the parties thereto, and may not be used to deliver any notice hereunder.

(c)            Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic and electronic mail notices) believed in good faith by the Administrative Agent to be given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice believed in good faith by the Administrative Agent to be given by or on behalf of the Borrower.

11.3            No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  No notice to or demand on the Borrower in any case shall entitle the Borrower to any notice or demand in similar or other circumstances, except as specifically required hereby.  The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

11.4            Survival of Representations and Warranties.  All representations and warranties made herein, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans, the issuance of Letters of Credit and other Extensions of Credit hereunder.

11.5            Release of Collateral and Guarantee Obligations.

(a)            Upon any sale or other transfer of any Collateral that is permitted under the Loan Documents by any Loan Party or upon the effectiveness of any written consent to the release of

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the Lien granted hereby in any Collateral pursuant to Section 10.10 hereof, the Lien in such Collateral (but not the proceeds thereof) shall automatically terminate after application of such proceeds in accordance with the Loan Documents and any guarantee obligations under any Loan Document of any Person being Disposed of in such Disposition shall automatically terminate, in each case, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents.

(b)            Notwithstanding anything to the contrary contained herein or any other Loan Document, when all Obligations have been indefeasibly paid in full in cash, the Maximum Amount has irrevocably terminated and all Letters of Credit shall have terminated or expired, upon request of the Borrower, the Collateral Agent shall (without notice to, or vote or consent of, any Lender) take such actions as shall be required to release (without recourse to or representation or warranty by any Agent) its security interest in all Collateral, and to release all guarantee obligations under any Loan Document.  Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made.

11.6            Payment of Expenses and Taxes; Indemnity.  The Borrower agrees (a) to pay or reimburse each Agent, the Lead Arranger and the Bookrunner for all its reasonable and documented out-of-pocket costs and expenses (including, without limitation, reasonable out-of-pocket legal fees and expenses, and printing, reproduction, document delivery (including via DebtDomain or similar web-based service)) incurred in connection with the syndication, development, preparation, negotiation, execution, delivery and administration of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable and documented fees and disbursements of counsel to the Agents, the Lead Arranger and the Bookrunner, (b) to pay or reimburse each Lender, the Daylight Overdraft Lender, the Swing Line Lender, the Issuing Lenders and each Agent for all its documented costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including, without limitation, the reasonable and documented fees and disbursements of counsel to each Lender and of counsel to the Agents, (c) to pay or reimburse each Agent for its documented costs and expenses incurred in connection with inspections performed pursuant to Sections 7.6 and 7.9, and any other due diligence performed in connection with this Agreement and the other Loan Documents, including (i) the documented fees and disbursements of counsel to the Agents, and (ii)  the costs and expenses associated with lien searches, and (d) to pay, indemnify, and hold each Lender, the Issuing Lenders, the Daylight Overdraft Lender, the Swing Line Lender and each Agent harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent (including the determination of whether or not any such waiver or consent is required) under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (e) to pay, indemnify, and hold each Lender, the Issuing Lenders, the Daylight Overdraft Lender, the Swing Line Lender and each Agent, and each of their respective officers, employees, directors, trustees, agents, advisors, affiliates and controlling persons (each, an "Indemnitee"), harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable and documented legal fees) with respect to the execution, delivery, enforcement,

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performance and administration of this Agreement, the other Loan Documents, and any such other documents, including, without limitation, any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of any Loan Party or any of their respective Subsidiaries, or any of the Properties (all the foregoing in this clause (e), collectively, the "Indemnified Liabilities"); provided that, the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities, to the extent such Indemnified Liabilities (i) are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee, or (ii) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final, non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  The Borrower also agrees that no Indemnitee shall have any liability (whether direct or indirect, in contract, tort, equity or otherwise) to the Borrower or the Borrower's Subsidiaries or Affiliates or to the Borrower's or its equity holders or creditors arising out of, related to or in connection with any aspect of this Agreement, the Loan Documents or any of the transactions contemplated hereby, except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted directly from such Indemnitee's gross negligence or willful misconduct. It is further agreed that the Indemnitees shall have liability only to the Borrower (as opposed to any other person).  Notwithstanding any other provision of this Agreement, no Indemnitee shall be liable for any damages arising from the use by others of information or other materials obtained through electronic telecommunications or other information transmission systems, except to the extent such damages are found by a final, non-appealable judgment of a court of competent jurisdiction to arise directly from the gross negligence or willful misconduct of such Indemnitee. The agreements in this Section 11.6 shall survive repayment of the Loans, Reimbursement Obligations and all other amounts payable hereunder and termination of this Agreement.

11.7            Successors and Assigns; Participations and Assignments.

(a)            This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Agents and their respective successors and assigns, except that the Borrower shall not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender and the Administrative Agent (and any purported such assignment or transfer by the Borrower without such consent of each Lender and the Administrative Agent shall be null and void).

(b)            Any Lender may, in accordance with applicable Law, at any time sell to one or more banks, financial institutions or other entities other than a natural person, the Borrower or any Affiliate or Subsidiary of the Borrower (individually a "Participant" and, collectively, the "Participants") participating interests in any Loan or Reimbursement Obligation owing to such Lender, any Maximum Credit Limit of such Lender or any other interest of such Lender hereunder and under the other Loan Documents (a "Participation") without consent of or notice to any other party.  In the event of any such sale by a Lender of a participating interest to a Participant, such Lender's obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan, Reimbursement Obligation, Maximum Credit Limit or other interest for all purposes under this Agreement and the other Loan Documents, and the Borrower and the Agents shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such Participation have any right to approve any amendment to or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that its consent or approval is required to be obtained by a Lender under the applicable participation agreement with such Participant for any such amendment, waiver or consent that would reduce the principal of, or the stated rate of interest

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on, the Loans, Reimbursement Obligation or any fees payable hereunder, or postpone the date of the final maturity of the Loans or Reimbursement Obligations, in each case to the extent subject to such Participation.  The Borrower agrees that if amounts outstanding under this Agreement are due or unpaid during an Event of Default, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable Law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 11.8(a) as fully as if it were a Lender hereunder.  The Borrower also agrees that each Participant shall be entitled to the benefits of, and bound by the obligations imposed on the Lenders in, Sections 4.10, 4.11 and 4.15 with respect to its participation in the Maximum Credit Limit and the Loans and other Extensions of Credit outstanding from time to time as if it were a Lender; provided that, in the case of Section 4.11, such Participant shall have complied with the requirements of said Section; provided further that a Participant shall not be entitled to receive any greater payment in the case of Sections 4.10, 4.11 and 4.15 than the applicable Lender would have been entitled to receive with respect to the Participation sold to such Participant, unless the sale of the Participation is made with the prior written consent of the Borrower expressly acknowledging such Participant may receive a greater benefit; provided, further that, a Participant that would be a Non-U.S. Lender if it were a Lender shall not be entitled to the benefits of Section 4.11 to the extent such Participant fails to comply with Section 4.11(f) as though it were a Lender.

(c)            Any Lender may, in accordance with applicable Law, at any time and from time to time assign to any Lender or any Affiliate or Approved Fund thereof, or, with the consent of the Administrative Agent, the Issuing Lenders, the Swing Line Lender, the Daylight Overdraft Lender and, except as provided below in this Section 11.7(c), the Borrower, to any other bank or financial institution (the "Assignee"), all or any part of its rights and obligations under this Agreement and the other Loan Documents pursuant to an Assignment and Acceptance, substantially in the form of Exhibit D, appropriately completed (an "Assignment and Acceptance"), executed by such Assignee, such assigning Lenders (and, in the case of an Assignee that is not then a Lender or any Affiliate or Approved Fund thereof, by the Administrative Agent, the Issuing Lenders, the Swing Line Lender, the Daylight Overdraft Lender and the Borrower) and attaching the Assignee's relevant tax forms, administrative details and wiring instructions, and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (i)  each such assignment to an Assignee (other than any Lender) shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (other than in the case of (A) an assignment of all of a Lender's interests under this Agreement or (B) an assignment to an Affiliate or Approved Fund of the Assignor), unless otherwise agreed by the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrower (such amount to be aggregated in respect of assignments by any Lender and the affiliates or Approved Funds thereof), (ii)  in the case of an assignment by a Lender to a Bank CLO managed by such Lender or an affiliate of such Lender, unless such assignment to such Bank CLO has been consented to by the Administrative Agent, the Issuing Lenders, the Swing Line Lender, the Daylight Overdraft Lender and, so long as no Default or Event of Default has occurred and is continuing, the Borrower, the assigning Lender shall retain the sole right to approve any amendment, waiver or other modification of this Agreement or any other Loan Document; provided that, the Assignment and Acceptance between such Lender and such Bank CLO may provide that such Lender will not, without the consent of such Bank CLO, agree to any amendment, modification or waiver that requires the consent of each Lender directly affected thereby pursuant to Section 11.1, and (iii) each Assignee shall comply with the provisions of Section 4.11(f).  Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Maximum Credit Limit as set forth therein, and (y) the assigning Lender thereunder

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shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such assigning Lender shall cease to be a party hereto, except as to Sections 4.10, 4.11 and 4.15 in respect of the period prior to such effective date).  Notwithstanding any provision of this Section 11.7, (1) the consent of the Borrower and its execution of an Assignment and Acceptance shall not be required, and, unless requested by the Assignee and/or the assigning Lender, new Notes shall not be required to be executed and delivered by the Borrower, for any assignment which occurs at any time when any Default or Event of Default shall have occurred and be continuing and (2) the Borrower shall not unreasonably withhold or delay in providing any consent or executing any Assignment and Acceptance otherwise required under this Section 11.7.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.7 shall be treated for purposes of this Agreement as a sale by such Lender of a Participation in such rights and obligations in accordance with paragraph (b) of this Section 11.7.  Notwithstanding the foregoing, no Lender shall, at any time, assign any part of its rights and obligations under this Agreement and the other Loan Documents to any natural person, the Borrower or any Affiliate or Subsidiary of the Borrower.

(d)            The Administrative Agent, on behalf of the Borrower, shall maintain at the address of the Administrative Agent referred to in Section 11.2 a copy of each Assignment and Acceptance delivered to it and a record of each Participation and a register (the "Register") for the recordation of the names and addresses of the Lenders (including all Assignees, successors and Participants) and the Maximum Credit Limit of, and principal amounts of the Loans and other Obligations owing to, each Lender from time to time.  The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders may (and, in the case of any Loan or other Obligation hereunder not evidenced by a Note, shall) treat each Person whose name is recorded in the Register as the owner of a Loan or other Obligation hereunder as the owner thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any notice to the contrary.  Any assignment of any Loan or other Obligation hereunder, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register.  The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.  If any Lender sells a Participation as described in Section 11.7(b), it shall provide to the Administrative Agent on behalf of the Borrower, or maintain as agent of the Borrower, the information described in this paragraph and permit the Administrative Agent and the Borrower to review such information as reasonably needed for the Administrative Agent or the Borrower to comply with its obligations under this Agreement or under any applicable Law.

(e)            Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and, in the case of an Assignee that is not then a Lender, by the Administrative Agent, the Issuing Lenders, the Swing Line Lender, the Daylight Overdraft Lender and, so long as no Default or Event of Default has occurred and is continuing, the Borrower), together with payment to the Administrative Agent by the assigning Lender of a registration and processing fee of $3,500, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the applicable Register and give notice of such acceptance and recordation to the Lenders and the Borrower.

(f)            [Intentionally Omitted]

(g)            For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section 11.7 concerning assignments of Loans and other Extensions of Credit and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, (i) any pledge or assignment by a Lender of any Loan or

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Note to any Federal Reserve Bank or any other central bank in accordance with applicable Law and (ii) any pledge or assignment by a Lender which is a fund to its trustee for the benefit of such trustee and/or its investors to secure its obligations under any indenture or Governing Documents to which it is a party; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

(h)            Notwithstanding the foregoing, any Lender may, with notice to, but without consent of, the Borrower and the Administrative Agent, and in accordance with the definition of "Conduit Lender" set forth in Section 1.1 hereof and the terms of this Section 11.7(h), designate a Conduit Lender and fund any of the Loans or Unreimbursed Amounts which such Lender is obligated to make or pay hereunder by causing such Conduit Lender to fund such Loans or Unreimbursed Amounts on behalf of such Lender.  Any Conduit Lender may, without notice to, and without the consent of, the Borrower or the Administrative Agent and without regard to the limitations set forth in Section 11.7(c), assign any or all of the Loans or Unreimbursed Amounts it may have funded hereunder to its designating Lender.  The Borrower, each Lender and each Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar Law in connection with any obligation of such Conduit Lender under the Loan Documents, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. In addition, notwithstanding the foregoing, any Conduit Lender may (i) with the prior written consent of Borrower and the Administrative Agent and with the payment of the processing fee required hereunder, assign all or a portion of its interests in any Loans or Reimbursement Obligations to any financial institutions providing liquidity and/or credit support to or for the account of such Conduit Lender to support the funding or maintenance of Loans or Reimbursement Obligations by such Conduit Lender and (ii) disclose on a confidential basis any non-public information relating to its Loans, its Reimbursement Obligations and the Borrower to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such Conduit Lender.  This Section 11.7(h) may not be amended without the written consent of any Conduit Lender directly affected thereby.

11.8            Adjustments; Set-off.

(a)            If any Lender (a "Benefited Lender") shall at any time receive any payment of all or part of its Loans or Reimbursement Obligations, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 9(f), or otherwise), in excess of the amount such Benefited Lender is otherwise entitled to under Sections 4.7 and 4.9, as applicable at such time, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders;  except that with respect to any Lender that is a Defaulting Lender by virtue of such Lender failing to fund its required share (if any) of any Revolving Credit Loan, Swing Line Loan, Refunded Swing Line Loan, Swing Line Participation Amount, Daylight Overdraft Loan, Refunded Daylight Overdraft Loan, Daylight Overdraft Participation Amount or an L/C Obligation, such Defaulting Lender's pro rata share of the excess payment shall be allocated to the Lender (or the Lenders, pro rata) that funded such Defaulting Lender's required share (if any); provided, however, that (i) if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest  and (ii) the provisions of

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this Section 11.8(a) shall not be construed to apply to (x) any payment made pursuant to and in accordance with the express terms of this Agreement (including, without limitation, the application of funds arising from the existence of a Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment or sale of a participation in or other interest in any of its Loans and Reimbursement Obligation.  The Borrower agrees that each Lender so purchasing a portion of another Lender's Loan may exercise all rights of payment (including, without limitation, rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion.

(b)            In addition to any rights and remedies of the Lenders provided by Law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable Law, during the existence of an Event of Default, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration, demand or otherwise) to set‐off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower.  Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set‐off and application made by such Lender; provided that, the failure to give such notice shall not affect the validity of such set‐off and application.

11.9            Counterparts.  This Agreement and the other Loan Documents may be executed by one or more of the parties to this Agreement and such other Loan Documents, as applicable, on any number of separate counterparts (including by facsimile transmission or electronic mail transmission with pdf of signature pages hereto and thereto), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement and the other Loan Documents by facsimile transmission or by electronic mail with pdf attachment shall be effective as delivery of a manually executed counterpart hereof.  A set of the copies of this Agreement and the other Loan Documents signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

11.10            Severability.  Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

11.11            Integration.  This Agreement and the other Loan Documents represent the agreement of the Borrower, the Agents and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

11.12            GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK  WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

11.13            Submission to Jurisdiction.  The Borrower, hereby irrevocably and unconditionally, for itself and for each Loan Party:

(a)            submits for itself and each Loan Party and their respective property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a

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party, or for recognition and enforcement of any judgment in respect thereof, to the non‐exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;

(b)            consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

(c)            agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Loan Parties as the case may be, at the address set forth in Section 11.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

(d)            agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by Law or shall limit the right to sue in any other jurisdiction; and

(e)            waives, to the maximum extent not prohibited by Law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 11.13 any special, exemplary, punitive or consequential damages.

11.14            Acknowledgments.  The Borrower, hereby acknowledges, for itself and for each Loan Party, that:

(a)            it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

(b)            none of the Agents nor any Lender has any fiduciary relationship with or duty to the Loan Parties arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Borrower and the other Loan Parties, on one hand, and the Agents and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

(c)            no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Loan Parties and the Lenders.

11.15            WAIVERS OF JURY TRIAL.  THE BORROWER, THE BORROWER ON BEHALF OF THE LOAN PARTIES, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

11.16            Confidentiality.

(a)            Each Agent and Lender shall:  (i) keep confidential (and shall cause its directors, officers, employees, representatives, agents or auditors (collectively, "Representatives") to keep confidential) all information that such Lender receives from or on behalf of the Loan Parties other than information that is identified by the Loan Parties as being non-confidential information (all such information that is not so identified being "Confidential Information"); provided that, nothing in this Section 11.16 shall prevent any Agent or any Lender from disclosing, subject to the terms and

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requirements of this Section 11.16, such information to an Affiliate or its Representatives, (ii) use Confidential Information solely for purposes of evaluating and administering the Loans and the Loan Documents or enforcing its rights hereunder or under any other Loan Document and (iii) subject to Section 11.16(d), not disclose Confidential Information to Representatives of its Trading Business.

(b)            Notwithstanding anything in this Section 11.16 to the contrary, any Confidential Information may be disclosed by any Lender (the affected Lender being, the "Disclosing Party") (i) if the Disclosing Party is compelled by judicial process or is required by Law or regulation or is requested to do so by any examiner or any other regulatory authority or recognized self-regulatory organization including, without limitation, the Financial Industry Regulatory Authority, the New York Stock Exchange, the Federal Reserve Board, the New York State Banking Department and the Securities & Exchange Commission, in each case having or asserting jurisdiction over the Disclosing Party or (ii) in connection with any pledge or assignment by a Disclosing Party of any Loan or Note to any Federal Reserve Bank or any other central bank to the extent permitted under Section 11.7(g).

(c)            The obligations of each Lender and its Representatives under this Section 11.16 with respect to Confidential Information shall not apply to (i) any Confidential Information which, as of the date of disclosure to such Lender or its Representatives is in the public domain or subsequently comes into the public domain other than as a result of a breach of the obligations of any Lender or its Representatives hereunder, (ii) any information that was or becomes available to such Lender or its Representatives from a person or source that is not, to the knowledge of such Lender or its Representatives, bound by a confidentiality agreement with the Loan Parties or otherwise prohibited from transferring such information to such Lender or its Representatives, (iii) any information which was or becomes available to such Lender or its Representatives without any obligation of confidentiality prior to or after its disclosure by or on behalf of the Loan Parties or (iv) any information which is developed independently by such Lender or its Representatives, if such independently developed information is not based on Confidential Information.

(d)            Notwithstanding anything herein to the contrary, each Lender may disclose Confidential Information to those Representatives of its Trading Business, solely to the extent (i) such disclosure is (A) advisable, in the good faith discretion of such Lender, to assist such Lender in protecting and enforcing its rights under the Loan Documents and other credit facilities with which such Lender or its Affiliates has with the Borrower (or their Affiliates) and (B) relevant to such assistance, (ii) such Representatives have been advised of, and agree to, the confidential nature, and restrictions on use, of such Confidential Information and need to know same in connection with providing such assistance, and (iii) such Confidential Information is not used for any purpose other than that set forth in this Section 11.16.

(e)            Notwithstanding anything herein to the contrary, each Lender may disclose Confidential Information to any Participant or Assignee (each a "Transferee"), any prospective Transferee and any direct, indirect, actual or prospective counterparty (and its advisor) to any swap, derivative or securitization transaction related to the Obligations; provided that such Transferee, prospective Transferee, counterparty or advisor shall have agreed to be bound by the provisions of this Section 11.16 or substantially equivalent provisions.

11.17            Specified Laws.  Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Specified Laws, it is required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information includes the names and addresses of the Borrower and the Guarantors and other information that will allow such Lender or Administrative Agent, as applicable, to identify the Borrower and the Guarantors in accordance with the Specified Laws.

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11.18            [Intentionally Omitted]

11.19            DISCRETIONARY FACILITY.  THE BORROWER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT PROVIDES FOR A CREDIT FACILITY THAT IS COMPLETELY DISCRETIONARY ON THE PART OF THE LENDERS AND THAT THE LENDERS HAVE ABSOLUTELY NO DUTY OR OBLIGATION TO ADVANCE ANY LOANS OR TO ISSUE ANY LETTER OF CREDIT.  THE BORROWER UNDERSTANDS THAT WITHOUT REASON, CAUSE OR PRIOR NOTICE, THE LENDERS MAY CEASE ADVANCING LOANS AND ISSUING LETTERS OF CREDIT AND MAY MAKE DEMAND FOR PAYMENT (AND CASH COLLATERALIZATION WITH RESPECT TO OUTSTANDING LETTERS OF CREDIT) OF ALL OBLIGATIONS OF THE BORROWER TO THE LENDERS AT ANY TIME.  THE BORROWER REPRESENTS AND WARRANTS TO THE LENDERS THAT THE BORROWER AND THE OTHER LOAN PARTIES AWARE OF THE RISKS ASSOCIATED WITH CONDUCTING BUSINESS UTILIZING AN UNCOMMITTED FACILITY.

11.20            Replacing Lenders.

(a)            If (i) any Lender invokes Section 4.16, (ii) any Lender requests compensation under Section 4.10, (iii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.11, or (iv) any Lender becomes a Defaulting Lender, in each such case, the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent (A) require any such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.7), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment) or (B) so long as no Default or Event of Default has occurred and is continuing, prepay in full all outstanding Obligations owed to any such Lender and terminate the Maximum Credit Limit of such Lender; provided that (x) the Borrower shall have received the prior consent of the Administrative Agent, the Daylight Overdraft Lender, the Swing Line Lender and the Issuing Lenders, which consent in each case shall not unreasonably be withheld, (y) such Lender shall have received payment of an amount equal to the outstanding principal of its Revolving Credit Loans and participations in L/C Obligations, Daylight Overdraft Loans and Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts, including, without limitation, any compensation or additional amounts the Borrower is required to pay such Lender hereunder including obligations arising under Section 4.15 as a result of such replacement or prepayment and, in the case of a prepayment pursuant to clause (B) above, all outstanding principal and accrued interest and fees), as applicable, and (z) in the case of any assignment pursuant to clause (A) above resulting from a claim for compensation under Section 4.10 or payments required to be made pursuant to Section 4.11, such assignment will result in a reduction in such compensation or payments. Nothing in this Section 11.20 shall be deemed to prejudice any rights that the Borrower may have against any Lender that is a Defaulting Lender.

(b)            If any Lender has failed to consent to a proposed amendment, waiver or other modification that, pursuant to the terms of Section 11.1, requires the consent of a greater percentage of the Lenders than the Required Lenders and with respect to which the Required Lenders shall have granted their consent (any such Lender referred to above, a "Non-Consenting Lender"), then so long as no Event of Default then exists, the Borrower shall have the right (unless such Non-Consenting Lender grants such consent), at its sole expense (including with respect to the processing and recordation fee referred to in Section 11.7(e), if applicable in accordance with the terms of such section), to replace any such Non­-Consenting Lender by requiring such Non-Consenting Lender to assign and delegate, without

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recourse (in accordance with and subject to the restrictions contained in Section 11.7), all its interests, rights and obligations under this Agreement (or all of its interests, rights and obligations in respect of the Revolving Credit Loans, Daylight Overdraft Loans, Swing Line Loans, and Letters of Credit that are the subject of the related amendment, waiver or other modification) to one or more assignees; provided that, (i) all Obligations of the Borrower owing to such Non-Consenting Lender being replaced, including obligations arising under Section 4.15 as a result of such replacement, and/or all Obligations of the Borrower owing to such Non-Consenting Lender in respect of any Revolving Credit Loans, Daylight Overdraft Loans, Swing Line Loans or Letters of Credit that are the subject of the related amendment, modification or waiver and are to be so assigned shall be paid in full to such Non-Consenting Lender concurrently with such assignment, (ii) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the outstanding principal amount thereof plus accrued and unpaid interest and fees thereon (and the Borrower shall pay any compensation or additional amounts the Borrower is required to pay such Lender hereunder including obligations arising under Section 4.15 as a result of such replacement) and (iii) the replacement Lender shall grant its consent with respect to the applicable proposed amendment, waiver or other modification. In connection with any such assignment the Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 11.7. Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender's interests hereunder in the circumstances contemplated by this Section 12.20(b).

		SECTION 12.	ACKNOWLEDGMENT AND RESTATEMENT

12.1            Existing Obligations.  The Borrower hereby acknowledges, confirms and agrees that it is indebted to ABN for obligations under the Existing Credit Agreement, as of the close of business on the Amended and Restated Effective Date, in the aggregate principal amount of $126,902,947.56 in respect of "Loans" (as defined in the Existing Credit Agreement) and the aggregate amount of $0.00 in respect of outstanding letter of credit and reimbursement obligations arising under the Existing Credit Agreement, together with all interest accrued and accruing thereon (to the extent applicable), and all fees, costs, expenses and other charges relating thereto, all of which are unconditionally owing by the Borrower to the "Lender" (as defined in the Existing Credit Agreement), without offset, defense or counterclaim of any kind, nature or description whatsoever.

12.2            Acknowledgment of Security Interests.

(a)            The Borrower hereby acknowledges, confirms and agrees that the Collateral Agent has had and shall on and after the date hereof continue to have, for itself and the ratable benefit of the Lenders, a security interest in and lien upon the Collateral heretofore granted to the Collateral Agent (or its predecessors in whatever capacity) pursuant to the Loan Documents to secure the Obligations.

(b)            The Liens and security interests of the Collateral Agent in the Collateral shall be deemed to be continuously granted and perfected from the earliest date of the granting and perfection of such Liens and security interests to ABN, whether under the Existing Credit Agreement, this Agreement or any of the other Loan Documents.

12.3            Loan Documents.  The Borrower hereby acknowledges, confirms and agrees that as of the date hereof:  (a) the Existing Credit Agreement and each of the other "Loan Documents" (as defined in the Existing Credit Agreement) were duly executed and delivered by the Borrower and each other Loan Party party thereto and are in full force and effect, (b) the agreements and obligations of the Borrower and each other Loan Party party thereto contained in the Existing Credit Agreement and the

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other "Loan Documents" (as defined in the Existing Credit Agreement) constitute the legal, valid and binding obligations of the Borrower and each such other Loan Party enforceable against it in accordance with their respective terms, subject to the effects, if any, of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors' rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing and (c) the Lenders and the Agents are entitled to all of the rights and remedies provided for in the Existing Credit Agreement and the "Loan Documents" (as defined in the Existing Credit Agreement).

12.4            Restatement.

(a)            Except as otherwise stated in Section 12.2 and this Section 12.4, as of the date hereof, the terms, conditions, agreements, covenants, representations and warranties set forth in the Existing Credit Agreement are hereby amended and restated in their entirety, and as so amended and restated, replaced and superseded, by the terms, conditions, agreements, covenants, representations and warranties set forth in this Agreement and the other Loan Documents, except that nothing herein or in the other Loan Documents shall impair or adversely affect the continuation of the liability of the Borrower or any Guarantor for the Obligations or any Lien heretofore granted, pledged and/or assigned to any Agent or any Lender.  The amendment and restatement contained herein shall not, in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the Indebtedness and other obligations and liabilities of the Borrower evidenced by or arising under the Existing Credit Agreement, and the Liens and security interests securing such Indebtedness and other obligations and liabilities, shall not in any manner be impaired, limited, terminated, waived or released.

(b)            The principal amount of the loans and letters of credit outstanding as of the Amended and Restated Effective Date under the Existing Credit Agreement shall constitute Revolving Credit Loans and Letters of Credit hereunder.  On and after the Amended and Restated Effective Date, all letters of credit issued under the Existing Credit Agreement shall be deemed to be Letters of Credit issued under this Agreement and shall be subject to all the terms and conditions hereof (including, without limitation, Section 3.3(a)) as if such Letters of Credit were issued by the Issuing Lenders pursuant to this Agreement.

[Signature Pages Follow]

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

	 	
BORROWER:

	 	 
	 	
AEGEAN BUNKERING (USA) LLC

	 	 
	 	 
	 	
By:

	/s/ Nikolas Tavlarios
	 	 	
Name:

	Nikolas Tavlarios
	 	 	
Title:

	Director
	 	 	 	 

	 	
LEAD ARRANGER AND BOOKRUNNER

	 	 
	 	
ABN AMRO CAPITAL USA LLC,

 as Lead Arranger and Bookrunner

	 	 
	 	 
	 	
By:

	/s/ Thomas B. Pinckney
	 	 	
Name:

	Thomas B. Pinckney
	 	 	
Title:

	Assistant Vice President
	 	 	 	 

	 	
By:

	/s/ Urvashi Zutshi
	 	 	
Name:

	Urvashi Zutshi
	 	 	
Title:

	Managing Director
	 	 	 	 

	 	
AGENTS AND LENDERS:

	 	 
	 	
ABN AMRO CAPITAL USA LLC,

 as Administrative Agent, Collateral Agent, Syndication Agent, a Lender, an Issuing Lender, the Swing Line Lender and the Daylight Overdraft Lender

	 	 
	 	 
	 	
By:

	/s/ Thomas B. Pinckney
	 	 	
Name:

	Thomas B. Pinckney
	 	 	
Title:

	Assistant Vice President
	 	 	 	 

	 	
By:

	/s/ Urvashi Zutshi
	 	 	
Name:

	Urvashi Zutshi
	 	 	
Title:

	Managing Director
	 	 	 	 

	 	
COŐPERATIEVE CENTRALE  RAIFFEISEN-

BOERENLEENBANK B.A., "RABOBANK

NEDERLAND", NEW YORK BRANCH,

 as Co-Documentation Agent and as a Lender

	 	 
	 	 
	 	
By:

	/s/ Chung-Taek Oh
	 	 	
Name:

	Chung-Taek Oh
	 	 	
Title:

	Executive Director
	 	 	 	 

	 	
By:

	/s/ Rodney P. Hutchinson
	 	 	
Name:

	Rodney P. Hutchinson
	 	 	
Title:

	Executive Director
	 	 	 	 

	 	
NATIXIS, NEW YORK BRANCH,

 as Co-Documentation Agent and as a Lender

	 	 
	 	 
	 	
By:

	/s/ David Pershad
	 	 	
Name:

	David Pershad
	 	 	
Title:

	Managing Director
	 	 	 	 

	 	
By:

	/s/ Alisa Trani
	 	 	
Name:

	Alisa Trani
	 	 	
Title:

	Director
	 	 	 	 

	 	
BNP PARIBAS,

 as a Lender

	 	 
	 	 
	 	
By:

	/s/ Delphine Gaudiot
	 	 	
Name:

	Delphine Gaudiot
	 	 	
Title:

	Vice President
	 	 	 	 

	 	
By:

	/s/ Suzanne Durney
	 	 	
Name:

	Suzanne Durney
	 	 	
Title:

	Managing Director
	 	 	 	 

	 	
SOCIETE GENERALE,

 as a Lender

	 	 
	 	 
	 	
By:

	/s/ [Illegible]
	 	 	
Name:

	[Illegible]
	 	 	
Title:

	Managing Director
	 	 	 	 

	 	
By:

	/s/ Yves Pfeiller
	 	 	
Name:

	Yves Pfeiller
	 	 	
Title:

	Director
	 	 	 	 

	 	
ING BELGIUM, BRUSSELS, GENEVA BRANCH,

 as a Lender

	 	 
	 	 
	 	
By:

	/s/ Patrick Arnaud
	 	 	
Name:

	Patrick Arnaud
	 	 	
Title:

	Group Head
	 	 	 	 

	 	
By:

	/s/ Ko Osinga
	 	 	
Name:

	Ko Osinga
	 	 	
Title:

	Head of Credit Risk
	 	 	 	 

	 	
MACQUARIE BANK LIMITED,

 as a Lender

	 	 
	 	 
	 	
By:

	/s/ Byron den Hertog
	 	 	
Name:

	Byron den Hertog
	 	 	
Title:

	Division Director
	 	 	 	 

	 	
By:

	/s/ Nathan Booker
	 	 	
Name:

	Nathan Booker
	 	 	
Title:

	Director
	 	 	 	 

SCHEDULE 1.0 to

 UNCOMMITTED CREDIT AGREEMENT

Lenders, Maximum Credit Limit and Applicable Lending Offices

	
Lender

		
Maximum Credit Limit

	 		 
	
ABN AMRO CAPITAL USA LLC

		
$55,000,000

	 		 
	
Applicable Lending Office:

100 Park Avenue

New York, New York 10017

Attention: Thomas Pinckney

Telephone: 917-284-6925

Telecopy: 917-284-6683

		 
	 		 
	
COÖPERATIEVE CENTRALE  RAIFFEISEN-

BOERENLEENBANK B.A., "RABOBANK

NEDERLAND", NEW YORK BRANCH

		
$37,500,000

	 		 
	
Applicable Lending Office:

245 Park Avenue

New York, New York 10167

Attention: Chung Taek Oh

Telephone: 212-309-5162

Telecopy: 914-304-9321

		 
	 		 
	
NATIXIS, NEW YORK BRANCH

		
$37,500,000

	 		 
	
Applicable Lending Office:

 

1251 Avenue of the Americas

New York, NY 10020

Attention: Paul Moisselin

Telephone: 212-841-2013

 

		 

	
BNP PARIBAS

	
$30,000,000

	 	 
	
Applicable Lending Office:

787 Seventh Avenue, 9th Floor

New York, New York 10019

Attention: Delphine Gaudiot

Telephone: 212-841-2013

Telecopy: 212-841-2280

	 
	 	 
	
SOCIETE GENERALE

	
$30,000,000

	 	 
	
Applicable Lending Office:

245 Park Avenue

New York, NY 10167

Attention: Yves Pfeiller

Telephone: 212-278-5744

Telecopy: 212-278-7953

	 
	 	 
	
ING BELGIUM, BRUSSELS, GENEVA BRANCH

	
$30,000,000

	 	 
	
Applicable Lending Office:

6 Rue Petitot, CH1204

Geneva, Switzerland

Attention: Mathieu Lancereau

Telephone: +41 22 592 31 27

Telecopy: +41 22 592 30 03

	 
	 	 
	
MACQUARIE BANK LIMITED

	
$30,000,000

	 	 
	
Applicable Lending Office:

 

1 Martin Place

Sydney NSW 2000

Australia

 

	 

Notice address:

Macquarie Bank Limited

1 Martin Place

Sydney NSW 2000

Australia

Attention: Executive Director,

Legal Risk Management, Fixed Income,

Currencies and Commodities

Phone: +612 8232 3333

Fax: +612 8232 4540

With a copy to:

Macquarie Bank Limited, New York Representative Office

125 West 55th Street

New York NY 10019

Attention: Executive Director,

Legal Risk Management, Fixed Income,

Currencies and Commodities

Phone: +212 231 1000

Fax: +212 231 2399

	 	 
	
Issuing Lenders

	
Issuance Cap

	 	 
	
ABN AMRO Capital USA LLC

	
$250,000,000

	 	 
	
Applicable Lending Office:

100 Park Avenue

New York, New York 10017

Attention: Thomas Pinckney

Telephone: 917-284-6925

Telecopy: 917-284-6683

	 
	 	 
	
Swing Line Lender

	
Swing Line Cap

	 	 
	
ABN AMRO Capital USA LLC

	
$37,500,000 [Subject to 

adjustment pursuant to 

the Credit Agreement]

	 	 
	
Applicable Lending Office:

100 Park Avenue

New York, New York 10017

Attention: Thomas Pinckney

Telephone: 917-284-6925

Telecopy: 917-284-6683

	 
	 	 
	
Daylight Overdraft Lender

	
Daylight Overdraft Cap

	 	 
	
ABN AMRO Capital USA LLC

	
$37,500,000 [Subject to 

adjustment pursuant to 

the Credit Agreement]

	 	 
	
Applicable Lending Office:

100 Park Avenue

New York, New York 10017

Attention: Thomas Pinckney

Telephone: 917-284-6925

Telecopy: 917-284-6683Exhibit 4.57

 

	
Private & Confidential

	
Execution Version

	 	
Dated

	 18	
September 2014

	 

AEGEAN MARINE PETROLEUM S.A.

as the Company

AEGEAN MARINE PETROLEUM S.A.

AEGEAN PETROLEUM INTERNATIONAL INC. and

AEGEAN NWE N.V.

as the Borrowers

CERTAIN COMPANIES

as Guarantors

ABN AMRO BANK N.V. and

BNP PARIBAS

as Active Bookrunning Mandated Lead Arrangers

ABN AMRO BANK N.V.

as Facility Agent

ABN AMRO BANK N.V.

as Collateral Management Agent

ABN AMRO BANK N.V.

as Security Agent

ABN AMRO BANK N.V.

as Documentation Bank

CERTAIN FINANCIAL INSTITUTIONS

as Lenders

ABN AMRO BANK N.V.

as Co-Ordinator

AMENDMENT AND RESTATEMENT AGREEMENT

relating to a $1,000,000,000 Borrowing Base

Facility Agreement

 

^                                                   

NORTON ROSE FULBRIGHT

Contents

 

 

	
Clause

	 	
Page

 

	
1

	
Definitions and interpretation

	
1

 

	
2

	
Amendment and restatement

	
2

 

	
3

	
Effective Date

	
2

 

	
4

	
Representations and warranties

	
2

 

	
5

	
Fees and Expenses

	
3

 

	
6

	
Confirmation of security and guarantees

	
3

 

	
7

	
Miscellaneous

	
3

 

	
8

	
Governing Law

	
3

 

	
Schedule 1 The Parties

	
4

 

	
Schedule 2 Conditions precedent to the Effective Date

	
5

 

	
Schedule 3 Amended and Restated Facility Agreement.

	
6

 

	
Schedule 4 Form of Effective Date Notice

	
7

 

	
Signatures

	
8

THIS AMENDMENT AND RESTATEMENT AGREEMENT is dated 18 September 2014 and made BETWEEN;

		(1)	AEGEAN MARINE PETROLEUM S.A. a corporation incorporated under the laws of Liberia with registered office at 80 Broad Street, Monrovia, Republic of Liberia (the Company);

		(2)	AEGEAN PETROLEUM INTERNATIONAL INC., a corporation incorporated under the laws of the Marshall Islands with registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, P.O. Box 1405, Majuro, MH96960, Marshall Islands (APII);

		(3)	AEGEAN NWE N.V., a limited liability company incorporated under the laws of Belgium with registered office at Nijverheidsstraat 7, B-2960 Brecht, Belgium (ANNV);

		(4)	THE COMPANIES listed in Part I of Schedule 1 (The Parties) as guarantors (the Original Guarantors);

		(5)	ABN AMRO BANK N.V. and BNP PARIBAS as active bookrunning mandated lead arrangers (whether acting individually or together the Arranger or Arrangers);

		(6)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Parties) as lenders (the Lenders);

		(7)	ABN AMRO BANK N.V. as documentation bank (the Documentation Bank);

		(8)	ABN AMRO BANK N.V. as facility agent of the other Finance Parties (the Facility Agent);

		(9)	ABN AMRO BANK N.V. as collateral management agent of the other Finance Parties (the Collateral Management Agent);

		(10)	ABN AMRO BANK N.V. as security trustee for the Secured Parties (the Security Agent); and

		(11)	ABN AMRO BANK N.V. as co-ordinator (the Co-Ordinator).

WHEREAS:

		(A)	The parties to this Agreement entered into the Original Agreement on 19 September 2013.

		(B)	Pursuant to an extension request dated 18 July 2014 (the Extension Request) the Company has requested (i) an extension of Facility A and Facility B in accordance with clause 2.4 (Extension Option) of the Original Agreement and (ii) that various amendments be made to the Original Agreement.

		(C)	Pursuant to a consent letter dated on or about the date of this Agreement (the Extension Request Consent Letter) each of the Lenders has agreed to the extension and amendments requested in the Extension Request subject to the occurrence of the Effective Date under this Agreement.

IT IS AGREED as follows:

		1	Definitions and interpretation

  

	1.1	In this Agreement:

Effective Date has the meaning given to it in clause 3 (Effective Date).

Extension Fee Letter means the Fee Letter to be entered into on or about the date hereof in respect of the Extension Fee.

Original Agreement means a one billion Dollar (USD$ 1,000,000,000) borrowing base facility agreement dated 19 September 2013 (as amended prior to the date of this Agreement) between the parties to this Agreement.

		1.2	Unless the context otherwise requires or unless otherwise defined in this Agreement. words and expressions defined in the Original Agreement (as amended by this Agreement) shall have the same meaning when used in this Agreement.

		1.3	In addition, clause 1.2 (Construction) of the Original Agreement (as amended by this Agreement) shall be deemed to be incorporated in this Agreement in full, except that references in the Original Agreement to "this Agreement" shall be construed as references to this Agreement.

		1.4	This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument.

		1.5	The provisions of clause 1.4 (Third party rights) of the Original Agreement shall apply to this Agreement as they apply to the Original Agreement.

		1.6	In accordance with the Original Agreement, this Agreement and the Extension Fee Letter shall constitute "Finance Documents".

		2	Amendment and restatement

The Original Agreement shall, with effect on and from the Effective Date, be (and it is hereby) amended so as to read in accordance with the form of the amendment and restated Facility Agreement as set out in Schedule 3 (Amended and Restated Facility Agreement) of this Agreement and (as so amended) will continue to be binding upon each of the parties thereto in accordance with its terms as so amended and restated.

		3	Effective Date

Conditions precedent documentation

		3.1	Each of:

		(a)	extension of Facility A and Facility B as set out in the Extension Request Consent Letter; and

		(b)	the amendments to be made to the Original Agreement by this Agreement,

shall take effect on and from the date (the Effective Date) on which the Facility Agent notifies the Company in writing in the form set out in Schedule 4 (Form of Effective Date Notice) that it has received in form and substance satisfactory to it (or otherwise waived the right to receive) the documents and deliverables listed in Schedule 2 (Conditions precedent to the Effective Date). Each Obligor shall procure that such documents and deliverables are provided to the Facility Agent prior to the Initial Facility A Termination Date.

Further conditions precedent

		3.2	The Facility Agent may decide not to give notice of the occurrence of the Effective Date under clause 3.1 if, on the date on which it would otherwise have done so, a Default is continuing or any of the representations and warranties in this Agreement are untrue or incorrect as at such date as if made on such date with respect to the facts and circumstances existing at such date.

		4	Representations and warranties

		4.1	Each Obligor represents and warrants to each Finance Party that the representations and warranties set out in clause 21 (Representations) of the Original Agreement are true and correct as if made at the date of this Agreement with reference to the facts and circumstances existing at the date of this Agreement and as if references therein to "Finance Documents" included this Agreement..

2

		4.2	Each of the representations and warranties referred to in clause 4.1 shall be deemed to be repeated by each Obligor on the Effective Date with reference to the facts and circumstances existing on such day.

		5	Fees and Expenses

		5.1	The Company shall pay to the Facility Agent (for and on behalf of each Lender) the Extension Fee in Dollars in the amounts and at the time set out in the Extension Fee Letter.

		5.2	The Borrower shall promptly on demand pay to the Facility Agent all costs and expenses (including legal fees) reasonably incurred by the Facility Agent in connection with this Agreement.

		6	Confirmation of security and guarantees

		6.1	Each Obligor agrees, confirms and acknowledges that the Security provided by it under the Transaction Security Documents and its obligations under the Finance Documents (including the obligations of the Guarantors under clause 20 (Guarantee and Indemnity) of the Original Agreement) shall not be discharged, impaired or otherwise adversely affected by the amendment and restatement of the Original Agreement in accordance with this Agreement, are continuing and shall remain in full force and effect in respect of the obligations of the Obligors under the Finance Documents (as amended by this Agreement).

		6.2	All references in any Finance Document to the "Facility Agreement" or any other derivative description of the "Facility Agreement" shall be construed as references to such document as amended by this Agreement.

		7	Miscellaneous

		7.1	The provisions of clause 36 (Notices) of the Original Agreement shall extend and apply to the giving or making of communications hereunder as if the same were expressly stated in this Agreement.

		7.2	If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

		8	Governing Law

		8.1	This Agreement and any non-contractual obligations connected with it are governed by English law.

		8.2	The provisions of clause 44 (Enforcement) of the Original Agreement shall be deemed to be incorporated in this Agreement in full, mutatis mutandis.

IN WITNESS whereof the parties hereto have caused this Agreement to be duly executed the day and year first above written.

3

Schedule 1

The Parties

Part I - The Guarantors

	
Name of Original Guarantors

	
Registration number

 (or equivalent, if any)

 

	
Original Jurisdiction

	
Aegean Marine Petroleum Network Inc.

	
14958

	
Marshall Islands

 

	
Aegean Marine Petroleum S.A.

	
C-76656

	
Liberia

 

	
Aegean Petroleum International Inc.

	
28486

	
Marshall Islands

 

	
Aegean NWE N.V.

	
BE412.527.142

	
Belgium

Part II - The Lenders

ABN AMRO Bank N.V.

BNP Paribas (Suisse) SA

KBC Bank NV

Natixis

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.

ING Belgium, Brussels, Geneva Branch

Société Generale

Belfius Bank NV/SA

National Bank of Greece SA

Credit Suisse AG

Mashreqbank PSC

Emirates NBD PJSC, London Branch

Arab Bank (Switzerland) Ltd

4

Schedule 2

Conditions precedent to the Effective Date

		1.	
Finance Documents

 

		(a)	
This Agreement duly executed by each party.

 

		(b)	The Extension Fee Letter duly executed by each party.

		2.	
Corporate documentation in respect of Obligors

 

In respect of each Obligor:

 

		(a)	
confirmation from a director that there has been no change or amendment to its constitutional documents which were previously delivered to the Facility Agent pursuant to the Original Agreement (or, if there has been changes or amendments, certified true copies of the same).

 

		(b)	
a copy, certified by a director, of signed resolutions of the board of directors of each Obligor:

 

		(i)	
approving the terms of, and the transactions contemplated by, this Agreement and authorising the execution, delivery and performance of this Agreement;

 

		(ii)	
authorising a specified person or persons to execute this Agreement; and

 

		(iii)	
authorising a specified person or persons, on its behalf, to sign, execute and deliver all other documents and notices to be executed or delivered under or in connection with them.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above (unless provided to the Facility Agent pursuant to the Original Agreement).

		3.	
Fees

 

Evidence that any fees, costs and expenses then due from any Obligor pursuant to clause 5 (Fees and Expenses) or under any other Finance Document have been paid or will be paid by the Effective Date.

		4.	
Legal opinions

 

The following legal opinions, each addressed to the Facility Agent, the Security Agent and the Lenders:

 

		(a)	
Norton Rose Fulbright LLP as to English law;

 

		(b)	
Koan as to Belgian law;

 

		(c)	
Fulbright & Jaworski LLP as to Marshall Islands law; and

 

		(d)	
Fulbright & Jaworski LLP as to Liberian law,

 

each substantially in the form distributed to the Lenders prior to signing the this Agreement.

5

Schedule 3

Amended and Restated Facility Agreement

6

CONFIDENTIAL

	 	
Dated 19 September 2013

	 
	 	 	 

(as amended and restated on 18

September 2014)

AEGEAN MARINE PETROLEUM S.A.

as the Company

AEGEAN MARINE PETROLEUM S.A.

AEGEAN PETROLEUM INTERNATIONAL INC. and

AEGEAN NWE N.V.

as the Borrowers

CERTAIN COMPANIES

as Guarantors

ABN AMRO BANK N.V. and

BNP PARIBAS

as Active Bookrunning Mandated Lead Arrangers

ABN AMRO BANK N.V.

as Facility Agent

ABN AMRO BANK N.V.

as Collateral Management Agent

ABN AMRO BANK N.V.

as Security Agent

ABN AMRO BANK N.V.

as Documentation Bank

CERTAIN FINANCIAL INSTITUTIONS

as Original Lenders

ABN AMRO BANK N.V.

as Co-Ordinator

FACILITY AGREEMENT FOR A

BORROWING BASE FACILITY

 

^                                                   

NORTON ROSE FULBRIGHT

 

 

 

                                              

 

Contents

	
Clause

	
Page

	
Section 1 Interpretation

	
1

	
1

	
Definitions and Interpretation

	
1

	
Section 2 The Facility

	
30

	
2

	
The Facilities

	
30

	
3

	
Purpose

	
36

	
4

	
Conditions of Utilisation

	
36

	
Section 3 Utilisation

	
39

	
5

	
Utilisation

	
39

	
6

	
Ancillary Facilities

	
42

	
Section 4 Repayment, Prepayment and Cancellation

	
47

	
7

	
Repayment

	
47

	
8

	
Voluntary prepayment and cancellation

	
48

	
9

	
Mandatory prepayment and cancellation

	
49

	
10

	
Restrictions

	
50

	
Section 5 Costs of Utilisation

	
52

	
11

	
Interest

	
52

	
12

	
Interest Periods

	
53

	
13

	
Changes to the Calculation of Interest

	
54

	
14

	
Fees

	
55

	
Section 6 Additional Payment Obligations

	
57

	
15

	
Tax Gross Up and Indemnities

	
57

	
16

	
Increased Costs

	
62

	
17

	
Other Indemnities

	
63

	
18

	
Mitigation by the Lenders

	
65

	
19

	
Costs and Expenses

	
66

	
Section 7 Guarantee

	
67

	
20

	
Guarantee and Indemnity

	
67

	
Section 8 Representations, Undertakings and Events of Default

	
70

	
21

	
Representations

	
70

	
22

	
Information Undertakings

	
76

	
23

	
Financial covenants

	
83

	
24

	
General Undertakings

	
87

	
25

	
Bank Accounts

	
95

	
26

	
Events of Default

	
98

	
Section 9 Changes to Parties

	
103

	
27

	
Changes to the Lenders

	
103

	
28

	
Restriction on Debt Purchase Transactions

	
107

	
29

	
Changes to the Obligors

	
108

	
Section 10 The Finance Parties

	
112

	
30

	
Role of the Facility Agent, the Collateral Management Agent, the Arranger and Others

	
112

	
31

	
The Security Agent

	
122

	
32

	
Conduct of Business by the Finance Parties

	
134

	
33

	
Sharing among the Finance Parties

	
134

	
Section 11 Administration

	
136

	
34

	
Payment mechanics

	
136

	
35

	
Set-Off

	
139

	
36

	
Notices

	
140

	
37

	
Calculations and Certificates

	
143

	
38

	
Partial Invalidity

	
143

	
39

	
Remedies and Waivers

	
144

	
40

	
Amendments and Waivers

	
144

	
41

	
Confidentiality

	
145

	
42

	
Counterparts

	
149

	
Section 12 Governing Law and Enforcement.

	
150

	
43

	
Governing Law

	
150

	
44

	
Enforcement

	
150

	
Schedule 1 The Original Parties

	
151

	
Part I The Obligors

	
151

	
Part II The Original Lenders

	
152

	
Schedule 2 Conditions precedent

	
153

	
Part I Conditions precedent to initial Utilisation

	
153

	
Part II Conditions precedent required to be delivered by an Additional Obligor

	
157

	
Part III Conditions precedent required to be delivered in connection with Sensitive Zones

	
159

	
Schedule 3 Utilisation Request

	
160

	
Schedule 4 Mandatory Cost formula

	
162

	
Schedule 5 Form of Transfer Certificate

	
164

	
Schedule 6 Form of Assignment Agreement

	
166

	
Schedule 7 Form of Compliance Certificate

	
169

	
Schedule 8 Timetables

	
170

	
Schedule 9 Forms of Notifiable Debt Purchase Transaction Notice

	
171

	
Part I Form of Notice on Entering into Notifiable Debt Purchase Transaction

	
171

	
Part II Form of Notice on Termination of Notifiable Debt Purchase Transaction I Notifiable Debt Purchase Transaction ceasing to be with Parent Affiliate

	
172

	
Schedule 10 Form of Accession Letter

	
173

	
Schedule 11 Form of Resignation Letter

	
174

	
Schedule 12 Borrowing Base Amount.

	
175

	
Schedule 13 Form of Borrowing Base Report.

	
1

	
Schedule 14 Form of Lender Accession Letter

	
1

	
Schedule 15 Form of Daily Headroom Report

	
3

	
Schedule 16 Approved Suppliers

	
4

	
Schedule 17 Permitted Indebtedness

	
5

	
Schedule 18 Specified Existing Indebtedness

	
7

	
Schedule 19 Form of New Lender Spanish Power of Attorney

	
8

	
Schedule 20 Form of Deed of Undertaking

	
11

	
Schedule 21 Form of Lender utilisation report

	
16

	
SIGNATURES

	
17

THIS AGREEMENT is dated 19 September 2013 (as amended and restated on 18 September 2014) and made between:

		(1)	AEGEAN MARINE PETROLEUM S.A. a corporation incorporated under the laws of Liberia with registered office at 80 Broad Street, Monrovia, Republic of Liberia (the Company);

		(2)	AEGEAN PETROLEUM INTERNATIONAL INC., a corporation incorporated under the laws of the Marshall Islands with registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, P.O. Box 1405, Majuro, MH96960, Marshall Islands (APII);

		(3)	AEGEAN NWE N.V., a limited liability company incorporated under the laws of Belgium with registered office at Nijverheidsstraat 7, B-2960 Brecht, Belgium (ANNV);

		(4)	THE COMPANIES listed in Part I of Schedule 1 (The Original Parties) as guarantors (the

Original Guarantors);

		(5)	ABN AMRO BANK N.V. and BNP PARIBAS as active bookrunning mandated lead arrangers (whether acting individually or together the Arranger or Arrangers);

		(6)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as lenders (the Original Lenders);

		(7)	ABN AMRO BANK N.V. as documentation bank (the Documentation Bank);

		(8)	ABN AMRO BANK N.V. as facility agent of the other Finance Parties (the Facility Agent);

		(9)	ABN AMRO BANK N.V. as collateral management agent of the other Finance Parties (the Collateral Management Agent);

		(10)	ABN AMRO BANK N.V. as security trustee for the Secured Parties (the Security Agent); and

		(11)	ABN AMRO BANK N.V. as co-ordinator (the Co-Ordinator). 

 

IT IS AGREED as follows:

Section 1

Interpretation

		1	Definitions and Interpretation

		1.1	Definitions

In this Agreement:

Acceptable Bank means:

		(a)	a bank or financial institution which has a rating for its long-term unsecured and non­ credit-enhanced debt obligations of BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's Investors Service Limited or a comparable rating from an internationally recognised credit rating agency;

		(b)	any other bank or financial institution approved by the Facility Agent and the Parent; or

		(c)	each of the Arrangers

Accession Letter means a document substantially in the form set out in Schedule 10 (Form of Accession Letter)

Account Bank means the Collateral Management Agent

Accounting Principles means generally accepted accounting principles in The United States of America

Accounting Reference Date means 31 December

Account Pledge Agreement means the pledge agreement dated on or about the date of this Agreement between the Borrowers as pledgors and the Security Agent as pledgee, pursuant to which the Borrowers pledge, inter alia, all amounts standing to the credit of the Collection Accounts and the Facility Accounts in favour of the Security Agent to secure the Secured Obligations

Additional Borrower means a company which becomes an Additional Borrower in accordance with clause 29 (Changes to the Obligors)

Additional Cost Rate has the meaning given to that term in Schedule 4 (Mandatory Cost formula)

Additional Guarantor means a company which becomes an Additional Guarantor in accordance with clause 29 (Changes to the Obligors)

Additional Obligor means an Additional Borrower or an Additional Guarantor

Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company

Agent's Rate of Exchange means the Facility Agent's spot rate of exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on the date of the most recently delivered Borrowing Base Report

Amendment and Restatement Agreement means the amendment and restatement agreement in respect of this Agreement dated 18 September 2014 entered into between the parties to this Agreement

Ancillary Facilities means Overdraft Facilities and/or Credit Instruments issued or entered into by Lenders on a bilateral basis pursuant to this Agreement

AOTC means Aegean Oil Terminal Corporation, a company duly incorporated in the Marshall Islands with its registered address at PO Box 1405, Majuro, Marshall islands

Applicable Law means:

		(a)	in relation to any jurisdiction or to the European Union, any law, regulation, treaty, directive, decision, rule, regulatory requirement, judgment, order, ordinance, request, guideline or direction or any other act of any government entity of such jurisdiction or of any EU Institution whether or not having the force of law and with which any Party is required to comply, or with which it would, in the normal course of its business, comply; and

		(b)	in relation to any Lender, any Basel II Regulation applicable to that Lender

Approved Suppliers means:

		(a)	the suppliers listed in Schedule 16 (Approved Suppliers);

		(b)	any refinery in compliance with the terms and conditions of clause 22.16 (Proof of Origin); and

		(c)	any other supplier which is approved in writing by the Company and the Facility Agent (acting on the instructions of all Lenders),

2

but in each case only to the extent of any supply contracts entered into in respect of the Sensitive Zone and provided that an Approved Supplier shall cease to be an Approved Supplier on the date on which:

(i) the Facility Agent (acting on the instructions of the Majority Lenders) so directs in writing to the Company; and/or

(ii) any Lender so directs in writing to the Facility Agent and the Company on the basis of such Lender's internal or external compliance requirements

Assignment Agreement means an agreement substantially in the form set out in Schedule 6 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee

Auditors means one of PricewaterhouseCoopers, Ernst & Young, KPMG or Deloitte & Touche or any other firm approved in advance by the Majority Lenders (such approval not to be unreasonably withheld or delayed)

Authorisation means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration

Availability Period means:

		(a)	in relation to Facility A, the period from and including the date of this Agreement to and including the date which is one (1) Month prior to the Facility A Termination Date;

		(b)	in relation to Facility B, the period from and including the date of this Agreement to and including the date which is one (1) Month prior to the Facility B Termination Date; and

		(c)	in relation to Facility C, the period from and including the date of this Agreement to and including the Facility C Termination Date

Available Proposed Participation means, in relation to a Facility, a Lender's Proposed Participation under that Facility minus:

		(a)	the Base Currency Amount of its participation in any outstanding Utilisations under that Facility; and

		(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Utilisations that are due to be made under that Facility on or before the proposed Utilisation Date,

other than that Lender's participation in any Utilisation that are due to be repaid, prepaid, reduced or cancelled on or before the proposed Utilisation Date

Available Facility means, in relation to a Facility, the aggregate for the time being of each Lender's Available Proposed Participation in respect of that Facility, subject to clause 4.7 (Maximum Available Amount)

Base Currency means Dollars

Base Currency Amount means, in relation to a Utilisation, the amount specified in the Utilisation Request delivered by a Borrower for that Utilisation (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent's Rate of Exchange as at the date which is three (3) Business Days before the Utilisation Date or, if later, on the date the Facility Agent receives the Utilisation Request) adjusted to reflect any repayment, prepayment, consolidation or division of the Utilisation

Basel II Accord means the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in

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June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding any amendment thereto arising out of the Basel III Accord

Basel II Approach means, in relation to any Finance Party, either the Standardised Approach or the relevant Internal Ratings Based Approach (each as defined in the Basel II Accord) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying with the Basel II Accord

Basel II Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel II Regulation in force as at the date hereof (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates)

Basel II Regulation means:

		(a)	any Applicable Law in force as at the date hereof implementing the Basel II Accord (including the relevant provisions of directive 2013/36/EU (CRD IV) and regulation 575/2013 (CRR) of the European Union); or

		(b)	any Basel II Approach adopted by a Finance Party or any of its Affiliates;

but excludes any Applicable Law implementing the Basel III Accord save and to the extent that it is a re-enactment of any Applicable Law referred to in paragraph (a) of this definition

Basel III Accord means, together:

		(c)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

		(d)	the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and

		(e)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III"

Basel III Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel III Regulation (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates)

Basel III Regulation means any Applicable Law implementing the Basel III Accord (including CRD IV and CRR) save and to the extent that it is re-enacts a Basel II Regulation

Borrower means an Original Borrower or an Additional Borrower in each case unless it has ceased to be a Borrower in accordance with clause 29 (Changes to the Obligors)

Borrowing Base means the aggregate of cash, inventory and receivables from time to time included in the Borrowing Base Report in accordance with Schedule 12 (Borrowing Base Amount)

Borrowing Base Amount means at any time:

(a)            the Base Currency Amount of the aggregate of the Borrowing Base calculated pursuant to Schedule 12 (Borrowing Base Amount);

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less

		(b)	the Outstandings (but excluding the Excess Overdraft Amounts)

Borrowing Base Audit Report means an audit report in respect of the Borrowing Base to be provided by the Company in accordance with the terms of this Agreement, provided by a report provider acceptable to the Collateral Management Agent (which shall not be a Borrower's auditors) addressed to, on terms acceptable to, and capable of being replied upon by, the Collateral Management Agent

Borrowing Base Report means a report substantially in the form set out in Schedule 13 (Form of Borrowing Base Report), duly completed by the Company and signed on its behalf by two (2) authorised signatories

Break Costs means the amount (if any) by which:

		(a)	the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

exceeds:

		(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period

Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Paris, Geneva, Amsterdam and New York City and (in relation to any date for payment or purchase of euro) any TARGET Day

Cash means, at any time, cash in hand or at bank and (in the latter case) credited to an account in the name of a member of the Group with an Acceptable Bank and to which a member of the Group is alone (or together with other members of the Group) beneficially entitled and for so long as:

		(a)	that cash is repayable on demand;

		(b)	repayment of that cash is not contingent on the prior discharge of any other indebtedness of any member of the Group or of any other person whatsoever or on the satisfaction of any other condition;

		(c)	there is no Security over that cash except for Transaction Security or any Security permitted pursuant to clause 24.13 (Negative pledge) constituted by a netting or set-off arrangement entered into by members of the Group in the ordinary course of their banking arrangements; and

		(d)	the cash is freely and immediately available to be applied in repayment or prepayment of the Facilities

Cash Equivalent Investments means at any time:

		(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank;

		(b)	any investment in marketable debt obligations issued or guaranteed by the government of the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of

5

any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security;

		(c)	commercial paper not convertible or exchangeable to any other security:

		(i)	for which a recognised trading market exists;

		(ii)	issued by an issuer incorporated in the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State;

		(iii)	which matures within one year after the relevant date of calculation; and

		(iv)	which has a credit rating of either A-1 or higher by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors Service Limited, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating;

 

		(d)	any investment in money market funds which (i) have a credit rating of either A-1 or higher by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors Service Limited, (ii) which invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above and (iii) can be turned into cash on not more than thirty (30) days' notice; or

		(e)	any other debt security approved by the Majority Lenders,

 

 

in each case, to which any member of the Group is alone (or together with other members of the Group beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction Security Documents)

Capital Stock means any and all shares, interests, participations or other equivalents (however designated) of capital stock, any and all equivalent ownership interests in any company, corporation, limited liability company, general partnerships, limited partnership, limited liability partnership, trust, estate, proprietorship, joint venture or other business organization and any and all warrants, rights or options to purchase any of the foregoing, but excluding any debt security convertible into or exchangeable for such interest

Certificate of Origin means a certificate received from an Approved Supplier stating clearly the country of origin of the underlying goods

Change of Control means:

		(a)	any Person or Group (as such terms are used in section 13(d) of the U.S. Securities Exchange Act of 1934) who (i) is not now a beneficial owner of the Parent becomes the "beneficial owner" (as defined in Rule 13d-3 under the U.S. Securities Exchange Act of 1934), directly or indirectly, of more than 35% of the total voting power or ownership interest of the Capital Stock of the Parent; or (ii) shall have obtained the power (whether or not exercised) to elect a majority of the members of the board of directors (or similar governing body) of the Parent; or

		(b)	during any period of twelve (12) consecutive Months, the majority of the seats (other than vacant seats) on the board of directors (or similar governing body) of the Parent cease to be occupied by Persons who either (i) were members of the board of directors of the Parent as at the date of this Agreement, or (ii) were nominated for election by the board of directors of the Parent, a majority of whom were directors as the date of this Agreement or whose election or nomination for election was previously approved by a majority of such directors or directors elected in accordance with this paragraph (b) (ii); or

6

		(c)	a Borrower ceases to be a wholly-owned Subsidiary of the Parent

Charged Property means all of the assets of the Obligors and the Spanish Pledger which from time to time are, or are expressed to be, the subject of the Transaction Security

Clearing Providers means BNP Paribas Commodity Futures Limited (English company number 2391477) and ABN AMRO Clearing Bank N.V. (a company incorporated in the Netherlands) or any other clearing provider which is an Affiliate of a Facility C Lender and which is approved in writing by the Facility Agent and which enters into a Multi-Party TPA Agreement with the Company, and Clearing Provider means any of them as the case may be

Clearing Provider Hedging Agreement means any document evidencing a Clearing Provider Hedging Transaction

Clearing Provider Hedging Transactions has the meaning given to it in clause 2.8 (Hedging/Clearing)

Code means the US Internal Revenue Code of 1986

Collateral Management Agreement means a collateral management agreement in respect of inland storage to be entered into between the Security Agent, the relevant Borrower and the Collateral Manager in form and substance satisfactory to the Facility Agent acting on the instructions of all Lenders

Collateral Manager means a collateral manager approved in writing by the Facility Agent acting on the instructions of all Lenders

Collection Accounts means the bank accounts opened and maintained by each Borrower with the Account Bank in accordance with clause 25 (Bank Accounts) and includes any interest of the Borrowers in any replacement account or any sub-division or sub-account of any of these accounts

Compliance Certificate means a certificate substantially in the form set out in Schedule 7 (Form of Compliance Certificate)

Compliance Policy means the policy of the Group, approved by the Board of Directors of the Company, in relation to operational control procedures related to product origin (traceability, compliance with United States of America, European Union and United Nations Sanctions or any other state or authority which has issued Sanctions with which a member of the Group is required to comply)

Compliant Borrowing Base Report means a Borrowing Base Report showing a Borrowing Base Amount which is zero (0) or a positive number

Compliant Cross-Check Borrowing Base Report means a Cross-Check Borrowing Base Report, the accuracy of which has been verified by the Security Agent based on the information provided by independent sources acceptable to the Security Agent and reflected therein relating to:

		(i)	the storage volumes at any inland storage facilities, leased or owned by the Borrowers and the Spanish Pledgor and which have capacity equal to or in excess of 50,000 metric tons; and

		(ii)	the storage volumes on any vessels leased or owned by the Borrowers and the Spanish Pledgor which have capacity equal to or in excess of 15,000 metric tons,

and which shows a Borrowing Base, the Base Currency of which is not less than ninety five per cent (95%) of the Base Currency of the Borrowing Base as reported in the most recent Compliant Borrowing Base Report.

7

Confidential Information means all information relating to any Obligor, the Group, the Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or a Facility from either:

		(a)	any member of the Group or any of its advisers; or

		(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:

		(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of clause 41 (Confidentiality); or

		(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or

		(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality

Confidentiality Undertaking means a confidentiality undertaking substantially in a recommended form of the LMA from time to time or in any other form agreed between the Company and the Facility Agent

Consent Letter (17 October 2013) means the consent letter in respect of this Agreement dated 17 October 2013 issued by the Facility Agent and the Security Agent and countersigned by the Company

Consent Letter (18 December 2013) means the consent letter in respect of this Agreement dated 18 December 2013 issued by the Facility Agent and the Security Agent and countersigned by the Obligors

Consent Letter (2 July 2014) means the consent letter in respect of this Agreement dated 2 July 2014 issued by the Facility Agent and the Security Agent and countersigned by the Obligors

Consent Letters means:

		(a)	the Consent Letter (17 October 2013);

		(b)	the Consent Letter (18 December 2013); and

		(c)	the Consent Letter (2 July 2014)

Credit Instrument means any standby or documentary letter of credit or guarantee issued or to be issued by a Facility C Lender under Facility C and in such form requested by a Borrower which is acceptable to the relevant Facility C Lender in accordance with the terms of this Agreement including without limitation clause 5.3 (Completion of a Utilisation Request for Ancillary Facilities) and clause 6 (Ancillary Facilities)

8

Cross-Check Borrowing Base Report means a report duly completed by the Company and signed on its behalf by two (2) authorised signatories in the form required pursuant to clause 22.9(c) (Borrowing Base Report)

Current Assets means the aggregate (on a consolidated basis) of all inventory, work in progress, trade and other receivables of each member of the Group including prepayments in relation to operating items and sundry debtors (including Cash and Cash Equivalent Investments) expected to be realised within twelve (12) months from the date of computation but excluding amounts in respect of:

		(a)	receivables in relation to Tax;

		(b)	Exceptional Items and other non-operating items;

		(c)	insurance claims; and

		(d)	any interest owing to any member of the Group

Current Liabilities means:

		(a)	prior to the date which is six (6) Months after the date of this Agreement, the sum of current liabilities as determined in accordance with the Accounting Principles;

		(b)	from the date which is six (6) Months after the date of this Agreement until (but excluding) the date which is eighteen (18) Months after the date of this Agreement, the sum of:

		(i)	current liabilities as determined in accordance with the Accounting Principles; and

		(ii)	50% of the amount of all Utilisations under Facility B; and

		(c)	from the date which is eighteen (18) Months after the date of this Agreement, the sum of:

		(i)	current liabilities as determined in accordance with the Accounting Principles; and

 

		(ii)	the total amount of all Utilisations under Facility B

 

Daily Headroom Report means a report substantially in the form set out in Schedule 15 (Form of Daily Headroom Report)

Debt Purchase Transaction means, in relation to a person, a transaction where such person:

		(a)	purchases by way of assignment or transfer;

		(b)	enters into any sub-participation in respect of; or

		(c)	enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of,

any Proposed Participation or amount outstanding under this Agreement

Deed of Undertaking means a deed of undertaking in the form set out in Schedule 20 (Form of Deed of Undertaking) to be entered into between a third party, a Borrower and a Facility C Lender

Default means an Event of Default or any event or circumstance specified in clause 26 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default

9

Deficient Borrowing Base Report means a Borrowing Base Report immediately after delivery of which it appears that the Borrowing Base Amount is a negative number

Deficient Cross-Check Borrowing Base Report means a Cross-Check Borrowing Base Report which is not a Compliant Cross-Check Borrowing Base Report

Delegate means any delegate, agent, attorney or co-trustee appointed by the Security Agent

Deutsche Bank Facility means the trade receivables purchase agreement dated 17 October 2011 between the Company and Deutsche Bank AG, New York Branch (as amended from time to time)

Disruption Event means either or both of:

 

		(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or

 

		(b)	the occurrence of any other event which results in a disruption (of a technical or systems­ related nature) to the treasury or payments operations of a Party preventing that, or any other Party:

		(i)	from performing its payment obligations under the Finance Documents; or

		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted

EBITDA has the meaning given to it in clause 23 (Financial Covenants)

Environment means humans, animals, plants and all other living organisms including the ecological systems of which they form part and the following media:

		(a)	air (including, without limitation, air within natural or man-made structures, whether above or below ground);

		(b)	water (including, without limitation, territorial, coastal and inland waters, water under or within land and water in drains and sewers); and

		(c)	land (including, without limitation, land under water)

Environmental Claim means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law

Environmental Law means any applicable law or regulation which relates to:

		(a)	the pollution or protection of the Environment;

		(b)	the conditions of the workplace; or

		(c)	the generation, handling, storage, use, release or spillage of any substance which, alone or in combination with any other, is capable of causing harm to the Environment, including, without limitation, any waste

Environmental Permits means any permit and other Authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of

10

the business of any member of the Group conducted on or from the properties owned or used by any member of the Group

EURIBOR means, in relation to any Loan in euro:

		(a)	the applicable Screen Rate;

		(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate for that Loan; or

		(c)	if:

(i)        no Screen Rate is available for the Interest Period of that Loan; and

(ii)        it is not possible to calculate an Interpolated Screen Rate for that Loan,

the Reference Bank Rate,

 

as of, in the case of paragraphs (a) and (c) above, the Specified Time on the Quotation Day for euro and for a period equal in length to the Interest Period of that Loan and, if that rate is less than zero, EURIBOR shall be deemed to be zero

Event of Default means any event or circumstance specified as such in clause 26 (Events of Default)

Excess Overdraft Amount has the meaning given to it in clause 6.9 (Overdraft Limits) and shall include the proceeds of any claims in respect of non-payment or late payment thereof

Excluded Material Subsidiary means:

(a)   AOTC;

(b)   each Single Purpose Ship Owning Company; and

		(c)	a Single Purpose Terminal Owning Company whose exclusion as a guarantor hereunder has been approved in writing by all Lenders in their absolute discretion

Expiry Date means, for an Ancillary Facility, the last day of its Term

Extension Fee means a fee at a rate to be determined by the lenders under the Facility which is being extended at the time an Extension Request is made which shall be payable on the amount of each applicable Lender's Proposed Participation as so extended following the Extension Request

Extension Request has the meaning given to it in clause 2.4 (Extension Option)

Facility means Facility A, Facility B or Facility C

Facility A means the secured committed multicurrency borrowing base revolving credit facility made available under this Agreement as described in clause 2 (The Facilities)

Facility Accounts means the bank accounts opened and maintained by each Borrower with the Account Bank in accordance with clause 25 (Bank Accounts) and includes any replacement account or any sub-division or sub-account of any of those accounts

Facility A Proposed Participations means:

		(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading "Facility A Proposed Participation" in Part II of Schedule 1 (The

11

Original Parties) and the amount of any other Facility A Proposed Participation transferred to it under this Agreement or assumed by it in accordance with clause 2.6 (Accordion - Increase in Size of Facility A and/or Facility B); and

		(b)	in relation to any other Lender, the amount in the Base Currency of any Facility A Proposed Participation transferred to it under this Agreement or assumed by it in accordance with clause 2.6 (Accordion - Increase in Size of Facility A and/or Facility B),

to the extent not cancelled, reduced or transferred by it under this Agreement

Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan

Facility A Margin means two point one per cent. (2.1%) per annum

Facility A Termination Date means the Initial Facility A Termination Date or such other date which shall apply as a result of extension in accordance with clause 2.4 (Extension Option) from time to time

Facility A Total Proposed Participations means the aggregate of the Facility A Proposed Participations, being $155,000,000 at the date of this Agreement

Facility B means the secured committed multicurrency borrowing base revolving credit facility made available under this Agreement as described in clause 2 (The Facilities)

Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan

Facility B Margin means two point five per cent. (2.5%) per annum

Facility B Proposed Participations means:

		(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading "Facility B Proposed Participation" in Part II of Schedule 1 (The Original Parties) and the amount of any other Facility B Proposed Participation transferred to it under this Agreement or assumed by it in accordance with clause 2.6 (Accordion - Increase in Size of Facility A and/or Facility B); and

		(b)	in relation to any other Lender, the amount in the Base Currency of any Facility B Proposed Participation transferred to it under this Agreement or assumed by it in accordance with clause 2.6 (Accordion - Increase in Size of Facility A and/or Facility B),

to the extent not cancelled, reduced or transferred by it under this Agreement

Facility B Termination Date means the Initial Facility B Termination Date or such other date which shall apply as a result of extension in accordance with clause 2.4 (Extension Option) from time to time

Facility B Total Proposed Participations means the aggregate of the Facility B Proposed Participations, being $115,000,000 at the date of this Agreement

Facility C means the secured uncommitted multicurrency borrowing base revolving credit facility for the entry into or issue of Ancillary Facilities made available under this Agreement as described in clause 2 (The Facilities)

Facility C Lender means a Lender who has at any time a Facility C Proposed Participation

Facility C Margin means two per cent. (2%) per annum

Facility C Proposed Participations means:

12

		(c)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading Proposed Participation in Part II of Schedule 1 (The Original Parties) and the amount of any other Facility C Proposed Participation transferred to it under this Agreement; and

		(d)	in relation to any other Lender, the amount in the Base Currency of any Facility C Proposed Participation transferred to it under this Agreement,

to the extent not cancelled, reduced or transferred by it under this Agreement

Facility C Termination Date means the date which is the earlier to occur of the Facility A Termination Date and the Facility B Termination Date

Facility C Total Proposed Participations means the aggregate of the Facility C Proposed Participations, being $730,000,000 at the date of this Agreement

Facility C Utilisation means a Utilisation made or to be made under Facility C or the principal amount outstanding for the time being of that Utilisation

Facility Office means:

		(a)	in respect of a Lender, the office or offices notified by that Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement; or

		(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes

FATCA means:

		(a)	sections 1471 to 1474 of the Code or any associated regulations or other official guidance;

		(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a) above; or

		(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction

FATCA Application Date means:

		(a)	in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

		(b)	in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code (which relates to "gross proceeds" from the disposition of property of a type that can produce interest from sources within the US), 1 January 2017; or

		(c)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017,

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the date of this Agreement

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FATCA Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA

FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction

FATCA FFI means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Finance Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction

Fee Letter means any fee letter or letters between any Finance Party and any Obligor in connection with the Facilities

Finance Document means:

		(a)	this Agreement;

		(b)	the Mandate Letter;

		(c)	any Compliance Certificate;

		(d)	any Fee Letter;

		(e)	any Accession Letter;

		(f)	any Resignation Letter;

		(g)	each Transaction Security Document;

		(h)	each Deed of Undertaking;

		(i)	each Daily Headroom Report;

(j)            each Consent Letter;

		(k)	the Amendment and Restatement Agreement;

		(I)	each Borrowing Base Report;

		(m)	each Cross-Check Borrowing Base Report;

		(n)	any Utilisation Request; and

		(o)	any other document designated as a "Finance Document" by the Facility Agent and the Company

Finance Lease means any lease or hire purchase contract which would, in accordance with the Accounting Principles, be treated as a finance or capital lease

Finance Party means the Facility Agent, the Collateral Management Agent, the Arranger, the Security Agent, the Documentation Bank, the Co-Ordinator, the Account Bank or a Lender

Financial Indebtedness means any indebtedness for or in respect of:

		(a)	moneys borrowed and debit balances at banks or other financial institutions;

		(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

14

		(c)	any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

 

		(d)	the amount of any liability in respect of Finance Leases;

		(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under the Accounting Principles);

		(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account);

(g)       any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;

		(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Termination Date in respect of all Facilities or are otherwise classified as borrowings under the Accounting Principles);

		(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than ninety (90) days after the date of supply;

		(j)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and

		(k)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above

Financial Quarter has the meaning given to that term in clause 23.1 (Financial definitions)

Financial Year means each of the Company's financial years ending on 31 December

First Extended Facility A Termination Date means the date which is three hundred and sixty four (364) days following the Initial Facility A Termination Date

Gross Assets means, in respect of an entity, all assets identified as such in that entity's accounts

Group means the Parent, the Company and each of their respective Subsidiaries from time to time

Group Structure Chart means the group structure chart in the agreed form

Guarantor means an Original Guarantor or an Additional Guarantor, unless in each case it has ceased to be a Guarantor in accordance with clause 29 (Changes to the Ob/igors)

Hedging Agreement means a Hedging Provider Hedging Agreement and a Clearing Provider Hedging Agreement

Hedging Policy means the hedging policy delivered to the Facility Agent pursuant to Part I of Schedule 2 (Conditions Precedent)

15

Hedging Provider means ABN AMRO Bank N.V. and BNP Paribas SA or any other hedging provider which is an Affiliate of a Facility C Lender and which is approved in writing by the Facility Agent and which enters into a Multi-Party TPA Agreement with the Company

Hedging Provider Hedging Agreement means any document evidencing a Hedging Provider Hedging Transaction

Hedging Provider Hedging Transactions has the meaning given to it in clause 2.8 (Hedging/Clearing)

Holding Company means, in relation to a person, any other person in respect of which it is a Subsidiary

Impaired Agent means the Facility Agent at any time when:

		(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment;

		(b)	the Facility Agent otherwise rescinds or repudiates a Finance Document; or

 

		(c)	
an Insolvency Event has occurred and is continuing with respect to the Facility Agent;

 

unless, in the case of paragraph (a) above:

 

		(i)	its failure to pay is caused by:

		(A)	administrative or technical error; or

		(B)	a Disruption Event,

and payment is made within five (5) Business Days of its due date; or

		(ii)	the Facility Agent is disputing in good faith whether it is contractually obliged to make the payment in question

Information Memorandum means the document in the form approved by the Company containing all relevant information (including projections) including, but not limited to, information about the Obligors, the Group and the proposed application of the proceeds of the Facility, has been or will be distributed by the Arrangers in connection with the syndication of the Facility

Initial Facility A Termination Date means the date which is three hundred and sixty four (364) days from the date of this Agreement

Initial Facility B Termination Date means the date which is twenty four (24) Months from the date of this Agreement

Initial Termination Date means:

		(a)	in respect of Facility A, the Initial Facility A Termination Date; and

		(b)	in respect of Facility B, the Initial Facility B Termination Date

Insolvency Event in relation to the Facility Agent means that the Facility Agent:

		(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);

		(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;

16

		(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

		(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;

		(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

		(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or

		(ii)	is not dismissed, discharged, stayed or restrained in each case within thirty (30) days of the institution or presentation thereof;

		(f)	has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

		(g)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

		(h)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above);

		(i)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within thirty (30) days thereafter;

 

		(j)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or

 

		(k)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts

 

Interest Period means, in relation to a Loan, each period determined in accordance with clause 12 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with clause 11.4 (Default interest)

Interpolated Screen Rate means, in relation to LIBOR or EURIBOR for any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:

(a)        the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and

17

(b)        the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan,

each as of the Specified Time on the Quotation Day for the currency of that Loan.

Joint Venture means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity

Legal Reservations means:

		(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

		(b)	the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; and

		(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction

Lender means:

		(a)	any Original Lender; and

		(b)	any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with clause 27 (Changes to the Lenders),

which in each case has not ceased to be a Lender in accordance with the terms of this Agreement

Lender Accession Letter means a document substantially in the form set out in Schedule 14

(Form of Lender Accession Letter)

LIBOR means, in relation to any Loan:

		(a)	the applicable Screen Rate;

		(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate for that Loan; or

		(c)	if:

		(i)	no Screen Rate is available for the currency of that Loan; or

		(ii)	no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate an Interpolated Screen Rate for that Loan,

the Reference Bank Rate,

as of, in the case of paragraphs (a) and (c) above, the Specified Time on the Quotation Day for the currency of that Loan and a period equal in length to the Interest Period of that Loan and, if that rate is less than zero, LIBOR shall be deemed to be zero

Limitation Acts means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984

LMA means the Loan Market Association

Loan means a Facility A Loan or a Facility B Loan

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Majority Lenders means a Lender or Lenders whose Proposed Participations aggregate more than 66 2/3 per cent. of the Total Proposed Participations (or, if the Total Proposed Participations have been reduced to zero, aggregated more than 66 2/3 per cent. of the Total Proposed Participations immediately prior to that reduction

Mandate Letter means the letter dated 8 March 2013 (as amended from time to time) between the Arrangers and the Company

Mandatory Cost means the percentage rate per annum calculated by the Facility Agent in accordance with Schedule 4 (Mandatory Cost Formula)

Margin means:

		(a)	in relation to Facility A, the Facility A Margin;

		(b)	in relation to Facility B, the Facility B Margin; and

		(c)	in relation to Facility C, the Facility C Margin

Material Adverse Effect means in the opinion of the Majority Lenders a material adverse effect on:

		(a)	the business (including the production and export capacity), operations, property, condition (financial, legal or otherwise) or prospects of any Obligor and/or the Group taken as a whole; or

		(b)	the ability of an Obligor to perform its obligations under the Finance Documents; or

		(c)	the validity or enforceability of, or the effectiveness or ranking of any Security granted or purporting to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents

Material Subsidiary means each member of the Group whose EBITDA and Gross Assets (on a consolidated basis in the case of a member of the Group which has Subsidiaries) represents five per cent (5%) or more of the consolidated EBITDA of the Group and/or five per cent (5%) or more of the consolidated Gross Assets of the Group

Maximum Available Amount means, at any time, the Base Currency Amount which is the lower of:

		(a)	the aggregate of the Total Proposed Participations at such time; and

		(b)	the Borrowing Base Amount at such time, as determined by the Collateral Management Agent with reference to the Borrowing Base Report most recently delivered to the Collateral Management Agent pursuant to this Agreement

Month means a period starting on one (1) day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

		(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

		(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and

		(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.

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The above rules will only apply to the last Month of any period

Moroccan Pledge means the master pledge agreement and related pledge instrument to be entered into by the Company, the Lenders, the Security Agent and Horizon Tangiers Terminal S.A in respect of assets owned by the Company and located in Morocco

Multi-Party TPA Agreements means each agreement entered into between the Company, a TPA Counterparty, a Hedging Provider or a Clearing Provider and the Security Agent (including any service or similar agreement related thereto between the Company and a Hedging Provider or a Clearing Provider (as the case may be)) complying with the provisions set out in clause 6.22 (Multi-Party TPA Agreements)

New Lender has the meaning given to that term in clause 27 (Changes to the Lenders)

Notifiable Debt Purchase Transaction has the meaning given to that term in paragraph (b) of clause 28.2 (Disenfranchisement on Debt Purchase Transactions entered into by Parent Affiliates)

Obliger means a Borrower or a Guarantor and Obligors means each of them

Obligors' Agent means the Company, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to clause 2.3 (Obligors' Agent)

OECD means Organisation for Economic Co-operation and Development

Original Borrowers means each of the Company, APII and ANNV, each as more particularly described in Part 1 of Schedule 1 (The Original Parties)

Original Financial Statements means in relation to each Obligor its audited financial statements for its Financial Year ended 31 December 2012

Original Jurisdiction means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement, and in relation to the Spanish Pledgor, Spain

Original TPA Counterparty means ABN AMRO Bank N.V. and BNP Paribas in their capacities as Facility C Lenders which have entered into a Multi-Party TPA Agreement with the Company

Outstandings means the aggregate of the Base Currency Amount of:

		(a)	the outstanding Loans;

		(b)	the maximum actual and contingent liabilities of the Borrowers in respect of any Overdraft Facilities; and

		(c)	the maximum actual or contingent liabilities of the Lenders in respect of any Credit Instruments

Overdraft Facility means an overdraft facility made available by a Facility C Lender in accordance with this Agreement

Parent means Aegean Marine Petroleum Network Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MHJ96960

Parent Affiliate means each Affiliate of the Parent

Participating Member State means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union

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Party means a party to this Agreement

Prohibited Person means a person that is:

		(a)	listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed on, any Sanctions List;

		(b)	located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory that is the target of country-wide or territory-wide Sanctions; or

		(c)	otherwise a target of Sanctions (namely a person with whom a US person or other national under the jurisdiction of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities)

Proposed Participation means, in relation to a Lender, its Facility A Proposed Participations, Facility B Proposed Participations and/or Facility C Proposed Participations (as the case may be)

Quarter Date means each of 31 March, 30 June, 30 September and 31 December

Quasi-Security has the meaning given to that term in clause 24.13 (Negative pledge)

Quotation Day means, in relation to any period for which an interest rate is to be determined:

		(a)	(if the currency is euro), two TARGET Days before the first day of that period; or

		(b)	(if the currency is Dollars), two Business Days before the first day of that period,

unless market practice differs in the Relevant Interbank Market for a currency, in which case the Quotation Day for that currency will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one (1) day, the Quotation Day will be the last of those days)

Receiver means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property

Reference Bank Rate means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at its request by the Reference Banks:

		(a)	in relation to LIBOR, as the rate at which the relevant Reference Bank could borrow funds in the London interbank market; or

		(b)	in relation to EURIBOR, as the rate at which the relevant Reference Bank could borrow funds in the European interbank market,

in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period

Reference Banks means, in relation to LIBOR, the principal London offices of ABN AMRO Bank N.V., BNP Paribas and Société Générale and, in relation to EURIBOR, the principal office in Amsterdam of ABN AMRO Bank N.V. and Paris of Bf\IP Paribas and Société Générale, or in each case such other banks as may be appointed by the Facility Agent in consultation with the Company

Related Fund in relation to a fund (the first fund), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or

21

investment adviser is an Affiliate of the investment manager or investment adviser of the first fund

Relevant Interbank Market means in relation to Euro, the European interbank market, and in relation to any other currency, the London interbank market

Relevant Jurisdiction means, in relation to an Obligor and the Spanish Pledgor:

		(a)	its Original Jurisdiction;

		(b)	any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be created by it is situated;

		(c)	any jurisdiction where it conducts its business; and

		(d)	the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered into by it

Relevant Period has the meaning given to that term in clause 23.1 (Financial definitions)

Repeating Representations means each of the representations set out in clause 21.2 (Status) to clause 21.7 (Governing law and enforcement), clause 21.11 (No default), paragraph (d) of clause 21.12 (No misleading information), paragraphs (d),(e) and (f) of clause 21.13 (Original Financial Statements), clause 21.20 (Ranking) to clause 21.22 (Legal and beneficial ownership), clause 21.26 (Centre of main interests and establishments) and clause 21.28 (Pari Passu Ranking)

Representative means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian

Resignation Letter means a letter substantially in the form set out in Schedule 11 (Form of Resignation Letter)

Rollover Loan means one or more Loans:

		(a)	made or to be made on the same day that a maturing Loan is due to be repaid;

		(b)	the aggregate amount of which is equal to or less than the amount of the maturing Loan;

		(c)	in the same currency as the maturing Loan; and

		(d)	made or to be made to the same Borrower for the purpose of refinancing a maturing Loan (as the case may be)

Sanctions means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any Sanctions Authority (whether or not any Obligor, any other Group Member or any Affiliate of any Group Member is legally bound to comply with such laws, regulations, embargoes or measures)

Sanctions Authority means any of:

		(a)	the United States government;

		(b)	the United Nations;

		(c)	the United Kingdom;

		(d)	Switzerland; or

22

		(e)	the European Union,

and includes any government entity of any of the above, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (OFAC), the United States Department of State, Her Majesty's Treasury (HMT) and the Swiss State Secretariat for Economic Affairs (SEGO)

Sanctions List means:

		(a)	the "Specially Designated Nationals and Blocked Persons" list maintained by OFAC;

		(b)	the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by HMT; or

		(c)	any similar list maintained by, or public announcement of Sanctions designation made by, any other Sanctions Authority

Screen Rate means:

		(a)	in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate); and

		(b)	in relation to EURIBOR, the euro interbank offered rate administered by the Banking Federation of the European Union (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Reuters screen (or any replacement Reuters page which displays that rate),

or, in each case, on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Company

Secured Obligations means all obligations at any time due, owing or incurred by any Obligor or the Spanish Pledgor to any Secured Party under the Finance Documents, including the obligations set out in clause 31.2 (Parallel Debt (Covenant to pay the Security Agent)) whether present or future, actual or contingent (and whether incurred solely or jointly and whether as principal or surety or in some other capacity)

Secured Parties means each Finance Party from time to time party to this Agreement and any Receiver or Delegate

Security means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect

Security Agreements means:

		(a)	the English law security agreement to be entered into by the Company in favour of the Security Agent in form and substance satisfactory to the Security Agent;

		(b)	the English law security agreement to be entered into by APII in favour of the Security Agent in form and substance satisfactory to the Security Agent; and

		(c)	the English law security agreement to be entered into by ANNV in favour of the Security Agent in form and substance satisfactory to the Security Agent

Sensitive Zone means:

23

		(a)	the territorial waters and shores of Kuwait, Saudi Arabia, Bahrain, Qatar, United Arab Emirates, Oman, Iraq, and any other relevant countries as determined by the Facility Agent (either in its sole discretion or as instructed by the Majority Lenders); and

		(b)	the international waters of the Persian Gulf.

 

Single Purpose Ship Owning Company means a single purpose ship owning company whose business is solely ownership and operation of ships and who has obtained finance secured on such ships

Single Purpose Terminal Owning Company means a single purpose company whose business is solely ownership and operation of terminals and who has obtained finance secured on such terminals

Spanish Pledges means:

		(a)	the non-possessory pledge of inventory located at Avda. de las Petroliferas S/N, Las Palmas de Gran Canaria, Las Palmas 35008, Spain to be entered into between the Spanish Pledgor and the Security Agent; and

		(b)	the non-possessory pledge of inventory located at C. Llull 480-486 10-1, 08930 Sant Adrià de Besòs, Barcelona, Spain to be entered into between the Spanish Pledgor and the Security Agent

Spanish Pledgor means Aegean Bunkering Combustibles Las Palmas S.A.

Specified Existing Indebtedness means the indebtedness of the Borrowers listed in Schedule 18 (Specified Existing Indebtedness) and which is to be repaid on the date of the first Utilisation under this Agreement

Specified Time means a time determined in accordance with Schedule 8 (Timetables)

Stock Monitoring Agreement means a stock monitoring agreement in respect of floating storage to be entered into between the Security Agent, the relevant Borrower and the Stock Monitoring Inspector in form and substance satisfactory to the Facility Agent acting on the instructions of all Lenders

Stock Monitoring Inspector means a stock surveillance or inspection company approved in writing by the Facility Agent acting on the instructions of all Lenders

Subsidiary means any person (referred to as the first person) in respect of which another person (referred to as the second person):

		(d)	holds a majority of the voting rights in that first person or has the right under the constitution of the first person to direct the overall policy of the first person or alter the terms of its constitution; or

		(e)	is a member of that first person and has the right to appoint or remove a majority of its board of directors or equivalent administration, management or supervisory body; or

		(f)	has the right to exercise a dominant influence (which must include the right to give directions with respect to operating and financial policies of the first person which its directors are obliged to comply with whether or not for its benefit) over the first person by virtue of provisions contained in the articles (or equivalent) of the first person or by virtue of a control contract which is in writing and is authorised by the articles (or equivalent) of the first person and is permitted by the law under which such first person is established; or

		(g)	is a member of that first person and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in the first person or the rights

24

under its constitution to direct the overall policy of the first person or alter the terms of its constitution; or

		(h)	has the power to exercise, or actually exercises dominant influence or control over the first person; or

		(i)	together with the first person are managed on a unified basis,

and, for the purposes of this definition, a person shall be treated as a member of another person if any of that person's Subsidiaries is a member of that other person or if any shares in that other person are held by a person acting on behalf of it or any of its Subsidiaries

TARGET2 means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007

TARGET Day means any day on which TARGET2 is open for the settlement of payments in euro

Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same)

Term means each period determined under this Agreement for which a relevant Facility C Lender is under a liability under an Ancillary Facility

Termination Date means:

		(c)	in relation to Facility A, the Facility A Termination Date;

		(d)	in relation to Facility B, the Facility B Termination Date; and

		(e)	in relation to Facility C, the Facility C Termination Date

Total Proposed Participations means the aggregate of the Facility A Total Proposed Participations, the Facility B Total Proposed Participations and the Facility C Total Proposed Participations, being $1,000,000,000 at the date of this Agreement

TPA Counterparty means:

		(a)	any Original TPA Counterparty; and

		(b)	any Facility C Lender which enters into a Multi-Party TPA Agreement with the Company in connection with clearing or hedging transactions

Transaction Security means the Security created or expressed to be created in favour of the Security Agent pursuant to the Transaction Security Documents

Transaction Security Documents means each of:

(a)            the Account Pledge Agreement;

(b)          the Security Agreements;

		(c)	the Moroccan Pledge;

		(d)	the UAE Pledges;

		(e)	the Spanish Pledges;

25

		(f)	any Stock Monitoring Agreement;

		(g)	any Collateral Management Agreement; and

		(h)	any documents in respect of which Security is granted to the Security Agent pursuant to clause 24.23 (Conditions Subsequent),

together with any other document entered into by any Obligor or the Spanish Pledgor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents

Transfer Certificate means a certificate substantially in the form set out in Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Facility Agent and the Company

Transfer Date means, in relation to an assignment or a transfer, the later of:

		(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

		(b)	the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate

Treasury Transactions means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price

UAE Pledges means:

		(a)	the pledge over moveables located at the Fujairah Freezone, Emirate of Fujairah, UAE to be entered into between the Company, Aegean Oil Terminal Corporation (as bailee) and the Security Agent (the Company UAE Pledge);

		(b)	the pledge over moveables located at the Fujairah Freezone, Emirate of Fujairah, UAE to be entered into between APII, Aegean Oil Terminal Corporation (as bailee) and the Security Agent (the APII UAE Pledge);

		(c)	any bailee agreement and/or addendum issued pursuant to or in connection with the Company UAE Pledge; and

		(d)	any bailee agreement and/or addendum issued pursuant to or in connection with the APll UAE Pledge

Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance Documents

US Tax Obligor means:

		(a)	an Obligor which is resident for tax purposes in the United States of America; or

		(b)	an Obligor some or all of whose payments under the Finance Documents are from sources within the United States for US federal income tax purposes

Utilisation means a utilisation of a Facility (by way of a Loan or Ancillary Facility)

Utilisation Date means the date on which a Utilisation is, or is to be, made

Utilisation Request means a notice substantially in the relevant form set out in Schedule 3 (Utilisation Request)

VAT means:

26

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

		1.2	Construction

		(a)	Unless a contrary indication appears, a reference in this Agreement to:

		(i)	the Facility Agent, the Collateral Management Agent, the Arranger, any Finance Party, any Lender, any Obligor, any Party, any Secured Party, the Security Agent or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents and, in the case of the Security Agent, any person for the time being appointed as Security Agent or Security Agents in accordance with the Finance Documents;

		(ii)	a document in agreed form is a document which is previously agreed in writing by or on behalf of the Company and the Facility Agent or, if not so agreed, is in the form specified by the Facility Agent;

		(iii)	assets includes present and future properties, revenues and rights of every description;

		(iv)	a Finance Document or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

		(v)	a group of Lenders includes all the Lenders;

		(vi)	guarantee means (other than in clause 20 (Guarantee and Indemnity)) any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

		(vii)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

		(viii)	a person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);

		(ix)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;

		(x)	including means including without limitation;

		(xi)	a provision of law is a reference to that provision as amended or re-enacted;

		(xii)	a time of day is a reference to London time;

		(xiii)	the Interest Period of a Credit Instrument will be construed as a reference to the Term of that Credit Instrument;

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		(xiv)	an amount borrowed includes any amount utilised by way of an Ancillary Facility;

		(xv)	a Utilisation made or to be made to a Borrower includes an Ancillary Facility entered into or issued on its behalf;

		(xvi)	a Lender funding its participation in a Utilisation includes a Lender issuing or entering into an Ancillary Facility;

		(xvii)	amounts outstanding under this Agreement include amounts outstanding under or in respect of an Ancillary Facility;

		(xviii)	an outstanding amount of an Ancillary Facility at any time is the maximum amount that is or may be payable by a Borrower in respect of that Ancillary Facility at that time;

		(xix)	a Borrower repaying or prepaying a Credit Instrument means:

		(A)	that Borrower providing cash cover for that Credit Instrument;

		(B)	the maximum amount payable under the Credit Instrument being reduced in accordance with its terms; or

		(C)	the Facility C Lender which issued the Credit Instrument being satisfied that it has no further liability under that Credit Instrument,

and the amount by which a Credit Instrument is repaid or prepaid under sub­ clauses (A) and (B) above is the amount of the relevant cash cover or reduction; and

		(xx)	a Borrower providing cash cover for a Credit Instrument means that Borrower paying an amount equal to the maximum actual and contingent liabilities of the relevant Lender under such Credit Instruments in the currency of the Credit Instrument to an interest-bearing account in the name of that Borrower and the following conditions are met:

		(A)	the account is with the relevant Facility C Lender which issued the Credit Instrument;

		(B)	withdrawals from the account may only be made to pay a Finance Party amounts due and payable to it under this Agreement in respect of that Credit Instrument until no amount is or may be outstanding under that Credit Instrument; and

		(C)	the Borrower has executed a security document, in form and substance satisfactory to the Facility Agent, creating a first ranking security interest over that account.

		(b)	In determining the amount of the Available Facility for the purposes of this Agreement the Proposed Participation of a Lender will be calculated ignoring any cash cover provided for outstanding Credit Instruments.

		(c)	Section, clause and Schedule headings are for ease of reference only.

		(d)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

		(e)	A Default (other than an Event of Default) is continuing if it has not been remedied or waived and an Event of Default is continuing if it has not been waived.

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		1.3	Currency symbols and definitions

		(a)	$, USO and dollars denote the lawful currency of the United States of America;

		(b)	€, EUR, EURO and euro denote the single currency of the Participating Member States.

		1.4	Third party rights

		(a)	Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce or enjoy the benefit of any term of this Agreement.

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

1.5            Joint and Several Liability

All obligations of the Borrowers under this Agreement shall be assumed jointly and severally.

 

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Section 2

The Facility

		2	The Facilities

		2.1	The Facilities

Subject to the terms of this Agreement, the Lenders make available to the Borrowers a secured multicurrency borrowing base facility comprising:

		(a)	Facility A in an aggregate amount equal to the Facility A Total Proposed Participations;

		(b)	Facility B in an aggregate amount equal to the Facility B Total Proposed Participations; and

		(c)	Facility C in an aggregate amount equal to the Facility C Total Proposed Participations.

		2.2	Finance Parties' rights and obligations

		(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

		(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt.

		(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.

		(d)	Facility C is an uncommitted facility and accordingly the issue of Ancillary Facilities shall be entirely in the discretion of the Facility C Lenders who shall be under no obligation to issue the same. The Borrowers acknowledge that no Lender shall have any obligation or commitment to make Ancillary Facilities available to the Borrowers and the making of a Utilisation pursuant to Facility C shall not be deemed to be a commitment to make any other Utilisation under that Facility.

		(e)	Facility C Declining Lenders

		(i)	A Facility C Lender shall be entitled to decline a particular Utilisation Request under Facility C on a case-by-case basis without prejudicing its ability to agree to subsequent Facility C Utilisation Requests.

		(ii)	A Facility C Lender who does not wish to make available any further Utilisations under Facility C (a Facility C Declining Lender) may at any time serve a written notice to the Facility Agent stating that it is declining to make available any Utilisations under Facility C (the Facility C Declining Notice).

		(iii)	Upon receipt of a Facility C Declining Notice the Facility Agent shall inform the other Lenders under Facility C within one (1) Business Day of receipt of such Facility C Declining Notice and the Facility C Declining Notice will take effect five (5) Business Days from the date of the Facility C Declining Notice.

		(iv)	For the period beginning on the date of the Facility C Declining Notice and ending on the date which is five (5) Business Days from the date of the Facility C Declining Notice (the Facility C Declining Notice Period) the Facility C Declining Lender may, but shall not be obliged to, make further Utilisations under Facility C. A

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Facility C Declining Lender shall not participate in any further utilisations of Facility C (including any rollovers) after the expiry of the Facility C Declining Notice Period and shall cease to be a Facility C Lender provided that a Facility C Declining Lender shall remain committed for Credit Instruments that were made before and during the Facility C Declining Notice Period even though such Credit Instruments may have a maturity in excess of the Facility C Declining Notice Period.

		(v)	The Facility C Declining Lender may, in accordance with the terms of this Agreement, transfer its rights and obligations under any Ancillary Facilities issued or entered into by it to an Acceptable Bank provided that if any existing Facility C Lender which is an Acceptable Bank wishes to acquire such rights and obligations the Facility C Declining Lender shall only be entitled to transfer the same to such existing Facility C Lender (or if more than one Facility C Lender is an Acceptable Bank, to such Facility C Lenders in such proportions as those Facility C Lenders may agree).

		(vi)	Without prejudice to clause (v) the Company may require that a Facility C Declining Lender transfers its Facility C Proposed Participation to another Facility C Lender which is an Acceptable Bank or (if no existing Facility C Lenders wish to acquire the same) to an Acceptable Bank designated by the Company, in each case in accordance with clause 27 (Changes to Lenders).

		2.3	Obligors' Agent

		(a)	Each Obligor (other than the Company) by its execution of this Agreement irrevocably appoints the Company (acting through one or more authorised signatories) to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:

		(i)	the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including, in the case of the Borrowers, Utilisation Requests and any notices, certificates or confirmations under any Finance Document), to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and

		(ii)	each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Company,

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.

		(b)	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors' Agent or given to the Obligors' Agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall prevail.

(c)      The powers of the Company (as Obligors' Agent) under this clause 2.3 (Obligors' Agent) shall be no greater than as set out in this clause 2.3 (Obligors' Agent) and shall remain valid for so long as any amount is outstanding under the Finance Documents or any Proposed Participation is in force.

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		2.4	Extension Option

		(a)	Provided that no Default has occurred and is continuing at such time, the Company may request in respect of Facility A and/or Facility B, by written notice received by the Facility Agent:

		(i)	no more than one hundred and twenty (120) days; and

		(ii)	no less than sixty (60) days, 

 

prior to:

		(A)	in respect of Facility A, the Initial Facility A Termination Date and/or the First Extended Facility A Termination Date (as applicable); or

		(B)	in respect of Facility B, the Initial Facility A Termination Date or the Initial Facility B Termination Date,

that the period of the relevant Facility be extended for a period of three hundred and sixty four (364) days beyond the then applicable Termination Date (an Extension Request).

		(b)	On and subject to the terms and conditions set out in this Agreement, the Company shall be entitled to submit an Extension Request:

		(i)	in respect of Facility A, on no more than two (2) occasions in total (on only one occasion prior to the Initial Facility A Termination Date and on only one occasion prior to the Extended Facility A Termination Date); and

		(ii)	in respect of Facility B, on one occasion only.

		(c)	An Extension Request shall be irrevocable.

		(d)	Following its receipt of an Extension Request, the Facility Agent shall promptly notify each Lender under the relevant Facility or Facilities of such request.

		(e)	If an Extension Request has been notified by the Facility Agent to each relevant Lender, each such Lender shall, no later than twenty (20) Business Days after receipt by it of the Extension Request notify the Facility Agent whether or not it agrees to the Extension Request. Any such notice by a Lender shall be binding on that Lender. The Facility Agent shall promptly notify the Company and the other Lenders under the applicable Facility of the response of each Lender under that Facility.

		(f)	Any Lender who fails to give such notice to the Facility Agent within the timeframe specified in paragraph (e) above shall be deemed to have refused the Extension Request.

		(g)	Nothing in this clause 2.4 shall impose any obligations on any Lender to agree to any Extension Request made in accordance with this clause 2.4.

		(h)	Provided that 66 2/3 % of the Lenders in respect of the relevant Facility agree to the relevant Extension Request, the Termination Date in respect of that Facility shall in respect of those Lenders who have agreed, subject to payment prior to the then applicable Termination Date (or, in respect of an extension of Facility B requested prior to the Initial Facility A Termination Date, on the Initial Facility A Termination Date) by the Company of the Extension Fee, be extended to the date falling three hundred and sixty four (364) days after the then applicable Termination Date.

		(i)	The Extension Fee shall only be paid to the Lenders that agree to the Extension Request.

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		(j)	If a Lender refuses an Extension Request, then on the relevant Termination Date (ignoring any extension under this clause) all Proposed Participations of that Lender shall be cancelled.

 

		2.5	Refusing Lenders

		(a)	This clause 2.5 shall apply only where a Termination Date is extended in accordance with clause 2.4 (Extension Option).

		(b)	Any Lender which refuses, or is deemed to have refused, an Extension Request (a Refusing Lender) in respect of a Facility shall not, after such refusal or deemed refusal, participate in the making of any Utilisation under that Facility if:

		(i)	the proposed date for the making of such Utilisation falls on a day which is not within the applicable Availability Period prior to the extension in accordance with clause 2.4(a) (Extension Option); or

		(ii)	the proposed Interest Period of such Utilisation ends after the Initial Termination Date or, in respect of Facility A, the First Extended Facility A Termination Date (as the case may be).

		(c)	On the Initial Termination Date (or the First Extended Facility A Termination Date (as the case may be)), the Company shall repay each Refusing Lender such Refusing Lender's share of each outstanding Utilisation under the relevant Facility which is the subject of the relevant Extension Request and all other sums in relation thereto then due to that Lender in respect of that Facility pursuant to the Finance Documents but unpaid together with accrued interest thereon.

		(d)	Subject to clause 2.5(e), the Proposed Participation of each Refusing Lender in the relevant Facility held by that Refusing Lender as at the Initial Termination Date (or the First Extended Facility A Termination Date (as the case may be)) shall automatically be cancelled and reduced to zero (0) on the Initial Termination Date (or the First Extended Facility A Termination Date (as the case may be).

		(e)	The Company may request to the Facility Agent that the Proposed Participation of a Refusing Lender be transferred to another Lender under the same Facility or (only if no Lenders agree to such a transfer) to an Acceptable Bank immediately prior to the Initial Termination Date (or the First Extended Facility A Termination Date (as the case may be). Any such transfer shall be implemented in accordance with clause 27 (Changes to Lenders) of this Agreement. If more than one Lender under the same Facility wishes to acquire the Proposed Participation of the Refusing Lender, such Lenders shall acquire the Proposed Participation pro-rata to their existing Proposed Participations in the relevant Facility.

		2.6	Accordion - Increase in Size of Facility A and/or Facility B

		(a)	The Company may on one occasion only at any time prior to the date which is six (6) Months prior to the then applicable Termination Date of the applicable Facility, request, by written notice to the Facility Agent (who shall promptly provide a copy of such notice to each Lender under the applicable Facility), additional Proposed Participations of up to one hundred million Dollars ($100,000,000) in aggregate in the Base Currency across Facility A and/or Facility B (the Additional Proposed Participation Amount).

		(b)	Each Lender shall have the right for a period of twenty (20) Business Days following receipt of such notice by the Facility Agent, to elect by written notice to the Company and the Facility Agent (an Acceptance) to increase its Proposed Participations by a principal amount equal to its pro rata share (determined on the basis of the proportion of its Proposed Participations and participation in the Utilisations outstanding under the relevant Facility to the Total Proposed Participations and the Utilisations then outstanding under that Facility) of the Additional Proposed Participation Amount.

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		(c)	If an Acceptance is not received by the Facility Agent from a Lender within the time limit specified in clause 2.6(b) above, such Lender's Proposed Participations shall remain unchanged.

		(d)	If not all Lenders under the relevant Facility elect pursuant to clause 2.6(b) above to increase their respective Proposed Participation any unallocated portion of the Additional Proposed Participation Amount may be assumed by those Lenders under the relevant Facility which did elect to increase their Proposed Participation (pro-rata to the existing Proposed Participations of such Lenders under the relevant Facility) or if any of the Additional Proposed Participation Amount is not so assumed by such Lenders they may thereafter be assumed by an Acceptable Bank or Acceptable Banks selected by the Company.

		(e)	No Lender shall have any obligation to increase its Proposed Participation or incur any other obligations under this Agreement and the other Finance Documents in relation to such Additional Proposed Participation Amount, and any decision by a Lender to increase its Proposed Participation shall be made in its sole discretion.

		(f)	The notice delivered by the Company pursuant to paragraph (a) above shall be irrevocable once given and shall set out:

		(i)	the amount of the Additional Proposed Participation Amount being requested (which shall not exceed $100,000,000);

		(ii)	whether it relates to Facility A, Facility B or both (and if both, in what proportions); and

		(iii)	the date on which such Additional Proposed Participation Amounts are requested to become effective which must be a date that is at least twenty (20) Business Days after the date of that notice.

		(g)	The Additional Proposed Participation Amount must be used for the purposes specified in clause 3.1 (Purpose).

		(h)	Any Additional Proposed Participation Amount shall become effective on the date on which the Facility Agent notifies the Company and each Lender that a Lender Accession Letter has been executed by the Company, the Facility Agent and the relevant Lender or Lenders and/or Acceptable Banks whose Proposed Participation is to be increased.

		(i)	Upon the acceptance of any such Lender Accession Letter by the Facility Agent, the relevant Facility or Facilities shall automatically be increased by the Additional Proposed Participation Amount added through such Lender Accession Letter and Part II of Schedule 1 (Original Lenders) shall automatically be deemed to be amended to reflect the Additional Proposed Participation Amount (and inclusion of new Lenders, as the case may be).

(j)       Each Party (other than the Lender(s) whose Proposed Participation is to be increased and the Company) irrevocably authorises the Facility Agent to execute on its behalf any Lender Accession Letter which has been duly completed and signed on behalf of that Lender and the Company and each Obligor agrees to be bound by such accession and increased Proposed Participations. The Facility Agent shall only be obliged to execute a Lender Accession Letter once it is satisfied it has complied with all necessary "know your customer" or similar checks under all applicable laws and regulations in relation to any Acceptable Banks which shall become Lenders following the Facility Agent's execution thereof.

		(k)	For the avoidance of doubt nothing in this clause 2.6 (Accordion - Increase in size of Facility A and/or Facility B) shall entitle the Company to request any increase in the Facility C Proposed Participations.

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		(l)	The Company shall pay to the Facility Agent for the account of the Lenders whose Proposed Participations are increased pursuant to clause 2.6 (Accordion - Increase in size of Facility A and/or Facility B) a fee in the amount and at the times agreed in a Fee Letter.

		(m)	The Company shall promptly on demand pay to the Facility Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with any increase in Proposed Participations under this clause 2.6 (Accordion - Increase in size of Facility A and/or Facility B).

		(n)	Clause 27.4(b) (Limitation of responsibility of Existing Lenders) shall apply, with necessary amendments, to this clause 2.6 (Accordion Increase in size of Facility A and/or Facility B) in relation to an Acceptable Bank which becomes a Lender hereunder as if references in that clause to:

		(i)	an Existing Lender were references to all the Lenders immediately prior to the relevant increase; and

		(ii)	the New Lender were references to that Acceptable Bank.

		2.7	Adjustments by Lenders

		(a)	Upon any increase in Facility A and/or Facility B in accordance with clause 2.6 (Accordion Increase in Size of Facility A and/or Facility B), the Lender under an applicable Facility shall promptly adjust by corresponding transfers and payments between such Lenders (to the extent necessary) their claims in respect of amounts outstanding to them under that Facility to ensure that, after such transfers and payments have been made, the aggregate of outstanding Loans of each Lender in that Facility bears the same proportion to the total principal amounts outstanding under that Facility as the relevant Lender's Proposed Participation in respect of that Facility bears to the Total Proposed Participations under that Facility (as increased in accordance with clause 2.6 (Accordion - Increase in Size of Facility A and/or Facility B)).

 

		(b)	Any amount to be paid by a Lender whose Proposed Participation has been increased to a Refusing Lender under this clause 2.7 (Adjustments by Lenders) shall be immediately due and payable to that Refusing Lender. Any amount received by a Refusing Lender under this clause 2.7 (Adjustments by Lenders) shall be deemed to be a payment of sums owed by the relevant Borrower to the relevant Refusing Lender.

		(c)	All calculations to be made pursuant to this clause 2.7 (Adjustments by Lenders) shall be made by the Facility Agent based upon information provided to it by each Lender under the relevant Facility and each Acceptable Bank which is to become a Lender. The Facility Agent shall as soon as reasonably practicable following receipt of such information provide the Company and the Lenders under the relevant Facility with a schedule of calculations setting out the new Proposed Participations of each relevant Lender as at the proposed Facility increase date and the amounts (if any) which would be payable between Lenders pursuant to this clause 2.7 (Adjustments by Lenders) on such increase date. Each relevant Lender and the Company shall confirm in writing the new Proposed Participations of each Lender to the Facility Agent as soon as reasonably practicable following receipt of such schedule of calculations.

		(d)	All payments and transfers to be made pursuant to this clause 2.7 (Adjustments by Lenders) shall be made through the Facility Agent.

		2.8	Hedging/Clearing

		(a)	The Company may enter into commodity hedging transactions which have not been cleared (the Hedging Provider Hedging Transactions) with the Hedging Providers for the purpose of hedging the Company's ongoing exposure to commodity prices. Such Hedging Provider Hedging Transactions will be transacted under the 2002 Master

35

Agreement as published by the International Swaps and Derivatives Association Inc. (Master Agreement).

		(b)	The Company may enter into cleared commodity hedging transactions (the Clearing Provider Hedging Transactions) with the Clearing Providers. Such Clearing Provider Hedging Transactions will be transacted pursuant to the Clearing Provider's customary terms of business.

 

		(c)	The Company may enter into Multi-Party TPA Agreements which comply with the terms of this Agreement.

 

		(d)	No Borrower shall enter into any commodity hedging or clearing transactions or documents related thereto other than as permitted by this clause 2.8.

		(e)	The Borrowers shall procure that all Hedging Agreements are entered into in compliance with the Hedging Policy.

 

		3	Purpose

		3.1	Purpose

Each Borrower shall apply all amounts borrowed by it under the Facility towards:

		(a)	repaying the Specified Existing Indebtedness;

		(b)	in payment of any fees, costs and expenses payable hereunder;

		(c)	financing the Borrowers' working capital needs in connection with the purchase, transportation, storage and subsequent sale of fuel/gas oil including day-to-day operating expenses related thereto; and/or

		(d)	in addition in relation to Facility C only, financing payments to be made by TPA Counterparties pursuant to any Multi-Party TPA Agreements.

		3.2	Monitoring

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

		3.3	The Borrowing Base

Schedule 12 (Borrowing Base Amount) sets out the Parties' understanding of the operation of the Borrowing Base.

		4	Conditions of Utilisation

		4.1	Initial conditions precedent

(a)       No Borrower may deliver a Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions precedent) in form and substance satisfactory to the Facility Agent. The Facility Agent shall notify the Company and the Lenders promptly upon being so satisfied.

(b)      Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

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		4.2	Further conditions precedent

Subject to clause 4.1 (Initial conditions precedent), the Lenders will only be obliged to comply with clause 5.5 (Lenders' participation in Loans) or issue or enter into an Ancillary Facility if on the date of the Utilisation Request and on the proposed Utilisation Date:

		(a)	in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed loan and, in the case of any other Loan, no Default is continuing or would result from the proposed Utilisation;

		(b)	the Company has not issued a notice pursuant to clause 22.6(c) (Notification of default and of expectation not to meet financial covenants) after the date of its last Compliance Certificate (or if no Compliance Certificate has yet been provided), the date of this Agreement;

		(c)	the Repeating Representations to be made by each Obligor are true;

		(d)	a Daily Headroom Report, a Borrowing Base Report and a Cross-Check Borrowing Base Report have been provided on the most recent reporting dates in accordance with clauses 22.9 (Borrowing Base Report) and 22.14 (Daily Headroom Report); and

		(e)	if a Borrowing Base Report was to be delivered on such date based on the Borrowing Base as at that date, such Borrowing Base Report would be a Compliant Borrowing Base Report.

		4.3	The Lenders will only be obliged to comply with 34.10 (Change of currency) if, on the first day of an Interest Period, no Default is continuing or would result from the change of currency and the Repeating Representations to be made by each Obligor are true.

		4.4	Further conditions precedent for Sensitive Zones

Without prejudice to clauses 4.1 (Initial conditions precedent) and 4.2 (Further conditions precedent) no Borrower may submit a Utilisation Request which relates to payments being made into, or investment or activity connected with, Sensitive Zones (including, without limitation, issuing Credit Instruments to entities established in or for the purposes of transactions in, or in connection with activities in, Sensitive Zones) unless the Facility Agent has received all of the documents and other evidence listed in Part III of Schedule 2 (Conditions precedent) in form and substance satisfactory to the Facility Agent.

		4.5	Further conditions precedent for issue of Credit Instruments in respect of third parties

Without prejudice to clauses 4.1 (Initial conditions precedent) and 4.2 (Further conditions precedent) no Borrower may submit a Utilisation Request for a Credit Instrument to be issued at the request of a third party unless (A) such third party is acceptable to the relevant Facility C Lender in its absolute discretion and (B) both it and the third party have executed and delivered to the relevant Facility C Lender (with a copy to the Facility Agent) a Deed of Undertaking in respect of that Credit Instrument together with:

(a)       such corporate and signing authorities; and

(b)      such documentation and other evidence in order for the applicable Facility C Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws,

as the Facility C Lender and/or the Facility Agent may reasonably request in connection therewith.

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4.6         Maximum number of Utilisations

A Borrower (or the Company on its behalf) may not deliver a Utilisation Request if as a result of the proposed Utilisation the aggregate number of outstanding Facility A Loans and Facility B Loans would exceed ten (10).

4.7         Maximum Available Amount

The Outstandings (excluding any Excess Overdraft Amounts) following the making of a Utilisation (including any Outstandings which are to be incurred between the date of delivery of the relevant Utilisation Request and the proposed Utilisation Date) must not exceed the Maximum Available Amount at such time as determined by the Facility Agent.

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Section 3

Utilisation

		5	Utilisation

		5.1	Delivery of a Utilisation Request

A Borrower may utilise a Facility by delivery:

		(a)	to the Facility Agent (with a copy to the Collateral Management Agent) (in respect of Facility A and/or Facility B); and

		(b)	to the relevant Facility C Lender, with a copy to the Collateral Management Agent (in respect of Facility C),

of a duly completed Utilisation Request not later than the Specified Time.

		5.2	Completion of a Utilisation Request for Loans

		(a)	Each Utilisation Request for a Loan under Facility A or Facility B is irrevocable and will not be regarded as having been duly completed unless:

		(i)	it identifies the Facility to be utilised;

		(ii)	it identifies the relevant Borrower in respect of whom the Utilisation request is being made;

		(iii)	the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility;

		(iv)	the currency and amount of the Utilisation comply with clause 5.4 (Currency and amount); and

		(v)	the proposed Interest Period complies with clause 12 (Interest Periods).

		(b)	Only one Loan may be requested in each Utilisation Request.

		5.3	Completion of a Utilisation Request for Ancillary Facilities

Without prejudice to clauses 2.2(d) and 5.9(c), each Utilisation Request for an Ancillary Facility is irrevocable and will not be regarded as having been duly completed unless:

 

		(i)	
it specifies the proposed Ancillary Facility;

 

		(ii)	
it identifies the relevant Borrower;

 

		(iii)	it identifies the proposed Facility C Lender which has agreed to enter into or issue the Ancillary Facility;

		(iv)	the proposed Utilisation date is a Business Day within the Availability Period applicable to Facility C;

		(v)	the currency and amount of the Ancillary Facility comply with clause 5.4 (Currency and amount);

		(vi)	(unless otherwise agreed by the Facility Agent and the relevant Facility C Lender) the Expiry Date of the Ancillary Facility falls on or before the Termination Date;

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		(vii)	the maximum contingent liability of the relevant Facility C Lender in respect of the Ancillary Facility is determinable at the time of issue or entry into of the Ancillary Facility;

		(viii)	if relating to a Credit Instrument:

		(A)	subject to sub-paragraph (B) below, the Term is specified and does not exceed ninety (90) days;

		(B)	guarantees in favour of:

(xx)        port authorities may have a tenor of up to one (1) year; and

(yy)        suppliers may have a tenor of up to thirteen (13) months,

and in each case may be renewable at the discretion of the relevant Facility C Lender, provided that a Borrower shall not request a Facility C Lender to issue such a guarantee:

(aa)     unless the issuing Facility C Lender has notified the Company in writing in advance of its approval to issue the same; and

(bb)    in favour of a supplier (an Extended Supplier Guarantee) if, without prejudice to clause 5.4 (Currency and amount), the maximum actual or contingent liability of the relevant Facility C Lender under the proposed Extended Supplier Guarantee, when aggregated with the maximum actual or contingent liabilities of all Facility C Lenders under all other outstanding Extended Supplier Guarantees, would exceed

$30,000,000;

		(C)	unless otherwise agreed by the Facility Agent and the relevant Facility C Lender, the form of the Credit Instrument is attached and is in full compliance with this Agreement;

		(D)	the delivery instructions for the Credit Instrument are specified; and

		(E)	it identifies where the request is to issue a Credit Instrument at the request of a third party; and

		(ix)	if relating to an Overdraft Facility, the amount, when aggregated with the maximum amount of all other outstanding Overdraft Facilities, does not exceed 50% of the Facility C Total Proposed Participations.

		5.4	Currency and amount

 

		(a)	The currency specified in a Utilisation Request must be the Base Currency or euro.

 

		(b)	The amount of the proposed Loan must be:

 

		(i)	if the currency selected is the Base Currency, a minimum of $5,000,000 or, if less, the Available Facility;

		(ii)	if the currency selected is euro, a minimum of €5,000,000 or, if less, the Available Facility; and

		(iii)	in any event such that its Base Currency Amount is less than or equal to the Available Facility.

		(c)	The amount of a proposed Ancillary Facility must be, when aggregated with all other outstanding Ancillary Facilities, less than or equal to the Available Facility.

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		(d)	The amount of any proposed Loan or Ancillary Facility must not be of an amount which would, upon the Loan or Ancillary Facility being made, result in a failure to comply with clause 4.7 (Maximum Facility Amount).

		(e)	The amount of any proposed Utilisation must be such that, immediately following that Utilisation, if a Borrowing Base Report was to be delivered based on the Borrowing Base as at that date (as evidenced by the Daily Headroom Report on the proposed Utilisation Date), such Borrowing Base Report would be a Compliant Borrowing Base Report.

		5.5	Lenders' participation in Loans

		(a)	If the conditions set out in this Agreement have been met each Lender shall make its participation in each Loan under Facility A and Facility B available by the Utilisation Date through its Facility Office.

		(b)	The amount of each Lender's participation in each Loan under Facility A and Facility B will, in respect of a Facility, be equal to the proportion borne by its Available Proposed Participation to the Available Facility immediately prior to making the Loan.

		5.6	Role of Facility Agent

The Facility Agent shall determine the Base Currency Amount of each Loan under Facility A and Facility B which is to be made in euro and shall notify each relevant Lender of the amount, currency and the Base Currency Amount of each Loan, the amount of its participation in that Loan, in each case by the Specified Time.

		5.7	Overdraft requests

The Borrowers shall not submit a Utilisation Request which contravenes clause 5.3(ix).

 

		5.8	Cancellation of Proposed Participation

 

The Proposed Participations in respect of a Facility which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for that Facility.

		5.9	Issue of or entry into Ancillary Facilities

		(a)	Without prejudice to clause 2.2(d), if the conditions set out in this Agreement have been met, a Lender determined in accordance with clause 6.17 (Allocation of Ancillary Facilities) may issue, grant or enter into an Ancillary Facility on a bilateral basis on its Utilisation Date.

		(b)	The Company shall procure that on the date of the Utilisation Request in respect of an Ancillary Facility and on the proposed Utilisation Date of that Ancillary Facility:

		(i)	the proposed Ancillary Facility is on terms acceptable to the relevant Lender;

		(ii)	no Default is continuing or would result from the proposed Utilisation; and

		(iii)	the Repeating Representations to be made by each Obligor are true in all material respects.

		(c)	No Lender shall comply with a Facility C Utilisation Request if it is aware, or has received written confirmation from the Facility Agent, that clauses 5.3 and 5.4 have not been complied with.

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		6	Ancillary Facilities

Credit Instruments

		6.1	If a Credit Instrument or any amount outstanding under a Credit Instrument becomes immediately payable under this Agreement, the relevant Borrower shall repay or prepay that amount immediately.

		6.2	Each Borrower irrevocably and unconditionally authorises the Lender which has issued or entered into a Credit Instrument to pay any claim made or purported to be made under a Credit Instrument requested by it and which appears on its face to be in order (a claim).

		6.3	For the avoidance of doubt, where a Borrower requests the issue of a Credit Instrument at the request of a third party then (without prejudice to clause 4.5 (Further conditions precedent for issue of Credit Instruments in respect of third parties)) such Credit Instrument shall be deemed to be a Utilisation of the relevant Borrower who shall be liable for payments in respect of thereof in accordance with clause 6.4.

		6.4	Each Borrower which requested a Credit Instrument shall immediately on demand pay to the Facility Agent for the relevant Lender an amount equal to the amount of any claim under that Credit Instrument.

		6.5	Each Borrower acknowledges that a Facility C Lender:

		(a)	is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and

		(b)	deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person.

		6.6	The obligations of a Borrower under this clause will not be affected by:

		(a)	the sufficiency, accuracy or genuineness of any claim or any other document; or

		(b)	any incapacity of, or limitation on the powers of, any person signing a claim or other document.

Credit Instruments extending beyond the Termination Date

		6.7	Each Borrower shall on the Termination Date provide cash cover for any Credit Instrument in respect of which the Term expires after the Termination Date.

Overdraft Limits

		6.8	Without prejudice to the Borrowers' obligations under clause 5.3 (Completion of a Utilisation Request for Ancillary Facilities), 5.7 (Overdraft requests) and 7.2 (Repayment of Overdraft Facilities), each Facility C Lender agrees with the other Finance Parties that it shall not allow a utilisation under an Overdraft Facility with a Borrower the amount of which, when aggregated with all other utilisations under Overdraft Facilities by any of the Borrowers with that Facility C Lender (the Facility C Lender's Overdraft Exposure), exceeds 50% of that Facility C Lender's Facility C Proposed Participation. The Finance Parties acknowledge however that a Facility C Lender's Overdraft Exposure may exceed 50% of its Facility C Proposed Participation by operation of clause 6.11 (Payments under Multi-Party TPA Agreements).

		6.9	If a Facility C Lender enters into an Overdraft Facility (including by operation of clause 6.11 (Payments under Multi-Party TPA Agreements)) which:

 

(a)        results in a contravention of clause 6.8; and/or

42

 

		(b)	results in the conditions in clauses 5.4(c) to 5.4(e) not being satisfied,

 

then (subject to clause 6.10) the amount of that Facility C Lender's Overdraft Exposure:

		(i)	which from time to time exceeds 50% of that Facility C Lender's Facility C Proposed Participation; or

 

		(ii)	which results in the contravention of the conditions in clauses 5.4(c) to 5.4(e),

 

(the Excess Overdraft Amount),

shall be subordinated to amounts owing to the Finance Parties under the Finance Documents by virtue of the priority of payments set out in clauses 31.29 (Order of application) and 34.6 (Partial payments)).

		6.10	If a TPA Counterparty incurs an Excess Overdraft Amount by virtue of the amount of its outstanding Overdraft Facilities exceeding 50% of its Facility C Proposed Participation as a result of the operation of clause 6.11 (Payments under Multi-Party TPA Agreements), the Company (or a Borrower) shall pay to the TPA Counterparty on the date on which the Excess Overdraft Amount is incurred an amount equal to the Excess Overdraft Amount. The Parties agree that:

		(a)	any such payment may be made from a Collection Account directly to the TPA Counterparty provided that the conditions for making withdrawals in clause 25.3(a) (Withdrawals from the Collection Account) are satisfied; and

		(b)	(notwithstanding clause 33 (Sharing Among the Finance Parties)) the TPA Counterparty (in its capacity as a Facility C Lender) shall be entitled to apply the same in discharge of the Excess Overdraft Amount.

An Excess Overdraft Amount which is repaid in accordance with this clause 6.10 shall upon repayment cease to be an Excess Overdraft Amount for the purposes of this Agreement.

Payments under Multi-Party TPA Agreements

		6.11	To the extent a TPA Counterparty is required to make a payment pursuant to a Multi-Party TPA Agreement (a TPA Payment) (noting the requirements in respect thereof in clause 6.22(a)), the amount of each such TPA Payment paid by a Facility C Lender shall be converted into an Overdraft Facility with the relevant Borrower and TPA Counterparty (in its capacity as a Facility C Lender) on the date of the payment thereof without the need for a Utilisation Request and notwithstanding that the conditions in clauses 5.4(c) to 5.4(e) (and, as applicable, 5.3(ix)) or any other provision of this Agreement in respect of granting of Overdraft Facilities may not be met provided that if a Default is continuing the Facility C Lender shall (and the Security Agent shall be entitled to) instruct the close-out of the relevant hedging transaction (to the extent it has not already done so) immediately following the payment of the TPA Payment.

Each Facility C Lender shall notify the Facility Agent of any Overdraft Facilities created pursuant to this clause.

Indemnities - Facility C

		6.12	Each Borrower shall immediately on demand indemnify a Lender which has issued or entered into an Ancillary Facility against any cost, loss or liability incurred by that Lender (otherwise than by reason of the that Lender's gross negligence or wilful misconduct) in acting as a Lender under any Ancillary Facility.

Role of Lenders - Facility C

		6.13	Nothing in this Agreement constitutes a Lender which has issued or entered into an Ancillary Facility as a trustee or fiduciary of any other person.

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		6.14	A Lender which has issued or entered into an Ancillary Facility:

		(a)	shall not be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account in respect of an Ancillary Facility;

		(b)	may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Obligor;

		(c)	may rely on:

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and

		(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify;

		(d)	may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts;

		(e)	may act in relation to the Ancillary Facility through its personnel and agents; and

		(f)	is not responsible for:

		(i)	the adequacy, accuracy and/or completeness of any information (whether oral or written) provided by the Facility Agent, any Party (including itself), or any other person under or in connection with the Ancillary Facility, the transactions contemplated by the Ancillary Facility or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the Ancillary Facility; or

		(ii)	the legality, validity, effectiveness, adequacy or enforceability of the Ancillary Facility or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the Ancillary Facility.

Exclusion of liability

		6.15	Without limiting clause 6.16 (Exclusion of liability) below, a Lender which has issued or entered into an Ancillary Facility will not be liable for any action taken by it under or in connection with that Ancillary Facility, unless directly caused by its gross negligence or wilful misconduct.

		6.16	No Party (other than a Lender which has issued or entered into an Ancillary Facility) may take any proceedings against any officer, employee or agent of that Lender in respect of any claim it might have against that Lender or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Ancillary Facility.

Allocation of Ancillary Facilities

		6.17	The Company shall use its best efforts to ensure that Utilisations under Facility C are to the extent possible made proportionately with all Facility C Lenders in their respective Proposed Participations.

Terms of Ancillary Facilities

		6.18	Except as provided below, the terms of any Ancillary Facility shall be those agreed by the relevant Facility C Lender and the Company.

		6.19	Those terms:

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		(a)	must be based upon normal commercial terms at that time (except as varied by this Agreement);

		(b)	may allow only Borrowers to use Ancillary Facilities; and

 

		(c)	must comply with the provisions of this Agreement including, without limitation, in relation to Term, currency and amount.

 

		6.20	If there is any inconsistency or conflict between any term of an Ancillary Facility and any term of this Agreement, this Agreement shall prevail.

Amendments and Waivers - Ancillary Facilities

		6.21	No amendment or waiver of a term of any Ancillary Facility shall require the consent of any Finance Party other than the relevant Facility C Lender unless such amendment or waiver itself relates to or gives rise to a matter which would require an amendment of or under this Agreement (including, for the avoidance of doubt, under this clause 6).

Multi-Party TPA Agreements

		6.22	Each of the Borrowers agrees to procure that the terms of any Multi-Party TPA Agreement shall comply with this clause 6.22 (Multi-Party TPA Agreements) (and the execution by a Finance Party of a Multi-Party TPA Agreement which does not comply with this 6.22 (Mufti-Party TPA Agreements) shall not be construed as a waiver thereof unless expressly confirmed in writing by the Facility Agent acting on the instructions of all Lenders). Each Multi-Party TPA Agreement shall:

		(a)	contain an undertaking by the relevant TPA Counterparty to pay to the Hedging Provider or Clearing Provider (as the case may be) amounts payable by the Company to the Hedging Provider or Clearing Provider (as the case may be) under the relevant Hedging Provider Hedging Transaction or Clearing Provider Hedging Transaction (as the case may be) provided that (without prejudice to the Company's obligations to the Hedging Provider or Clearing Provider in respect of any Hedging Provider Hedging Transaction or Clearing Provider Hedging Transaction) the Hedging Provider or Clearing Provider (as the case may be) and the TPA Counterparty may (but shall not be obliged to) agree that the TPA Counterparty shall be liable to make such payments only to the extent that the amount of those payments are capable of being converted into Overdraft Facilities with that TPA Counterparty ·(in its capacity as Facility C Lender) pursuant to clause 6.11 (Payments under Multi-Party TPA Agreements) without contravening the conditions described in clause 5.3(ix);

		(b)	provide that the Company's obligation to reimburse the TPA Counterparty in respect of payments made by it thereunder shall be discharged by conversion of the liability into an Overdraft Facility pursuant to clause 6.11 (Payments under Multi-Party TPA Agreements).

		(c)	provide for the Security Agent (if instructed by the Majority Lenders or as required pursuant to clause 6.11 (Payments under Multi-Party TPA Agreements)) to be entitled to direct the TPA Counterparty to instruct the close-out of any hedging or clearing transactions (or upon any failure of the TPA Counterparty to do so, for the Security Agent to instruct such close-out directly);

		(d)	be expressly capable of being assigned by the Company to the Security Agent pursuant to the relevant Security Agreement (but not otherwise);

		(e)	provide that payments for the account of the Company thereunder shall be paid to its relevant Collection Account;

		(f)	contain any notices and acknowledgements of assignment required by each Security Agreement;

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		(g)	be governed by English or Dutch law; and

		(h)	not otherwise conflict with or cause the Company to breach the terms of this Agreement and any other Finance Document.

		6.23	Pursuant to a Multi-Party TPA the Company may grant Security:

		(a)	in favour of the Hedging Provider or Clearing Provider (as the case may be) in respect only of the Company's rights under and in connection with the Hedging Provider Hedging Transaction or Clearing Provider Hedging Transaction but not, for the avoidance of doubt, in respect of any inventory pledged to the Security Agent pursuant to the Transaction Security Documents; and

(b)       in favour of the TPA Counterparty provided that any proceeds of enforcement thereof shall be held by the TPA Counterparty on trust for the Finance Parties and applied in accordance with clause 34 (Payment Mechanics).

Inconsistency and conflict

		6.24	If there is any inconsistency or conflict between any term of a Multi-Party TPA Agreement or a Deed of Undertaking and any term of this Agreement, this Agreement shall prevail.

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Section 4

Repayment, Prepayment and Cancellation

		7	Repayment

 

		7.1	Repayment of Loans

 

		(a)	Each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period.

		(b)	Without prejudice to each Borrower's obligation under paragraph (a) above, if:

		(i)	one or more Loans are to be made available to a Borrower:

		(A)	on the same day that a maturing Loan is due to be repaid by that Borrower;

		(B)	in the same currency as the maturing Loan; and

		(C)	in whole or in part for the purpose of refinancing the maturing Loan; and

		(ii)	the proportion borne by each Lender's participation in the maturing Loan to the amount of that maturing Loan is the same as the proportion borne by that Lender's participation in the new Loans to the aggregate amount of those new Loans,

the aggregate amount of the new Loans shall, unless the relevant Borrower or the Parent notifies the Facility Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Loan so that:

		(A)	if the amount of the maturing Loan exceeds the aggregate amount of the new Loans:

		(1)	the relevant Borrower will only be required to make a payment under clause 34.1 (Payments to the Facility Agent) in an amount in the relevant currency equal to that excess; and

		(2)	each Lender's participation in the new Loans shall be treated as having been made available and applied by the relevant Borrower in or towards repayment of that Lender's participation in the maturing Loan and that Lender will not be required to make a payment under clause 34.1 (Payments to the Facility Agent) in respect of its participation in the new Loans; and

		(B)	if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans:

		(1)	the relevant Borrower will not be required to make a payment under clause 34.1 (Payments to the Facility Agent); and

		(2)	each Lender will be required to make a payment under clause 34.1 (Payments to the Facility Agent) in respect of its participation in the new Loans only to the extent that its participation in the new Loans exceeds that Lender's participation in the maturing Loan and the remainder of that Lender's participation in the new Loans shall be treated as having been made available and applied by the relevant Borrower in or towards repayment of that Lender's participation in the maturing Loan.

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		7.2	Repayment of Overdraft Facilities

		(a)	Without prejudice to clause 7.2(b), each Overdraft Facility shall be repayable on demand and if not demanded shall be repayable on the Termination Date.

		(b)	If a Facility C Lender proposes to demand repayment of an Overdraft Facility it shall notify the Facility Agent and the Company in writing of such proposal and:

		(i)	the Facility Agent shall inform the Collateral Management Agent and the other Lenders within one (1) Business Day of receipt thereof; and

		(ii)	(subject to clause 7.2(d)) all Overdraft Facilities with that Facility C Lender shall be repayable on the date which is five (5) Business Days from the date of the Facility Agent's notice under clause 7.2(b)(i) (the Demand Repayment Date).

		(c)	Upon receipt by each other Lender of the Facility Agent's notice referred to in paragraph 7.2(b)(ii), each other Facility C Lender shall be entitled to demand repayment on the Demand Repayment Date of all (but not part) of the Overdraft Facilities entered into between it and the Borrowers and shall notify the Facility Agent and the Collateral Management Agent if it wishes to do so (and the amounts to be repaid) no later than two (2) Business Days prior to the Demand Repayment Date. The Facility Agent shall promptly notify the Company which Facility C Lenders have demanded repayment and the amounts to be repaid;

		(d)	Provided that no Event of Default has occurred and is continuing, on the Demand Repayment Date the Collateral Management Agent shall apply all monies held on the Collection Accounts towards the discharge of the amounts demanded and due on that date in respect of Overdraft Facilities. To the extent any amounts remain outstanding and provided that no Event of Default occurs and is continuing the Borrowers shall have a further twenty (20) days to procure that all Overdraft Facilities which have been demanded are repaid in full by application of monies received from third parties into the Collection Account provided that no Excess Overdraft Amounts (as calculated immediately prior to the Demand Repayment Date) shall be repaid until all amounts due and outstanding to any Finance Party on or prior to the expiry of the twenty (20) days have been paid in full. Failure to pay all amounts due upon the expiry of the twenty (20) day period shall constitute an Event of Default.

		(e)	No Lender shall be obliged to make any Utilisation on or prior to the date on which all Overdraft Facilities which have been the subject of a demand have been repaid in full by the Borrowers.

		(f)	Each Facility C Lender which demands repayment of its Overdraft Facilities shall:

		(i)	on the Demand Repayment Date be deemed to have issued a Facility C Declining Notice pursuant to clause 2.2(e)(ii) and the provisions of clause 2.2(e) (Facility C Declining Lenders) shall apply in respect thereof; and

		(ii)	as soon as reasonably practicable instruct the close-out of all hedging arrangements in respect of which it is TPA Counterparty.

8        Voluntary prepayment and cancellation

8.1            Voluntary cancellation

A Borrower (or the Company on its behalf) may, if it gives the Facility Agent not less than five (5) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $5,000,000 or EUR5,000,000) of an Available Facility. Any cancellation under this clause 8.1 shall reduce the Proposed Participations of the Lenders rateably under that Facility.

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		8.2	Voluntary prepayment of Loans

A Borrower may, if it (or the Company on its behalf) gives the Facility Agent not less than five (5) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Loan (but, if in part, being an amount that reduces the amount of that Loan by a minimum amount of $5,000,000 or EUR5,000,000 (as applicable)).

		8.3	Right of cancellation and repayment in relation to a single Lender

		(a)	If:

		(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of clause 15.2 (Tax gross-up);

		(ii)	any Lender claims indemnification from the Company or an Obliger under clause 15.3 (Tax indemnity) or clause 16.1 (Increased costs); or

 

		(iii)	at any time on or after the date which is six (6) months before the earliest FATCA Application Date for any payment by a Party to a Lender (or to the Facility Agent for the account of that Lender), that Lender is not, or has ceased to be, a FATCA Exempt Party and, as a consequence, a Party will be required to make a FATCA Deduction from a payment to that Lender (or to the Facility Agent for the account of that Lender) on or after that FATCA Application Date,

the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification or FATCA Deduction continues, give the Facility Agent notice of cancellation of the Proposed Participation of that Lender and its intention to procure the repayment of that Lender's participation or liability in the Utilisations.

		(b)	On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Proposed Participation of that Lender shall immediately be reduced to zero.

		(c)	On the last day of each Interest Period which ends after the Company has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Company in that notice), each Borrower, to which a loan is outstanding shall repay that Lender's participation in that Loan together with all interest and other amounts accrued under the Finance Documents.

		9	Mandatory prepayment and cancellation

		9.1	Illegality

If it is or becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation in any Utilisation including to leave outstanding any Ancillary Facilities, that Lender shall promptly notify the Facility Agent upon becoming aware of that event and, upon the Facility Agent notifying the Company (and if requested by the relevant Lender):

		(a)	the Available Proposed Participation of that Lender will be immediately cancelled;

		(b)	any Overdraft Facility with that Lender will be immediately cancelled;

		(c)	any obligation of that Lender to issue any Credit Instrument will be immediately cancelled;

		(d)	that Lender shall not be considered in the allocation of any Ancillary Facilities;

		(e)	the Company shall, or shall notify the relevant Borrower and upon such notice that Borrower shall, use its best endeavours to procure the release of each Credit Instrument issued by that Lender and outstanding at that time and until such release has been

49

effected the Company shall (or shall procure that the relevant Borrower shall) immediately provide full cash cover in respect of such Credit Instruments; and/or

		(f)	each Borrower shall repay that Lender's participation in the Utilisations made to that Borrower:

		(i)	immediately in the case of an Overdraft Facility; and

		(ii)	on the last day of the Interest Period for each Loan occurring after the Facility Agent has notified the Company or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law),

and that Lender's corresponding Proposed Participation shall be cancelled in the amount of the participations repaid.

		9.2	Change of Control

Upon the occurrence of:

		(a)	a Change of Control; or

		(b)	the sale of all or substantially all of the assets of the Group whether in a single transaction or a series of related transactions,

		(i)	the Company shall promptly notify the Facility Agent upon becoming aware of that event;

		(ii)	a Lender shall not be obliged to fund a Utilisation;

		(iii)	a Lender shall not be obliged to enter into or issue an Ancillary Facility; and

		(iv)	if a Lender so requires and notifies the Facility Agent within twenty (20) days of the Company notifying the Facility Agent of the event the Facility Agent shall, by not less than twenty (20) days' notice to the Company, cancel the Proposed Participation of that Lender and declare the participation or liability of that Lender in all outstanding Utilisations, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Proposed Participation of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable, and the Company shall procure that the relevant Borrower shall use its best endeavours to procure the release of each Credit Instrument issued by that Lender and outstanding at that time and until such release has been effected the Company shall procure that the relevant Borrower shall immediately provide full cash cover in respect of such Credit Instruments.

10            Restrictions

10.1              Notices of Cancellation or Prepayment

Any notice of cancellation, prepayment, authorisation or other election given by any Party under clause 8 (Voluntary prepayment and cancellation) or clause 9 (Mandatory prepayment and cancellation) shall (subject to the terms of those clauses) be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

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		10.2	Interest and other amounts

Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

		10.3	Prepayment in accordance with Agreement

		(a)	Unless a contrary indication appears in this Agreement, any part of Facility A or Facility B which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement.

		(b)	The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Proposed Participations except at the times and in the manner expressly provided for in this Agreement.

		10.4	No reinstatement of Proposed Participations

No amount of the Total Proposed Participations cancelled under this Agreement may be subsequently reinstated.

		10.5	Facility Agent's receipt of Notices

If the Facility Agent receives a notice under clause 8 (Voluntary prepayment and cancellation) or clause 9 (Mandatory prepayment and cancellation), it shall promptly forward a copy of that notice or election to the Company or the affected Lender(s), as appropriate.

		10.6	Effect of repayment and prepayment on Proposed Participations

If all or part of any Lender's participation in a Loan is repaid or prepaid and is not available for redrawing, an amount of that Lender's Proposed Participation (equal to the Base Currency Amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment.

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Section 5

Costs of Utilisation

		11	Interest

		11.1	Calculation of interest - Facility A and Facility B

The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

		(a)	Margin;

		(b)	LIBOR or, in relation to any Loan in euro, EURIBOR; and

		(c)	Mandatory Cost, if any.

		11.2	Calculation of interest - Overdraft Facilities

The rate of interest on each Overdraft Facility is the percentage rate per annum which is the aggregate of:

		(a)	the Facility C Margin;

		(b)	the rate calculated by the relevant Lender as representing its cost of funds; and

		(c)	Mandatory Cost, if any.

		11.3	Payment of interest

		(a)	Loans

On the last day of each Interest Period (and, if the Interest Period is longer than six (6) Months, on the dates falling at six (6) Monthly intervals after the first day of the Interest Period) the Borrower to which a Loan has been made shall pay accrued interest on the Loan to which that Interest Period relates.

		(b)	Overdraft Facilities

Interest in respect of Overdraft Facilities shall accrue on a daily basis and shall be calculated and payable within five Business Day after the end of each calendar month (notwithstanding that the Overdraft Facility may have been cancelled and/or repaid during that month) in accordance with its terms and/or with the terms of this Agreement. On the calculation date each Facility C Lender shall notify the Company of any interest payable by the Borrowers as at that date and shall debit each relevant Borrower's account with that Facility C Lender with the amount of interest payable by the relevant Borrower to that Facility C Lender on that date. A failure by a Facility C Lender to notify the Company of any interest payable hereunder shall not prejudice that Lender's rights to receive such interest.

		11.4	Default interest

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (ii) below, is two (2) per cent. per annum higher than:

		(i)	in respect of a Loan, the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan under the

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relevant Facility in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably); and

		(ii)	in respect of an Overdraft Facility, the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted an Overdraft Facility of the type to which the overdue amount relates in the currency of the overdue.

Any interest accruing under this clause 11.4 shall be immediately payable by the Obligor on demand by the Facility Agent.

		(b)	If any overdue amount consists of all or part of a Utilisation which became due on a day which was not the last day of an Interest Period relating to that Utilisation:

		(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Utilisation; and

		(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be two (2) per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.

		(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

		11.5	Notification of rates of interest

		(a)	The Facility Agent shall promptly notify the relevant Lenders and the relevant Borrower (or the Company) of the determination of a rate of interest under this Agreement in respect of Facility A or Facility B.

		(b)	The relevant Facility C Lender shall notify the relevant Borrower of a determination of a rate of interest in respect of an Overdraft Facility.

		12	Interest Periods

		12.1	Selection of Interest Periods

		(a)	A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan.

		(b)	Subject to this clause 12, a Borrower (or the Company on behalf of a Borrower) may select an Interest Period of 1, 3 or 6 Months or any other period agreed between:

		(i)	the Borrower (or the Company on its behalf) and the Facility Agent (acting on the instructions of the Majority Lenders) in respect of proposed Interest Periods not exceeding six (6) Months and not less than one (1) Month; and

		(ii)	the Borrower (or the Company on its behalf) and the Facility Agent (acting on the instructions of all the Lenders) in respect of proposed Interest Periods in excess of six (6) Months and less than one (1) Month.

		(c)	An Interest Period for a Loan shall not extend beyond the Termination Date applicable to its Facility.

		(d)	A Loan has one Interest Period only.

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		12.2	Non-Business Days

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

		13	Changes to the Calculation of Interest

		13.1	Absence of quotations

Subject to clause 13.2 (Market disruption) if LIBOR or, if applicable, EURIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR or EURIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.

		13.2	Market disruption

		(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender's share of that Loan for the Interest Period shall be the percentage rate per annum which is the sum of:

		(i)	the Margin;

		(ii)	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select; and

		(iii)	the Mandatory Cost, if any, applicable to that Lender's participation in the Loan.

		(b)	If:

		(i)	the percentage rate per annum notified by a Lender pursuant to paragraph (a)(ii) above is less than LIBOR or, if applicable, EURIBOR; or

		(ii)	a Lender has not notified the Facility Agent of a percentage rate per annum pursuant to paragraph (a)(ii) above,

the cost to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR or EURIBOR (as applicable).

		(c)	If a Market Disruption Event occurs, the Facility Agent shall, as soon as is practicable, notify the Company.

		(d)	In this Agreement:

Market Disruption Event means:

		(i)	at or about noon on the Quotation Day for the relevant Interest Period LIBOR or, if applicable, EURIBOR is to be determined by reference to the Reference Banks and none or only one of the Reference Banks supplies a rate to the Facility Agent to determine LIBOR or, if applicable, EURIBOR for the relevant currency and Interest Period; or

		(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Facility Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed twenty (20) per cent. of that Loan) that the cost to it

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of funding its participation in that Loan from whatever source it may reasonably select would be in excess of LIBOR or, if applicable, EURIBOR.

		13.3	Alternative basis of interest or funding

		(a)	If a Market Disruption Event occurs and the Facility Agent (acting on the instructions of all the Lenders) or the Company so requires, the Facility Agent and the Company shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest.

		(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Company, be binding on all Parties.

		13.4	Break Costs

		(a)	Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum.

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.

		14	Fees

		14.1	Commitment fee - Facility A and Facility B

		(a)	The Company shall pay to the Facility Agent (for the account of each Lender) a fee in dollars computed at the rate of 40 per cent. per annum of:

		(i)	the Facility A Margin on that Lender's Available Proposed Participation in relation to Facility A; and

		(ii)	the Facility B Margin on that Lender's Available Proposed Participation in relation to Facility B,

in each case, for the Availability Period.

		(b)	The accrued commitment fee is payable on the last day of each successive period of three (3) Months which ends during the Availability Period in relation to the relevant Facility, on the last day of the Availability Period in relation to the relevant Facility and on the cancelled amount of the relevant Lender's Proposed Participation at the time the cancellation is effective.

		14.2	Upfront fees

The Company shall pay to the Lenders upfront fees in the amounts and at the times agreed in a Fee Letter.

		14.3	Agency fee

The Company shall pay to the Facility Agent (for its own account) and the Collateral Management Agent (for its own account) agency fees in the amounts and at the times agreed in a Fee Letter.

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		14.4	Security Agent fee

The Company shall pay to the Security Agent (for its own account) a security agent fee in the amount and at the times agreed in a Fee Letter.

		14.5	Facility C fees

		(a)	The Company shall pay the relevant Facility C Lenders fees in Dollars calculated at the following rates:

 

		(i)	
in respect of each documentary letter of credit issued by a Lender, 0.175% flat per quarter or part thereof of the value of the letter of credit or the amount of the drawings honoured thereunder, whichever is higher, payable (subject to paragraph (b) below) upon maturity;

 

		(ii)	in respect of each standby letter of credit issued by a Lender, 0.22% flat per quarter or part thereof of the value of the standby letter of credit or the amount paid in cancellation of the standby letter of credit, whichever is higher, payable (subject to paragraph (b) below) upon maturity;

		(iii)	in respect of each guarantee issued by a Lender, 2% per annum of the maximum amount of the guarantee payable (subject to paragraph (b) below) upon issuance of the guarantee; and

		(iv)	in respect of each open account payment made by a Borrower to any person which is funded by way of a utilisation under an Overdraft Facility, 0.1% of the amount of the payment, payable (subject to paragraph (b) below) on the date of such payment.

		(b)	Each Facility C Lender shall debit the Company's account with that Facility C Lender with such fees on the due date for payment.

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Section 6

Additional Payment Obligations

		15	Tax Gross Up and Indemnities

		15.1	Definitions

		(a)	In this Agreement:

FATCA Payment means either:

		(a)	the increase in a payment made by an Obligor to a Finance Party under clause 15.8 (FATCA Deduction and gross-up by Obligor) or clause 15.9 (FATCA Deduction by Finance Party); or

 

		(b)	a payment under clause 15.9 (FA TCA Deduction by Finance Party).

Protected Party means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

Tax Credit means a credit against, relief or remission for, or repayment of, any Tax.

Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

Tax Payment means either the increase in a payment made by an Obliger to a Finance Party under clause 15.2 (Tax gross-up) or a payment under clause 15.3 (Tax indemnity).

		(b)	Unless a contrary indication appears, in this clause 15 a reference to determines or determined means a determination made in the absolute discretion of the person making the determination.

		15.2	Tax gross-up

		(a)	Each Obliger shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.

		(b)	The Company shall promptly upon becoming aware that an Obliger must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Company and that Obligor.

		(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

		(d)	If an Obliger is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

		(e)	Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

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		15.3	Tax indemnity

		(a)	The Company shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

		(b)	Paragraph (a) above shall not apply:

		(i)	with respect to any Tax assessed on a Finance Party:

		(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

		(B)	under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

		(ii)	to the extent a loss, liability or cost:

		(A)	is compensated for by an increased payment under clause 15.2 (Tax gross­ up), clause 15.8 (FATCA Deduction and gross-up by Obligor) or clause 15.9 (FATCA Deduction by Finance Party); or

		(B)	is compensated for by a payment under clause 15.9 (FATCA Deduction by Finance Party).

		(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify the Company.

		(d)	A Protected Party shall, on receiving a payment from an Obligor under this clause 15.3, notify the Facility Agent.

		15.4	Tax Credit

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

		(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

		(b)	that Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.

		15.5	Stamp taxes

The Company shall pay and, within three (3) Business Days of demand, indemnify each Secured Party and Arranger against any cost, loss or liability that Secured Party or Arranger incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

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		15.6	VAT

 

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

 

		(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient) under a Finance Document, and any Party other than the Recipient (the Relevant Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

		(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

		(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.

		(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

		(d)	Any reference in this clause 15.6 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term representative member to have the same meaning as in the Value Added Tax Act 1994).

		(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply.

		15.7	FATCA Information

		(a)	Subject to clause 15.7(c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party confirm to that other Party whether it is:

		(i)	a FATCA Exempt Party; or

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		(ii)	not a FATCA Exempt Party, and

supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable "passthru payment percentage" or other information required under the Treasury Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA.

		(b)	If a Party confirms to another Party pursuant to clause (i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

 

		(C)	Clause 15.7(a) above shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of:

		(i)	any law or regulation;

		(ii)	any fiduciary duty; or

		(iii)	any duty of confidentiality.

		(d)	If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with clause 15.7(a) above (including, for the avoidance of doubt, where clause 15.7(c) above applies), then:

		(i)	if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and

		(ii)	if that Party failed to confirm its applicable "passthru payment percentage" then such Party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable "passthru payment percentage" is 100%,

until (in each case) such time as the Party in question provides the requested confirmation, forms, documentation or other information.

		(e)	If a Borrower is a US Tax Obligor, or where the Facility Agent reasonably believes that its obligations under FATCA require it, each Lender shall, within ten (10) Business Days of:

		(i)	where a Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement;

		(ii)	where a Borrower is a US Tax Obligor and the relevant Lender is a New Lender, the relevant Transfer Date;

		(iii)	the date a new US Tax Obligor accedes as a Borrower; or

		(iv)	where the Borrower is not a US Tax Obligor, the date of a request from the Facility Agent,

supply to the Facility Agent:

		(v)	a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); or

 

		(vi)	any withholding statement and other documentation, authorisations and waivers as the Facility Agent may require to certify or establish the status of such Lender under FATCA.

 

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The Facility Agent shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it receives from a Lender pursuant to this paragraph (e) to the Borrower and shall be entitled to rely on any such withholding certificate, withholding statement, documentation, authorisations and waivers provided without further verification. The Facility Agent shall not be liable for any action taken by it under or in connection with this paragraph (e).

		(f)	Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations and waivers provided to the Facility Agent pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly notify the Facility Agent in writing of its legal inability to do so. The Facility Agent shall provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrower. The Facility Agent shall not be liable for any action taken by it under or in connection with this paragraph (f).

		15.8	FATCA Deduction and gross-up by Obligor

 

		(a)	If an Obligor is required to make a FATCA Deduction, that Obligor shall make that FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

 

		(b)	If a FATCA Deduction is required to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required.

 

		(c)	The Company shall promptly upon becoming aware that an Obligor must make a FATCA Deduction (or that there is any change in the rate or the basis of a FATCA Deduction) notify the Facility Agent accordingly. Similarly, a Finance Party shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Finance Party. If the Facility Agent receives such notification from a Finance Party it shall notify the Company and that Obligor.

 

		(d)	Within thirty (30) days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Obligor making that FATCA Deduction or payment shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.

 

		15.9	FATCA Deduction by a Finance Party

		(a)	Each Finance Party may make any FATCA Deduction it is required by FATCA to make, and any payment required in connection with that FATCA Deduction, and no Finance Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. A Finance Party which becomes aware that it must make a FATCA Deduction in respect of a payment to another Party (or that there is any change in the rate or the basis of such FATCA Deduction) shall notify that Party and the Facility Agent.

		(b)	If the Facility Agent is required to make a FATCA Deduction in respect of a payment to a Finance Party under clause 34.2 (Distributions by the Facility Agent) which relates to a payment by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after the Facility Agent has made such FATCA Deduction), leaves the Facility Agent with an amount equal to the payment which would have been made by the Facility Agent if no FATCA Deduction had been required.

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		(c)	The Facility Agent shall promptly upon becoming aware that it must make a FATCA Deduction in respect of a payment to a Finance Party under clause 34.2 (Distributions by the Facility Agent) which relates to a payment by an Obligor (or that there is any change in the rate or the basis of such a FATCA Deduction) notify the Company, the relevant Obligor and the relevant Finance Party.

		(d)	The Company shall (within three (3) Business Days of demand by the Facility Agent) pay to a Finance Party (as the case may be) an amount equal to the loss, liability or cost which that Finance Party determines will be or has been (directly or indirectly) suffered by that Finance Party as a result of another Finance Party making a FATCA Deduction in respect of a payment due to it under a Finance Document. This paragraph shall not apply to the extent a loss, liability or cost is compensated for by an increased payment under clause 15.9(b) above.

		(e)	A Finance Party making, or intending to make, a claim under clause 15.9(d) above shall promptly notify the Facility Agent of the FATCA Deduction which will give, or has given, rise to the claim, following which the Facility Agent shall notify the Company.

		15.10	Tax Credit and FATCA

		(a)	If an Obligor makes a FATCA Payment and the relevant Finance Party determines that:

		(i)	a Tax Credit is attributable to an increased payment of which that FATCA Payment forms part, to that FATCA Payment or to a FATCA Deduction in consequence of which that FATCA Payment was required; and

		(ii)	that Finance Party has obtained, utilised and retained that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the FATCA Payment not been required to be made by the Obligor.

		16	Increased Costs

		16.1	Increased costs

		(a)	Subject to clause 16.3 (Exceptions), the Company shall, within three (3) Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates, including any Increased Cost which:

		(i)	arises as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement; and/or

		(ii)	is a Basel II Increased Cost and/or a Basel III Increased Cost.

		(b)	In this Agreement Increased Costs means:

		(i)	a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall capital;

		(ii)	an additional or increased cost; or

		(iii)	a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of their respective Affiliates to the extent that it is attributable to that Finance Party having entered into its Proposed Participation or funding or performing its obligations under any Finance Document.

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		16.2	Increased cost claims

		(a)	A Finance Party intending to make a claim pursuant to clause 16.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Company.

(b)       Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.

		16.3	Exceptions

		(a)	Clause 16.1 (Increased costs) does not apply to the extent any Increased Cost is:

		(i)	attributable to a Tax Deduction required by law to be made by an Obligor;

		(ii)	compensated for by clause 15.9 (FATCA Deduction by a Finance Party);

		(iii)	compensated for by clause 15.3 (Tax indemnity) (or would have been compensated for under clause 15.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of clause 15.3 (Tax indemnity) applied);

		(iv)	compensated for by the payment of the Mandatory Cost; or

		(v)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

		(b)	In this clause 16.3 reference to a Tax Deduction has the same meaning given to the term in clause 15.1 (Definitions).

		17	Other Indemnities

		17.1	Currency indemnity

		(a)	If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the First Currency) in which that Sum is payable into another currency (the Second Currency) for the purpose of:

		(i)	making or filing a claim or proof against that Obligor; or

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

that Obligor shall as an independent obligation, within three (3) Business Days of demand, indemnify the Arranger and each other Secured Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

		(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.

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		17.2	Other indemnities

		(a)	The Company shall (or shall procure that an Obligor will), within three (3) Business Days of demand, indemnify the Arranger and each other Secured Party against any cost, loss or liability incurred by it as a result of:

		(i)	the occurrence of any Event of Default;

		(ii)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of clause 33 (Sharing among the Finance Parties);

		(iii)	funding, or making arrangements to fund, its participation in a Utilisation requested by a Borrower or the Company in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or

		(iv)	a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company.

		(b)	The Company shall promptly indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate, against any cost, loss or liability incurred by that Finance Party or its Affiliate (or officer or employee of that Finance Party or Affiliate) in connection with or arising out of the use of proceeds under the Facility or Transaction Security being taken over the Charged Property (including but not limited to those incurred in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry concerning the use of proceeds under the Facility), unless such loss or liability is caused by the gross negligence or wilful misconduct of that Finance Party or its Affiliate (or employee or officer of that Finance Party or Affiliate). Any Affiliate or any officer or employee of a Finance Party or its Affiliate may rely on this clause 17.2 subject to clause 1.4 (Third party rights) and the provisions of the Third Parties Act.

		17.3	Indemnity to the Facility Agent and/or Collateral Management Agent

The Company shall promptly indemnify the Facility Agent and/or the Collateral Management Agent against:

(a)      any cost, loss or liability incurred by the Facility Agent and/or the Collateral Management Agent (acting reasonably) as a result of:

		(i)	investigating any event which it reasonably believes is a Default;

		(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or

		(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; and

(b)      any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Facility Agent and/or the Collateral Management Agent (otherwise than by reason of the such party's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 34.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent's or the Collateral Management Agent's (as the case may be) negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent and/or the Collateral Management Agent (as the case may be) in acting as the Facility Agent and/or the Collateral Management Agent (as the case may be) under the Finance Documents.

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		17.4	Indemnity to the Security Agent

		(a)	Each Obligor jointly and severally shall promptly indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them as a result of:

		(i)	any failure by the Company to comply with its obligations under clause 19 (Costs and expenses);

		(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

		(iii)	the taking, holding, protection or enforcement of the Transaction Security;

		(iv)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law;

		(v)	any default by any Obligor or the Spanish Pledgor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents; or

		(vi)	acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Charged Property (otherwise, in each case, than by reason of the relevant Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct).

		(b)	Each Obligor expressly acknowledges and agrees that the continuation of its indemnity obligations under this clause 17.4 will not be prejudiced by any release under clause 31.25 (Releases) or otherwise in accordance with the terms of this Agreement.

 

		(c)	The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this clause 17.4 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it.

		18	Mitigation by the Lenders

		18.1	Mitigation

		(a)	Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any facility ceasing to be available or any amount becoming payable under or pursuant to, or cancelled pursuant to, any of clause 9.1 (Illegality), clause 15 (Tax gross-up and indemnities) or clause 16 (Increased Costs) or paragraph 3 of Schedule 4 (Mandatory Cost formula) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

		18.2	Limitation of liability

		(a)	The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under clause

18.1 (Mitigation).

		(b)	A Finance Party is not obliged to take any steps under clause 18.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

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		19	Costs and Expenses

		19.1	Transaction expenses

The Company shall promptly on demand pay the Facility Agent, the Collateral Management Agent, the Arrangers, the Documentation Bank, the Co-Ordinator and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution, syndication and perfection of:

		(a)	this Agreement and any other documents referred to in this Agreement and the Transaction Security; and

		(b)	any other Finance Documents executed after the date of this Agreement,

and shall promptly on demand pay to each Facility C Lender the amount of all costs and expenses including without limitation postage, courier fees, SWIFT charges and out-of-pocket expenses in connection with the issue or entry into and operation of Ancillary Facilities.

		19.2	Amendment costs

If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to clause 34.10 (Change of currency), the Company shall, within three (3) Business Days of demand, reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Facility Agent and the Security Agent (and, in the case of the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

		19.3	Enforcement and preservation costs

The Company shall, within three (3) Business Days of demand, pay to the Arranger and each other Secured Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing these rights.

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Section 7

Guarantee

		20	Guarantee and Indemnity

		20.1	Guarantee and indemnity

Each Guarantor irrevocably and unconditionally jointly and severally:

		(a)	guarantees to each Finance Party punctual performance by each other Obligor and the Spanish Pledgor of all that Obligor's, or the Spanish Pledgor's, obligations under the Finance Documents;

		(b)	undertakes with each Finance Party that whenever another Obligor or the Spanish Pledgor does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and

		(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor or the Spanish Pledgor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this clause 20 if the amount claimed had been recoverable on the basis of a guarantee.

		20.2	Continuing Guarantee

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor and the Spanish Pledgor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.

		20.3	Reinstatement

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or the Spanish Pledgor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this clause 20 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

		20.4	Waiver of defences

The obligations of each Guarantor under this clause 20 will not be affected by an act, omission, matter or thing which, but for this clause 20, would reduce, release or prejudice any of its obligations under this clause 20 (without limitation and whether or not known to it or any Finance Party) including:

		(a)	any time, waiver or consent granted to, or composition with, any Obligor, the Spanish Pledgor or other person;

		(b)	the release of any other Obligor, the Spanish Pledgor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor, the Spanish Pledgor or other person or any non-presentation or non-observance of any

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formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor, the Spanish Pledgor or any other person;

		(e)	any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security;

		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

(g)       any insolvency or similar proceedings.

		20.5	Guarantor Intent

Without prejudice to the generality of clause 20.4 (Waiver of defences), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

		20.6	Immediate recourse

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on behalf of any of them) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 20. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

		20.7	Appropriations

Until all amounts which may be or become payable by the Obligors and the Spanish Pledgor under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on behalf of any of them) may:

(a)       refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on behalf of any of them) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

(b)       hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability under this clause 20.

		20.8	Deferral of Guarantors' rights

Until all amounts which may be or become payable by the Obligors and the Spanish Pledgor under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this clause 20:

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		(a)	to be indemnified by an Obligor or the Spanish Pledgor;

		(b)	to claim any contribution from any other guarantor of any Obligor's or the Spanish Pledgor's obligations under the Finance Documents;

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;

		(d)	to bring legal or other proceedings for an order requiring any Obligor or the Spanish Pledgor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under clause 20.1 (Guarantee and indemnity);

		(e)	to exercise any right of set-off against any Obligor or the Spanish Pledgor; and/or

		(f)	to claim or prove as a creditor of any Obligor or the Spanish Pledgor in competition with any Finance Party.

If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors or the Spanish Pledgor under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with clause 34 (Payment mechanics).

		20.9	Additional security

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

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Section 8

Representations, Undertakings and Events of Default

		21	Representations

		21.1	General

Each Obliger makes the representations and warranties set out in this clause 21 to each Finance Party.

		21.2	Status

		(a)	It is a limited liability corporation, duly incorporated and validly existing under the law of its Original Jurisdiction.

		(b)	Each of its Subsidiaries is a limited liability corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation.

		(c)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted.

		(d)	It is not a FATCA FFI or a US Tax Obligor.

		21.3	Binding obligations

Subject to the Legal Reservations:

		(a)	the obligations expressed to be assumed by it and the Spanish Pledgor in each Finance Document to which it (or the Spanish Pledgor) ls a party are legal, valid, binding and enforceable obligations; and

		(b)	(without limiting the generality of paragraph (a) above), each Transaction Security Document to which it or the Spanish Pledgor is a party creates the security interests which that Transaction Security Document purports to create and those security interests are valid and effective.

		21.4	Non-conflict with other obligations

The entry into and performance by it and the Spanish Pledger of, and the transactions contemplated by, the Finance Documents and the granting of the Transaction Security do not and will not conflict with:

		(a)	any law or regulation applicable to it or (as the case may be) the Spanish Pledger;

		(b)	the constitutional documents of any member of the Group; or

		(c)	any agreement or instrument binding upon it or any member of the Group or any of its or any member of the Group's assets or constitute a default or termination event (however described) under any such agreement or instrument.

		21.5	Power and authority

		(a)	It and the Spanish Pledgor have the power to enter into, perform and deliver, and have taken all necessary action to authorise its (and the Spanish Pledgor's) entry into, performance and delivery of, the Finance Documents to which it or (as the case may be) the Spanish Pledgor is or will be a party and the transactions contemplated by those Finance Documents.

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		(b)	No limit on its or the Spanish Pledgor's powers will be exceeded as a result of the borrowing, grant of security or giving of guarantees or indemnities contemplated by the Finance Documents to which it or the Spanish Pledgor is a party.

		21.6	Validity and admissibility in evidence

		(a)	All Authorisations and any other acts, conditions or things required or desirable:

		(i)	to enable it and the Spanish Pledgor lawfully to enter into, exercise its rights and comply with its (and the Spanish Pledgor's) obligations in the Finance Documents to which it (or the Spanish Pledgor) is a party; and

		(ii)	to make the Finance Documents to which it and/or the Spanish Pledgor is a party admissible in evidence in its Relevant Jurisdictions,

 

have been obtained, effected, done, fulfilled or performed and are in full force and effect except any Authorisation or other act, condition or thing referred to in clause 21.9 (No filing or stamp taxes), which will be promptly obtained, effected, done, fulfilled or performed after the date of this Agreement.

		(b)	All Authorisations necessary for the conduct of the business, trade and ordinary activities of members of the Group have been obtained or effected and are in full force and effect.

		21.7	Governing law and enforcement

		(a)	The choice of governing law of the Finance Documents will be recognised and enforced in its Relevant Jurisdictions.

		(b)	Any judgment obtained in relation to a Finance Document in the relevant jurisdiction as specified in that Finance Document will be recognised and enforced in its Relevant Jurisdictions.

		(c)	Any arbitral award obtained in relation to a Finance Document in the relevant seat of that arbitral tribunal specified in that Finance Document will be recognised and enforced in its jurisdiction of incorporation.

		21.8	Insolvency

No:

		(a)	corporate action, legal proceeding or other procedure or step described in paragraph (a) of clause 26.7 (Insolvency proceedings); or

		(b)	creditors' process described in clause 26.8 (Creditors' process),

has been taken or, to the knowledge of the Obligors, threatened in relation to a member of the Group; and none of the circumstances described in clause 26.6 (Insolvency) applies to a member of the Group.

		21.9	No filing or stamp taxes

Under the laws of its and the Spanish Pledgor's Relevant Jurisdiction it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents except the Spanish Pledges are subject to registration with the local Register of Moveable Property and there will be notary fees and registrar's fees to be paid in respect of the execution and registration of those documents, which registrations, filings and fees will be made and paid promptly after the date of the relevant Finance Document.

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		21.10	Deduction of Tax

Neither it nor the Spanish Pledgor is not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document.

		21.11	No default

		(a)	No Event of Default and, on the date of this Agreement, no Default is continuing or is reasonably likely to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Finance Document.

		(b)	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries') assets are subject which has or is reasonably likely to have a Material Adverse Effect.

		21.12	No misleading information

		(a)	Any factual information provided by any member of the Group for the purposes of the Information Memorandum was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

		(b)	The financial projections contained in the Information Memorandum have been prepared on the basis of recent historical information and on the basis of reasonable assumptions.

		(c)	Nothing has occurred or been omitted from the Information Memorandum and no information has been given or withheld that results in the information contained in the Information Memorandum being untrue or misleading in any material respect.

		(d)	All other written information provided by any member of the Group (including its advisers) to a Finance Party was true, complete and accurate in all material respects as at the date it was provided and is not misleading in any respect.

		21.13	Original Financial Statements

		(a)	Its Original Financial Statements were prepared in accordance with the Accounting Principles consistently applied.

		(b)	Its Original Financial Statements fairly represent (if unaudited) or (if audited) give a true and fair view of its financial condition and results of operations (consolidated in the case of the Parent) during the relevant period.

		(c)	There has been no material adverse change in its assets, business or financial condition (or the assets, business or consolidated financial condition of the Group, in the case of the Parent) since the date of the Original Financial Statements.

		(d)	Its most recent financial statements delivered pursuant to clause 22.1 (Financial statements):

		(i)	have been prepared in accordance with the Accounting Principles as applied to the Original Financial Statements; and

		(ii)	give a true and fair view of (if audited) or fairly present (if unaudited) its consolidated financial condition as at the end of, and consolidated results of operations for, the period to which they relate.

		(e)	The budgets and forecasts supplied under this Agreement were arrived at after careful consideration and have been prepared in good faith on the basis of recent historical

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information and on the basis of assumptions which were reasonable as at the date they were prepared and supplied.

		(f)	Since the date of the Original Financial Statements or, once subsequent financial statements have been delivered pursuant to clause 22.1 (Financial statements), the most recent financial statements delivered under that clause, there has been no material adverse change in its assets, business or financial condition (or the assets, business or consolidated financial condition of the Group, in the case of the Parent).

		21.14	No proceedings pending or threatened

No litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect, have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it or any of its Subsidiaries.

		21.15	No breach of laws

		(a)	It has not (and none of its Subsidiaries has) breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.

		(b)	No labour disputes are current or, to the best of its knowledge and belief (having made due and careful enquiry), threatened against any member of the Group which have or are reasonably likely to have a Material Adverse Effect.

		(c)	Each member of the Group is in full compliance with all regulations and rules issued by any Sanctions Authority and has instituted and maintained policies and procedures designed to promote and achieve compliance with such rules and regulations. In addition, each Group member has set up internal systems which enable it to control the origin of all products it purchases to ensure such products are not originating from a person referred to, noted on or otherwise concerned by the Sanctions List.

		(d)	Each Group member has in particular instituted and maintained policies and procedures designed to promote and achieve evaluation of all new suppliers and subcontractors in the Sensitive Zones. No new transactions, within the Sensitive Zone, whether financed on any Group member own funds or via a financial institution, is, has been or will be initiated with suppliers which are not Approved Suppliers.

		(e)	The entry into and performance by each Group member of any supply or sale contracts with any of their counterparties, is not and will not be prohibited or restricted by, and will not expose the Finance Parties, their affiliates, or their agents and/or employees to Sanctions, prohibitions or restrictions under any applicable national or international laws, including rules and regulations of the Sanctions Authorities (including for the avoidance of doubt trade or economic sanctions, prohibitions or restrictions upon Iran and/or Syria).

		21.16	Environmental laws

		(a)	Each member of the Group is in compliance with clause 24.3 (Environmental compliance) and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent which has or is reasonably likely to have a Material Adverse Effect.

		(b)	No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against any member of the Group where that claim has or is reasonably likely, if determined against that member of the Group, to have a Material Adverse Effect.

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		21.17	Taxation

		(a)	It is not (and none of its Subsidiaries is) materially overdue in the filing of any Tax returns and it is not (and none of its Subsidiaries is) overdue in the payment of any amount in respect of Tax.

		(b)	No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or any of its Subsidiaries) with respect to Taxes.

		(c)	It is resident for Tax purposes only in its Original Jurisdiction.

		21.18	Anti-corruption law

Each member of the Group has conducted its businesses in compliance with applicable anti­ corruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

		21.19	Security and Financial Indebtedness

		(a)	No Security or Quasi-Security exists over all or any of the present or future assets of any member of the Group other than as permitted by this Agreement.

		(b)	No member of the Group has any Financial Indebtedness outstanding other than as permitted by this Agreement.

		21.20	Ranking

The Transaction Security has or when executed will have first ranking priority and it is not subject to any prior ranking or pari passu ranking Security other than (in respect of assets secured in Multi-Party TPA Agreements) Security granted by the Company in favour of TPA Counterparties (the proceeds of enforcement of which will be held by the TPA Counterparty for the benefit of the Finance Parties), Hedging Providers and/or Clearing Providers contained in Multi-Party TPA Agreements (as contemplated in clause 6.22 (Multi-Party TPA Agreements)), which shall have first priority in respect of those assets.

 

		21.21	 Good title to assets

 

It and each of its Subsidiaries has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted.

		21.22	Legal and beneficial ownership

		(a)	It and each of its Subsidiaries is the sole legal and beneficial owner of the respective assets over which it purports to grant Security free from any claims, third party rights or competing interests other than Security permitted under clause 24.13 (Negative pledge).

		(b)	The Borrowers and the Spanish Pledgor hold and will hold full legal and beneficial title to all assets included in the Borrowing Base from time to time, free from any retention of title arrangements.

		21.23	Group Structure Chart

The Group Structure Chart delivered to the Facility Agent pursuant to paragraph 6(b) of Part I of Schedule 2 (Conditions precedent) is true, complete and accurate in all material respects and shows the following information:

		(a)	each member of the Group, including current name and company registration number, its Original Jurisdiction (in the case of an Obligor), its jurisdiction of incorporation (in the case of a member of the Group which is not an Obligor) and/or its jurisdiction of

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establishment, a list of shareholders and indicating whether a company is not a company with limited liability; and

		(b)	all minority interests in any member of the Group and any person in which any member of the Group holds shares in its issued share capital or equivalent ownership interest of such person.

		21.24	Accounting Reference Date

The Accounting Reference Date of each member of the Group is 31 December.

		21.25	Insurance

Each member of the Group maintains:

		(a)	insurances on and in relation to its fixed assets and its inventory with reputable underwriters or insurance companies or associations against those risks and to the extent as is consistent with sound commercial practice normally maintained by companies carrying on the same or substantially similar business;

		(b)	without limitation to clause (a) above, marine cargo insurance (or any equivalent policy of insurance (howsoever described) relating to goods in transit and/or storage) on and in relation to any other of its assets which are or may be taken into account when calculating any Borrowing Base when such assets are in transit or storage against those risks and to the extent as is consistent with normal business practice (including, but not limited to, theft, fire and damage).

		21.26	Centre of main interests and establishments

		(a)	For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the Regulation), its and the Spanish Pledgor's centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its Original Jurisdiction and it has no "establishment" (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.

		(b)	The Company and APII are non-resident domestic entities and do not have any assets in their respective Original Jurisdictions.

		21.27	No adverse consequences

		(a)	It is not necessary under the laws of its Relevant Jurisdictions:

		(i)	in order to enable any Finance Party to enforce its rights under any Finance Document; or

		(ii)	by reason of the execution of any Finance Document or the performance by it of its obligations under any Finance Document,

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of its Relevant Jurisdictions.

		(b)	No Finance Party is or will be deemed to be resident, domiciled or carrying on business in its Relevant Jurisdictions by reason only of the execution, performance and/or enforcement of any Finance Document.

		21.28	Pari Passu Ranking

Any unsecured and unsubordinated claims of the Finance Parties against it or the Spanish Pledgor under the Finance Documents shall rank at least pari passu with the claims of all of its

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other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

		21.29	Sanctions

No Obligor nor any other member of the Group, nor any of their respective directors, officers or employees nor, to the knowledge of any Obligor, any persons acting on any of their behalf:

		(a)	is a Prohibited Person;

		(b)	is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;

		(c)	owns or controls a Prohibited Person;

		(d)	is in breach of Sanctions; or

		(e)	has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions by any Sanctions Authority.

		21.30	Times when representations made

		(a)	All the representations and warranties in this clause 21 are made by each Obligor on the date of this Agreement.

		(b)	The representations and warranties in clause 21.12 (No misleading information) are deemed to be made in addition by each Obligor with respect to the Information Memorandum, on the date the Information Memorandum is approved by the Company.

		(c)	The Repeating Representations are deemed to be made by each Obligor on the date of each Utilisation Request, on each Utilisation Date, on the first day of each Interest Period and, in the case of an Additional Obligor, on the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor.

		(d)	Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances existing at the date the representation or warranty is deemed to be made.

		22	Information Undertakings

The undertakings in this clause 22 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Proposed Participation is in force.

In this clause 22:

Annual Financial Statements means the financial statements for a Financial Year delivered pursuant to paragraph (a) of clause 22.1 (Financial statements).

Half Yearly Financial Statements means the financial statements delivered pursuant to paragraph (b) of clause 22.1 (Financial statements)

Quarterly Financial Statements means the financial statements delivered pursuant to paragraph (c) of clause 22.1 (Financial statements).

		22.1	Financial statements

The Company shall supply to the Facility Agent in sufficient copies for all the Lenders:

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		(a)	as soon as they are available, but in any event within one hundred and twenty (120) days after the end of each of the Parent's Financial Years:

		(i)	the audited consolidated financial statements of the Parent for that Financial Year; and

		(ii)	the audited financial statements (consolidated if appropriate) of each Obligor for that Financial Year;

		(b)	as soon as they are available, but in any event within sixty (60) days after the end of each financial half year of the Parent:

		(i)	the consolidated financial statements of the Company and of the Parent for that financial half year; and

		(ii)	the financial statements (consolidated if appropriate) of each Obligor for that financial half year; and

(c)       as soon as they are available, but in any event within forty-five (45) days after the end of each Financial Quarter of each of its Financial Years its consolidated financial statements for that Financial Quarter, together with the financial statements (consolidated if appropriate) of each Obligor for that Financial Quarter.

		22.2	Provision and contents of Compliance Certificate

(a)      The Company shall supply a Compliance Certificate to the Facility Agent with each set of audited consolidated Annual Financial Statements of the Parent and each set of its consolidated Quarterly Financial Statements of the Parent.

(b)       The Compliance Certificate shall, amongst other things, set out (in reasonable detail) computations as to compliance with clause 23 (Financial Covenants) and clauses 29.7 and 29.8 (Additional Guarantors).

(c)       Each Compliance Certificate shall be signed by an authorised signatory and the CFO of the Parent and, when delivered with the consolidated Annual Financial Statements of the Parent, shall be reported on by the Parent's Auditors in the form agreed by the Parent and the Majority Lenders prior to the date of this Agreement.

		22.3	Requirements as to financial statements

		(a)	The Company shall procure that each set of Annual Financial Statements, Half Yearly Financial Statements and Quarterly Financial Statements includes a balance sheet, profit and loss account and cashflow statement. In addition the Company shall procure that each set of Annual Financial Statements shall be audited by the Auditors.

		(b)	Each set offinancial statements delivered pursuant to clause 22.1 (Financial statements):

		(i)	shall be certified by a director of the relevant company as giving a true and fair view of (in the case of Annual Financial Statements for any Financial Year), or fairly representing (in other cases), its financial condition and operations as at the date as at which those financial statements were drawn up and, in the case of the Annual Financial Statements, shall be accompanied by any letter addressed to the management of the relevant company by the Auditors and accompanying those Annual Financial Statements; and

		(ii)	shall be prepared using the Accounting Principles, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor, unless, in relation to any set of financial statements, the Company notifies the Facility Agent that there has been a

77

change in the Accounting Principles or the accounting practices and its Auditors (or, if appropriate, the Auditors of the Obligor) deliver to the Facility Agent:

		(A)	a description of any change necessary for those financial statements to reflect the Accounting Principles or accounting practices upon which that Obligor's Original Financial Statements were prepared; and

		(B)	sufficient information, in form and substance as may be reasonably required by the Facility Agent (acting on the Majority Lenders' instructions or in its sole discretion), to enable the Lenders to determine whether clause 23 (Financial covenants) has been complied with and to make an accurate comparison between the financial position indicated in those financial statements and that Obligor's Original Financial Statements.

Any reference in this Agreement to any financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

(c)       If the Facility Agent wishes to discuss the financial position of any member of the Group with the Auditors, the Facility Agent may notify the Company, stating the questions or issues which the Facility Agent wishes to discuss with the Auditors. In this event, the Company must ensure that the Auditors are authorised (at the expense of the Company):

		(i)	to discuss the financial position of each member of the Group with the Facility Agent on request from the Facility Agent; and

		(ii)	to disclose to the Facility Agent for the Finance Parties any information which the Facility Agent may reasonably request.

		22.4	Year-end

The Company shall not change its Accounting Reference Date.

		22.5	Information: miscellaneous

The Company shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):

		(a)	at the same time as they are dispatched, copies of all documents dispatched by the Parent or the Company to its respective shareholders generally (or any class of them) or to its respective creditors generally (or any class of them or to any individual creditor or group of creditors);

 

		(b)	
promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group, and which, if adversely determined, are reasonably likely to have a Material Adverse Effect or which would involve a liability, or a potential alleged liability, exceeding $2,000,000 (or its equivalent in other currencies);

 

		(c)	promptly, such information as the Security Agent may reasonably require about the Charged Property and compliance of the Obligors and/or the Spanish Pledgor with the terms of any Transaction Security Documents;

		(d)	promptly on request, such further information regarding the financial condition, business assets and operations of the Group and/or any member of the Group (including any requested amplification or explanation of any item in the financial statements, or other material provided by any Obligor under this Agreement and an up to date copy of its shareholders' register (or equivalent in its Original Jurisdiction)) as any Finance Party, through the Facility Agent, may reasonably request;

78

		(e)	promptly upon becoming aware of them, details of any claim made by an Obligor under any insurance policy, the underlying cause of which might have a Material Adverse Effect;

		(f)	promptly upon becoming aware of them, details of any change in the structure of the Group relating to the Obligors from that reflected in the Group Structure Chart;

		(g)	promptly upon request, such information regarding the Deutsche Bank Facility as the Facility Agent or the Security Agent may from time to time request; and

		(h)	promptly upon becoming aware of it, details of any material change to the Deutsche Bank Facility.

		22.6	Notification of default and of expectation not to meet financial covenants

		(a)	Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

		(b)	Promptly upon a request by the Facility Agent, the Company shall supply to the Facility Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

		(c)	The Company shall promptly upon becoming aware of the same notify the Facility Agent of the expectation that it will not meet its financial covenants set out in clause 23 (Financial Covenants).

		22.7	"Know your customer" checks

		(a)	If:

		(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

		(ii)	any change in the status of an Obligor or the Spanish Pledgor or the composition of the shareholders of an Obligor or the Spanish Pledgor after the date of this Agreement; or

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and/or obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer,

obliges the Facility Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Facility Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

		(b)	Each Lender shall promptly upon the request of the Facility Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in order for the Facility Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all

79

applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

		22.8	Additional Obligors

		(a)	The Company shall, by not less than ten (10) Business Days' prior written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to clause 29 (Changes to the Obligors).

		(b)	Following the giving of any notice pursuant to clause 22.8(a) above, if the accession of such Additional Obligor obliges the Facility Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Facility Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor.

		22.9	Borrowing Base Report and Cross-Check Borrowing Base Report

		(a)	For the purposes of the valuation of the Borrowing Base, the Company shall deliver to the Collateral Management Agent:

		(i)	a Borrowing Base Report on a bi-weekly basis (on every second Monday following the date of this Agreement) (or more frequently if requested by the Collateral Management Agent or the Facility Agent (acting on the instructions of the Majority Lenders)); and

		(ii)	a Cross-Check Borrowing Base Report on a four-weekly basis to be delivered within ten (10) days of every second Borrowing Base Report (or, if the 10th day is not a Business Day, by the next Business Day).

 

		(b)	Each Borrowing Base Report shall:

		(i)	be based on information and figures as at the previous Friday; and

		(ii)	set out the Outstandings (and identifying any Excess Overdraft Amounts) under each Facility on the date of its issue.

		(c)	Each Cross-Check Borrowing Base Report shall be in the same form as the Borrowing Base Report but shall:

		(i)	be based on information and figures relating to inventory provided by independent sources (copies of which shall be provided to the Collateral Management Agent) in respect of:

		(A)	the storage volumes at any inland storage facilities, leased or owned by the Borrowers and the Spanish Pledgor and which have capacity equal to or in excess of 50,000 metric tons; and

		(B)	the storage volumes on any vessels leased or owned by the Borrowers and the Spanish Pledgor which have capacity equal to or in excess of 15,000 metric tons; and

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(ii)       replace non-invoiced Eligible Receivables with corresponding invoices in each case based on the Group's figures for the date on which the most recent Borrowing Base Report related.

		(d)	The Collateral Management Agent shall be entitled at any time, in relation to all or any part of the information contained in a Borrowing Base Report or a Cross-Check Borrowing Base Report:

		(i)	examine (upon request) the records of any Obligor and/or the Spanish Pledgor to verify such information; and/or

		(ii)	require that an independent reputable surveyor or accounting firm verify such information,

and the Company shall take all such action as is available to it and do all such acts and things as the Collateral Management Agent may specify in this regard the costs of such verification shall be promptly paid by the Company.

		(e)	Any failure to deliver information required under this Agreement or any delivery information which is not satisfactory to the Collateral Management Agent (acting reasonably) and relating to any item in a Borrowing Base Report or a Cross-Check Borrowing Base Report shall result in such item being excluded from the Borrowing Base.

		22.10	Borrowing Base Audit Report

The Company shall deliver to the Collateral Management Agent (in sufficient copies for the Lenders if the Collateral Management Agent so requests) a Borrowing Base Audit Report:

		(a)	first, in accordance with clause 24.23 (Conditions subsequent); and

		(b)	thereafter, within twelve (12) Months of the date of delivery of the preceding Borrowing Base Audit Report.

		22.11	Deficient Borrowing Base Report

If, at any time, any Deficient Borrowing Base Report is delivered to the Collateral Management Agent, the Company shall within seven (7) days of such delivery procure the cancellation of such Deficient Borrowing Base Report and its replacement by a Compliant Borrowing Base Report.

		22.12	Title to Borrowing Base assets

Each Borrower shall ensure that it holds full legal and beneficial title to the assets purporting to be owned by it in the Borrowing Base, free of any retention of title arrangements.

		22.13	Additional Cross-Check Borrowing Base Reporting

Each Cross-Check Borrowing Base Report shall be accompanied by the following (in sufficient copies for the Lenders if the Collateral Management Agent so requests):

		(a)	a report of an independent inspector approved by the Facility Agent detailing:

		(i)	the storage volumes at any inland storage facilities, leased or owned by the Borrowers and the Spanish Pledgor and which have capacity equal to or in excess of 50,000 metric tons; and

		(ii)	the storage volumes on any vessels leased or owned by the Borrowers and the Spanish Pledgor which have capacity equal to or in excess of 15,000 metric tons,

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or, in each case, a holding certificate from a third party storer acceptable to the Collateral Management Agent and in a form acceptable to the Collateral Management Agent;

		(b)	a list of those non-invoiced Eligible Receivables converted into invoices (with associated invoice numbers) and reconciliation with the list of non-invoiced Eligible Receivables detailed in the most recent Borrowing Base Report;

		(c)	a sample of twenty (20) randomly selected invoices evidencing invoicing of non-invoiced Eligible Receivables as reported in the most recent Borrowing Base Report;

		(d)	a sample of twenty (20) randomly selected invoices already reported as invoiced Eligible Receivables in the most recent Borrowing Base Report;

		(e)	a sample of ten (10) randomly selected copies of bills of lading in respect of barges above 4,000 dwt confirming values on board and showing issuance or endorsement to the order of the Security Agent; and

		(f)	a report in form and substance satisfactory to the Collateral Management Agent evidencing as at close of business on the last Business Day of each calendar month all receivables sold pursuant to any receivables purchase programme or invoice discounting programme.

		22.14	Daily Headroom Report

		(a)	The Company shall deliver to the Facility Agent (with a copy to the Collateral Management Agent) on each Business Day a Daily Headroom Report containing the information and details identified in Schedule 15 (Form of Daily Headroom Report).

		(b)	The Facility Agent shall provide a copy of each Daily Headroom Report to the Lenders as soon as reasonably practicable following receipt thereof.

		(c)	Each Lender and Borrower shall promptly (and in any event within one (1) Business Day) provide the Facility Agent upon request with such details in respect of Utilisations made by it as the Facility Agent may request.

 

		(d)	
No Borrower shall request or make Utilisations on any day until the Company has delivered a compliant Daily Headroom Report to the Facility Agent on that day.

 

		(e)	
If a Daily Headroom Report indicates that the Borrowing Base Amount is a negative number no Borrower shall request or make Utilisations until a Compliant Borrowing Base Report has been provided to the Collateral Management Agent (which, if not provided on the date of a regular bi-weekly Borrowing Base Report, shall be provided in addition thereto).

 

22.15                  Notification of Dividends

The Company shall notify the Facility Agent promptly following any distribution of dividends made by the Parent.

22.16                  Proof of Origin

All incoming flows in respect of the Sensitive Zone, either purchased through letter of credit (including against any countersigned letter of indemnity) or on open account basis but subject to incoterms linked to any place within the Sensitive Zone, should be documented with bills of lading showing an acceptable port of loading and:

 

(a)        if the Approved Supplier is a refinery, shall be accompanied by a Certificate of Origin; or

(b)     if the Approved Supplier is not a refinery, the Company shall use its best endeavours to procure it is accompanied by a Certificate of Origin.

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22.17                  Inspection and Management in Sensitive Zones

The Borrowers shall procure that all stocks and inventory of the Borrowers located offshore or inland in the Sensitive Zone shall be the subject of a Stock Monitoring Agreement or a Collateral Management Agreement as the case may be.

		23	Financial covenants

		23.1	Financial definitions

In this Agreement:

Borrowings means, at any time, the aggregate outstanding principal, capital or nominal amount (and any fixed or minimum premium payable or prepayment or redemption) of any indebtedness of members of the Group for or in respect of:

		(a)	moneys borrowed and debit balances at banks or other financial institutions;

		(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

		(c)	any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

		(d)	any Finance Lease;

		(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under the Accounting Principles);

		(f)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Termination Date in respect of all Facilities or are otherwise classified as borrowings under the Accounting Principles);

		(g)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;

		(h)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than ninety (90) days after the date of supply;

		(i)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and

		(j)	(without double counting) the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (i) above.

Consolidated Current Assets means, on the last day of a Measurement Period, the aggregate consolidated amount of all Current Assets of members of the Group.

Consolidated Current Liabilities means, on the last day of a Measurement Period, the aggregate consolidated amount of all Current Liabilities of members of the Group.

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Consolidated Net Working Capital means, on the last day of a Measurement Period, Consolidated Current Assets minus (i) Consolidated Current Liabilities on such date; and (ii) the amount of any loans made to shareholders, directors or related companies.

Consolidated Tangible Net Worth means at any time the aggregate of the amounts paid up or credited as paid up on the issued ordinary share capital of the Parent and the aggregate amount of the reserves of the Group,

		(a)	including:

		(i)	any amount credited to the share premium account;

		(ii)	any capital redemption reserve fund; and

		(iii)	any balance standing to the credit of the consolidated profit and loss account of the Group,

but

		(b)	deducting:

		(i)	any debit balance on the consolidated profit and loss account of the Group;

		(ii)	(to the extent included) any amount shown in respect of goodwill (including goodwill arising only on consolidation) or other intangible assets of the Group;

		(iii)	any amount in respect of interests of non-Group members in Group subsidiaries;

		(iv)	any amount in respect of loans to shareholders, directors or related companies;

		(v)	(to the extent included) any amount set aside for taxation, deferred taxation or bad debts;

		(vi)	(to the extent included) any amounts arising from an upward revaluation of assets made at any time after 31 December 2012;

		(vii)	any amount in respect of any dividend or distribution declared, recommended or made by any member of the Group to the extent payable to a person who is not a member of the Group and to the extent such distribution is not provided for in the most recent financial statements,

and so that no amount shall be included or excluded more than once.

EBITDA means, in respect of any Measurement Period, the consolidated operating profit of the Group before taxation (excluding the results from discontinued operations):

		(a)	before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges and other finance payments whether paid, payable or capitalised by any member of the Group (calculated on a consolidated basis) in respect of that Relevant Period;

		(b)	before deducting any depreciation and amortisation/impairment;

		(c)	not including any accrued interest owing to any member of the Group;

		(d)	before taking into account any Exceptional Items;

		(e)	after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributable to minority interests;

 

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		(f)	plus or minus the Group's share of the profits or losses (after finance costs and tax) of Non-Group Entities after deducting the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in the financial statements of the Group exceeds the amount actually received in cash by members of the Group through distributions by the Non-Group Entity;

		(g)	before taking into account any unrealised gains or losses on any derivative instrument/financial instrument (other than any derivative instrument which is accounted for on a hedge accounting basis); and

		(h)	before taking into account any gain or loss arising from an upward or downward revaluation of any other asset at any time after 31 December 2012,

in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation, depreciation and amortization.

Exceptional Items means any exceptional, one off, non-recurring or extraordinary items/any material items of an unusual or non-recurring nature which represent gains or losses including those arising on:

(a)      the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring;

(b)      disposals, revaluations or impairment of non-current assets; and

(c)      disposals of assets associated with discontinued operations.

Finance Charges means, for any Measurement Period, the aggregate amount of the accrued interest, commission, fees, discounts, prepayment fees, premiums or charges and other finance payments in respect of Borrowings whether paid, payable or capitalised by any member of the Group (calculated on a consolidated basis) in respect of that Measurement Period:

		(a)	including the interest (but not the capital) element of payments in respect of Finance Leases;

		(b)	including any commission, fees, discounts and other finance payments payable by (and deducting any such amounts payable to) any member of the Group under any interest rate hedging arrangement; and

		(c)	taking no account of any unrealised gains or losses on any derivative instruments other than any derivative instruments which are accounted for on a hedge accounting basis.

Financial Quarter means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

Measurement Period means a period of three (3) Months ending on a Quarter Date.

Non-Group Entity means any investment or entity (which is not itself a member of the Group (including associates and joint venture entities)) in which any member of the Group has an ownership interest.

		23.2	Interpretation

		(a)	Except as otherwise provided to the contrary in this Agreement, an accounting term used in this clause 23 (Financial covenants) is to be construed in accordance with the principles applied in connection with the audited consolidated financial statements of the Parent for the year ended on 31 December 2012.

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		(b)	Any amount in a currency other than Dollars is to be taken into account at its Dollar equivalent calculated on the basis of:

		(i)	the Federal Reserve Rate of Exchange for the purchase of the relevant currency in the New York foreign exchange market with Dollars at or about 11.00 am on the relevant day the relevant amount falls to be calculated; or

		(ii)	if the amount is to be calculated on the last day of a financial period of a Borrower, the relevant rates of exchange used by the Borrower in or in connection with, its financial statements for that period.

		(c)	No item must be credited or deducted more than once in any calculation under this clause 23 (Financial covenants).

Financial Condition

		23.3	The Company shall comply at all times with the following financial covenants.

Consolidated Net Working Capital

		23.4	The Company shall ensure that Consolidated Net Working Capital of the Parent is, from the date of this Agreement:

		(a)	until the end of the first Quarter Date to occur following the first Utilisation Date to occur under this Agreement, not less than thirty five million Dollars ($35,000,000); and

 

		(b)	
thereafter, not less than one hundred and twenty-five million Dollars ($125,000,000).

 

Consolidated Tangible Net Worth

		23.5	The Company shall ensure that Consolidated Tangible Net Worth is not at any time less than four hundred and ten million Dollars ($410,000,000).

Current Ratio

		23.6	The Company shall ensure that the ratio of Consolidated Current Assets (less the amount of any loans made to shareholders, directors or related companies) to Consolidated Current Liabilities is, from the date of this Agreement;

		(a)	until the end of the first Quarter Date to occur following the first Utilisation Date to occur under this Agreement, not lower than 1.04:1; and

 

		(b)	
thereafter, not lower than 1.15:1.

 

Interest Cover Ratio

		23.7	The Company shall ensure that the ratio of EBITDA to Finance Charges in respect of any Measurement Period shall exceed 1.9 to 1.

		23.8	Financial testing

The financial covenants set out in clauses 23.3 to 23.7 shall be calculated in accordance with the Accounting Principles and tested by reference to each of the financial statements delivered pursuant to paragraphs (a)(i) and (b) of clause 22.1 (Financial Statements) and/or each Compliance Certificate delivered pursuant to clause 22.2 (Provision and contents of Compliance Certificate).

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		24	General Undertangs

The undertakings in this clause 24 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Proposed Participation is in force.

Authorisations and compliance with laws

		24.1	Authorisations

Each Obligor shall (and shall procure that the Spanish Pledgor shall) promptly:

		(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and

		(b)	supply certified copies to the Facility Agent of:

any Authorisation required under any law or regulation of a Relevant Jurisdiction to:

		(A)	enable it to perform its obligations under the Finance Documents;

		(B)	ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document; and

		(C)	carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

		24.2	Compliance with laws

Each Obligor shall (and the Company shall ensure that each member of the Group will) comply in all respects with all laws to which it may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect.

		24.3	Environmental compliance

Each Obligor shall (and the Company shall ensure that each member of the Group will):

		(i)	comply with all Environmental Law;

		(ii)	obtain, maintain and ensure compliance with all requisite Environmental Permits; and

		(iii)	implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

where failure to do so has or is reasonably likely to have a Material Adverse Effect.

		24.4	Environmental claims

Each Obligor shall (through the Company), promptly upon becoming aware of the same, inform the Facility Agent in writing of:

		(a)	any Environmental Claim against any member of the Group which is current, pending or threatened; and

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group,

where the claim, if determined against that member of the Group, has or is reasonably likely to have a Material Adverse Effect.

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		24.5	Anti-corruption law

		(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) directly or indirectly use the proceeds of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions.

		(b)	Each Obligor shall (and the Company shall ensure that each other member of the Group will):

		(i)	conduct its businesses in compliance with applicable anti-corruption laws; and

		(ii)	maintain policies and procedures designed to promote and achieve compliance with such laws.

		24.6	Taxation

		(a)	Each Obligor shall (and the Company shall ensure that each member of the Group will) pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

		(i)	such payment is being contested in good faith;

		(ii)	adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Facility Agent under clause 22.1 (Financial statements); and

		(iii)	such payment can be lawfully withheld.

		(b)	No member of the Group may change its residence for Tax purposes.

Restrictions on business focus

		24.7	Merger

No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction.

		24.8	Change of business

The Company shall procure that no substantial change is made to the general nature of the business of the Parent, the Obligors or the Group taken as a whole from that carried on by the Group at the date of this Agreement.

		24.9	Application of FATCA

The Company shall procure that, unless otherwise agreed by all the Finance Parties, no Obligor shall become a FATCA FFI or a US Tax Obligor.

		24.10	Acquisitions

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure that no other member of the Group will):

		(i)	acquire a company or any shares or securities or a business or undertaking or assets (or, in each case, any interest in any of them); or

		(ii)	incorporate a company,

 

88

in each case without the prior written consent of the Facility Agent acting on the instructions of all Lenders (such consent to be confirmed or declined within fifteen (15) Business Days of receipt by the Facility Agent of a request in writing from the Company).

(b)      Paragraph (a) above does not apply to acquisitions of a company, of shares, securities or a business or undertaking or assets (or, in each case, any interest in any of them) for a value which is less than $25,000,000 in aggregate for the Group during the period from the date of this Agreement until the date on which there are no remaining Proposed Participations or Outstandings (which values shall be evidenced by the latest audited financial statements of the Parent).

(c)      To the extent the Facility Agent acting on the instructions of all Lenders consents in writing to any acquisition pursuant to this clause 24.10 (Acquisitions) (including pursuant to the Consent Letters), then subject to any terms and conditions attached to such consent, the acquisition shall (unless the relevant consent expressly states to the contrary) not be considered to form part of the $25,000,000 referred to in paragraph (b) above (it shall be considered to have been consented to absolutely).

Restrictions on dealing with assets and Security

		24.11	Preservation of assets

Each Obligor shall (and the Company shall ensure that each other member of the Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary or desirable in the conduct of its business.

		24.12	Pari passu ranking

Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

		24.13	Negative pledge

In this clause 24.13, Quasi-Security means an arrangement or transaction described in paragraph (b) below.

Except as permitted under paragraph (c) below:

		(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets.

		(b)	No Obligor shall (and the Company shall ensure that no other member of the Group will):

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

 

		(ii)	
sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

 

		(iv)	enter into any other preferential arrangement having a similar effect,

 

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

		(c)	Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security, which is:

89

		(i)	granted over fixed assets with a value of $25,000,000 or less in aggregate in respect of the Group at any time as evidenced in the latest audited financial statements of the Parent provided that security over fixed assets in excess of such threshold may be requested by the Company or a Borrower and in respect of any such request the Facility Agent (acting on the instructions of the Majority Lenders) shall confirm or decline within fifteen (15) Business Days of receipt of that request;

		(ii)	existing prior to the date of this Agreement and details of which have been provided to the Facility Agent pursuant to paragraph 6 of Part 1 of Schedule 2 (Conditions precedent to initial Utilisation);

		(iii)	approved in writing by the Facility Agent (acting on the instructions of the Majority Lenders) including without limitation pursuant to the Consent Letters (subject always to the terms and conditions set out in the Consent Letters);

		(iv)	contained in any Multi-Party TPA Agreement in favour of the relevant TPA Counterparty (provided that the proceeds of enforcement of such Security shall be held by the TPA Counterparty for the benefit of the Finance Parties) or Hedging Provider or Clearing Provider (as the case may be) as expressly contemplated by this Agreement;

		(v)	Security over a bank account in favour of BNP Paribas S.A., subject to a maximum security value of $1,500,000, in respect of any facility issued or to be issued by BNP Paribas S.A. to the Borrowers or any of them for the issuance or counter­ guarantee of bank guarantees in favour of customs and port authorities by BNP Paribas S.A. as contemplated in Schedule 17 (Permitted Indebtedness); or

		(vi)	otherwise as expressly contemplated by this Agreement.

		(d)	To the extent the Facility Agent acting on the instructions of the Majority Lenders approves in writing any Security or Quasi-Security pursuant to paragraph (c)(iii) above (including pursuant to the Consent Letters), then subject to any terms and conditions attached to such approval, the Security or Quasi-Security shall (unless the relevant approval expressly states to the contrary) not be considered to form part of the $25,000,000 referred to in paragraph (c)(i) above (it shall be considered to have been approved absolutely).

		24.14	Disposals

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure that no other member of the Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset without the prior written consent of the Facility Agent acting on the instructions of all Lenders (such consent to be confirmed or declined within fifteen (15) Business Days of receipt by the Facility Agent of a request in writing from the Company).

		(b)	Paragraph (a) above does not apply to:

		(i)	
any sales, leases, transfers or other disposals for a value which is less than $15,000,000 in aggregate for the Group during the period from the date of this Agreement until the date on which there are no remaining Proposed Participations or Outstandings (which values shall be evidenced by the latest audited financial statements of the Parent and which shall exclude the value of any receivables disposed under the Deutsche Bank Facility); and

		(ii)	disposals of receivables pursuant to the terms of the Deutsche Bank Facility as at the date of this Agreement (provided that the proceeds of such disposals are paid to the Company's Dollar Collection Account).

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		(c)	To the extent the Facility Agent acting on the instructions of all Lenders consents in writing to any sale, lease, transfer or disposal pursuant to this clause 24.14 (Disposals) (including pursuant to the Consent Letters), then subject to any terms and conditions attached to such consent, the sale, lease, transfer or disposal shall (unless the relevant consent expressly states to the contrary) not be considered to form part of the $15,000,000 referred to in paragraph (b) above (it shall be considered to have been consented to absolutely).

		24.15	Arm's length basis

No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into any transaction with any person except on arm's length terms and for full market value.

Restrictions on movement of cash - cash out

		24.16	Loans or credit

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure that no other member of the Group will) be a creditor in respect of any Financial Indebtedness.

		(b)	Paragraph (a) above does not apply to any trade credit extended by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities.

		24.17	No Guarantees or indemnities

		(a)	Except as permitted under paragraphs (b) and (c) below, no Obligor shall (and the Company shall ensure that no other member of the Group will) without the prior written consent of the Facility Agent acting on the instructions of all Lenders incur or allow to remain outstanding any guarantee in respect of any obligation of any person .

		(b)	Paragraph (a) does not apply to a guarantee which is:

		(i)	any performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade; or

		(ii)	in respect of the obligations of members of the Group which are Single Purpose Ship Owning Companies, subject to an aggregate total value of all such guarantees throughout the Group at any time of $25,000,000.

		(c)	An Obligor and/or other member of the Group shall be entitled to incur or allow to remain outstanding a guarantee in respect of the obligations of members of the Group which are Single Purpose Ship Owning Companies of an aggregate total of all such guarantees (throughout the Group at any time) in excess $25,000,000 with the prior written consent of the Facility Agent acting on the instructions of the Majority Lenders (such consent to be confirmed or declined within fifteen (15) Business Days of receipt by the Facility Agent of a request in writing by the Company).

		(d)	To the extent the Facility Agent acting on the instructions of the Majority Lenders consents in writing to any guarantee pursuant to clause 24.17(c) (No Guarantees or indemnities) (including pursuant to the Consent Letters), then subject to any terms and conditions attached to such consent, the guarantee shall (unless the relevant consent expressly states to the contrary) not be considered to form part of the $25,000,000 referred to in paragraph (c) above (it shall be considered to have been consented to absolutely).

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Restrictions on movement of cash - cash in

		24.18	Financial Indebtedness

		(a)	Other than as permitted under paragraph (b) below or with the prior written consent of the Facility Agent acting on the instructions of the Majority Lenders, which the Lenders shall confirm or decline within fifteen (15) Business Days of receipt of a request from the Company, no Obligor shall (and the Company shall ensure that no other member of the Group will) incur or allow to remain outstanding any Financial Indebtedness in excess of a total maximum aggregate Financial Indebtedness of the Group of $25,000,000 (as evidenced by the latest audited financial statements of the Parent).

		(b)	Paragraph (a) above does not apply to any Financial Indebtedness identified in Schedule 17 (Permitted Indebtedness).

		(c)	To the extent the Facility Agent acting on the instructions of the Majority Lenders consents in writing to the incurring of any Financial Indebtedness pursuant to this clause 24.18 (Financial Indebtedness) (including pursuant to the Consent Letters), then subject to any terms and conditions attached to such consent, such Financial Indebtedness shall (unless the relevant consent expressly states to the contrary) not be considered to form part of the $25,000,000 referred to in paragraph (b) above (it shall be considered to have been consented to absolutely).

 

Miscellaneous

		24.19	Insurance

		(a)	Each Obligor shall (and the Company shall ensure that each other member of the Group will) maintain insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or substantially similar business.

		(b)	All insurances must be with reputable independent insurance companies or underwriters approved by the Facility Agent (acting on the instructions of the Majority Lenders).

		(c)	All insurances referred to in clause (a) above relating to the Borrowers and the Spanish Pledgor shall be maintained on terms satisfactory to the Facility Agent and each Borrower shall (and the Company shall procure that the Spanish Pledgor will) procure that the Security Agent is named as a co-insured and sole loss payee of such insurance in a manner which is in form and substance satisfactory to the Facility Agent and without liability on the part of the Security Agent for premiums or calls of whatever nature.

		24.20	Access

If a Default is continuing or the Facility Agent reasonably suspects a Default is continuing or may occur, each Obligor shall, and the Company shall ensure that each member of the Group will, (not more than once in every Financial Year unless the Facility Agent reasonably suspects a Default is continuing or may occur) permit the Facility Agent and/or the Security Agent and/or accountants or other professional advisers and contractors of the Facility Agent or Security Agent free access at all reasonable times and on reasonable notice at the risk and cost of the Obligor or the Company to (a) the premises, assets, books, accounts and records of each member of the Group and (b) meet and discuss matters with senior management of the Company.

		24.21	Treasury Transactions

No Obligor shall (and the Company will procure that no other member of the Group will) enter into any Treasury Transaction, other than:

		(a)	hedging transactions documented by the Hedging Agreements; and/or

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		(b)	hedging transactions in accordance with the Hedging Policy.

		24.22	Further assurance

		(a)	Each Obligor shall (and the Company shall procure that each other member of the Group will) promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):

		(i)	to perfect the Security created or intended to be created under or evidenced by the Transaction Security Documents or for the exercise of any rights, powers and remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law; and/or

		(ii)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security.

		(b)	Each Obligor shall (and the Company shall procure that each other member of the Group will) take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Finance Parties by or pursuant to the Finance Documents.

		24.23	Conditions subsequent

		(a)	The Company shall, as soon as it becomes available, and in any event within thirty (30) days of the date of this Agreement, deliver to the Collateral Management Agent a Borrowing Base Audit Report.

		(b)	The Company shall procure that if any assets which are included in the Borrowing Base at any time are located in a jurisdiction in which a perfected first priority security interest cannot be granted in respect of future assets, the Borrowers will enter into periodic pledges with the Security Trustee (the frequency of which shall be agreed with the Lenders provided that such frequency shall be no less than on a weekly basis) in respect of assets located in such jurisdictions. The Company shall provide to the Security Agent such corporate authorities and legal opinions as the Security Agent may require in respect of such security.

		(c)	The Borrowers shall, prior to commencing onshore storage of inventory in the Fujairah Freezone, Emirate of Fujairah, enter into and deliver to the Facility Agent in respect thereof:

		(i)	the UAE Pledges duly executed by each party thereto and in full force and effect;

		(ii)	a Collateral Management Agreement in respect thereof;

		(iii)	a legal opinion of Hadef & Partners as to UAE law in a form and substance satisfactory to the Facility Agent;

		(iv)	a legal opinion of Fulbright & Jaworski LLP as to Marshall Islands and Liberian law in a form and substance satisfactory to the Facility Agent; and

		(v)	evidence of the authority of Aegean Oil Terminal Corporation (as bailee) to execute the UAE Pledges.

		(d)	The Borrowers shall not include any assets in Spain or Morocco in the Borrowing Base until the Spanish Pledges or the Moroccan Pledge (as applicable) have been entered into and are in full force and effect, the Facility Agent has received evidence satisfactory to it

93

that all representations and all other action needed to perfect the Security created by those Transaction Security Documents has been completed.

		(e)	The Company shall procure that by no later than sixty (60) days after the date of the first Utilisation hereunder all existing facilities of the Group other than Financial Indebtedness permitted pursuant to clause 24.18 (Financial Indebtedness) have been repaid in full and cancelled and all related Security not previously released in accordance with the conditions precedent contained in this Agreement is released, and shall provide to the Facility Agent such evidence (including without limitation deeds of release of security) as it may require acting reasonably in respect thereof.

		24.24	Borrowing Base Amount

The Company shall procure that the Borrowing Base Amount shall at all times be zero or a positive number.

		24.25	Parent Listing

The Parent shall at all times maintain its listing on the l\lew York Stock Exchange.

		24.26	Risk Management Policy

The Company shall procure that no material changes are made to the risk management policy provided to the Facility Agent pursuant to Part I of Schedule 2 (Conditions Precedent) without the prior written approval of the Facility Agent acting on the instructions of the Majority Lenders.

		24.27	Sanctions

		(a)	The Obligors shall not, and shall procure that each other member of the Group shall not, permit or authorise any other person to, directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the Facilities or other transactions contemplated by this Agreement to fund or facilitate trade, business or other activities: (i) involving or for the benefit of any Prohibited Person; or (ii) in any other manner that could result in any Obligor or a Finance Party being in breach of any Sanctions or becoming a Prohibited Person.

		(b)	The Obligors shall ensure that (i) no person that is a Prohibited Person will have any legal or beneficial interest in any funds repaid or remitted by the Obligors to any Finance Party in connection with the Facility, and (ii) it shall not use any revenue or benefit derived from any activity or dealing with a Prohibited Person for the purpose of discharging amounts owing to any Finance Party in respect of the Facility.

		24.28	Payments under Multi-Party TPA Agreements and Deutsche Bank Facility

Each Borrower shall procure that any amounts payable to it pursuant to a Multi-Party TPA Agreement and the Deutsche Bank Facility shall be paid to the Collection Account in the relevant currency held by the relevant Borrower.

		24.29	Inventory

Each Borrower shall procure that no inventory shall be held or intended by it to be held, for a period in excess of one hundred and eighty (180) days nor shall any inventory be acquired for speculative purposes.

		24.30	Bills of Lading

Each Obligor shall procure that all bills of lading issued in respect of assets comprised from time to time in the Borrowing Base shall be issued or endorsed in the name of the Security Agent.

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		24.31	Spanish Pledgor

Each Borrower shall procure that the Spanish Pledgor:

		(a)	shall at all times be and remain a wholly-owned Subsidiary of the Parent; and

		(b)	will only sell or otherwise dispose of assets or inventory which are from time to time the subject of the Spanish Pledges to a Borrower.

		24.32	Sensitive Zone

The Borrowers, when purchasing from suppliers in the Sensitive Zone, shall only enter into supply contracts with Approved Suppliers. Such supply contracts shall systematically include a clause specifying compliance of both parties with Sanctions regardless of the whether these purchases are financed through the Facility or through any other means.

		25	Bank Accounts

		25.1	Designation of Accounts

Each Borrower shall on or before the first Utilisation Date, open and maintain in its name the following bank accounts within the Amsterdam branch of the Account Bank:

		(a)	a deposit account in Dollars designated "Facility Account"; and

		(b)	a deposit account in Dollars designated "Collection Account",

and each of the Company and ANNV shall on or before the first Utilisation Date open and maintain in its name with the Amsterdam branch of the Account Bank a deposit account in EURO designated Collection Account.

		25.2	Collection Account

		(a)	Each of the Collateral Management Agent and the relevant Borrower shall have signing rights on a Collection Account.

		(b)	All payments to be made by any Obligor pursuant to any Facility shall be paid to the Collection Account in the relevant currency held by the relevant Borrower.

		(c)	Each Borrower will procure that all receivables payable to it and all proceeds of any true sale of receivables or any discounting programme conducted by it shall be paid to the relevant Collection Account in the relevant currency held by the relevant Borrower.

		(d)	Each Borrower shall by no later than 14:00 on each applicable day instruct the Collateral Management Agent to transfer amounts credited to the Collection Accounts to the relevant Facility Account to meet the Borrowers' payment obligations under Facility A and Facility B.

		(e)	On each Monday and Thursday (or if any such day is not a Business Day, on the next Business Day) while there are any Outstandings in respect of Overdraft Facilities, and provided that:

		(i)	there shall remain in aggregate in the Collection Accounts following any application pursuant to this sub-clause (e) an amount not less than $30,000,000;

		(ii)	in addition to the amounts referred to in sub-clause (i) above, there shall remain in aggregate in the Collection Accounts and/or the Facility Accounts following any application pursuant to this sub-clause (e) sufficient funds to meet the Borrowers' repayment obligations under Facility A and Facility B and in respect of Credit

95

Instruments in each case which are scheduled to fall due in the next seven (7) days; and

		(iii)	no Default is continuing,

the Company shall instruct the Collateral Management Agent to apply amounts credited to the Collection Accounts to meet the Borrowers' payment obligations under Overdraft Facilities:

		(A)	on a pro-rata basis (with reference to outstanding Utilisations under Overdraft Facilities excluding Excess Overdraft Amounts) excluding Excess Overdraft Amounts; and

		(B)	thereafter on a pro-rata basis (with reference to outstanding Excess Overdraft Amounts) in respect of Excess Overdraft Amounts.

The Borrowers' payment obligations to each Facility C Lender under Overdraft Facilities (and amounts to be paid hereunder) on each such date shall be ascertained and the payments implemented as follows:

	 	
Deadline on relevant date

	
Action required

	 	
10:00am

	
Facility C Lenders to notify the Facility Agent by email of their Facility C outstandings in respect of Overdraft Facilities as at close of business on the previous Business Day (the Lender Outstandings).

	 	
12:00 midday

	
Facility Agent to notify the Company and the Collateral Management Agent (with a copy to all Lenders (which may be made by posting on debt domain)) of the Lender Outstandings notified to it and the payments to be made to each Facility C Lender under this clause 25.2(e) (the Facility Agent's Notification).

	 	
13:00

	
Collateral Management Agent to confirm contents of the Facility Agent's Notification to the Company.

	 	
14:00

	
Company to instruct the payments in accordance with the Facility Agent's Notification (as approved by the Collateral Management Agent).

If a Facility C Lender fails to provide details of its Lender Outstandings in accordance with this clause 25.2(e) its outstandings shall be deemed to be zero for the purposes of calculating payments to be made under this clause 25.2(e) on the date in question.

		(f)	If a Borrower does not instruct the making of any payments under and in accordance with clauses 25.2(d) and 25.2(e) the Collateral Management Agent shall be irrevocably authorised to apply amounts credited to the Collection Accounts or any of them to meet the Borrowers' payment obligations under any Facility.

		(g)	The Collateral Management Agent shall be authorised upon the instruction of a Borrower to apply amounts credited to the Collection Accounts in discharge of Excess Overdraft Amounts in accordance with clause 6.10.

		25.3	Withdrawals from Collection Account

		(a)	Provided that:

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		(i)	no Default is continuing or would result from a withdrawal from a Collection Account;

		(ii)	no notices have been issued in respect of Overdraft Facilities pursuant to clause 7.2 (Repayment of Overdraft Facilities) (unless all amounts payable under that clause following a Demand Repayment Date (as defined therein) have been repaid in full); and

 

		(iii)	a withdrawal would not result in the Borrowing Base Amount being zero (0) or a negative number,

funds standing to the credit of a Collection Account shall be freely available to the relevant Borrower. The relevant Borrower shall make withdrawals (or allow amounts to be debited from the accounts) only after the Collateral Management Agent has confirmed that the provisions of this clause 25.3(a) have been satisfied in connection therewith.

		(b)	Save as set out in clause 25.3(a), no Obligor may withdraw any amount from or allow any amount to be debited from a Collection Account (except in accordance with paragraph (d) of clause 25.2 (Collection Account)).

		(c)	Without prejudice to clause 25.3(a), any funds which are available to a Borrower pursuant to clause 25.3(a) may:

		(i)	be transferred to an account held with another Lender provided that such funds shall not be applied to a payment due to that Lender under the Finance Documents or under any bilateral agreement in connection with any Ancillary Facility or in connection with any Multi-Party TPA Agreement save as set out in clause 25.3(c)(ii);

		(ii)	where a Borrower proposes to utilise additional Overdraft Facilities from a Facility C Lender but is unable to do so without contravening the conditions described in clause 5.3(ix), be paid by a Borrower to the relevant Facility C Lender in discharge of part of that Facility C Lender's existing Overdraft Facilities to the extent necessary to enable the further Utilisation to be made.

		25.4	Facility Account

		(a)	Each of the Collateral Management Agent and the relevant Borrower shall have signing rights on a Facility Account.

		(b)	All Loans utilised by a Borrower under Facility A and Facility B shall be paid by the Facility Agent to the relevant Facility Account.

(c)       The Borrower irrevocably authorises the Facility Agent to apply amounts credited to the Facility Account to meet the Borrower's payment obligations under Facility A and Facility B.

		25.5	Withdrawals from Facility Account

		(a)	Provided that:

		(i)	no Default is continuing or would result from a withdrawal from a Facility Account;

		(ii)	
no notices have been issued in respect of Overdraft Facilities pursuant to clause 7.2 (Repayment of Overdraft Facilities) (unless all amounts payable under that clause following a Demand Repayment Date (as defined therein) have been repaid in full); and

 

		(iii)	a withdrawal would not result in the Borrowing Base Amount being zero (0) or a negative number,

97

funds standing to the credit of a Facility Account shall be freely available to the relevant Borrower. The relevant Borrower shall make withdrawals (or allow amounts to be debited from the accounts) only after the Collateral Management Agent has confirmed that the provisions of this clause 25.5(a) have been satisfied in connection therewith.

		(b)	Save as set out in clause 25.5(a), no Obligor may withdraw any amount from or allow any amount to be debited from a Facility Account (except in accordance with paragraph (c) of clause 25.4 (Facility Account)).

		26	Events of Default

Each of the events or circumstances set out in this clause 26 is an Event of Default (save for clause 26.18 (Acceleration)).

		26.1	Non-payment

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:

		(a)	its failure to pay is caused by:

		(i)	administrative or technical error; or

		(ii)	a Disruption Event; and

		(b)	payment is made within three (3) Business Days of its due date.

		26.2	Financial covenants and other obligations

		(a)	Any requirement of clause 23 (Financial covenants) is not satisfied.

(b)      An Obligor or the Spanish Pledgor does not comply with any provision of any Transaction Security Document.

(c)         A Borrower does not comply with clause 24.32 (Sensitive Zone).

		26.3	Other obligations

		(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 26.1 (Non-payment), clause 26.2 (Financial covenants and other obligations) and clause 24.9 (Application of FA TCA)).

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within five (5) Business Days of the earlier of (i) the Facility Agent giving notice to the Company or relevant Obligor and (ii) the Company or an Obligor becoming aware of the failure to comply.

		26.4	Misrepresentation

Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made (save that this clause 26.4 shall not apply to clause 21.2(d) (Status)).

		26.5	Cross default

		(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period.

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		(b)	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

		(c)	Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described).

		(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

		(e)	No Event of Default will occur under this clause 26.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than $5,000,000 (or its equivalent in any other currency or currencies).

		26.6	Insolvency

		(a)	A member of the Group:

		(i)	is unable or admits inability to pay its debts as they fall due;

		(ii)	is deemed to, or is declared to, be unable to pay its debts under applicable law;

		(iii)	suspends or threatens to suspend making payments on any of its debts; or

		(iv)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

		(b)	The value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities).

		(c)	A moratorium is declared in respect of any indebtedness of any member of the Group. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

		26.7	Insolvency proceedings

		(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to:

		(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group;

		(ii)	a composition, compromise, assignment or arrangement with any creditor of any member of the Group;

		(iii)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or

 

		(iv)	
enforcement of any Security over any assets of any member of the Group,

or any analogous procedure or step is taken in any jurisdiction.

		(b)	Paragraph (a) shall not apply to:

 

		(i)	
any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within fourteen (14) days of commencement; or

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(ii)       the solvent liquidation or reorganisation of any member of the Group which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other members of the Group.

		26.8	Creditors' process

Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of a member of the Group having an aggregate value of $5,000,000.

		26.9	Unlawfulness and invalidity

		(a)	It is or becomes unlawful for an Obligor or the Spanish Pledgor to perform any of its obligations under the Finance Documents or any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to be effective.

		(b)	Any obligation or obligations of any Obligor or the Spanish Pledgor under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

		(c)	Any Finance Document ceases to be in full force and effect or any Transaction Security ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.

		26.10	Cessation of business

Any member of the Group suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

		26.11	Reporting

		(a)	The Company fails to provide a Borrowing Base Report to the Collateral Management Agent when required pursuant to clause 22.9(a)(i) (Borrowing Base Report) and such failure is not remedied within two (2) Business Days.

		(b)	The Company fails to provide a Cross-Check Borrowing Base Report to the Collateral Management Agent pursuant to clause 22.9(a)(b)(ii) (Borrowing Base Report) and such failure is not remedied within two (2) Business Days.

		(c)	The Company fails to provide a Compliant Borrowing Base Report to the Collateral Management Agent when required pursuant to clause 22.11 (Deficient Borrowing Base Report).

		(d)	In each period of twelve (12) Months commencing on the date of this Agreement and each anniversary thereof:

		(i)	the Company is required to remedy a failure to provide a Borrowing Base Report in accordance with clause 26.11(a) on more than four (4) occasions;

		(ii)	the Company is required to remedy a failure to provide a Cross-Check Borrowing Base Report in accordance with clause 26.11(b) on more than two (2) occasions;

		(iii)	five (5) or more Deficient Borrowing Base Reports are provided to the Collateral Management Agent pursuant to this Agreement; or

		(iv)	three (3) or more Deficient Cross-Check Borrowing Base Reports are provided to the Collateral Management Agent pursuant to this Agreement.

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		(e)	The Company provides two (2) consecutive Deficient Cross-Check Borrowing Base Reports to the Collateral Management Agent pursuant to this Agreement.

		26.12	Audit qualification

The Auditors of the Group qualify the audited annual consolidated financial statements of the Parent.

		26.13	Repudiation and rescission of agreements

An Obligor or the Spanish Pledgor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Finance Document or any Transaction Security.

		26.14	Accounts

Without the prior written consent of the Facility Agent on the instructions of all Lenders any Collection Account or Facility Account is closed or requested to be closed (other than in accordance with the terms of this Agreement).

		26.15	Litigation

Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to the Finance Documents or the transactions contemplated in the Finance Documents or against any member of the Group or its assets which have or are reasonably likely to have a Material Adverse Effect.

		26.16	Expropriation

The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, compulsory acquisition, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets or the shares in that member of the Group (including without limitation the displacement of all or part of the management of any member of the Group).

		26.17	Material adverse change

Any event or circumstance occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse Effect.

		26.18	Sanctions

Any Obligor or any other member of the Group:

		(a)	becomes a Prohibited Person or becomes owned or controlled by, or acts directly or indirectly on behalf of, a Prohibited Person or any of such persons becomes the owner or controller of a Prohibited Person; or

		(b)	fails to comply with any Sanctions.

		26.19	Acceleration

On and at any time after the occurrence of an Event of Default the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the Company:

		(a)	cancel the Total Proposed Participations at which time they shall immediately be cancelled;

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		(b)	declare that all or part of the Utilisations, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable;

 

		(c)	declare that all or part of the Utilisations be payable on demand, at which time they shall immediately become payable on demand by the Facility Agent on the instructions of the Majority Lenders;

		(d)	declare that cash cover in respect of each Credit Instrument is immediately due and payable at which time it shall become immediately due and payable;

		(e)	declare that cash cover in respect of each Credit Instrument is payable on demand at which time it shall immediately become due and payable on demand by the Facility Agent on the instructions of the Majority Lenders;

		(f)	declare all or any part of the amounts (or cash cover in relation to those amounts) outstanding under the Ancillary Facilities to be immediately due and payable, at which time they shall become immediately due and payable;

		(g)	declare that all or any part of the amounts (or cash cover in relation to those amounts) outstanding under the Ancillary Facilities be payable on demand, at which time they shall immediately become payable on demand by the Facility Agent on the instructions of the Majority Lenders;

 

		(h)	instruct the close-out of any hedging or clearing transactions which are the subject of a Multi-Party TPA Agreement; and/or

 

		(i)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

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Section 9

Changes to Parties

		27	Changes to the Lenders

		27.1	Assignments and transfers by the Lenders

Subject to this clause 27 and to clause 28 (Restriction on Debt Purchase Transactions), a Lender (the Existing Lender) may:

		(a)	assign any of its rights; or

		(b)	transfer by novation any of its rights and obligations,

under any Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the New Lender).

		27.2	Conditions of assignment or transfer

		(a)	The consent of the Company is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is:

		(i)	to an Acceptable Bank;

		(ii)	to a Lender or an Affiliate of a Lender; or

		(iii)	made at a time when an Event of Default is continuing.

		(b)	The consent of the Company to an assignment or transfer must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent five (5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Company within that time.

		(c)	The consent of the Company to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Cost.

		(d)	An assignment will only be effective on:

 

		(i)	receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (In form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Finance Parties and the other Secured Parties as it would have been under if it was an Original Lender;

		(ii)	the performance by the Facility Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender; and

		(iii)	receipt by the Facility Agent from the New Lender of a notarised power of attorney substantially in the form set out in Schedule 19 (Form of New Lender Spanish Power of Attorney) to enable the Security Agent to exercise any rights, discretions or powers or to grant any consents or releases under the Spanish Pledges. For the avoidance of doubt, all costs and expenses relating to the execution of the power of attorney in the form set out in Schedule 19 (Form of New Lender Spanish Power of Attorney) shall be borne by the entity granting such power of attorney.

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		(e)	A transfer will only be effective if the procedure set out in clause 27.5 (Procedure for transfer) is complied with.

		(f)	If:

		(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and

		(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under clause 16 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that clause to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (f) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility or to the extent that the payment under clause 15 (Tax Gross Up and Indemnities) relates to a FATCA Deduction.

		(g)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

		27.3	Assignment or transfer fee

Unless the Facility Agent otherwise agrees and excluding an assignment or transfer (i) to an Affiliate of a Lender, (ii) to a Related Fund or (iii) made in connection with primary syndication of the Facility, the New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $2,000.

		27.4	Limitation of responsibility of Existing lenders

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents;

		(ii)	the financial condition of any Obligor;

		(iii)	the performance and observance by any Obljgor or any other member of the Group of its obligations under the Finance Documents or any other documents; or

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,

and any representations or warranties implied by law are excluded.

(b) Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties that it:

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other

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Finance Party in connection with any Finance Document or the Transaction Security; and

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Proposed Participation is in force.

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this clause 27; or

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

		27.5	Procedure for transfer

		(a)	Subject to the conditions set out in clause 27.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

		(b)	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once: (A) it is satisfied it has complied with all necessary "know your customer" or similar checks under all applicable laws and regulations in relation to the transfer to such New Lender; and (B) it has received from the New Lender a notarised power of attorney substantially in the form set out in Schedule 19 (Form of New Lender Spanish Power of Attorney) to enable the Security Agent to exercise any rights, discretions or powers or to grant any consents or releases under the Spanish Pledges. For the avoidance of doubt, all costs and expenses relating to the execution of the power of attorney in the form set out in Schedule 19 (Form of New Lender Spanish Power of Attorney) shall be borne by the entity granting such power of attorney.

		(c)	Subject to clause 27.9 (Pro rata interest settlement), on the Transfer Date:

		(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the Discharged Rights and Obligations);

		(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

		(iii)	the Facility Agent, the Collateral Management Agent, the Arranger, the Security Agent, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights, and/or obligations acquired or

105

assumed by it as a result of the transfer and to that extent the Facility Agent, the Collateral Management Agent, the Arranger, the Security Agent and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and

		(iv)	the New Lender shall become a Party as a Lender.

		27.6	Procedure for assignment

		(a)	Subject to the conditions set out in clause 27.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

		(b)	The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.

		(c)	Subject to clause 27.9 (Pro rata interest settlement), on the Transfer Date:

		(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

		(ii)	the Existing Lender will be released from the obligations (the Relevant Obligations) expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and

		(iii)	the New Lender shall become a Party as a Lender and will be bound by obligations equivalent to the Relevant Obligations.

		(d)	Lenders may utilise procedures other than those set out in this clause 27.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with clause 27.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in clause 27.2 (Conditions of assignment or transfer).

		27.7	Copy of Transfer Certificate or Assignment Agreement to the Company

The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Company a copy of that Transfer Certificate or Assignment Agreement.

		27.8	Security over Lenders' rights

In addition to the other rights provided to Lenders under this clause 27, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

		(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

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		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment or Security shall:

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Security for the Lender as a party to any of the Finance Documents; or

		(ii)	require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

		27.9	Pro rata interest settlement

		(a)	If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to clause 27.5 (Procedure for transfer) or any assignment pursuant to clause 27.6 (Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):

		(i)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (Accrued Amounts) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six (6) Months, on the next of the dates which falls at six (6) Monthly intervals after the first day of that Interest Period); and

		(ii)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt:

		(A)	when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and

		(B)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this clause 27.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

		(b)	In this clause 27.9, references to Interest Period shall be construed to include a reference to any other period for accrual of fees.

		28	Restriction on Debt Purchase Transactions

		28.1	Prohibition on Debt Purchase Transactions by the Group

The Company shall not, and shall procure that each other member of the Group shall not, enter into any Debt Purchase Transaction or beneficially own all or any part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraphs (b) or (c) of the definition of Debt Purchase Transaction.

		28.2	Disenfranchisement on Debt Purchase Transactions entered into by Parent Affiliates

		(a)	For so long as a Parent Affiliate:

		(i)	beneficially owns a Proposed Participation; or

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		(ii)	has entered into a sub-participation agreement relating to a Proposed Participation or other agreement or arrangement having a substantially similar economic effect and such agreement or arrangement has not been terminated,

in ascertaining:

		(A)	the Majority Lenders; or

		(B)	whether:

		(1)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Proposed Participations; or

		(2)	the agreement of any specified group of Lenders,

has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents such Proposed Participation shall be deemed to be zero; and such Parent Affiliate or the person with whom it has entered into such sub-participation, other agreement or arrangement shall be deemed not to be a Lender for the purposes of paragraphs (A) and (B) above (unless in the case of a person not being a Parent Affiliate it is a Lender by virtue otherwise than by beneficially owning the relevant Proposed Participation).

		(b)	Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify the Facility Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Parent Affiliate (a Notifiable Debt Purchase Transaction), such notification to be substantially in the form set out in Part I of Schedule 9 (Forms of Notifiable Debt Purchase Transaction Notice).

		(c)	A Lender shall promptly notify the Facility Agent if a Notifiable Debt Purchase Transaction to which it is a party:

		(i)	is terminated; or

		(ii)	ceases to be with a Parent Affiliate,

such notification to be substantially in the form set out in Part II of Schedule 9 (Forms of Notifiable Debt Purchase Transaction Notice).

		(d)	Each Parent Affiliate that is a Lender agrees that:

		(i)	in relation to any meeting or conference call to which all the Lenders are invited to attend or participate, it shall not attend or participate in the same if so requested by the Facility Agent or, unless the Facility Agent otherwise agrees, be entitled to receive the agenda or any minutes of the same; and

		(ii)	in its capacity as Lender, unless the Facility Agent otherwise agrees, it shall not be entitled to receive any report or other document prepared at the behest of, or on the instructions of, the Facility Agent or one or more of the Lenders.

		29	Changes to the Obligors

		29.1	Assignment and transfers by Obligors

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

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Additional Borrowers

		29.2	Subject to compliance with the provisions of clause 22.7 ("Know your customer" checks), the Company may request that any of its Subsidiaries becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if:

		(a)	all the Lenders (or, in the case of a Subsidiary which would be a FATCA FFI or a US Tax Obliger if it became an Additional Borrower, all the Finance Parties) approve the addition of that Subsidiary;

		(b)	the Company delivers to the Facility Agent a duly completed and executed Accession Letter;

		(c)	the Subsidiary is (or becomes) a Guarantor prior to becoming a Borrower;

		(d)	the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and

		(e)	the Facility Agent has received all of the documents and other evidence listed in Part 2 of Schedule 2 (Conditions precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Facility Agent.

		29.3	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part 2 of Schedule 2 (Conditions precedent).

Resignation of a Borrower

		29.4	The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter.

		29.5	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:

		(a)	the Majority Lenders have consented to the Company's request;

		(b)	where the Borrower is also a Guarantor (unless its resignation has been accepted in accordance with clause 29.13 (Resignation of a Guarantor)), its obligations in its capacity as Guarantor continue to be legal, valid, binding and enforceable and in full force and effect and the amount guaranteed by it as Guarantor is not decreased (and the Company has confirmed this is the case);

		(c)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and

		(d)	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents,

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

		29.6	The Facility Agent may, at the cost and expense of the Company, require a legal opinion from counsel to the Facility Agent confirming the matters set out in paragraph 29.5(b) above and the Facility Agent shall be under no obligation to accept a Resignation Letter until it has obtained such opinion in form and substance satisfactory to it.

Additional Guarantors

		29.7	The Company shall procure that each member of the Group which is or becomes a Material Subsidiary (other than an Excluded Material Subsidiary) shall accede to this Agreement as an

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Additional Guarantor within ten (10) Business Days of that entity becoming a Material Subsidiary.

		29.8	If at any time:

		(a)	the aggregate of the EBITDA of the Guarantors is less than 80% of the EBITDA of the Group taken as a whole

		(b)	the aggregate of the Gross Assets of the Guarantors is less than 65% of the Gross Assets of the Group taken as a whole

		(c)	the aggregate of the Current Assets of the Guarantors is less than 95% of the Current Assets of the Group taken as a whole,

the Company shall immediately procure that additional members of the Group shall accede to this Agreement as Additional Guarantors so as to ensure that the EBITDA, Gross Assets and/or Current Assets of the Guarantors are no longer below the thresholds set out in this clause 29.8.

		29.9	Notwithstanding the provisions of clauses 29.7 and 29.8, the Company may at any time request that any of its Subsidiaries (or any Subsidiaries of the Parent) become an Additional Guarantor.

		29.10	The Company shall procure that each proposed Additional Guarantor pursuant to clauses 29.6 to 29.8 shall comply with the provisions of clause 22.7 ("Know your customer" checks). An entity shall become an Additional Guarantor upon:

		(a)	in the case of an entity which would be a FATCA FFI or a US Tax Obligor if it became an Additional Guarantor, all the Finance Parties approving the addition of that entity;

		(b)	the Company delivering to the Facility Agent a duly completed and executed Accession Letter; and

		(c)	the Facility Agent having received all of the documents and other evidence listed in Part 2 of Schedule 2 (Conditions precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Facility Agent.

		29.11	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part 2 of Schedule 2 (Conditions precedent).

Resignation of a Guarantor

		29.12	The Company may request that a Guarantor (other than the Parent or the Company) ceases to be a Guarantor by delivering to the Facility Agent a Resignation Letter.

		29.13	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:

		(a)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case);

		(b)	where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower and has resigned and ceased to be a Borrower under clause 29.4 (Resignation of a Borrower);

		(c)	all Lenders have consented to the Company's request; and

		(d)	no payment is due from the Guarantor under this Agreement.

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Compulsory resignation of FATCA FFls and US Tax Obligors

		29.14	If so directed by the Facility Agent (acting on the instructions of all Lenders), the Company shall procure that any Obligor which is a FATCA FFI or a US Tax Obligor shall resign as a Borrower or a Guarantor (as the case may be) prior to the earliest FATCA Application Date relating to any payment by that Obligor (or any payment by the Facility Agent which relates to a payment by that Obligor). For the purposes of clause 29.13(c) (Resignation of a Guarantor) each Lender consents to the resignation of a Guarantor required pursuant to this clause 29.14.

Repetition of Representations

		29.15	Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.

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Section 10

The Finance Parties

		30	Role of the Facility Agent, the Collateral Management Agent, the Arranger and Others

		30.1	Appointment of the Facility Agent and the Collateral Management Agent

		(a)	Each of the Arranger and the Lenders appoints the Facility Agent and the Collateral Management Agent to act as its agent under and in connection with the Finance Documents.

		(b)	Each of the Arranger and the Lenders authorises the Facility Agent and the Collateral Management Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent and the Collateral Management Agent (as the case may be) under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

		30.2	Instructions

		(a)	Each of the Facility Agent and the Collateral Management Agent shall:

		(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Facility Agent or the Collateral Management Agent (as the case may be) in accordance with any instructions given to it by:

		(A)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; or

 

		(B)	in all other cases, the Majority Lenders; and

 

(ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above.

		(b)	Each of the Facility Agent and the Collateral Management Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent and the Collateral Management Agent may refrain from acting unless and until they receive those instructions or that clarification.

		(c)	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Facility Agent or the Collateral Management Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent.

		(d)	Each of the Facility Agent and the Collateral Management Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions.

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		(e)	In the absence of instructions, each of the Facility Agent and the Collateral Management Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.

		(f)	The Facility Agent and the Collateral Management Agent are not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security Documents or enforcement of the Transaction Security or Transaction Security Documents.

		30.3	Duties of the Facility Agent and the Collateral Management Agent

 

		(a)	
The duties of the Facility Agent and the Collateral Management Agent under the Finance Documents are solely mechanical and administrative in nature.

 

		(b)	
Subject to paragraph (c) below, each of the Facility Agent and the Collateral Management Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent or the Collateral Management Agent for that Party by any other Party.

		(c)	Without prejudice to clause 27.7 (Copy of Transfer Certificate or Assignment Agreement to the Company) paragraph (a) above shall not apply to any Transfer Certificate or any Assignment Agreement.

		(d)	Except where a Finance Document specifically provides otherwise, neither the Facility Agent and the Collateral Management Agent is obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

		(e)	If the Facility Agent or the Collateral Management Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

		(f)	If the Facility Agent or the Collateral Management Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent, the Collateral Management Agent, the Arranger or the Security Agent) under this Agreement it shall promptly notify the other Finance Parties.

		(g)	The Facility Agent shall provide to the Company within five (5) Business Days of a request by the Company (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at that Business Day, their respective Proposed Participations, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Facility Agent to that Lender under the Finance Documents.

 

		(h)	
Each of the Facility Agent and the Collateral Management Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

		30.4	Role of the Arranger

Except as specifically provided in the Finance Documents, the Arrangers, the Co-Ordinator and the Documentation Bank shall not have any obligations of any kind to any other Party under or in connection with any Finance Document.

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		30.5	No fiduciary duties

		(a)	Nothing in any Finance Document constitutes the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank and/or the Arranger as a trustee or fiduciary of any other person.

		(b)	None of the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank or the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

		30.6	Business with the Group

The Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

		30.7	Rights and discretions

		(a)	Each of the Facility Agent and the Collateral Management Agent may

		(i)	rely on any representation, communication, notice or document (including, without limitation, any notice given by a Lender pursuant to paragraphs (b) or (c) of clause 28.2 (Disenfranchisement on Debt Purchase Transactions entered into by Parent Affiliates)) believed by it to be genuine, correct and appropriately authorised;

 

		(ii)	assume that:

		(A)	any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and

		(B)	unless it has received notice of revocation, that those instructions have not been revoked; and

		(iii)	rely on a certificate from any person:

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

		(b)	Each of the Facility Agent and the Collateral Management Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:

		(i)	no Default has occurred (unless it has actual knowledge of a Default arising under clause 26.1 (Non-payment));

		(ii)	any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;

		(iii)	any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors; and

		(iv)	no Notifiable Debt Purchase Transaction:

(A)        has been entered into;

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(B)        has been terminated; or

(C)        has ceased to be with a Parent Affiliate.

		(c)	Each of the Facility Agent and the Collateral Management Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

		(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, each of the Facility Agent and the Collateral Management Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to it (and so separate from any lawyers instructed by the Lenders) if it in its reasonable opinion deems this to be desirable.

		(e)	Each of the Facility Agent and the Collateral Management Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by it or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

		(f)	Each of the Facility Agent and the Collateral Management Agent may act in relation to the Finance Documents through its officers, employees and agents and shall not:

		(i)	be liable for any error of judgment made by any such person; or

		(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person,

unless such error or such loss was directly caused by its gross negligence or wilful misconduct.

		(g)	Unless a Finance Document expressly provides otherwise each of the Facility Agent and the Collateral Management Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.

		(h)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank or an Arranger is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

		(i)	The Facility Agent is not obliged to disclose to any Finance Party any details of the rate notified to the Facility Agent by any Lender or the identity of any such Lender for the purpose of paragraph (a)(ii) of clause 13.2 (Market Disruption).

		(j)	Notwithstanding any provision of any Finance Document to the contrary, neither the Facility Agent nor the Collateral Management Agent is obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

		30.8	Responsibility for documentation

None of the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank or an Arranger is responsible or liable for:

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank, an Arranger, an Obligor or any other person in or in connection

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with any Finance Document or the Information Memorandum or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into made or executed in anticipation of, under or in connection with any Finance Document;

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security; or

 

		(c)	any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

 

		30.9	No duty to monitor

Neither the Facility Agent nor the Collateral Management Agent shall be bound to enquire:

(a)          whether or not any Default has occurred;

(b)       as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

(c)          whether any other event specified in any Finance Document has occurred.

		30.10	Exclusion of liability

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Facility Agent or the Collateral Management Agent, neither the Facility Agent nor the Collateral Management Agent will be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct;

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security; or

		(iii)	without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

		(A)	any act, event or circumstance not reasonably within its control; or

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or

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systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

		(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent, in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this clause subject to clause 1.4 (Third party rights) and the provisions of the Third Parties Act.

		(c)	No Party (other than the Collateral Management Agent) may take any proceedings against any officer, employee or agent of the Collateral Management Agent, in respect of any claim it might have against the Collateral Management Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Collateral Management Agent may rely on this clause subject to clause 1.4 (Third party rights) and the provisions of the Third Parties Act.

		(d)	Neither the Facility Agent nor the Collateral Management Agent will be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.

		(e)	Nothing in this Agreement shall oblige the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank or an Arranger to carry out:

(i) any "know your customer" or other checks in relation to any person; or

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,

on behalf of any Lender and each Lender confirms to the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank and the Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank or the Arrangers.

		(f)	Without prejudice to any provision of any Finance Document excluding or limiting either the Facility Agent's or the Collateral Management Agent's liability, any liability of the Facility Agent or the Collateral Management Agent arising under or in connection with any Finance Document or the Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Facility Agent or the Collateral Management Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Facility Agent or the Collateral Management Agent at any time which increase the amount of that loss. In no event shall the Facility Agent or the Collateral Management Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages.

		30.11	Lenders' indemnity to the Facility Agent and the Collateral Management Agent

(a)        Each Lender shall (in proportion to its share of the Total Proposed Participations or, if the Total Proposed Participations are then zero, to its share of the Total Proposed Participations immediately prior to their reduction to zero) indemnify the Facility Agent and the Collateral Management Agent, within three (3) Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Facility Agent and the Collateral

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Management Agent (as the case may be) (otherwise than by reason of the Facility Agent's and the Collateral Management Agent's (as the case may be) gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 34.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent's and the Collateral Management Agent's (as the case may be) negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent or the Collateral Management Agent (as the case may be) in acting as Facility Agent or Collateral Management Agent under the Finance Documents (unless the Facility Agent or the Collateral Management Agent (as the case may be) has been reimbursed by an Obligor pursuant to a Finance Document).

		(b)	Subject to paragraph (c) below, the Company shall immediately on demand reimburse any Lender for any payment that Lender makes to the Facility Agent or the Collateral Management Agent pursuant to paragraph (a) above.

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Facility Agent or the Collateral Management Agent to an Obligor.

		30.12	Resignation of the Facility Agent and the Collateral Management Agent

		(a)	The Facility Agent and/or the Collateral Management Agent may resign and appoint one of their respective Affiliates acting through an office in the Netherlands as successor by giving notice to the Lenders and the Company.

		(b)	Alternatively the Facility Agent and/or the Collateral Management Agent may resign by giving thirty (30) days' notice to the Lenders and the Company, in which case the Majority Lenders (after consultation with the Company) may appoint a successor Facility Agent and/or the Collateral Management Agent (as the case may be).

		(c)	If the Majority Lenders have not appointed a successor Facility Agent and/or the Collateral Management Agent in accordance with paragraph (b) above within twenty (20) days after notice of resignation was given, the retiring Facility Agent and/or the Collateral Management Agent (as the case may be) (after consultation with the Company) may appoint a successor Facility Agent and/or Collateral Management Agent (as the case may be) (acting through an office in the Netherlands).

		(d)	If the Facility Agent or the Collateral Management Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Facility Agent or the Collateral Management Agent is entitled to appoint a successor under paragraph (c) above, it may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Facility Agent or Collateral Management Agent to become a party to this Agreement in such capacity) agree with the proposed successor amendments to this clause 30 and any other term of this Agreement dealing with the rights or obligations of the Facility Agent or Collateral Management Agent (as the case may be) consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Facility Agent's or Collateral Management Agent's normal fee rates and those amendments will bind the Parties. Any amendments relating to matters which are not merely technical or administrative and/or relating to agency fees shall be subject to the prior consent of the Majority Lenders.

		(e)	The retiring Facility Agent and/or Collateral Management Agent shall make available to the successor such documents and records and provide such assistance as the successor may reasonably request for the purposes of performing its functions as Facility Agent and/or Collateral Management Agent under the Finance Documents. The Company shall, within three (3) Business Days of demand, reimburse the retiring Facility Agent and/or Collateral Management Agent for the amount of all costs and expenses

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(including legal fees) properly incurred by it in making available such documents and records and providing such assistance.

		(f)	The Facility Agent's or the Collateral Management Agent's resignation notice shall only take effect upon the appointment of a successor.

		(g)	Upon the appointment of a successor, the retiring Facility Agent and/or Collateral Management Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of clause 17.3 (Indemnity to the Facility Agent and/or Collateral Management Agent) and this clause 30 (and any agency fees for the account of the retiring Facility Agent and/or Collateral Management Agent (as the case may be) shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

		(h)	The Facility Agent shall resign in accordance with clause 30.12 above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor pursuant to such clause) if on or after the date which is three (3) months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either:

		
 

(i)

	
 

the Facility Agent fails to respond to a request under clause 15.7 (FATCA Information) and the Company or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(ii)	the information supplied by the Facility Agent pursuant to clause 15.7 (FATCA Information) indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

		(iii)	the Facility Agent notifies the Company and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Facility Agent, requires it to resign.

		30.13	Replacement of the Facility Agent or Collateral Management Agent

		(a)	After consultation with the Company, the Majority Lenders may, by giving thirty (30) days' notice to the Facility Agent or Collateral Management Agent (as the case may be) (or, in respect of the Facility Agent, at any time the Facility Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) replace the Facility Agent or Collateral Management Agent (as the case may be) by appointing a successor.

		(b)	The retiring Facility Agent or Collateral Management Agent (as the case may be) shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to its successor such documents and records and provide such assistance as the successor may reasonably request for the purposes of performing its functions as Facility Agent or Collateral Management Agent (as the case may be) under the Finance Documents.

		(c)	The appointment of the successor Facility Agent or Collateral Management Agent (as the case may be) shall take effect on the date specified in the notice from the Majority Lenders to the retiring Facility Agent or Collateral Management Agent (as the case may be). As from this date, the retiring Facility Agent or Collateral Management Agent (as the case may be) shall be discharged from any further obligation in respect of the Finance

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Documents (other than its obligations under paragraph (b) above) but shall remain entitled to the benefit of clause 17.3 (Indemnity to the Facility Agent or Collateral Management Agent) and this clause 30 (and any agency fees for the account of the retiring Facility Agent or Collateral Management Agent (as the case may be) shall cease to accrue from (and shall be payable on) that date).

		(d)	Any successor Facility Agent or Collateral Management Agent (as the case may be) and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

		30.14	Confidentiality

		(a)	In acting as agent for the Finance Parties, the Facility Agent and Collateral Management Agent (as the case may be) shall be regarded as acting through its agency or collateral management division (as applicable), which shall be treated as a separate entity from any other of its divisions or departments.

		(b)	If information is received by another division or department of the Facility Agent or Collateral Management Agent (as the case may be), it may be treated as confidential to that division or department and the Facility Agent or Collateral Management Agent (as the case may be) shall not be deemed to have notice of it.

		(c)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank nor the Arrangers is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

		30.15	Relationship with the Lenders

		(a)	Subject to clause 27.9 (Pro rata interest settlement), each of the Facility Agent and Collateral Management Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Facility Agent or Collateral Management Agent (as the case may be) principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:

		(i)	entitled to or liable for any payment due under any Finance Document on that day; and

		(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,

unless it has received not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

		(b)	Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost formula).

		(c)	Any Lender may by notice to the Facility Agent and Collateral Management Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under clause 36.6 (Electronic communication)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address, department and officer by that

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Lender for the purposes of clause 36.2 (Addresses) and paragraph (a)(ii) of clause 36.6 (Electronic communication) and the Facility Agent and Collateral Management Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

		30.16	Credit appraisal by the Lenders

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Facility Agent, the Collateral Management Agent, the Documentation Bank and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

(a)       the financial condition, status and nature of each member of the Group;

(b)      the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;

(c)      whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;

(d)      the adequacy, accuracy or completeness of the Information Memorandum, the Reports and any other information provided by the Facility Agent, the Collateral Management Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

(e)       the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.

		30.17	Compliance appraisal by the Lenders

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any compliance issues, each Lender confirms to the Facility Agent and the Collateral Management Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all compliance related risks arising under or in connection with any activities of the Obligors and the Spanish Pledgor including but not limited to:

		(a)	activities in the Sensitive Zones;

		(b)	any Utilisation of an Ancillary Facility by a Facility C Lender affected by compliance related matters; and

		(c)	the adequacy, accuracy or completeness of any information the Facility Agent or the Collateral Management Agent may (but has no obligation to) communicate to a Lender in relation to a counterparty (whether supplier or purchaser), products, origins or nature of a transaction.

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		30.18	Reference Banks

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent shall (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

		30.19	Facility Agent's and Collateral Management Agent's management time

		(a)	Any amount payable to the Facility Agent or the Collateral Management Agent under clause 17.3 (Indemnity to the Facility Agent or Collateral Management Agent), clause 19 (Costs and expenses) and clause 30.11 (Lenders' indemnity to the Facility Agent and the Collateral Management Agent) shall include the cost of utilising the Facility Agent's or Collateral Management Agent's (as the case may be) management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent or the Collateral Management Agent (as the case may be) may notify to the Company and the Lenders, and is in addition to any fee paid or payable to the Facility Agent or the Collateral Management Agent under clause 14 (Fees).

		(b)	Any cost of utilising the Facility Agent's or Collateral Management Agent's (as the case may be) management time or other resources shall include, without limitation, any such costs in connection with clause 28.2 (Disenfranchisement on Debt Purchase Transactions entered into by Parent Affiliates).

		30.20	Deduction from amounts payable by the Facility Agent

If any Party owes an amount to the Facility Agent or the Collateral Management Agent under the Finance Documents the Facility Agent or the Collateral Management Agent (as the case may be) may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent or the Collateral Management Agent (as the case may be) would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

		31	The Security Agent

		31.1	Security Agent as trustee

		(a)	The Security Agent declares that it holds the Transaction Security on trust for the Secured Parties on the terms contained in this Agreement. For the purpose of the Moroccan Pledge, the Security Agent is irrevocably appointed by the Secured Parties as their agent for the purpose of executing the Moroccan Pledge, and to register, manage and enforce the Moroccan Pledge on the terms of this clause 31.

		(b)	Each of the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank, the Arrangers and each Lender authorises the Security Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Finance Documents and any Multi-Party TPA Agreement together with any other incidental rights, powers, authorities and discretions.

		31.2	Parallel debt (Covenant to pay the Security Agent)

		(a)	Notwithstanding any other provision of this Agreement, each Obligor hereby irrevocably and unconditionally undertakes to pay to the Security Agent, as creditor in its own right and not as representative of the other Secured Parties, sums equal to and in the currency of each amount payable by the Obligors to each of the Secured Parties under each of the Finance Documents as and when that amount falls due for payment under the relevant Finance Document or would have fallen due but for any discharge resulting from failure of another Secured Party to take appropriate steps, in insolvency proceedings affecting the Obligor, to preserve its entitlement to be paid that amount.

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		(b)	The Security Agent shall have its own independent right to demand payment of the amounts payable by the Obligors under this clause 31.2 irrespective of any discharge of the Obligor's obligation to pay those amounts to the other Secured Parties resulting from failure by them to take appropriate steps, in insolvency proceedings affecting the Obligor, to preserve their entitlement to be paid those amounts.

		(c)	Any amount due and payable by an Obligor to the Security Agent under this clause 31.2 shall be decreased to the extent that the other Secured Parties have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Finance Documents and any amount due and payable by the Obligors to the other Secured Parties under those provisions shall be decreased to the extent that the Security Agent has received (and is able to retain) payment in full of the corresponding amount under this clause 31.2.

		31.3	Enforcement through Security Agent only

The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising under the Transaction Security Documents except through the Security Agent.

If any Secured Party (other than the Security Agent) is a party to any of the Spanish Pledges it shall promptly upon being requested by the Facility Agent to do so grant a power of attorney or other sufficient authority to the Security Agent to enable the Security Agent to exercise any rights, discretions or powers or to grant any consents or releases under such Spanish Pledges.

		31.4	Instructions

		(a)	The Security Agent shall:

		(i)	subject to paragraphs (d) and (e) below exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by the Majority Lenders (or the Facility Agent on their behalf);

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above (or if this Agreement stipulates the matter is a decision for any other Lender or group of Lenders in accordance with instructions given to it by that Lender or group of Lenders).

		(b)	The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or the Facility Agent on their behalf) (or, if this Agreement stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from acting unless and until it receives those instructions or that clarification.

		(c)	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under this Agreement and unless a contrary intention appears in this Agreement, any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Secured Parties.

		(d)	Paragraph (a) above shall not apply:

		(i)	where a contrary indication appears in this Agreement;

		(ii)	where this Agreement requires the Security Agent to act in a specified manner or to take a specified action; or

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		(iii)	in respect of any provision which protects the Security Agent's own position in its personal capacity as opposed to its role of Security Agent for the Secured Parties including, without limitation, clauses 31.7 (No duty to account) to clause 31.12 (Exclusion of liability), clause 31.15 (Confidentiality) to clause 31.21 (Custodians and nominees) and clause 31.24 (Acceptance of title) to clause 31.28 (Disapplication of Trustee Acts).

		(e)	The Security Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any associated VAT) which it may incur in complying with those instructions.

		(f)	Without prejudice to the provisions of the remainder of this clause 31.4, in the absence of instructions, the Security Agent may act (or refrain from acting) as it considers in its discretion to be appropriate.

		31.5	Duties of the Security Agent

		(a)	The Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

		(b)	The Security Agent shall promptly:

		(i)	forward to the Facility Agent a copy of any document received by the Security Agent from any Obligor or the Spanish Pledgor under any Finance Document; and

		(ii)	forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party.

		(c)	Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

		(d)	If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Lenders.

		(e)	The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

		31.6	No fiduciary duties to Obligors

Nothing in this agreement constitutes the Security Agent as an agent, trustee or fiduciary of any Obligor.

		31.7	No duty to account

The Security Agent shall not be bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its own account.

		31.8	Business with the Group

The Security Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

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		31.9	Rights and discretions

		(a)	The Security Agent may:

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

		(ii)	assume that:

		(A)	any instructions received by it from the Majority Lenders, the Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents;

 

		(B)	
unless it has received actual notice of revocation, that those instructions have not been revoked; and

 

		(C)	
if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the Finance Documents for so acting have been satisfied; and

		(iii)	rely on a certificate from any person:

 

		(A)	
as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

 

		(B)	
to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 

			
as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

		(b)	The Security Agent may assume (unless it has received notice to the contrary in its capacity as security trustee for the Secured Parties) that:

		(i)	no Default has occurred;

		(ii)	any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and

		(iii)	any notice made by the Company is made on behalf of and with the consent and knowledge of all the Obligors.

		(c)	The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

		(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate from any lawyers instructed by the Lenders and/or the Facility Agent) if the Security Agent in its reasonable opinion deems this to be desirable.

		(e)	The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Security Agent or by any other Secured Party) and shall not be responsible or liable for any losses to any person, any diminution in value or any liability arising as a result of its so relying.

		(f)	The Security Agent, any Receiver and any Delegate may act in relation to the Finance Documents and the Transaction Security through its officers, employees and agents and shall not:

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		(i)	be liable for any error of judgment made by any such person; or

		(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,

unless such error or such loss was directly caused by the Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct.

		(g)	Unless this Agreement expressly specifies otherwise, the Security Agent may disclose to any other Party any information it reasonably believes it has received as security trustee under this Agreement.

		(h)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

		(i)	Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

		31.10	Responsibility for documentation

None of the Security Agent, any Receiver nor any Delegate is responsible or liable for:

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security; or

		(c)	any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

		31.11	No duty to monitor

The Security Agent shall not be bound to enquire:

		(a)	whether or not any Default has occurred;

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

		(c)	whether any event specified in any Finance Document has occurred.

		31.12	Exclusion of liability

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Security Agent, any Receiver or Delegate), none of the Security Agent, any Receiver nor any Delegate will be liable for:

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		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or the Transaction Security unless directly caused by its gross negligence or wilful misconduct;

		(ii)	exercising or not exercising any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security;

		(iii)	any shortfall which arises on the enforcement or realisation of the Transaction Security; or

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs, losses, diminution in value or liability whatsoever arising as a result of:

		(A)	any act, event or circumstance not reasonably within its control; or

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

		(b)	No Party (other than the Security Agent, that Receiver or that Delegate (as applicable)) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Transaction Security and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely

on this clause subject to clause 1.4 (Third party rights) and the provisions of the Third Parties Act.

		(c)	Nothing in this Agreement shall oblige the Security Agent to carry out:

		(i)	any "know your customer" or other checks in relation to any person; or

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any other Secured Party,

on behalf of any other Secured Party and each other Secured Party confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.

		(d)	Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Agent, any Receiver or Delegate, any liability of the Security Agent, any Receiver or Delegate arising under or in connection with any Finance Document or the Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Agent, Receiver or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Agent, Receiver or Delegate (as the case may be) at any time which increase the amount of that

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loss. In no event shall the Security Agent, any Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security Agent, Receiver or Delegate (as the case may be) has been advised of the possibility of such loss or damages.

		31.13	Lenders' indemnity to the Security Agent

		(a)	Each Lender shall (in the proportion that its Proposed Participations bear to the Total Proposed Participations for the time being (or, if the Total Proposed Participations are zero, immediately prior to their being reduced to zero)), indemnify the Security Agent and every Receiver and every Delegate, within three (3) Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under, or exercising any authority conferred under, the Debt Documents (unless the relevant Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

		(b)	Subject to paragraph (c) below, the Company shall immediately on demand reimburse any Lender for any payment that Lender makes to the Security Agent pursuant to paragraph (a) above.

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Security Agent to an Obligor.

		31.14	Resignation of the Security Agent

		(a)	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and the Company.

		(b)	Alternatively the Security Agent may resign by giving thirty (30) days' notice to the Lenders and the Company, in which case the Majority Lenders may appoint a successor Security Agent.

		(c)	If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above within twenty (20) days after notice of resignation was given, the retiring Security Agent (after consultation with the Facility Agent) may appoint a successor Security Agent.

		(d)	The retiring Security Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents. The Company shall, within three (3) Business Days of demand, reimburse the retiring Security Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance.

		(e)	The Security Agent's resignation notice shall only take effect upon:

		(i)	the appointment of a successor; and

		(ii)	the transfer of all the Transaction Security to that successor.

		(f)	Upon the appointment of a successor, the retiring Security Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of clause 31.26 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of this clause 31 and clause 17.4 (Indemnity to the Security Agent) (and any Security Agent fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date). Any successor

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and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party.

(g)     The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above.

		31.15	Confidentiality

		(a)	In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

		(b)	If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it.

		(c)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

		31.16	Information from the Lenders

Each Lender shall supply the Security Agent with any information that the Security Agent may reasonably specify as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent.

		31.17	Credit appraisal by the Secured Parties

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

		(a)	the financial condition, status and nature of each member of the Group;

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;

		(c)	whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;

		(d)	the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.

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		31.18	Reliance and engagement letters

The Security Agent may obtain and rely on any certificate or report from any Obligor's auditor and may enter into any reliance letter or engagement letter relating to that certificate or report on such terms as it may consider appropriate (including, without limitation, restrictions on the auditor's liability and the extent to which that certificate or report may be relied on or disclosed).

		31.19	No responsibility to perfect Transaction Security

 

 The Security Agent shall not be liable for any failure to:

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor or the Spanish Pledgor to any of the Charged Property;

(b)      obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security;

(c)       register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Transaction Security;

(d)       take, or to require any Obligor or the Spanish Pledgor to take, any step to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation; or

(e)      require any further assurance in relation to any Transaction Security Document.

		31.20	Insurance by Security Agent

		(a)	The Security Agent shall not be obliged:

		(i)	to insure any of the Charged Property;

		(ii)	to require any other person to maintain any insurance; or

		(iii)	to verify any obligation to arrange or maintain insurance contained in any Finance Document.

and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

		(b)	Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing and the Security Agent fails to do so within fourteen (14) days after receipt of that request.

		31.21	Custodians and nominees

The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.

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		31.22	Delegation by the Security Agent

		(a)	Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it as Security Agent, Receiver or Delegate.

		(b)	That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties.

		(c)	The Security Agent, Receiver or Delegate shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct, omission or default on the part of, any such delegate or sub-delegate.

		31.23	Additional Security Agents

		(a)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:

(i)        if it considers that appointment to be in the interests of the Secured Parties; or

		(ii)	for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent deems to be relevant; or

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

and the Security Agent shall give prior notice to the Company and the Lenders of that appointment.

		(b)	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment.

		(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.

		31.24	Acceptance of title

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Obligor or the Spanish Pledgor may have to any of the Charged Property and shall not be liable for, or bound to require any Obligor or the Spanish Pledgor to remedy, any defect in its right or title.

		31.25	Releases

Upon a disposal of any of the Charged Property pursuant to the enforcement of the Transaction Security by a Receiver or the Security Agent, the Security Agent is irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other Secured Party) release, without recourse or warranty, that property from the Transaction Security, any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or desirable.

		31.26	Winding up of trust

If the Security Agent, with the approval of the Facility Agent, determines that:

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		(a)	all of the Secured Obligations and all other obligations secured by the Transaction Security Documents have been fully and finally discharged; and

		(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents,

then:

		(i)	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security Documents; and

		(ii)	any Security Agent which has resigned pursuant to clause 31.14 (Resignation of the Security Agent) shall release, without recourse or warranty, all of its rights under each Transaction Security Document.

		31.27	Powers supplemental to Trustee Acts

The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise.

		31.28	Disapplication of Trustee Acts

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act.

		31.29	Order of Application

All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Documents, under clause 31.2 (Parallel Debt (Covenant to pay the Security Agent)), or in connection with the realisation or enforcement of all or any part of the Transaction Security shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law, in the following order of priority:

		(a)	in discharging pro rata and pari passu any sums owing to the Security Agent (in its capacity as such) (other than pursuant to clause 31.2 (Parallel debt (Covenant to pay the Security Agent)), any Receiver or any Delegate;

		(b)	in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Secured Parties, for application towards the discharge pro rata and pari passu of all sums due and payable by any Obligor or the Spanish Pledgor to such parties under any of the Finance Documents in accordance with clause 34.6 (Partial payments);

		(c)	if none of the Obligors is under any further actual or contingent liability under any Finance Document, in payment or distribution pro rata to any person to whom the Security Agent is obliged to pay or distribute in priority to any Obligor; and

		(d)	the balance, if any, in payment or distribution to the relevant Obligor.

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		31.30	Investment of proceeds

Prior to the application of the proceeds of the Transaction Security in accordance with clause 31.29 (Order of Application) the Security Agent may, at its discretion, hold all or part of those proceeds in one or more interest bearing suspense or impersonal accounts in the name of the Security Agent with any Acceptable Bank (including itself) and for so long as the Security Agent thinks fit (the interest being credited to the relevant account) pending the application from time to time of those monies at the Security Agent's discretion in accordance with the provisions of clause 31.29 (Order of Application).

		31.31	Currency conversion

		(a)	For the purpose of, or pending the discharge of, any of the Secured Obligations the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another, at the spot rate at which the Security Agent is able to purchase the currency in which the Secured Obligations are due with the amount received.

(b)     The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.

		31.32	Permitted Deductions

The Security Agent shall be entitled (a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any law or regulation to make from any distribution or payment made by it under this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence of performing its duties or exercising its rights, powers, authorities and discretions, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

		31.33	Good discharge

		(a)	Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Facility Agent on behalf of the Lenders and any distribution or payment made in that way shall be a good discharge, to the extent of that payment or distribution, by the Security Agent.

		(b)	The Security Agent is under no obligation to make payment to the Facility Agent in the same currency as that in which any Unpaid Sum is denominated.

		31.34	Amounts received by Obligors

If any of the Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, that Obligor will hold the amount received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement.

		31.35	Application and consideration

In consideration for the covenants given to the Security Agent by each Obligor in relation to clause 31.2 (Parallel Debt (Covenant to pay the Security Agent)), the Security Agent agrees with each Obligor to apply all moneys from time to time paid by such Obligor to the Security Agent in accordance with the foregoing provisions of this clause 31.

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		32	Conduct of Business by the Finance Parties

		32.1	No provision of this Agreement will:

		(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

		(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

		(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

		32.2	Each Facility C Lender agrees with the other Finance Parties that it will not without the prior written consent of the Facility Agent:

		(a)	request, demand or accept repayment in respect of any Ancillary Facility or accept any payment in respect thereof directly from an Obligor or the Spanish Pledgor; or

		(b)	exercise any rights of set-off, combination of accounts or other remedy against any Obligor or the Spanish Pledgor or allow to exist or receive the benefit of any Security, guarantee or other assurance against loss otherwise than pursuant to the Finance Documents,

and each Facility C Lender agrees that any payments received by it otherwise than in accordance with clause 34 (Payment mechanics) or recoveries by way of set-off, in each case from the Obligors or the Spanish Pledgor, shall be held by it for the benefit of all Finance Parties and applied in accordance with clause 33 (Sharing among the Finance Parties).

		32.3	Each Lender agrees with the other Finance Parties that it will on each Monday (or if such date is not a Business Day, on the next Business Day) falling in the week after the date of issue of a scheduled Borrowing Base Report in accordance with clause 22.9(a)(b)(i) (being every two weeks) until all Availability Periods have expired deliver to the Facility Agent (with a copy to the Collateral Management Agent) a utilisation report in the form set out in Schedule 21 (Form of Lender utilisation report).

		33	Sharing among the Finance Parties

		33.1	Payments to Finance Parties

Subject to clauses 6.10 (Overdraft Limits) and 25.3(c) (Withdrawals from the Collection Account) and to paragraph (b) below, if a Finance Party (each a Recovering Party) receives or recovers any amount from an Obligor or the Spanish Pledgor (or from a third party in respect of an obligation owing to it by an Obligor) other than in accordance with clause 34 (Payment mechanics) (including any amounts under any bilateral agreement in connection with any Ancillary Facility or in connection with any Multi-Party TPA Agreement or Deed of Undertaking) (a Recovered Amount) and applies that amount to a payment due under the Finance Documents or under any bilateral agreement in connection with any Ancillary Facility or in connection with any Multi-Party TPA Agreement then:

		(a)	the Recovering Party shall, within three (3) Business Days, notify details of the receipt or recovery, to the Facility Agent;

		(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with clause 34 (Payment mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

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		(c)	the Recovering Party shall, within three (3) Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the Sharing Payment) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Party as its share of any payment to be made, in accordance with clause 34.6 (partial payments).

		33.2	Redistribution of payments

The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Party) (the Sharing Parties) in accordance with clause 34.6 (Partial payments) towards the obligations of that Obligor to the Sharing Parties.

		33.3	Recovering Party's rights

On a distribution by the Facility Agent under clause 33.2 (Redistribution of payments) of a payment received by a Recovering Party from an Obligor, as between the relevant Obligor and the Recovering Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

		33.4	Reversal of redistribution

If any part of the Sharing Payment received or recovered by a Recovering Party becomes repayable and is repaid by that Recovering Party, then:

		(a)	each Sharing Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Party for its proportion of any interest on the Sharing Payment which that Recovering Party is required to pay) (the Redistributed Amount); and

		(b)	as between the relevant Obligor and each relevant Sharing Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.

		33.5	Exceptions

		(a)	This clause 33 shall not apply to the extent that the Recovering Party would not, after making any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

		(b)	A Recovering Party is not obliged to share with any other Finance Party any amount which the Recovering Party has received or recovered as a result of taking legal or arbitration proceedings, if:

		(i)	it notified the other Finance Party of the legal or arbitration proceedings; and

		(ii)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

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Section 11

Administration

		34	Payment mechanics

		34.1	Payments to the Facility Agent

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

		(b)	Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Facility Agent) and with such bank as the Facility Agent, in each case, specifies.

		(c)	For the avoidance of doubt, each Obligor agrees that it shall not (without the prior written consent of the Facility Agent) make any payment under any of the Facilities directly to a Lender.

		34.2	Distributions by the Facility Agent

Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to clause 34.3 (Distributions to an Obligor) and clause 34.4 (Clawback and pre­ funding) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five (5) Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

		34.3	Distributions to an Obligor

The Facility Agent may (with the consent of the Obligor or in accordance with clause 35 (Set­-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

		34.4	Clawback and pre-funding

		(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

		(b)	Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

		(c)	If the Facility Agent is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower:

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		(i)	the Facility Agent shall notify the Borrower of that Lender's identity and the Borrower shall on demand refund it to the Facility Agent; and

		(ii)	the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrowers shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

		34.5	Impaired Agent

		(a)	If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with clause 34.1 (Payments to the Facility Agent) may instead either:

		(i)	pay that amount direct to the required recipient(s); or

		(ii)	if in its absolute discretion it considers that it is not reasonably practicable to pay that amount directly to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (the Paying Party) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the Recipient Party or Recipient Parties).

In each case such payments must be made on the due date for payment under the Finance Documents.

		(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.

		(c)	A Party which has made a payment in accordance with this clause 34.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.

		(d)	Promptly upon the appointment of a successor Facility Agent in accordance with clause 30.13 (Replacement of the Facility Agent or Collateral Management Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with clause 34.2 (Distributions by the Facility Agent).

		(e)	A Paying Party shall, promptly upon request by a Recipient Party and to the extent:

		(i)	that it has not given an instruction pursuant to paragraph (d) above; and

		(ii)	that it has been provided with the necessary information by that Recipient Party,

give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.

		34.6	Partial payments

		(a)	If the Facility Agent receives a payment for application against amounts due in respect of any Finance Documents that is insufficient to discharge all the amounts then due and

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payable by an Obligor under those Finance Documents, the Facility Agent shall apply that payment towards the obligations of that Obligor under those Finance Documents in the following order:

		(i)	first, in or towards payment pro rata of any unpaid amount owing to the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank or the Security Agent under those Finance Documents;

		(ii)	secondly, in or towards payment to the Finance Parties pro rata of any accrued interest, fee or commission due but unpaid under those Finance Documents (excluding interest, fees or commissions attributable to Excess Overdraft Amounts);

		(iii)	thirdly, in or towards payment to the Finance Parties pro rata of any principal (excluding any Excess Overdraft Amounts) due but unpaid under those Finance Documents;

		(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents (other than interest, fees, commissions or principal attributable to Excess Overdraft Amounts); and

		(v)	fifthly, in or towards payment pro rata of any interest, fees, commissions or principal attributable to Excess Overdraft Amounts.

		(b)	The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above.

		(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

		34.7	Set-off by Obligors

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

		34.8	Business Days

		(a)	Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

		(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

		34.9	Currency of account

		(a)	Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment for any sum due from an Obligor under any Finance Document.

		(b)	A repayment of a Utilisation or a part of a Utilisation shall be made in the currency in which that Utilisation is denominated on its due date.

		(c)	Each repayment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued.

		(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.

		(e)	Any amount expressed to be payable in a currency other than Base Currency shall be paid in that other currency.

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		34.10	Change of currency

(a)      Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Facility Agent (after consultation with the Company); and

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Facility Agent (acting reasonably).

(b)      If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency, with the intention of putting the Obligors and the Finance Parties in the same position as if the change had not occurred.

		34.11	Disruption to Payment Systems etc.

If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Company that a Disruption Event has occurred:

(a)       the Facility Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation or administration of the Facility as the Facility Agent may deem necessary in the circumstances;

(b)       the Facility Agent shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;

		(c)	the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

		(d)	any such changes agreed upon by the Facility Agent and the Company shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 40 (Amendments and Waivers);

		(e)	the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause 34.11; and

		(f)	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

35            Set-Off

Without prejudice to clause 32.2, a Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of

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the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

		36	Notices

		36.1	Communications in writing

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.

		36.2	Addresses

The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

		(a)	in the case of each Obligor, as follows:

10, Akti Kondili

Piraeus 185 45

Greece

Fax: +30 210 45 86 271

Attention: Mr Spyros Fokas

		(b)	in the case of each Lender, that notified in writing to the Facility Agent on or prior to the date on which it becomes a Party; and

		(c)	in the case of the Facility Agent, the Collateral Management Agent or the Security Agent, as follows:

 ABN AMRO Bank N.V.

 Agency Syndicated Loans

 Att: Leo van der Knaap - HQ 8042 

 Gustav Mahlerlaan 10

 1082 PP Amsterdam 

 The Netherlands

 Tel: +31 (0)20 628 8294

 Fax: +31 (0)20 628 6985,

		(d)	in the case of the Collateral Management Agent, as follows:

ABN AMRO Bank N.V.

Credit & Collateral Management

Att: Afag Alikhanova - HQ0051

Gustav Mahlerlaan 10

1082 PP Amsterdam

The Netherlands

Tel.: +31 (0)10 401 5332

Fax.: +31 (0)20 343 3908

and/or

ABN AMRO Bank N.V.

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Credit & Collateral Management

Att: Wendy See - HQ0051

Gustav Mahlerlaan 10

1082 PP Amsterdam

The Netherlands

Tel.: +31 (0)10 401 5641

Fax.: +31 (0)20 343 3908

or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five (5) Business Days' notice.

		36.3	Delivery

		(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:

		(i)	if by way of fax, when received in legible form; or

		(ii)	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address details provided under clause 36.2 (Addresses), if addressed to that department or officer.

		(b)	Any communication or document to be made or delivered to the Facility Agent, the Collateral Management Agent or the Security Agent will be effective only when actually received by the Facility Agent, the Collateral Management Agent or Security Agent and then only if it is expressly marked for the attention of the department or officer identified with the Facility Agent's or Collateral Management Agent's or Security Agent's signature below (or any substitute department or officer as the Facility Agent, the Collateral Management Agent or Security Agent shall specify for this purpose).

		(c)	All notices from or to an Obligor shall be sent through the Facility Agent.

		(d)	Any communication or document made or delivered to the Company in accordance with this clause 36.3 will be deemed to have been made or delivered to each of the Obligors.

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

		36.4	Notification of address and fax number

Promptly upon receipt of notification of an address or fax number or change of address or fax number pursuant to clause 36.2 (Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties.

		36.5	Communication when Facility Agent is Impaired Agent

If the Facility Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Facility Agent, communicate with each other directly and (while the Facility Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Facility Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Facility Agent has been appointed.

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		36.6	Electronic communication

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:

		(i)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

		(ii)	notify each other of any change to their address or any other such information supplied by them by not less than five (5) Business Days' notice.

		(b)	Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic communication made by a Party to the Facility Agent, Collateral Management Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent, Collateral Management Agent or Security Agent shall specify for this purpose.

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

		36.7	Use of websites

		(a)	The Company may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the Website Lenders) who accept this method of communication by posting this information onto an electronic website designated by the Company and the Facility Agent (the Designated Website) if:

		(i)	the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;

		(ii)	both the Company and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and

		(iii)	the information is in a format previously agreed between the Company and the Facility Agent.

If any Lender (a Paper Form Lender) does not agree to the delivery of information electronically then the Facility Agent shall notify the Company accordingly and the Company shall at its own cost supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Company shall at its own cost supply the Facility Agent with at least one copy in paper form of any information required to be provided by it.

		(b)	The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Company and the Facility Agent.

		(c)	The Company shall promptly upon becoming aware of its occurrence notify the Facility Agent if:

		(i)	the Designated Website cannot be accessed due to technical failure;

		(ii)	the password specifications for the Designated Website change;

		(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated Website;

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		(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or

		(v)	the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.

If the Company notifies the Facility Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

		(d)	Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The Company shall at its own cost comply with any such request within ten (10) Business Days.

		36.8	English language

		(a)	Any notice given under or in connection with any Finance Document must be in English.

		(b)	All other documents provided under or in connection with any Finance Document must be:

		(i)	in English; or

		(ii)	if not in English, and if so required by the Facility Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

		37	Calculations and Certificates

		37.1	Accounts

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

		37.2	Certificates and determinations

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

		37.3	Day count convention

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

		38	Partial Invalidity

If, at any time, any provision of a Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

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		39	Remedies and Waivers

No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance Party or Secured Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. In particular, the making of an Overdraft Facility pursuant to clause 6.11 (Payments under Multi-Party TPA Agreements) shall not be construed as a waiver of any default, right, remedy or condition under any Finance Document.

		40	Amendments and Waivers

		40.1	Required consents

		(a)	Subject to clause 40.2 (All Lender matters) and clause 40.3 (Other exceptions), any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Company and any such amendment or waiver will be binding on all Parties.

		(b)	The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause 40.

		(c)	Without prejudice to the generality of paragraphs (c), (d) and (e) of clause 30.7 (Rights and discretions), the Facility Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment or waiver under this Agreement.

 

		(d)	
Each Obligor agrees to any such amendment or waiver permitted by this clause 40 which is agreed to by the Company. This includes any amendment or waiver which would, but for this paragraph (d), require the consent of all of the Guarantors.

		40.2	All Lender matters

		(a)	An amendment or waiver that has the effect of changing or which relates to:

		(i)	the definitions of Approved Suppliers, Majority Lenders, Prohibited Person, Sanctions, Sanctions Authority or Sanctions List in clause 1.1 (Definitions);

		(ii)	an extension to the date of payment of any amount under the Finance Documents (other than in relation to clause 9 (Mandatory prepayment and cancellation));

		(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable;

		(iv)	a change in currency of payment of any amount under the Finance Documents;

(v)      an increase in any Proposed Participation or the Total Proposed Participations, an extension of the Availability Period or any requirement that a cancellation of Proposed Participations reduces the Proposed Participations rateably;

		(vi)	a change to a Borrower or Guarantors;

		(vii)	any provision which expressly requires the consent of all the Lenders;

		(viii)	clause 2.2 (Finance Parties' rights and obligations), clause 9 (Mandatory prepayment and cancellation), clause 22.16 (Proof of Origin), clause 27 (Changes

144

to the Lenders), this clause 40, the governing law of any Finance Document or clause 44.1 (Jurisdiction of English courts);

		(ix)	the nature or scope of:

		(A)	the guarantee and indemnity granted under clause 20 (Guarantee and Indemnity);

		(B)	the Charged Property; or

		(C)	the manner in which the proceeds of enforcement of the Transaction Security are distributed; or

		(x)	the release of any guarantee and indemnity granted under clause 20 (Guarantee and Indemnity) or of any Transaction Security,

shall not be made, or given, without the prior consent of all the Lenders.

		40.3	Other exceptions

An amendment or waiver which relates to the rights or obligations of the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank, the Arrangers, the Security Agent or a TPA Counterparty (each in their capacity as such) may not be effected without the consent of the Facility Agent, the Collateral Management Agent, the Co-Ordinator, the Documentation Bank, the Arrangers, the Security Agent or, as the case may be, the TPA Counterparty.

		40.4	Excluded Proposed Participations

If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within thirty (30) Business Days of that request being made (unless the Company and the Facility Agent agree to a longer time period in relation to any request):

		(a)	its Proposed Participation shall not be included for the purpose of calculating the Total Proposed Participations when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Proposed Participations has been obtained to approve that request; and

		(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders (including, for the avoidance of doubt, all the Lenders) has been obtained to approve that request.

		41	Confidentiality

		41.1	Confidential Information

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by clause 41.2 (Disclosure of Confidential Information) and clause 41.3 (Disclosure to numbering service providers), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

		41.2	Disclosure of Confidential Information

Any Finance Party may disclose:

		(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, insurers, auditors, partners and Representatives such

145

Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

		(b)	to any person:

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent, Collateral Management Agent or Security Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

		(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of clause 30.15 (Relationship with the Lenders));

		(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

		(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

		(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes;

		(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to clause 27.8 (Security over Lenders' rights);

		(viii)	who is a Party; or

		(ix)	with the consent of the Company;

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

		(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

146

		(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

		(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;

		(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party; and

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors.

		41.3	Disclosure to numbering service providers

		(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following information:

		(i)	names of Obligors and the Spanish Pledgor;

		(ii)	country of domicile of Obligors and the Spanish Pledgor;

		(iii)	place of incorporation of Obligors and the Spanish Pledgor;

		(iv)	date of this Agreement;

		(v)	clause 43 (Governing Law);

		(vi)	the names of the Facility Agent, the Collateral Management Agent, the Co­ ordinator, the Documentation Bank and the Arrangers;

		(vii)	date of each amendment and restatement of this Agreement;

		(viii)	amount of Total Proposed Participations;

(ix)        currency of the Facility;

		(x)	type of Facility;

		(xi)	ranking;

		(xii)	Termination Date;

147

		(xiii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and

 

		(xiv)	such other information agreed between such Finance Party and the Company,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

		(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

		(c)	Each Obligor represents that none of the information set out in paragraphs (i) to (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

		(d)	The Facility Agent shall notify the Company and the other Finance Parties of:

		(i)	the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility and/or one or more Obligors; and

		(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider.

		41.4	Entire agreement

This clause 41 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

		41.5	Inside information

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

		41.6	Notification of disclosure

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company:

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of clause 41.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this clause 41.

		41.7	Continuing obligations

The obligations in this clause 41 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve (12) months from the earlier of:

148

		(a)	the date on which all amounts payable by the Obligors and the Spanish Pledgor under or in connection with the Finance Documents have been paid in full and all Proposed Participations have been cancelled or otherwise cease to be available; and

		(b)	the date on which such Finance Party otherwise ceases to be a Finance Party.

		42	Counterparts

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.

149

Section 12

Governing Law and Enforcement

		43	Governing Law

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

		44	Enforcement

		44.1	Jurisdiction of English courts

		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a Dispute).

		(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

		(c)	This clause 44.1 is for the benefit of the Finance Parties and Secured Parties only. As a result, no Finance Party or Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties and Secured Parties may take concurrent proceedings in any number of jurisdictions.

		44.2	Service of process

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):

		(i)	irrevocably appoints Portland Place Nominees Limited of c/o Riches & Company, 34 Anyards Road, Cobham, Surrey KT11 2LA as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

		(ii)	agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not invalidate the proceedings concerned.

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Company (on behalf of all the Obligors) must immediately (and in any event within three (3) days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.

This Agreement has been entered into on the date stated at the beginning of this Agreement.

150

Schedule 1

The Original Parties

Part I The Obligors

	
Name of Original Borrowers

	
Registration number

 (or equivalent, if any)

	
Original Jurisdiction

	
Aegean Marine Petroleum S.A.

	
C-76656

	
Liberia

	
Aegean Petroleum International Inc.

	
28486

	
Marshall Islands

	
Aegean NWE N.V.

	
BE412.527.142

	
Belgium

	
Name of Original Guarantors

	
Registration number

 (or equivalent, if any)

	
Original Jurisdiction 

	
  Aegean Marine Petroleum Network Inc.

	
14958

	
Marshall Islands

	
Aegean Marine Petroleum S.A.

	
C-76656

	
Liberia

	
Aegean Petroleum International Inc.

	
28486

	
Marshall Islands

	
Aegean NWE N.V.

	
BE412.527 .142

	
Belgium

151

Part II

The Original Lenders

	
Name of Original Lender

	
Facility A Proposed Participation

($)

	
Facility B Proposed Participation

($)

	
Facility C Proposed Participation

($)

	
Total

($)

	
ABN AMRO Bank N.V.

	
19,060,000

	
19,060,000

	
131,880,000

	
170,000,000

	
BNP Paribas (Suisse) SA

	
19,060,000

	
19,060,000

	
111,880,000

	
150,000,000

	
KBC Bank NV

	
12,500,000

	
12,500,000

	
75,000,000

	
100,000,000

	
Natixis

	
12,500,000

	
12,500,000

	
75,000,000

	
100,000,000

	
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.

	
10,000,000

	
10,000,000

	
60,000,000

	
80,000,000

	
ING Belgium, Brussels,

	
9,375,000

	
9,375,000

	
56,250,000

	
75,000,000

	
Geneva Branch

	 	 	 	 
	
Sociéte Génerale

	
9,375,000

	
9,375,000

	
56,250,000

	
75,000,000

	
Belfius Bank NV/SA

	
7,500,000

	
7,500,000

	
45,000,000

	
60,000,000

	
National Bank of Greece SA

	
6,250,000

	
6,250,000

	
37,500,000

	
50,000,000

	
Credit Suisse AG

	
6,250,000

	
6,250,000

	
37,500,000

	
50,000,000

	
Mashreqbank PSC

	
25,000,000

	 -	
25,000,000

	
50,000,000

	
Emirates NBD PJSC,

	
3,130,000

	
3,130,000

	
18,740,000

	
25,000,000

	
London Branch

	 	 	 	 
	
Arab Bank (Switzerland) Ltd

	
15,000,000

	- 	- 	
15,000,000

	
Total

	
155,000,000

	
115,000,000

	
730,000,000

	
1,000,000,000

152

Schedule 2

Conditions precedent

Part I

Conditions precedent to initial Utilisation

		1	Obligors

		(a)	A copy of the constitutional documents of each Obligor and the Spanish Pledgor.

		(b)	A copy of a signed resolution of the board of directors of each Obligor and the Spanish Pledgor:

		(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute, deliver and perform the Finance Documents to which it is a party;

		(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf;

		(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party; and

		(iv)	in the case of an Obligor other than the Company, authorising the Company to act as its agent in connection with the Finance Documents.

(c)      A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above in relation to the Finance Documents and related documents.

(d)      A copy of a resolution signed by all the holders of the issued shares in each Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Guarantor is a party.

(e)       If required, a copy of a resolution of the board of directors of each corporate shareholder of each Guarantor approving the terms of the resolution referred to in paragraph (d) above.

		(f)	A certificate of each Obligor and the Spanish Pledgor (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Total Proposed Participations would not cause any borrowing, guarantee, security or similar limit binding on it to be exceeded.

		(g)	A certificate of an authorised signatory of the Company or other relevant Obligor and the Spanish Pledgor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement.

		(h)	A certificate of good standing in respect of each of the Parent, the Company and APll.

(i) Evidence of the authority of Horizon Tangiers Terminal S.A. to execute the Moroccan Pledge.

		2	Finance Documents and Multi-Party TPA Agreements

		(a)	This Agreement executed by the Obligors party to this Agreement.

(b)           The Fee Letters duly executed by each party.

153

		(c)	Any Stock Monitoring Agreement required pursuant to clause 22.17 (Inspection and Management in Sensitive Zones).

		(d)	At least two originals of the documents referred to in paragraphs (a)-(g) of the definition of Transaction Security Documents (other than those listed as conditions subsequent in clause 24.23(c) (Conditions subsequent) and those referred to in clause 24.23(d) (Conditions subsequent)), duly executed by each party.

		(e)	A copy of all notices required to be sent under the Transaction Security Documents referred to in paragraph (d) above, executed by the Borrower, duly acknowledged by the addressee.

		(f)	A copy of the acknowledgement of Deutsche Bank AG, New York Branch under the Company's Security Agreement containing the consent of Deutsche Bank AG, New York Branch to the assignment by the Company of monies payable to it under the Deutsche Bank Facility.

		(g)	Evidence, satisfactory to the Facility Agent, that all steps have been taken in any relevant jurisdiction (other than Spain and Morocco) to perfect any Security created by the Transaction Security Documents.

		3	Insurance

		(a)	Copies of all insurances required to be maintained by the Borrowers and the Spanish Pledgor in respect of assets included or capable of being included in the Borrowing Base.

		(b)	A letter from WILLIS Limited, 51 Line Street, London EC3M 7DQ, UK, as insurance broker, dated no earlier than the date of this Agreement addressed to the Facility Agent, the Arrangers, the Security Agent and the Lenders listing the insurance policies of the Borrowers and the Spanish Pledgor and confirming that they are on risk and that the insurance for Borrowers and the Spanish Pledgor at the date of this Agreement are at a level acceptable to the Majority Lenders and covering appropriate risks for the business carried out by Borrowers and the Spanish Pledgor and otherwise confirming compliance by the Borrowers with the insurance requirements of this Agreement.

		4	Accounts

A letter from the Account Bank to the Facility Agent confirming the opening of each Facility Account and each Collection Account and specifying the account name, account number and the name and address of the bank where each such account is held.

		5	Legal opinions

The following legal opinions, each addressed to the Facility Agent, the Security Agent and the Original Lenders and capable of being relied upon by any persons who become Lenders pursuant to the primary syndication of the Facility.

		(a)	A legal opinion of the following legal advisers to the Facility Agent and Arrangers:

		(i)	Norton Rose Fulbright LLP as to English law;

		(ii)	Garrigues as to Spanish law;

		(iii)	Norton Rose Fulbright Morocco SARL as to Moroccan law;

		(iv)	Koan as to Belgian law;

		(v)	Norton Rose Fulbright as to Dutch law;

		(vi)	Fulbright & Jaworski LLP as to Marshall Islands law;

154

		(vii)	Fulbright & Jaworski LLP as to Liberian law,

each substantially in the form distributed to the Original Lenders prior to signing this Agreement.

		(b)	If an Obligor is incorporated in a jurisdiction other than those referred to in paragraph (a) above, a legal opinion of the legal advisers to the Arrangers in the relevant jurisdiction, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

6        Other documents and evidence

		(a)	Evidence that any process agent referred to in clause 44.2 (Service of process), if not an Obligor, has accepted its appointment.

		(b)	The Group Structure Chart.

		(c)	A copy, certified by an authorised signatory of the Company to be a true copy, of the Original Financial Statements of each Obligor.

		(d)	A letter of engagement with the Finance Parties and Secured Parties from the Auditors of the Group which will be providing Compliance Certificates.

		(e)	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Company accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

		(f)	Evidence that the fees, costs and expenses then due from the Company pursuant to clause 14 (Fees), clause 15.5 (Stamp taxes) and clause 19 (Costs and Expenses) have been paid or will be paid by the first Utilisation Date.

		(g)	A copy of any waiver required under any existing loan facilities of any Group member in connection with the entry into of the Finance Documents.

		(h)	A risk management policy as mandated by management in form and substance acceptable to the Lenders.

		(i)	Evidence that each Material Subsidiary (other than an Excluded Material Subsidiary) has executed this Agreement as a Guarantor and that no additional Guarantors are required to accede to this Agreement pursuant to clause 29.8 (Additional Guarantors).

(j)        Evidence that each Finance Party has satisfied its "know-your-customer" requirements in connection with the transactions contemplated by this Agreement.

(k)       An overview of existing security and existing indebtedness, to the extent not refinanced or released by the Facilities.

(I)       Evidence (in the form of deeds of release executed by the beneficiary of the security or such other form as the Facility Agent may require acting on the advice of legal counsel) that immediately following the making of the Utilisation any existing Security granted by any member of the Group in respect of Financial Indebtedness of any Group member (other than the Facilities) which relates to assets which may be included in the Borrowing Base and secured by the Transaction Security are released in full (including without limitation any Security in respect of the assets secured by the Moroccan Pledges, the Spanish Pledges and the Security Agreement and any floating charges or Security of similar general application in any jurisdiction) provided that any receivables which are secured in favour of third parties and which relate to transactions which are the subject of

155

undischarged letters of credit issued by such third parties need not be released until the date specified in clause 24.23(e) (Conditions subsequent).

		(m)	An overview of existing loans and guarantees.

		(n)	A copy of the Compliance Policy acceptable to the Lenders.

(o)        A copy of the Group's hedging policy in the form approved by all Lenders.

156

Part II

Conditions precedent required to be delivered by an Additional Obligor

		1	An Accession Letter, duly executed by the Additional Obligor and the Company.

		2	A copy of the constitutional documents of the Additional Obligor.

		3	Originals of any Transaction Security Documents to be entered into by an Additional Borrower as required by the Facility Agent (acting on the instructions of the Majority Lenders) together with such legal opinions as the Facility Agent (acting on the instructions of the Majority Lenders) shall require in connection therewith.

		4	A copy of a resolution of the board of directors of the Additional Obligor:

		(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter;

		(b)	authorising a specified person or persons to execute the Accession Letter on its behalf;

		(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents; and

		(d)	authorising the Company to act as its agent in connection with the Finance Documents.

		5	A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above.

		6	A copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Guarantor is a party.

		7	A certificate of the Additional Obligor (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Proposed Participations would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded.

		8	A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of the Accession Letter.

		9	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document.

		10	If available, the latest audited financial statements of the Additional Obligor.

		11	A legal opinion of Norton Rose Fulbright, legal advisers to the Arrangers and the Facility Agent in England.

		12	If the Additional Obligor is incorporated in a jurisdiction other than England and Wales, or is executing a Finance Document which is governed by a law other than English law, a legal opinion of the legal advisers to the Arrangers and the Facility Agent in the jurisdiction in which the Additional Obligor is incorporated or, as the case may be, the jurisdicti on of the governing law of that Finance Document.

157

		13	If the proposed Additional Obliger is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in clause 44.2 (Service of process), if not an Obliger, has accepted its appointment in relation to the proposed Additional Obligor.

158

Part III

Conditions precedent required to be delivered in connection with Sensitive Zones

The Facility Agent shall have entered into a valid Stock Monitoring Agreement (in respect of floating storage) and a Collateral Management Agreement (in respect of inland storage) (as applicable) with the parties thereto and the relevant Borrowers shall have provided to the Facility Agent such security documents and related legal opinions as may be required by, and in a form and substance satisfactory to, the Facility Agent (acting on the instructions of all Lenders) in respect of the relevant part of the Sensitive Zone.

159

Schedule 3

Utilisation Request

Part A: Loans

	
From:

	
[Aegean Marine Petroleum S.A.] [Borrower]

	 
	
To:

	
ABN AMRO Bank N.V. as Facility Agent

	 
	
Copy:

	
ABN AMRO Bank N.V. as Collateral Management Agent

	 

Dated:

Dear Sirs

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Facility Agreement)

		1	We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

		2	We wish to make a Utilisation on the following terms:

		(a)	Proposed Utilisation Date:         [                      ] (or, if that is not a Business Day, the next Business Day)

		(b)	Borrower:   [                   ]

		(c)	Facility to be utilised: Facility [A/B]

		(d)	Amount:] [                        ] or, if less, the Available Facility

		(e)	Currency of Loan: [dollars/euro]

		(f)	Interest Period:  [                             ]

		(g)	[Term or Expiry Date:]                [                     ]]

		3	We confirm that:

		(a)	each condition specified in clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request; and

		(b)	each of the requirements set out in clauses 5.4(c) - (e) (Currency and amount) are correct as at the date of this Utilisation Request and will be correct on the Utilisation Date.

		4	The proceeds of this Loan should be credited to [account] .

		5	This Utilisation Request is irrevocable.

Yours faithfully

..............................................

authorised signatory for

[the Company on behalf of [insert name of Borrower] ]/ [insert name of Borrower]

160

Part B: Ancillary Facilities

	
From:

	
[Aegean Marine Petroleum S.A.] [Borrower]

	 
	
To:

	
[] as Facility C Lender

	 
	
Copy:

	
ABN AMRO Bank N.V. as Collateral Management Agent

	 

Dated:

Dear Sirs

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Facility Agreement)

 

		1	We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

 

		2	We wish to make a Utilisation on the following terms:

		(a)	Proposed Utilisation Date:    [                           ] (or, if that is not a Business Day, the next Business Day)

		(b)	Borrower:  [                      ]

		(c)	Facility to be utilised: Facility C

		(d)	Proposed Facility C Lender:  [                   ]

		(e)	Amount:[                  ] or, if less, the Available Facility

		(f)	[Beneficiary:  [                             ]]

		(g)	[Term or Expiry Date:     [                     ]]

		(h)	[Delivery Instructions]

		3	We confirm that:

		(a)	each condition specified in clause 4.2 (Further conditions precedent) and 5.9 (Issue or entry into of Ancillary Facilities) is satisfied on the date of this Utilisation Request; and

		(b)	each of the requirements set out in clauses 5.4(c) - (e) (Currency and amount) are correct as at the date of this Utilisation Request and will be correct on the Utilisation Date.

		4	This Utilisation Request is irrevocable.

Yours faithfully

..........................................

authorised signatory for

[the Company on behalf of [insert name of Borrower] ] / [insert name of Borrower]

161

Schedule 4

Mandatory Cost formula

		1	The Mandatory Cost is an addition to the interest rate to compensate the Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Conduct Authority and/or the Prudential Regulation Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.

 

		2	On, or as soon as possible after, the first day of each Interest Period, the Lenders shall calculate, expressed as a percentage rate per annum, their Mandatory Cost in accordance with the following paragraphs.

		3	The Mandatory Cost when a Lender lend from an office in any member state of the European Community that has adopted or adopts the Euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union will be the percentage (expressed as a per annum rate) which is its reasonable determination of the cost of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that office.

		4	The Mandatory Cost in relation to the Loans or an unpaid amount when a Lender lends from a office in the United Kingdom will be calculated as follows:

Ex  0.01        per cent per annum.

300

Where:

		E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000.

		5	For the purposes of this schedule:

		(a)	Eligible Liabilities and Special Deposits have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

		(b)	Fees Rules means the rules on periodic fees contained in the Financial Conduct Authority Fees Manual and the Prudential Regulation Authority Fees Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the acceptance of deposits;

		(c)	Fee Tariffs means the fee tariffs specified in the Fees Rules under Column 1 of the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and

		(d)	Tariff Base has the meaning give to it in, and will be calculated in accordance with, the Fees Rules; and

		6	The resulting figures will be rounded to four decimal places.

		7	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Conduct Authority or the Prudential Regulation Authority, supply to the Agent, the rate of charge payable by that Reference Bank to Financial Conduct Authority or the Prudential Regulation Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Conduct Authority or the Prudential Regulation Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that

162

Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank.

		8	Any determination by the Bank in accordance with this schedule in relation to a formula, the Mandatory Cost or any amount payable to it will, in the absence of manifest error, be conclusive and binding on the Borrower.

		9	The Bank may from time to time, after consultation with the Borrower, determine and notify the Borrower of any amendments which need to be made to this schedule to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination will, in the absence of manifest error, be conclusive and binding on the Borrower.

163

Schedule 5

Form of Transfer Certificate

To:              ABN AMRO Bank N.V. as Facility Agent

From:        [The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender)

Dated:

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Facility Agreement)

		1	We refer to the Facility Agreement. This agreement (the Agreement) shall take effect as a Transfer Certificate for the purpose of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.

		2	We refer to clause 27.5 (Procedure for transfer) of the Facility Agreement:

		(a)	
The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation and in accordance with clause 27 .5 (Procedure for transfer) all of the Existing Lender's rights and obligations under the Facility Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Proposed Participation and participations in Utilisations under the Facility Agreement as specified in the Schedule.

		(b)	The proposed Transfer Date is [].

		(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of clause 36.2 (Addresses) are set out in the Schedule.

		3	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of clause 27.4 (Limitation of responsibility of Existing Lenders).

		4	The New Lender confirms that it [is]/[is not]*** a Parent Affiliate.

		5	This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

		6	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

		7	This Agreement has been entered into on the date stated at the beginning of this Agreement.

 

	Note:	The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

__________________________________________________________________________________________

*** Delete as applicable.

164

The Schedule

Proposed Participation/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, fax number and attention details for notices and account details for payments,]

	
[Existing Lender]

	
[New Lender]

	 	 
	
By:

	
By:

	 	 
	 	 

This Agreement is accepted as a Transfer Certificate for the purposes of the Facility Agreement by the Facility Agent and the Transfer Date is confirmed as [ ].

[Facility Agent]

By:

165

Schedule 6

Form of Assignment Agreement

		To:	ABN AMRO Bank N.V. as Facility Agent and Aegean Marine Petroleum S.A. as the Company, for and on behalf of each Obligor

From:              [the Existing Lender] (the Existing Lender) and [the New Lender] (the New Lender)

Dated:

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Facility Agreement)

 

		1	We refer to the Facility Agreement. This is an Assignment Agreement. This agreement (the Agreement) shall take effect as an Assignment Agreement for the purpose of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.

 

		2	We refer to clause 27.6 (Procedure for assignment) of the Facility Agreement:

		(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Facility Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender's Proposed Participation and participations in Utilisations under the Facility Agreement as specified in the Schedule.

		(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Proposed Participation and participations in Utilisations under the Facility Agreement specified in the Schedule.

		(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.

		3	The proposed Transfer Date is [ ].

		4	On the Transfer Date the New Lender becomes Party to the relevant Finance Documents as a Lender.

		5	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of clause 36.2 (Addresses) are set out in the Schedule.

		6	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of clause 27.4 (Limitation of responsibility of Existing Lenders).

		7	The New Lender confirms that it [is]/[is not]*** a Parent Affiliate.

		8	This Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with clause 27.7 (Copy of Transfer Certificate or Assignment Agreement to the Company), to the Company (on behalf of each Obligor) of the assignment referred to in this Agreement.

		9	This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

________________________________________________________________________________________

*** Delete as applicable.

166

		10	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

		11	This Agreement has been entered into on the date stated at the beginning of this Agreement.

	Note:	The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

167

The Schedule

Proposed Participation/rights and obligations to be transferred by assignment, release and accession

[insert relevant details]

[Facility office address, fax number and attention details for notices and account details for payments]

	
[Existing Lender]

	
[New Lender]

	 	 
	
By:

	
By:

	 	 
	 	 

This Agreement is accepted as an Assignment Agreement for the purposes of the Facility Agreement by the Facility Agent and the Transfer Date is confirmed as [ ].

Signature of this Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to in this Agreement, which notice the Facility Agent receives on behalf of each Finance Party.

[Facility Agent]

By:

168

Schedule 7

Form of Compliance Certificate

	
To:

	
ABN AMRO Bank N.V. as Facility Agent

	 	 
	
From:

	
[Aegean Marine Petroleum S.A.]

	 	 
	
Dated:

	 

Dear Sirs

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Facility Agreement)

   1     We refer to the Facility Agreement. This is a Compliance Certificate. Terms defined in the Facility Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

2        We confirm that:

[Insert details of covenants and guarantor coverage to be certified].

3        [We confirm that no Default is continuing.]*

Signed

	 	
Director

	 	
Director

	 	 
	 	 	 	 	 	 
	 	
of

	 	
of

	 	 
	 	 	 	 	 	 
	 	
[Borrower]/[Parent]

	 	
[Borrower]/[Parent]

	 	 

The Auditors confirm that the above calculations are correct.

for and on behalf of

[name of Auditors of Parent]

NOTES:

		*	If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

**          [To be agreed with the Parent's auditors prior to signing the Agreement.]

169

Schedule 8

Timetables

	 	
Utilisations in euro

	
Utilisations in other currencies

	 	 	 
	
Delivery of a duly completed Utilisation Request (clause 5.1 (Delivery of a Utilisation Request)) - Facility A and Facility B

	
U-3

9:30am

	
U-3

9:30am

	 	 	 
	
Delivery of a duly completed Utilisation Request (clause 5.1 (Delivery of a Utilisation Request)) - Facility C

	
not applicable

	
not applicable

	 	 	 
	
Facility Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under clause 5.6 and notifies the Lenders of the Loan in accordance with clause 5.6 (Role of Facility Agent)

	
U-3

noon

	
U-3

noon

	 	 	 
	
LIBOR or EURIBOR is fixed

	
Quotation Day as of 11:00 a.m. in respect of LIBOR and as of 11.00 a.m. (Brussels time) in respect of EURIBOR

	
Quotation Day as of 11:00 a.m.

 

	 	
"U"

	
=

	
date of utilisation or, if applicable, in the case of a Loan that has already been borrowed, the first day of the relevant Interest Period for that Loan.

	 	
"U - X"

	
=

	
X Business Days prior to date of utilisation

170

Schedule 9

Forms of Notifiable Debt Purchase Transaction Notice

Part I

Form of Notice on Entering into Notifiable Debt Purchase Transaction

	
To:

	
ABN AMRO Bank N.V. as Facility Agent

	 	 
	
From:

	
[The Lender]

	 	 
	
Dated:

	 

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Facility Agreement)

    1.       We refer to paragraph (b) of clause 28.2 (Disenfranchisement on Debt Purchase Transactions entered into by Parent Affiliates) of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this notice unless given a different meaning in this notice.

		2	We have entered into a Notifiable Debt Purchase Transaction.

		3	The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our Proposed Participation(s) as set out below.

Proposed Participation                                                              Amount of our Proposed Participation to which

Notifiable Debt Purchase Transaction relates

Proposed Participation                                                  [insert amount (of that Proposed Participation) to which

the relevant Debt Purchase Transaction applies]

[Lender]

By:

171

Part II

Form of Notice on Termination of Notifiable Debt Purchase Transaction I

Notifiable Debt Purchase Transaction ceasing to be with Parent Affiliate

	
To:

	
ABN AMRO Bank N.V. as Facility Agent

	 	 
	
From:

	
[The Lender]

	 	 
	
Dated:

	 

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Facility Agreement)

1         We refer to paragraph (c) of clause 28.2 (Disenfranchisement on Debt Purchase Transactions entered into by Parent Affiliates) of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this notice unless given a different meaning in this notice.

		2	A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a notice dated [ ] has [terminated]/[ceased to be with a Parent Affiliate].*

		3	The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our Proposed Participation(s) as set out below.

Proposed Participation                                      Amount   of our  Proposed  Participation to which

Notifiable Debt Purchase Transaction relates

[Proposed Participation                                      [insert amount (of that Proposed Participation) to which the

relevant Debt Purchase Transaction applies]

[Lender] 

 

By:

 

 

 

 

	
Name

	
Registration number (or equivalent, if any) 

Jurisdiction of incorporation

	
Invoice Buyer/ LC Buyer

	
[Any conditions in relation to that Buyer]

	 			
	 			

_________________________________________________________________________________

*  Delete as applicable.

172

Schedule 10

Form of Accession Letter

	
To:

	
ABN AMRO Bank N.V. as Facility Agent

	 	 
	
From:

	
[Subsidiary] and Aegean Marine Petroleum S.A.

	 	 
	
Dated:

	
[●]

	 	 
	
Dear Sirs

	 

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Agreement)

   1.         We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter.

		2	
[Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to clauses [29.2 and 29.3 (Additional Borrowers)]/[clauses 29.7 and 29.11 (Additional Guarantors)] of the Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction].                  

 

		3	
[The Company confirms that no Default is continuing or would occur as a result of [Subsidiary] becoming an Additional Borrower.]

 

		4	
[Subsidiary's] administrative details are as follows: 

 

Address:

 

Fax No: 

 

Attention:

 

		5	This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by English law.

This Accession Letter is entered into by deed.

......................................................                                                     .............................

Aegean Marine Petroleum S.A.                                                                              [Subsidiary]

173

Schedule 11

Form of Resignation Letter

	
To:

	
ABN AMRO Bank N.V. as Facility Agent

	 	 
	
From:

	
[resigning Obligor] and Aegean Marine Petroleum S.A.

	 	 
	
Dated:

	
[●]

	 	 
	
Dear Sirs

	 

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Agreement)

		1	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

		2	Pursuant to [clauses 29.4 and 29.5 (Resignation of a Borrower)]/[clauses 29.12 and 29.13 (Resignation of a Guarantor)] , we request that [resigning Ob/igor] be released from its obligations as a [Borrower]/[Guarantor] under the Agreement.

		3	We confirm that[:

(a)           no Default is continuing or would result from the acceptance of this request; and

		(b)	no payment is due from us under the Finance Documents;

		(c)	[where Guarantor is also a Borrower:] we have no actual or contingent obligations as a Borrower under any Finance Document.

		4	This Resignation Letter and any non-contractual obligations arising out of or in connection with it are governed by English law.

........................................................                                             .....................................

Aegean Marine Petroleum S.A.                                                                     [Subsidiary]

By:                                                                                                                                               By:

174

Schedule 12

Borrowing Base Amount

1        Borrowing Base

		(a)	The Borrowing Base shall be calculated by (i) multiplying the Borrowing Base Items by the Advance Rate applicable to each specific Borrowing Base Item set out below and (ii) deducting trade payables to suppliers based on open credit:

	
 

Borrowing Base Items

	
Advance Rate

	
Secured cash

	
100%

	
Tier 1 Eligible Receivables

	
95%

	
Tier 2 Eligible Receivables

	
90%

	
Tier 3 Eligible Receivables

	
80%

	
Tier 1 Eligible Inventory

	
90%

	
Tier 2 Eligible Inventory

	
80%

	
Tier 3 Eligible Inventory

	
50%

	
Non-Performed Letters of Credit

	
80%

provided that:

		(i)	all such assets referred to above will only be included in the calculation of the Borrowing Base Amount if such assets (and any insurances or other rights in relation thereto) are:

		(A)	held by a Borrower or, in the case of assets secured by the Spanish Pledges, by the Spanish Pledger with unencumbered title;

		(B)	not subject to any dispute, litigation, arbitration proceedings or threatened litigation or arbitration proceedings;

		(C)	(save as expressly contemplated to the contrary in this Schedule 12 (Borrowing Base Amount)) subject to a fully-perfected charge, pledge or other Security interest granted on a first-ranking basis in favour of the Security Agent in accordance with the terms of this Agreement and the Transaction Security Documents and not otherwise subject to any set-off or Security rights in favour of any party other than the Security Agent;

		(D)	in respect of inventory located in the Sensitive Zone, the subject of a Stock Monitoring Agreement (for floating storage) or a Collateral Management Agreement (for inland storage); and

		(ii)	no asset shall be eligible for inclusion in the calculation of the Borrowing Base Amount if such asset does not otherwise comply with the eligibility conditions set out in this Agreement.

		(iii)	no asset shall be eligible for inclusion in more than one category of the same Borrowing Base Report.

175

2        Definitions

Terms used in this Schedule 12 (Borrowing Base Amount) (including the Annex) have the following meanings:

Advance Rate means each rate referred to in the second column of the table set out in paragraph 1(a) (Borrowing Base) above

Borrowing Base Item means each item referred to in the first column of the table set out in paragraph 1(a) (Borrowing Base) above

Credit Insurance means credit insurance taken out with an insurer or insurers which has a rating for its long-term unsecured and non-credit-enhanced debt obligations of BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's Investors Service Limited or a comparable rating from an internationally recognised credit rating agency

Eligible Inventory means inventory representing a nominal face value up to a maximum amount before applying the Advance Rate of:

		(a)	$100,000,000 per location; and

		(b)	$350,000,000 in total

Eligible Receivables means trade receivables which are payable into a Collection Account representing:

		(a)	a nominal face value owing to the Borrowers up to a maximum amount before applying the Advance Rate per counterpart of the lower of:

		(i)	an amount equal to 2% of all trade receivables payable into a Collection Account at that time; and

 

		(ii)	
$10,000,000,

other than trade receivables in relation to the debtors set out in the Annex to this Schedule 12, for which the amounts specifically set out therein shall apply; and

		(b)	a maximum tenor of:

		(i)	if non-invoiced, invoices must be dispatched within five (5) Business Days of the physical delivery date; or

		(ii)	if invoiced, forty five (45) days (such tenor being made up as follows: payment terms within thirty (30) days of the date of invoice (Due Date), with a grace period of no more than fifteen (15) days from the Due Date)

Inventory in Transit mean inventory on board vessels:

		(a)	covered by a letter of credit or standby letter of credit;

		(b)	for which bills of lading are issued and endorsed in favour of the Security Agent; and

		(c)	for a maximum tenor of fifteen (15) days from the bill of lading date Listed Oil Major means:

(a)       BP p.l.c.;

176

		(b)	Chevron Corporation;

		(c)	ConocoPhillips Co.;

		(d)	ExxonMobil Corporation;

		(e)	Royal Dutch Shell pie; and

		(f)	Total S.A.

Major means:

		(a)	a Listed Oil Major;

		(b)	a Listed Oil Major's wholly-owned Subsidiaries;

		(c)	any Subsidiaries of a Listed Oil Major that is not a wholly-owned Subsidiary but the obligations in respect of which are guaranteed by a parent company guarantee from such Listed Oil Major; and/or

		(d)	any other debtor approved by the Facility Agent acting on the instructions of all Lenders

Non-Performed Letters of Credit means a Credit Instrument in the form of a documentary or standby letter of credit in respect of which the relevant underlying physical transaction relating to the sale and purchase of oil products is yet to occur

Secured Cash means cash funds deposited in a Collection Account

Tier 1 Eligible Receivables means invoiced Eligible Receivables:

		(a)	covered by letters of credit; or

		(b)	on open account for Majors

Tier 2 Eligible Receivables means invoiced Eligible Receivables on open account for non­ Majors provided that, for the purposes of this definition only, paragraphs (a)(i) and (a)(ii) of the definition of Eligible Receivables shall be deemed to refer to (i) 4% of all trade receivables payable into a Collection Account at that time and (ii) $20,000,000 (the Revised Limits) respectively on the condition that any trade receivables included in the Borrowing Base as Tier 2 Eligible Receivables in excess of the value of receivables referred to in paragraphs (a)(i) and (a)(ii) of the existing definition of Eligible Receivables (which for the avoidance of doubt shall not exceed the Revised Limits) must be the subject of Credit Insurance acceptable to the Facility Agent (acting on the instructions of the Majority Lenders)

Tier 3 Eligible Receivables means non-invoiced Eligible Receivables up to a maximum amount before applying the Advance Rate of $90,000,000 in total

Tier 1 Eligible Inventory means Eligible Inventory:

		(a)	located in an OECD country;

		(b)	subject to perfected Security in favour of the Security Agent; and

		(c)	excluding floating inventory

Tier 2 Eligible Inventory means Eligible Inventory:

		(a)	other than Tier 1 Eligible Inventory;

177

		(b)	subject to perfected Security (if possible) in favour of the Security Agent;

		(c)	including Inventory in Transit and secured floating inventory for which bills of lading are issued or endorsed in favour of the Security Agent; and

		(d)	up to a maximum amount before applying the Advance Rate of $250,000,000 in total.

Tier 3 Eligible Inventory means Eligible Inventory:

		(a)	other than Tier 2 Eligible Inventory;

		(b)	including unsecured floating inventory for which bills of lading are not issued or endorsed in favour of the Security Agent; and

		(c)	up to a maximum amount before applying the Advance Rate of $30,000,000 in total.

178

ANNEX TO SCHEDULE 12 - Overview of Approved Debtors

	
CUSTOMERS

	
SUBSIDIARIES

	
LIMIT (in USO before application of the advance rate)

 

in each case (unless otherwise specified), plus an increment of 10,000,000 subject to Credit Insurance, security, and such other arrangements as are acceptable to the Facility Agent.

	
CHEMOIL GROUP and

OCEANCONNECT GROUP

(Part of GLENCORE GROUP)

	
CHEMOIL INTERNATIONAL PTE LTD CHEMOIL MIDDLE 

EAST DMCC CHEMOIL LATIN AMERICA INC. 

CHEMOIL CORPORATION OCEANCONNECT MARINE PTE LTD.

OCEANCONNECT MARINE INC. 

OCEANCONNECT MARINE UK LTD

	
35,000,000.00

	
COCKETT GROUP

	
COCKETT MARINE OIL (ASIA) - A DIVISION OF COCKETT MARINE OIL PTE LTD

COCKETT MARINE OIL LTD

	
15,000,000.00

	
DAN BUNKERING GROUP

	
A/S DAN BUNKERING LTD

DAN-BUNKERING (SINGAPORE) PTE LTD 

DAN BUNKERING (MONACO) S.A.M.

	
15,000,000.00

	
FRONTLINE GROUP

	
FRONTLINE SHIPPING LTD 

FRONTLINE LTD

	
15,000,000.00

	
PENINSULA PETROLEUM LTD

	
PENINSULA PETROLEUM LTD

	
15,000,000.00

	
PETROBRASS GROUP

	
PETROLEO BRASILEIRO S/A PETROBRAS 

PETROBRAS SINGAPORE PTE LTD

	
15,000,000.00

	
SCANDINAVIAN BUNKERING AS

	
SCANDINAVIAN BUNKERING AS

	
15,000,000.00

	
STOLT GROUP

	
STOLT TANKERS B.V.

STOLT-NIELSEN SINAPORE PTE LTD

	
15,000,000.00

	
CARGILL GROUP

	
CARGILL INTERNATIONAL S.A.

CARGILL OCEAN TRANSPORTATION (S) PTE LTD

	
20,000,000.00

	
CMA CGM

	 	
20,000,000.00

	
EXXONMOBIL MARINE LTD

	 	
20,000,000.00

	
HANWA GROUP

	
HANWA SINGAPORE (PTE) LTD 

HANWA CO LTD

	
20,000,000.00

179

	
MAERSK GROUP

	
MAERSK TANKERS A/S

A.P. MOLLER - MAERSK A/S - MAERSK LINE 

THE MAERSK COMPANY LTD

MCC TRANSPORT SINGAPORE PTE LTD 

MAERSK SUPPLY SERVICE A/S 

SAFMARINE CONTAll\IER LINES N.V. 

SEAGO LINE A/S

	
20,000,000.00

	
SK SHIPPING GROUP

	
SK ENERGY EUROPE LTD SK B&T PTE LTD

SK SHIPPING (EUROPE) PLC

SK ENERGY INTERNATIONAL PTE LTD

	
20,000,000.00

	
SWISSMARINE GROUP

	
SWISSMARINE SERVICES S.A.

SWISSMARINE CORPORATION LTD

	
20,000,000.00

	
MITSUI GROUP

	
MITSUI & CO. PETROLEUM LTD MITSUI OSK LINES LTD

	
25,000,000.00

	
QATARGAS GROUP

	
QATARGAS OPERATING COMPANY LTD

QATAR GAS TRANSPORT COMPANY LIMITED

	
30,000,000.00

	
WALLENIUS WILHELMSEN LOGISTICS AS I EUKOR CAR CARRIERS INC.

	
WALLENIUS WILHELMSEN LOGISTICS AS 

EUKOR CAR CARRIERS INC.

	
30,000,000.00

 

(combined aggregate

limit)

	
OW GROUP /

WILHELMSEN MARINE FUELS AS

	
O.W. BUNKER MALTA LTD

O.W. BUNKER & TRADlNG (CHILE) LTD.

O.W. BUNKER CHINA LTD

O.W. BUNKER & TRADING A/S

O.W. BUlNKER MIDDLE EAST DMCC

O.W. BUNKER GERMANY GMBH

O.W. BUNKER CANARY ISLANDS S.L.U

O.W. BUNKER FAR EAST(SINGAPORE)PTE LTD

O.W. BUNKER SPAIN S.L.

O.W. BUNKER SWITZERLAND S.A.

O.W. BUNKERS (UK) LTD

O.W. BUNKER USA INC. 

WILHELMSEN MARINE FUELS AS

	
40,000,000.00

 

(combined aggregate

limit)

	
WFS GROUP

	
WORLD FUEL SERVICES EUROPE LTD 

WORLD FUEL SERVICES TRADING, Dl\/lCC

WORLD FUEL SERVICES (SINGAPORE) PTE LTD 

WORLD FUEL SERVICES AMERICAS, INC

	
40,000,000.00

 

plus an increment of 30,000,000 subject to Credit Insurance, 

security, and such other arrangements as are acceptable 

to the Facility Agent

180

181

Schedule 13

Form of Borrowing Base Report

	
Borrowing Base Certificate as per:           xx/xx/xxxx

	
Aegean Marine Petroleum, Aeean Petroleum lnternational,Aegean North West Europe

Schedule 14

Form of Lender Accession Letter

To: ABN AMRO Bank N.V. as Facility Agent

From: each Lender and/or Acceptable Bank participating in the accordion increase and Aegean Marine Petroleum S.A.

Dated: [•]

Dear Sirs,

Aegean Marine Petroleum S.A. $1,000,000,000 Facility Agreement dated [•] 2013 (the Agreement)

		1.	We refer to the Agreement. This is a Lender Accession Letter. Terms defined in the Agreement have the same meaning in this Lender Accession Letter unless given a different meaning in this Lender Accession Letter.

	2.	Each Lender and New Lender (as defined below) which is a party hereto confirms that it is bound by the terms of the Agreement as a Lender in accordance with clause 2.6 (Accordion - Increase in Size of Facility A and/or Facility B) of the Agreement.

	3.	On the date of the Facility increase in accordance with clause 2.6 of the Agreement:

	 	
(a)

	
each party hereto which is not already a party to the Agreement as a Facility [A/B] Lender (other than the Company and the Facility Agent) becomes a party to the Agreement as a Facility [A/B] Lender (a New Lender); and

	 	
(b)

	
each Lender or New Lender which is a party hereto has the Proposed Participations in respect of Facility [A/B] set out opposite its name in the Schedule and shall comply with clause 2.7 of the Agreement in connection therewith.

	4.	The Facility Office and address, fax number and attention details for notices of each new Lender for the purposes of clause 36.2 (Addresses) of the Agreement are set out in the Schedule.

 

	5.	This Lender Accession Letter is governed by English law.

 

	6.	This Lender Accession Letter has been delivered as a deed on the date stated at the beginning of this Lender Accession Letter.

   ...........................................              ........................................................

[•]                                                                            Aegean Marine Petroleum S.A.

Countersigned by:

................................................

ABN AMRO Bank N.V.

1

[Insert Schedule]

	
Lender

	
Proposed Participation

	
Clause 36.2 details

	 		
 

 

	 		
 

 

2

Schedule 15

Form of Daily Headroom Report

 

 

 

 

 

3

Schedule 16 

Approved Suppliers

BP p.l.c. and its wholly-owned subsidiaries (directly or indirectly)

Royal Dutch Shell plc and its wholly-owned subsidiaries (directly or indirectly)

4

 

Schedule 17

Permitted Indebtedness

	 	
 

Lenders

	
Original facility

	
 

Facility

	 	
Initial Signing

	
Amended from

	 	
 

Borrowers

	
(legal

	
amount

	
amount

	 	
(assumed)

	
time to

	 	
(legal

	
Facilities

	
names)

	
(x1000)

	
(x1000)

	
Currency

	
date

	
time

	 	
names)

	 	 	 	 	 	 	 	 	
Kithnos

	 	 	 	 	 	 	 	 	
Maritime

	 	 	 	 	 	 	 	 	
Inc., Naxos

	 	 	 	 	 	 	 	 	
Maritime

	 	 	 	 	 	 	 	 	
Inc., Paros

	 	 	 	 	 	 	 	 	
Maritime

	 	 	 	 	 	 	 	 	
Inc.,

	
2005 Newbuilding

	
Aegean Baltic

	 	 	 	 	 	 	
Santorini

	
Secured

	
Bank S.A.,

	 	 	 	 	 	 	
Maritime

	
Syndicated Term

	
HSH Nordbank

	 	 	 	 	 	 	
Inc., Serifos

	
Loan

	
AG

	
35,500

	
35,500

	
USD

	
30-Aug-05

	
Yes

	 	
Maritime Inc.

	 	 	 	 	 	 	 	 	
I Aegean Marine

	 	 	 	 	 	 	 	 	
Petroleum

	 	 	 	 	 	 	 	 	
Network

	
First 2006

	 	 	 	 	 	 	 	
Inc., Aegean

	
Newbuiding

	
The Royal

	 	 	 	 	 	 	
Marine

	
Secured Term

	
Bank of

	 	 	 	 	 	 	
Petroleum

	
Loan

	
Scotland and Plc

	
33,400

	
33,400

	
USD

	
10-Feb-06

	
Yes

	 	
S.A.

	 	 	 	 	 	 	 	 	
Eton Marine

	 	 	 	 	 	 	 	 	
Ltd,

	 	 	 	 	 	 	 	 	
Benmore

	
Third 2006

	 	 	 	 	 	 	 	
Services

	
Newbuilding

	
Aegean Baltic

	 	 	 	 	 	 	
S.A., Ingram

	
Secured Term

	
Bank SA, HSH

	 	 	 	 	 	 	
Enterprises

	
Loan

	
Nordbank AG

	
26,250

	
26,250

	
USD

	
25-Oct-06

	 	 	
Co.

	
Second 2006

	 	 	 	 	 	 	 	
Tasman

	
Newbuilding

	 	 	 	 	 	 	 	
Seaways

	
Secured Term

	
National Bank

	 	 	 	 	 	 	
Inc., Santos

	
Loan

	
of Greece

	
17,600

	
17,600

	
USD

	
27-Oct-06

	 	 	
Limited

	 	 	 	 	 	 	 	 	
Kerkyra

	 	 	 	 	 	 	 	 	
Marine S.A.,

	 	 	 	 	 	 	 	 	
Ithaki Marine

	 	 	 	 	 	 	 	 	
S.A.,

	 	 	 	 	 	 	 	 	
Cephallonia

	 	 	 	 	 	 	 	 	
Marine S.A.,

	 	 	 	 	 	 	 	 	
Paxoi Marine

	 	 	 	 	 	 	 	 	
S.A.,

	 	 	 	 	 	 	 	 	
Zakynthos

	 	 	 	 	 	 	 	 	
Marine S.A.,

	
2006 Newbuilding

	 	 	 	 	 	 	 	
Lefkas

	
Secured

	
Aegean Baltic

	 	 	 	 	 	 	
Marine S.A.,

	
Syndicated Term

	
Bank SA, HSH

	 	 	 	 	 	 	
Kyrthira

	
Loan

	
Nordbank AG

	
64,750

	
64,750

	
USD

	
30-Oct-06

	 	 	
Marine S.A.

	 	 	 	 	 	 	 	 	
Andros

	 	 	 	 	 	 	 	 	
MarineInc.,

	 	 	 	 	 	 	 	 	
Dilos Marine

	 	 	 	 	 	 	 	 	
Inc., os

	 	 	 	 	 	 	 	 	
Marine Inc.,

	 	 	 	 	 	 	 	 	
Aegaen VII

	 	 	 	 	 	 	 	 	
Shipping Ltd,

	
2007 Newbuilding

	
The Royal

	 	 	 	 	 	 	
ANA FI

	
Secured Term

	
Bank of

	 	 	 	 	 	 	
Shipping

	
Loan

	
Scotland Pie

	
37,560

	
43, 160 •

	
USD

	
5-Jul-07

	
Yes

	 	
(Pte.) Ltd.

5

	
 

 

 

 

 

 

2008 Newbuilding Secured Term Loan

	
 

 

 

 

 

 

Aegean Baltic Bank SA, HSH 

Nordbank AG

	
 

 

 

 

 

 

 

 

38,800

	
 

 

 

 

 

 

 

 

38,800

	
 

 

 

 

 

 

 

 

USD

	
 

 

 

 

 

 

 

 

24-Apr-08

	 	
Kassos Navigation S.A., Tilos Navigation S.A., Halki Navigation S.A., Symi Navigation S.A.

	
 

2008 Secured Term Loan

	
 

Piraeus Bank AE

	
 

 

15.000

	
 

 

15.000

	
 

 

USD

	
 

 

8-Jul-08

	
 

 

Yes

	
Aegean Bunkering Services Inc.

	
 

2008 Revolving Overdraft Facility

	
 

Piraeus Bank AE

	
 

 

20,000

	
 

 

8,000

	
 

 

USD

	
 

 

11-Mar-08

	
 

 

Yes

	
Aegean Bunkering Services Inc.

	
 

2010 Newbuilding ANWE Loan Facility

	
 

 

KBC Bank SA/NV

	
 

 

 

3,740

	
 

 

 

3,740

	
 

 

 

EUR

	
 

 

 

22-Mar-04

	
 

 

 

Yes

	
Blatoma NV (new brand Aegean Barges)

	
 

 

 

 

2010 ANWE

Acquisition Loan Facility

	
 

 

 

 

 

Belfius Bank SA/NV

	
 

 

 

 

 

 

4,000

	
 

 

 

 

 

 

4,000

	
 

 

 

 

 

 

EUR

	
 

 

 

 

 

 

25-Apr-09

	 	
Verbeke Bunkering NV (new brand Aegean Northwest Europe)

	
2010 Newbuilding Secured Loan Facility

	
 

BNP Paribas SA

	
 

 

5,680

	
 

 

5,680

	
 

 

EUR

	
 

 

6-Oct-09

	 	
 

 

Seatra BVBA

	
 

 

 

 

 

 

 

 

2013 Fujairah Credit Facility

	
ABN AMRO

Bank N.V., UBS AG, London 

Branche, Emirates 

NBD Bank (JPSC),

Arab Banking Corporation (B.S.C.)

	
 

 

 

 

 

 

 

 

 

73,500

	
 

 

 

 

 

 

 

 

 

73,500

	
 

 

 

 

 

 

 

 

 

USD

	
 

 

 

 

 

 

 

 

 

11-Mar-13

	 	
 

 

 

 

 

 

 

Aegean Oil Terminal Corporation

Permitted Indebtedness shall include:

		(a)	a facility issued or to be issued by BNP Paribas S.A. to the Borrowers or any of them for the issuance or counter-guarantee of bank guarantees in favour of customs and port authorities by BNP Paribas S.A., subject to a maximum aggregate facility limit of $1,500,000 in total;

		(b)	in relation to the 2013 Fujairah Credit Facility identified above:

		(i)	an increase and extension from $73,500,000 to $120,000,000; and

		(ii)	a refinancing by way of issuance of a debt capital market instrument,

provided that the maximum Permitted Indebtedness shall not exceed $120,000,000 and no additional security or guarantees are granted by any members of the Group in respect of the same (it being understood that any existing approved security and guarantees may extend or be reissued to cover the increased facility amount or refinanced indebtedness); and

		(c)	subject to the terms and conditions set out therein, Financial Indebtedness consented to in the Consent Letters.

6

Schedule 18

Specified Existing Indebtedness

	
 

 

 

Facilities

	
 

Lenders (legal names)

	
Original facility amount (xl000)

	
 

Facility amount 

(xl000)

	
 

 

 

Currency

	
Initial Signing 

(assumed) date

	
Amended from

time to time

	
 

Borrowers 

(legal names)

	
2009 Senior Secured Revolving 

Credit Facility

	
 

 

National Bank of Greece SA

	
 

 

 

50,000

	
 

 

 

50,000

	
 

 

 

USD

	
 

 

 

17-Sep-09

	
 

 

 

Yes

	
Aegean Marine Petroleum S.A.

	
 

 

2009 Trade Credit Facility

	
 

 

BNP Paribas SA

	
 

 

 

100,000

	
 

 

 

220,000

	
 

 

 

USD

	
 

 

 

19-Nov-09

	
 

 

 

Yes

	
Aegean Marine Petroleum S.A.

	
 

2010 ANWE

Overdraft Facilitv

	
 

KBC Bank SA/NV

	
USD 45,000 + EUR 500

	
 

 

80,000

	
 

 

USO/EUR

	
 

 

1-Apr-10

	
 

 

Yes

	
Aegean North West Europe N.V.

	
2010 ANWE

Revolving credit facility

	
 

Belfius Bank SA/NV

	
 

 

45,000

	
 

 

80,000

	
 

 

USD

	
 

 

1-Apr-10

	
 

 

Yes

	
Aegean North West Europe N.V.

	 

   2010 Revolving Credit Facility

	
  ABN AMRO Bank NV

	  100,000	    200,000	    USD	
7-Jun-10

	  Yes	
 

Aegean Marine Petroleum S.A.,

Aegean Petroleum International Inc., Aegean Oil Terminal Corporation

	
 

 

2006 Renewed Senior 

Secured Credit Facilitv

	
The Royal Bank of 

Scotland Plc,

HSH Nordbank AG

	
 

 

 

 

150 000

	
 

 

 

 

125,000

	
 

 

 

 

USD

	
 

 

 

 

  19-Dec-06

	
 

 

 

 

Yes

	
 

Aegean Marine Petroleum S.A.

7

Schedule 19

Form of New Lender Spanish Power of Attorney

POWER OF ATTORNEY

APPEARS

Mr., [•] as stated by the appearing party, acting in the name and on behalf [•], an entity incorporated under the laws of [•], having its registered office in [•] registered and filed before [•] (hereinafter, the "Grantor").

GRANTS

Grantor grants a Power of Attorney (hereinafter referred as the "Power of Attorney"), as wide as sufficient in law might be necessary, in favour of ABN AMRO Bank N.V., a public company with limited liability duly organised and existing under the laws of the Netherlands having its registered office in Amsterdam at [at Gustav Mahlerlaan 10, 1082 PP] and registered at the Chamber of Commerce with number 34334259, that may act through its own attorneys (hereinafter, the "Attorney" or the "Security Agent") so that acting jointly and severally as, with its sole signature, any time, in connection with the financing executed between, among others, ABN AMRO Bank N.V.as security agent, ABN AMRO Bank N.V.as arranger, facility agent, and lender ("Arranger, "Facility Agent" and "Lender"), Aegean Marine Petroleum S.A., Aegean Petroleum International Inc. and Aegean NWE N.V. as borrower (the "Borrower"), the Borrowers and Aegean Marine Petroleum Network Inc. as guarantors (the "Guarantors" and jointly with the Borrower, the "Obligors") for an amount up to [$900,000,000] (the "Facility Agreement"), in the name and on behalf of the Grantor may perform any of the following authorities, even if entering in self-contracting (auto-contrataci6n), multiple representation or conflict of interests and including expressly the authority of substitution:

		1.	Ratify and formalise the Facility Agreement as a Spanish notarial document.

		2.	Sign, grant, ratify and/or execute as Spanish notarial document, in the terms and conditions that the Attorney may deem appropriate, a non-possessory pledge over non-fixed assets (including but not limited to stocks, chattels, inventory and raw materials) in favour of the Grantor as lender under the Facility Agreement, and accept the creation of any such pledge in the name and on behalf of the Grantor.

		3.	Sign, grant, ratify and/or execute as Spanish notarial document, in the terms and conditions that the Attorney may deem appropriate, one or several assignment agreements to be entered into with any third party (either as assignor or assignee) in relation with the Facility Agreement and the Non-Possesory pledge referred to in the preceding paragraphs.

		4.	Sign, grant, ratify and/or execute as Spanish notarial document, any agreement or document for the amendment, rectification or clarification of any of the documents referred to above.

		5.	Appear and file any private and/or notarial documents before any private or public entity, as well as Public Registry, public administration, registries, consulates or tax administration, for its recording or validation (including its novation, assignments and amendments), and file and/or pay any tax or registry fees related to the granting, formalisation, execution, and registration of the documents and/or agreements described in the above paragraphs.

		6.	Act, appear before and disclose information to any authority or body of the Spanish or foreign public administration, state, provincial, municipal or regional agency, court of justice or any other public body of a civil, criminal, administrative or labour nature, to obtain all manner of permits or licenses and to make all such notifications as may be required by the applicable legislation concerning the transactions included in the documents referred to above, and, in particular, but

8

not limited to, the Bank of Spain ("Banco de España") and the Spanish Revenue ("Agencia Estatal de la Administraci6n Tributaria") or any tax authorities, in order to execute, deliver and file, in the name and on behalf of Grantor, any document, statement, payment, application or official forms (including those of a tax nature) that may be necessary or advisable for the fulfilment of, or in connection with, any of the transactions, actions, faculties, agreements or documents foreseen in this power and any other ancillary measures required for the full and complete fulfilment of the powers hereby granted (including the granting of the final shareholder statement).

		7.	In order to obtain and/or renew the Foreign Identification Number ("Numero de ldentificaci6n de Extranjero"), carry out before the Spanish Revenue or any other institutions, as many actions which may be deemed necessary or convenient to obtain it, and for these effects sign any documents or forms needed, and in special fulfil the 036 form and designate the Grantor's address in Spain, sign and execute all documents, either notarial or private, that may be deemed necessary or convenient for this purpose and appear before the Spanish Revenue or any other institutions, trustees or any others.

		8.	Enforce any personal guarantee, right "in rem" security as well as any undertakings to grant any personal guarantee or right "in rem" security granted in favour of the Grantor as security for the Facility Agreement, including but not limited to, any actions that they may deem necessary for the purposes of enforcement, such as making and submitting demands for payment, claims, notices, liquidations, announcements, issuing certifications, requesting certified first copies of documents (notarial or otherwise), appointing counsel and court-attorneys, initiating auctions and any type of enforcement action (in court or out of court) and appearing before any relevant notary public or court of jurisdiction.

		9.	Appear before any courts, appellate courts and other ordinary or special courts, at any instance and in any order of jurisdiction, and before any other authority, judges, public prosecutor's office, notary's office, public registry, tax office or tax agency, or government office or officer; and thereat to file, conduct and terminate, acting either as claimant or defendant, all kinds of court or out-of court actions and proceedings relating to the Facility Agreement and the security documents entered into in relation to it.

		10.	The above authorities, in all or in part, may be delegated or substituted in favour of any third person that the Attorneys may deem convenient.

In WITNESS WHEREOF this Power of Attorney has been executed as a deed by the Grantor and is intended to be effective and is hereby delivered on the date of the Notarial Certificate below and shall be in force until [•] unless it is revoked prior to such date.

In witness thereof this Power of Attorney is granted.

I have informed the attendant of his right to read this document himself, and I proceed to read this document aloud with his tacit consent.

He states that he is aware of its contents and ratifies it in all its provisions, signing the same with me.

In [●], on [●].

[Grantor's corporate name]

______________________

Mr. [●]

Office: [●]

9

NOTARIAL CERTIFICATE

 

  

I, the undersigned, Notary Public in [                                                                                                ], on this [                        ] day of [                            ] of  20[ ], do hereby certify that:

		1.	[Grantor's corporate name] is a [  ]  incorporated in accordance with the laws of [       ], having [     ]   its registered office in [      ] at [    ] ] and registered under number [  ].

		2.	[  ] is authorised and has the capacity to grant the above power of attorney in the name and on behalf of [Grantor's corporate name] according to the laws of [   ].

		3.	The signature of [     ] in this document is authentic.

		4.	This power of attorney constitutes a legally valid and binding document and all actions undertaken by the attorneys-in-fact nominated herein within the scope of the power shall be legally valid and binding on [Grantor's corporate name].

WITNESS, I sign this power of attorney and stamp my official seal

Place: [●]

Date: [●]

Signature: [●]

10

Schedule 20

Form of Deed of Undertaking

THIS DEED is made this [**] day of [**].

Between

1. [Third party], a company incorporated in [•] (Registration No. [**]) and having its registered office at [**] (the "Applicant"); and

2. [AEGEAN MARINE PETROLEUM S.A. I AEGEAN PETROLEUM INTERNATIONAL INC. I AEGEAN NWE N.V.], a company incorporated in [**] (Registration No. [**]) and having its registered office at [**](the "Obligor")

in favour of:

3. [Relevant Facility C Lender] , a company incorporated in [**]and having its registered office at [**] (the "Issuing Bank").

WHEREAS:

(A)        Issuing Bank, amongst others, has granted to Obligor, amongst others, certain facilities pursuant to a facility agreement for a borrowing base facility dated [•] 2013 (any of or all of such facilities shall hereinafter be referred to as the "Facilities").

(B)        Applicant and Obligor intend to jointly and severally authorise, empower and request Issuing Bank to issue a documentary letter of credit under, and subject to the terms and conditions of, the Facilities from time to time in favour of [**], subject to the approval of Issuing Bank at its absolute discretion (the "Letter of Credit").

(C)        At all times, (i) as between the Obligor and the Issuing Bank, the responsibility and liability of any Letter of Credit in name of the Applicant shall rest with Obligor; and (ii) as between the Applicant and the Issuing Bank, the Applicant shall indemnify Issuing Bank in respect of any liabilities arising from any Letter of Credit.

NOW THIS DEED WITNESSES AS FOLLOWS:

		1.	Obligor herewith instructs Issuing Bank to indicate in the Letter of Credit the full name and address of Applicant if so indicated by Obligor in its requests to the Issuing Bank to issue Letter of Credit, rather than the full name and address of the Obligor itself as applicant, such however under the full responsibility and financial liability of the Obligor and under, and subject to the terms and conditions of, the Facilities.

		2.	Obligor undertakes to Issuing Bank that the Letter of Credit in the name of the Applicant shall be issued at the full risk, responsibility and financial liability of Obligor and consequently authorises Issuing Bank to debit (i) upon issuance of a Letter of Credit the liability account in in the name of Obligor in the books of Issuing Bank with the full amount of the Letter of Credit, and (ii) upon Letter of Credit settlement(s) the current account of Obligor in the books of the Issuing Bank for the full amount of each settlement.

		3.	Applicant herewith gives notice to Issuing Bank that it shall not have at any time any claim, right or demand or any pretension of any nature whatsoever against Issuing Bank in relation to the Letter of Credit, and herewith irrevocably instructs and authorises Issuing Bank and consents to the same:

		(a)	to indicate its full name and address as applicant in the wording of the Letter of Credit as instructed by Obligor;

		(b)	to follow the instructions of Obligor to amend the Letter of Credit without any obligation on the part of Applicant and without its further instructions or confirmation;

		(c)	to carry out all other instructions from Obligor in all matters related to the Letter of Credit;

11

		(d)	to address all correspondence relative to the Letter of Credit directly to Obligor;

 

		(e)	
to handle and dispose the original shipping documents related to the Letter of Credit in accordance with the instructions of Obligor and to endorse the relevant bills of lading as per the instructions of Obligor to the order of any entity nominated by Obligor; and

 

		(f)	
to act as its Attorney-in-Fact, in respect to endorsement of bills of lading (or other documents) under the Letter of Credit and authorises Issuing Bank to endorse the same, where applicable, to the order of any entity nominated to Issuing Bank by Obligor or as otherwise may be necessary to enforce security rights.

 

		4.	
Applicant herewith expressly confirms (a) that this Deed is to be deemed as irrevocable on the part of the Applicant and that it has no right whatsoever to amend the same and (b) that it has no rights, or relinquishes, renounces and/or forfeits any and all of its rights to interest in and any claims in respect of:

 

 

		(a)	the relevant material purchased under the Letter of Credit (the "Material");

		(b)	the receivable(s) arising from the sale of such material (the "Receivables"); and

		(c)	the proceeds arising from collection of any Receivables.

		5.	Applicant herewith further expressly agrees that the Material, the Receivables and the proceeds thereof, will only belong to Obligor, or to ABN AMRO Bank N.V. as security taker of Obligor's property rights and Applicant hereby acknowledges the security interest of ABN AMRO Bank N.V. in the Material, the title documents covering the Material, the Receivables and the proceeds arising from collection of the Receivables.

		6.	Applicant herewith further expressly confirms that, immediately after payment of the Letter of Credit, no third party other than Obligor or ABN AMRO Bank N.V. as security taker of Obligor's property rights will have any rights and or interest of any nature whatsoever regarding any part of the Material or any part of the Receivables and proceeds thereof and/or the title with respect to the same.

		7.	Obligor and Applicant agree and accept that the issuance of the Letter of Credit and any amendment thereof shall at all times be subject to Issuing Bank's absolute discretion.

		8.	Neither Obligor nor Applicant shall make any claim that it has, may have or may have had against Issuing Bank, whether directly or indirectly, in connection to any Letter of Credit, or to the issuance or non-issuance of the Letter of Credit by the Issuing Bank.

		9.	Each of Applicant and Obligor hereby jointly and severally irrevocably and unconditionally undertake to indemnify Issuing Bank and to keep Issuing Bank indemnified fully and completely against all claims and demands actions and proceedings, losses, damages, costs and expenses including legal costs on a full indemnity basis and all other liabilities of whatsoever nature or description which may be made, taken, incurred or suffered by Issuing Bank as a result of acting in accordance with this Deed and the above mentioned instructions.

		10.	Applicant represents and warrants to Issuing Bank that:

 

		(a)	Capacity: it (i) is duly incorporated and validly existing under the laws of the jurisdiction of its incorporation; (ii) has the power to own its assets and carry on its business as it is being conducted; and (iii) has duly executed and delivered, and has all requisite power, authority and approvals to enter into and perform its obligations under, this Deed;

		(b)	Authority: it has, and any person designated by it has, and it and they will at all times have, due authorisation to act in all respects in relation to this Deed;

		(c)	Validity: this Deed is a valid and legally binding obligation, enforceable against it in accordance with its terms except for the effect of bankruptcy, insolvency, reorganisation, moratorium and other similar laws relating to or affecting creditors' rights generally;

		(d)	Insolvency etc.: no bankruptcy, receivership, judicial management, winding up or liquidation notice, petition or analogous insolvency proceeding has been threatened or filed against it in any jurisdiction; and

 

 

12

 

 

		(e)	
Violations: its execution, delivery and performance of this Deed does not and will not violate, contravene, conflict with or constitute a default under any provision of its memorandum and articles of association (or equivalent constituent documents) or any law, regulation, rule, decree, order, judgement or charge, contract, trust deed or other instrument binding on it or any of its assets.

 

		11.	Neither the Applicant nor the Obligor, nor any of their respective directors, officers or employees nor, to the knowledge of the Applicant or the Obligor, any persons acting on any of their behalf:

		(a)	is a Prohibited Person;

		(b)	is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;

		(c)	owns or controls a Prohibited Person;

		(d)	is in breach of Sanctions; or

		(e)	has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions by any Sanctions Authority; or

		(f)	shall permit present any business or transaction to the Issuing Bank that contains any direct or indirect violation of Sanctions or authorise any other person to, directly or indirectly, use, make payments of, contribute or otherwise make available, the Letter of Credit or transactions contemplated thereby to fund or facilitate trade, business or other activities: (i) involving or for the benefit of any Prohibited Person; or (ii) in any other manner that could result in the Applicant or the Obligor or the Issuing Bank being in breach of any Sanctions or becoming a Prohibited Person.

For the purposes of this clause 11 the following words shall have the following meanings:

Prohibited Person means a person that is:

		(a)	listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed on, any Sanctions List;

		(b)	located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory that is the target of country-wide or territory-wide Sanctions; or

		(c)	otherwise a target of Sanctions (namely a person with whom a US person or other national under the jurisdiction of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities)

Sanctions means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any Sanctions Authority (whether or not the Applicant or the Obligor or any other member of their respective groups or any affiliates of any group member is legally bound to comply with such laws, regulations, embargoes or measures)

Sanctions Authority means any of:

		(a)	the United States government;

		(b)	the United Nations;

		(c)	the United Kingdom;

		(d)	Switzerland; or

		(e)	the European Union,

13

and includes any government entity of any of the above, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (OFAC), the United States Department of State, Her Majesty's Treasury (HMT) and the Swiss State Secretariat for Economic Affairs (SECO)

Sanctions List means:

(a)           the "Specially Designated Nationals and Blocked Persons" list maintained by OFAC;

		(b)	the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by HMT; or

		(c)	any similar list maintained by, or public announcement of Sanctions designation made by, any other Sanctions Authority

If either Applicant or Obligor knows or may have reason to believe that the transaction under the Letter of Credit that is conducted through the Issuing Bank is or may become in violation with Sanctions or the above provisions, it will immediately notify the Issuing Bank thereof and provide all information on the business or transaction that may be relevant for the Issuing Bank, or as reasonably requested by the Issuing Bank. In such case, Applicant and Obligor shall use their best efforts to adjust the business or transaction in such a way that violation with the abovementioned laws, resolutions or regulations is prevented. If violation with the abovementioned laws, resolutions or regulations cannot be prevented Applicant and Obligor shall each use its best efforts to legally allow the Issuing Bank to exit the business or transaction without costs or other negative consequences for the Issuing Bank. Furthermore, each of the Applicant and Obligor undertakes to indemnify the Issuing Bank for any and all claims and demands actions and proceedings, losses, damages, costs and expenses incurred in connection with such business or transaction, in accordance with clause 9 of this Deed.

		12.	Issuing Bank's records, unless shown to be wrong, will be evidence of Obligor's and Applicant's dealings with Issuing Bank in connection with the Deed. Both Obligor and Applicant agree that it will not object to the admission of Issuing Bank's records as evidence in any legal proceedings on the grounds that such records are not originals, are not in writing or are documents produced by a computer. Obligor and Applicant will not rely on the Bank to comply with Obligor's and Applicant's record keeping obligations.

		13.	This Deed and the Facilities contain the entire agreement between the parties hereto relating to the subject matter of this Deed to the exclusion of any terms implied by law which may be excluded by contract.

		14.	Issuing Bank's rights under this Deed may be assigned to any person without the consent of either Obligor or Applicant. The Obligor's or Applicant's rights under this Deed are personal to that party and not capable of assignment.

		15.	The obligations under this Deed bind, and the rights will be enforceable by, each party hereto and each party's respective successors and permitted assigns.

		16.	Each provision of this Deed is severable and if any provision becomes invalid, void, voidable or unenforceable or contravenes any applicable regulations the remaining provisions will not be affected.

		17.	Other than ABN AMRO Bank N.V., a person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce or enjoy the benefit of any its terms.

		18.	The rights and remedies provided under this Deed are cumulative and not exclusive of those provided by law. The failure to exercise or delay in exercising a right or remedy under this Deed will not constitute a waiver of the right or remedy or a waiver of any other rights or remedies and no single or partial exercise of a right or remedy under this Deed will prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

14

19.   This Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.

The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a Dispute).

The parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no party will argue to the contrary.

This clause 18 is for the benefit of the Issuing Bank only. As a result, the Issuing Bank shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Issuing Bank may take concurrent proceedings in any number of jurisdictions.

Without prejudice to any other mode of service allowed under any relevant law, each of the Applicant and the Obligor irrevocably appoints [•] as its agent for service of process in relation to any proceedings before the English courts in connection with this Deed.]

The parties have executed this Deed as a deed with the intention that it be delivered on the date written at the beginning of this Deed.

	
Executed as a deed and delivered by

	 
	
[third party]

	
Name:

	
Acting persons who in accordance with the

	
Title:

	
law of [●] are acting under the authority of

	 
	
the company

	
Name:

	 	
Title:

	
Signed as a deed and delivered by

	 
	
[AEGEAN MARINE PETROLEUM S.A./

	
Name:

	
AEGEAN PETROLEUM INTERNATIONAL

	
Title:

	
INC./AEGEAN NWE N.V.]

	 
	
Acting by persons who in accordance with

	
Name:

	
the law of [**] are acting under the authority

	
Title:

	
of the company

	 
	 	 
	
Signed for and on behalf of 

	 
	
[Relevant Facility C Lender]

	
Name:

	 	
Title:

	 	 
	 	
Name:

	 	
Title:

	 	 

15

Schedule 21

Form of Lender utilisation report

 

 

 

 

16

SIGNATURES

THE COMPANY

AEGEAN MARINE PETROLEUM S.A.

 

By:   

 

Address:

Fax:

 

THE BORROWERS

AEGEAN MARINE PETROLEUM S.A.

 

By:   

 Address:

Fax:

AEGEAN PETROLEUM INTERNATIONAL INC.

 

By:   

 

Address:

Fax:

AEGEAN NWE N.V.

By:

 

Address:

Fax:

 

THE GUARANTORS

AEGEAN MARINE PETROLEUM NETWORK INC.

By:

 

Address:

Fax:

17

AEGEAN MARINE PETROLEUM S.A.

By:

 

Address:

Fax:

AEGEAN PETROLEUM INTERNATIONAL INC.

 

By:

 

Address:

Fax:

AEGEAN NWE N.V.

 

By:

 

Address:

Fax:

 

THE ARRANGERS

ABN AMRO BANK N.V.

 

By:  

 

Address:

 

Fax:

 

Attention:

 

BNP PARIBAS

 

By:

 

Address:

 

Fax:

 

Attention:

18

THE FACILITY AGENT

ABN AMRO BANK N.V.

 

By:

 

Address:

 

Fax:

 

Attention:

  

THE COLLATERAL MANAGEMENT AGENT

ABN AMRO BANK N.V.

  By:

 

  Address:

 

Fax:

 

Attention:

THE SECURITY AGENT

ABN AMRO BANK N.V.

 

    By:

 

Address:

 

Fax:

 

Attention:

 

THE DOCUMENTATION BANK

ABN AMRO BANK N.V.

By: 

Address:

 

Fax:

 

Attention:

19

THE ORIGINAL LENDERS

ABN AMRO BANK N.V.

    By:   

   

   Address:

 

Fax:

 

Attention:

 

BNP PARIBAS (SUISSE) SA

 

By:

 

Address:

 

Fax:

 

Attention:

 

KBC BANK NV

 

By:

 

Address:

 

Fax:

 

Attention:

  

NATIXIS

 

By:

 

Address:

 

Fax:

 

Attention:

20

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

 

By:

 

Address:

 

Fax:

 

Attention:

  

ING BELGIUM, BRUSSELS, GENEVA BRANCH

 

By:

 

Address:

 

Fax:

 

Attention:

SOCIETE GENERALE

 

By:

 

Address:

 

Fax:

 

Attention:

 

BELFIUS BANK NV/SA

 

By:

 

Address:

 

Fax:

 

Attention:

21

NATIONAL BANK OF GREECE SA

By:

Address:

Fax:

Attention:

CREDIT SUISSE AG

By:

Address:

Fax:

Attention:

MASHREQBANK PSC

By:

Address:

Fax:

Attention:

EMIRATES NBD PJSC, LONDON BRANCH

By:

Address:

Fax:

Attention:

22

ARAB BANK (SWITZERLAND) LTD

By:

Address:

Fax:

Attention:

THE CO-ORDINATOR

ABN AMRO BANK N.V.

By:

Address:

Fax:

Attention:

23

Schedule 4

Form of Effective Date Notice

Amendment and Restatement Agreement dated _______ September 2014 (the Agreement) entered into between Aegean Marine Petroleum S.A. as the Company, Aegean Marine Petroleum S.A., Aegean Petroleum International Inc., and Aegean NWE N.V. as Borrowers, ABN AMRO Bank N.V. and BNP Paribas as arrangers, ABN AMRO Bank N.V. as facility agent, collateral management agent, security agent, documentation bank and co-ordinator and certain banks and financial institutions listed therein as lenders, relating to an $1,000,000,000 borrowing base facility agreement dated 19 September 2013

We refer to the Agreement.

In accordance with clause 3 (Effective Date) of the Agreement, we hereby confirm that we have received in form and substance satisfactory to us, or otherwise waived the requirement to receive, the items set out in Schedule 2 of the Agreement.

Accordingly, the "Effective Date" (as defined in the Agreement) shall be the date of this notice. 

 

For and on behalf of

   ...................................................

ABN AMRO Bank N.V.

Date: ____ September 2014

7

Signatures

THE COMPANY

AEGEAN MARINE PETROLEUM S.A.

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

  

THE BORROWERS

AEGEAN MARINE PETROLEUM S.A.

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

AEGEAN PETROLEUM INTERNATIONAL INC.

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

  

AEGEAN NWE N.V.

 

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

THE GUARANTORS

AEGEAN MARINE PETROLEUM NETWORK INC.

 

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

AEGEAN MARINE PETROLEUM S.A.

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

AEGEAN PETROLEUM INTERNATIONAL INC.

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

8

AEGEAN NWE N.V.

 

	
By:  SP. Gianniotis

	 	
/s/ SP. Gianniotis

	 

THE ARRANGERS

ABN AMRO BANK N.V.

 

	
By:

	
/s/ Rohit Anand

Rohit Anand

Global Head

Word South Asian Services

	
/s/ Kamran Safdar

Kamran Safdar

Country Risk Officer UAE

	 

  

BNP PARIBAS

	
By:

	
/s/ Ph. Guibert

Ph. Guibert

 

	
/s/ Martine Sinnesal

Martine Sinnesal

Member of Management

	 

  

THE FACILITY AGENT

ABN AMRO BANK N.V.

 

	
By:

	
/s/ D.N. de Baan

D.N. de Baan

Proxy Holder

	
/s/ Jeanine Kok

Jeanine Kok

Proxy Holder

	 

  

THE COLLATERAL MANAGEMENT AGENT

ABN AMRO BANK N.V.

	
By:

	
/s/ Rohit Anand

Rohit Anand

Global Head

Word South Asian Services

	
/s/ Kamran Safdar

Kamran Safdar

Country Risk Officer UAE

	 

  

THE SECURITY AGENT

ABN AMRO BANK N.V.

	
By:

	
/s/ D.N. de Baan

D.N. de Baan

Proxy Holder

	
/s/ Jeanine Kok

Jeanine Kok

Proxy Holder

	 

 

THE DOCUMENTATION BANK

ABN AMRO BANK N.V.

	
By:

	
/s/ Rohit Anand

Rohit Anand

Global Head

Word South Asian Services

	
/s/ D.S. Dorner

D.S. Dorner

 

	 

 

9

THE LENDERS

ABN AMRO BANK N.V.

 

 

	
By:

	
/s/ Rohit Anand

Rohit Anand

Global Head

Word South Asian Services

	
/s/ Kamran Safdar

Kamran Safdar

Country Risk Officer UAE

	 

  

BNP PARIBAS (SUISSE) SA

	
By:

	
/s/ Ph. Guibert

Ph. Guibert

 

	
/s/ Martine Sinnesal

Martine Sinnesal

Member of Management

	 

 

KBC BANK NV

 

 

	
By:

	
/s/ Yves Bouvez

Yves Bouvez

Relationship Manager

	
/s/ Flip Van Kerckhoven

Flip Van Kerckhoven

Manager, Corporate Center

	 

 

 

NATIXIS

  

	
By:

	
/s/ Fransois-Xavier Dupreelle

Francois-Xavier Dupreelle

	
/s/ Bruno Mazoyer

Bruno Mazoyer

	 

 

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

	
By:

	
/s/ Thij van de Laar

Thijs van de Laar

Rabobank International

Trade & Commodity Finance

Rabobank Energy

	
/s/ Fransoise Roche

Fransoise Roche

Head TCF Energy Utrecht

Rabobank International

Trade & Commodity Finance

	
 

  

ING BELGIUM, BRUSSELS, GENEVA BRANCH

	
By:

	
/s/ Patrick Arnaud

Patrick Arnaud

Group Head

	
/s/ Ko Osinga

Ko Osinga

Head of Credit Risk

	
 

  

SOCIETE GENERALE

	
By:

	
/s/ Eric Le Lay

Eric Le Lay

Global Head of Corporate Commodity and Trade Finance

	 	
 

10

BELFIUS BANK NV/SA

	
By:

	
/s/ T. Blanpain

T. Blanpain

Head of Project Finance Energy

	
/s/ Piet Cordonnier

Piet Cordonnier

Company Lawyer

Belfius Bank NV/SA

	
 

NATIONAL BANK OF GREECE SA

 

	
By:

	
/s/ V, Campbell

V. Campbell

	
/s/ A. Papademetriou

A. Papademetriou

 

	
 

  

CREDIT SUISSE AG

	
By:

	
/s/ Hilarius Bagdasarianz

Hilarius Bagdasarianz

	
/s/ Tatiana Müller

Tatiana Müller

 

	
 

  

MASHREQBANK PSC

	
By:

	
/s/ Farrukh Zaman

Farrukh Zaman

Senior Vice President

	
 

 

	
 

  

 

EMIRATES NBD PJSC, LONDON BRANCH

 

	
By:

	
/s/ [Illegible]

[Illegible]

	

/s/ [Illegible]

[Illegible]

 

	
 

  

ARAB BANK (SWITZERLAND) LTD

 

	
By:

	
/s/ Frédéric Belaigues

Frédéric Belaigues

	
/s/ Christian Bress

Christian Bress

 

	
 

  

 

THE CO-ORDINATOR

ABN AMRO BANK N.V.

 

 

	
By:

	
/s/ Rohit Anand

Rohit Anand

Global Head

Word South Asian Services

	
/s/ Kamran Safdar

Kamran Safdar

Country Risk Officer UAE

	 

  

 

11

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