Document:

SECOND
      AMENDMENT TO LOAN DOCUMENTS

     

    Second
      Amendment to Loan Documents, dated as of April 18, 2008 (this “Amendment”),
      among
      Pure Biofuels Corp. (the “Guarantor”),
      Pure
      Biofuels Del Peru S.A.C. and Palma Industrial S.A.C. (each a “Borrower”
and
      collectively, the “Borrowers”),
      Plainfield Special Situations Master Fund Limited (in its capacities as the
      Lender and the Administrative Agent), and the other Credit Parties party hereto.
      All capitalized terms used herein and not otherwise defined herein shall have
      the respective meanings provided such terms in the Loan Agreement (as defined
      below).

     

    WITNESSETH:

     

    WHEREAS,
      the Guarantor, the Borrowers, the Lender and the Administrative Agent are
      parties to that certain Loan Agreement, dated as of September 12, 2007 (as
      amended by an amendment (the “First
      Amendment”)
      executed and delivered by the Guarantor and the Borrowers on March 13,
      2008, the “Loan
      Agreement”),
      pursuant to which the Lender has made loans to the Borrowers in the aggregate
      outstanding principal amount of $20,000,000.00 and the Interest Reserve has
      been
      reduced to $0.00;

     

    WHEREAS,
      the Loans are evidenced and secured by the Loan Agreement and the other Loan
      Documents; 

     

    WHEREAS,
      the Borrowers have requested that the Commitment of the Lender be increased
      by
      $17,346,939; and

     

    WHEREAS,
      subject to the terms and conditions of this Amendment, the parties hereto wish
      to amend certain provisions of the Loan Documents as herein
      provided.

     

    NOW,
      THEREFORE, IT IS AGREED:

     

    1. The
      Borrowers represent and warrant that the above recitals are true and correct
      in
      all respects.

     

    2. The
      Loan
      Documents are amended as follows:

     

    (a) Schedule
      1.01 attached to the Loan Agreement is hereby deleted in its entirety and
      replaced with Schedule 1.01 attached hereto, so that the unfunded portion of
      the
      Commitment of the Lender as of the Amendment Effective Date (as defined below),
      before giving effect to any Loans made on such date, shall mean
      $17,346,939.

     

    (b) The
      maximum aggregate principal amount of Loans evidenced by the Notes shall be
      $37,346,939.

     

    (c) Schedule
      2.01 attached to the Loan Agreement is hereby deleted in its entirety and
      replaced with Schedule 2.01 attached hereto. The Borrowers represent and warrant
      that all of the proceeds of Loans made prior to the Amendment Effective Date
      were used solely for the purposes as set forth on part A. of Schedule 2.01.
      Each
      of the Borrowers hereby represents, warrants and agrees that all of the proceeds
      of Loans made on or after the Amendment Effective Date shall be used solely
      for
      the purposes set forth on part B. of Schedule 2.01.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d) Anything
      in the Loan Agreement to the contrary notwithstanding, (i) each Notice of
      Borrowing which the Borrowers submit to the Administrative Agent in connection
      with a Loan they desire to incur on or after the Amendment Effective Date shall
      include a description of the proposed use of the proceeds of such Loan which
      shall refer to the applicable use of proceeds items in Schedule 2.01 and contain
      such other details with respect to the use of such proceeds as the
      Administrative Agent may reasonably request and (ii) from and after the
      Amendment Effective Date, Loan proceeds shall not be advanced to the Borrowers
      more than once each calendar week and the maximum principal amount of each
      such
      weekly advance shall not exceed the applicable weekly amount set forth on part
      B. of Schedule 2.01. 

     

    (e) Anything
      in Section 2.08 of the Loan Agreement or the other Loan Documents to the
      contrary notwithstanding, interest shall accrue with respect to the Loans during
      the period extending from and including March 12, 2008 to but excluding October
      1, 2008, and all such interest accrued during such period shall be due and
      payable in four equal monthly installments on October 1, 2008, November 1,
      2008,
      December 1, 2008 and January 1, 2009. 

     

    (f) Anything
      in Section 3.01(a) of the Loan Agreement to the contrary notwithstanding, there
      shall be no Commitment Fee with respect to the Loans made under the Loan
      Agreement on or after the Amendment Effective Date.

     

    (g) Anything
      in Section 3.01(b) of the Loan Agreement to the contrary notwithstanding, the
      Funding Fee with respect to each Borrowing of Loans made under the Loan
      Agreement on or after the Amendment Effective Date shall be equal to 2.00%
      of
      the original principal amount of such Loans.

     

    (h) Anything
      in the Loan Documents to the contrary notwithstanding, the Administrative Agent
      and the Lender hereby release any lien, security interest or other Encumbrance
      which they may have pursuant to the Loan Documents on inventory (including
      raw
      materials, finished product, byproducts and inventory in process) and accounts
      receivable and the proceeds therefrom of the Borrowers. Each of the
      Administrative Agent and the Lender covenants and agrees to take all actions
      which are reasonably necessary to effect such release of such liens, security
      interests or other Encumbrances as a matter of public record following the
      Amendment Effective Date.  

     

    3. Notwithstanding
      anything to the contrary contained in this Amendment or the other Loan
      Documents, each of the Borrowers and the other Credit Parties hereby covenants
      and agrees to take all actions set forth on Exhibit A to this Amendment, at
      their sole cost and expense, to (a) implement a trust arrangement with respect
      to the Collateral (including, without limitation, if requested by the Purchaser
      (as defined in the Securities Purchase Agreement) and/or the Lender, any
      collateral secured pursuant to (i) the Convertible Note Documents and/or (ii)
      the post closing matters set forth on Exhibit A to this Amendment), which trust
      arrangement (including, without limitation, the documentation therefor) shall
      be
      in form and substance reasonably satisfactory to the Lender (the “Trust
      Arrangement”),
      (b)
      recapitalize the debt and equity structure of the Borrowers and the other Credit
      Parties in order to cause the reduction of the amount outstanding under the
      Convertible Notes and an increase in the amount outstanding under the Loans
      in a
      manner satisfactory to the Administrative Agent (the “Recapitalization”),
      (c)
      have Holdings issue warrants to the Purchaser to purchase an amount of shares
      of
      Common Stock in an amount when exercised equal to $17,346,939 divided by an
      exercise price per share of Common Stock to be determined but no greater than
      $0.30 (the “Warrant
      Issuance”)
      and in
      connection with the Warrant Issuance there will be grants of certain equity
      to
      management based on performance measures to be mutually agreed upon by Holdings
      and the Lender, and (d) amend Holdings’ articles of incorporation to increase
      its authorized Common Stock in an amount sufficient to support the issuance
      of
      the Common Stock underlying the Warrant Issuance (the “Stock
      Authorization Amendment”),
      all
      of the above to be completed within the time periods set forth therein and
      the
      parties hereto acknowledge and agree that the failure to take any of the actions
      required on Exhibit A to this Amendment, within the relevant time periods
      required, shall give rise to an immediate Event of Default. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4. Except
      as
      set forth on Schedule 4 hereto, each of the Borrowers and the other Credit
      Parties hereby represents and warrants that all of the representations and
      warranties made by it in the Loan Agreement and the other Loan Documents are
      true and correct as of the date made and, to the extent it is a continuing
      representation or warranty, as of the Amendment Effective Date.

     

    5. Each
      of
      the Borrowers and the other Credit Parties acknowledges, confirms and agrees
      that (a) the aggregate principal amount of the Loans outstanding immediately
      prior to the Amendment Effective Date is $20,000,000.00 and (b) it possesses
      no
      claims, defenses, offsets, rights of recoupment or counterclaims of any kind
      or
      nature against the Lender or with respect to the Loans, the Loan Documents
      or
      the enforcement thereof (collectively, the “Claims”),
      nor
      does either of the Borrowers or any of the other Credit Parties now have
      knowledge of any facts that would or might give rise to any Claims. If facts
      now
      exist which would or could give rise to any Claim against the Lender or with
      respect to the Loans, the Loan Documents or the enforcement thereof, each of
      the
      Borrowers and the other Credit Parties hereby unconditionally, irrevocably
      and
      unequivocally waives and fully releases any and all such Claims as if such
      Claims were the subject of a law suit, adjudicated to final judgment from which
      no appeal can be taken, and therein dismissed with prejudice. Each of the
      Borrowers and the other Credit Parties hereby waives the provisions of any
      applicable laws restricting the release of claims which the releasing party
      does
      not know or suspect to exist at the time of release which, if known, would
      have
      materially affected its decision to agree to this release. In this regard,
      each
      of the Borrowers and the other Credit Parties hereby agrees, represents and
      warrants to the Lender that it realizes and acknowledges that factual matters
      now unknown to it may have given or may hereafter give rise to causes of action,
      claims, demands, debts, controversies, damages, costs, losses and expenses
      which
      are presently unknown, unanticipated and unsuspected, and each of the Borrowers
      and the other Credit Parties further agrees, represents and warrants that the
      release provided hereunder has been negotiated and agreed upon in light of
      that
      realization, and that each of the Borrowers and the other Credit Parties
      nevertheless hereby intends to release, discharge and acquit the Lender from
      any
      such unknown causes of action, claims, demands, debts, controversies, damages,
      costs, losses and expenses which are in any manner set forth in or related
      to
      the Loans, the Loan Documents (including, without limitation, the enforcement
      thereof), the Mortgaged Property, the improvements located therein, the other
      Collateral and/or any and all dealings in connection therewith. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    6. (a)
      Each
      of the Borrowers and the other Credit Parties ratifies and confirms each of
      the
      liens and security interests granted by it to the Lender in the Loan Documents;
      

     

    (b) (i)
      each
      of the Borrowers and the other Credit Parties ratifies and confirms that the
      Security Documents create in favor of the Administrative Agent, for the benefit
      of the Lender, a security interest in all right, title and interest of each
      of
      the Borrowers and the other Credit Parties in those items and types of
      collateral described in the Security Documents, as security for the Obligations
      which include, without limitation, all Loans advanced to the Borrowers under
      the
      Loan Agreement, as amended by the First Amendment and this Amendment;

     

      (ii)
      in
      furtherance of the foregoing, Section 1(i) of the Pledge Agreement is hereby
      amended to add the following after the words “each such Loan Document” and prior
      to the words “(all such obligations, liabilities and indebtedness under this
      clause (i), being herein collectively called the “Loan Document
      Obligations”)”:

     

    “,
      an
      amendment to the Loan Agreement executed and delivered by Holdings and the
      Borrowers on March 13, 2008, the Second Amendment to Loan Documents, dated
      as of
      April 18, 2008 (the “Second Amendment”), among Holdings, Pure Biofuels and
      Palma, Plainfield Special Situations Master Fund Limited (in its capacities
      as
      the Lender and the Administrative Agent), and the other Credit Parties party
      thereto, and the Notes, dated April 18, 2008, issued by each of Pure Biofuels
      and Palma in favor of Plainfield Special Situations Master Fund Limited pursuant
      to the Second Amendment”;

     

    (c) each
      of
      the Borrowers and the other Credit Parties acknowledges and agrees that, except
      as set forth in Section 2(e) as it applies to prior payments of interest due
      under Section 11.01(b) of the Loan Agreement subsequent to March 12, 2008 and
      prior to the Amendment Effective Date, the Lender has not waived, and by its
      execution and delivery of this Amendment the Lender is not waiving, any Default
      or Event of Default under the Loan Documents as amended hereby; and

     

    (d) each
      of
      Holdings and the Subsidiary Guarantors ratifies and confirms its Guaranty;
      

     

    7. Each
      of
      the Loan Documents, as and to the extent amended hereby, remains in full force
      and effect in accordance with the terms and provisions thereof and
      hereof.

     

    8. This
      Amendment is limited as specified and shall not constitute a modification,
      acceptance or waiver of any other provisions of the Loan Agreement or any other
      Loan Document. In the event of any conflict between this Amendment and any
      of
      the Loan Documents, the terms and provisions of this Amendment shall govern
      and
      control. Each of the Borrowers and the other Credit Parties will do, execute,
      acknowledge and deliver, or cause to be done, executed, acknowledged and
      delivered, at its sole cost and expense, all such further acts, deeds,
      conveyances, mortgages, assignments, transfers, pledges and assurances as the
      Lender may reasonably require or deem desirable for the better assuring and
      confirming the terms and provisions of this Agreement. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    9. From
      and
      after the Amendment Effective Date, each reference in any Loan Document to
      any
      other Loan Document shall be deemed to be a reference to such Loan Document
      as
      and to the extent amended hereby.

     

    10. This
      Amendment may be executed in any number of counterparts and by the different
      parties hereto on separate counterparts, each of which counterparts when
      executed and delivered shall be an original, but all of which shall together
      constitute one and the same instrument. A complete set of counterparts shall
      be
      lodged with each of the Lender and the Borrowers.

     

    11. The
      provisions of Sections 13.03 and 13.08 of the Loan Agreement are incorporated
      by
      reference herein (as if set forth in full in this section) so that this
      Amendment shall be subject to the terms and provisions of such sections of
      the
      Loan Agreement.

     

    12. This
      Amendment shall become effective on the first date (the “Amendment
      Effective Date”)
      on
      which each of the following conditions is satisfied: (a) the Borrowers, the
      Lender and each of the other Credit Parties shall have signed a counterpart
      hereof (whether the same or different counterparts) and shall have delivered
      (including by way of facsimile transmission) the same to the Lender (with a
      copy
      to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036
      Attention: John May, Esq. (facsimile number 212-354-8113)) and each of the
      Borrowers shall have executed and delivered to the Lender a Note in the
      principal amount of up to $17,346,939 to evidence the increase in the Commitment
      of the Lender effected by this Amendment; (b) the Lender shall have received
      an
      opinion letter, addressed to the Administrative Agent and the Lender and dated
      the Amendment Effective Date, from each of DLA Piper US LLP, Muniz,
      Ramirez, Perez-Taiman & Luna-Victoria and Lewis
      & Roca, LLP with respect to this Amendment and such matters incident thereto
      and to the transactions contemplated herein and therein as the Administrative
      Agent may reasonably request; (c) the Lender shall have received (i) from each
      Borrower, a certificate, dated the Amendment Effective Date and signed on behalf
      of each of the Borrowers by an Authorized Representative of such Borrower in
      the
      form of Exhibit B with appropriate insertions, together with copies of the
      certificate or articles of incorporation and by-laws (or other equivalent
      organizational documents), as applicable, of such Borrower and the resolutions
      of such Borrower referred to in such certificate certifying on behalf of such
      Borrower that all of the conditions in Sections 5.06 (for purposes of this
      Amendment, the reference to June 30, 2007 in Section 5.06 shall instead refer
      to
      September 30, 2007) and 5.07 of the Loan Agreement have been satisfied on such
      date and (ii) from each Credit Party other than the Borrowers, a certificate,
      dated the Amendment Effective Date, signed by an Authorized Representative
      of
      such Credit Party, and attested to by another Authorized Representative of
      such
      Credit Party, in the form of Exhibit B with appropriate insertions, together
      with copies of the certificate or articles of incorporation and by-laws (or
      other equivalent organizational documents), as applicable, of such Credit Party
      and the resolutions of such Credit Party referred to in such certificate, and
      each of (i) and (ii) above shall be in form and substance reasonably acceptable
      to the Lender; (d) the Lender shall have received such other documents and
      evidence as are customary for transactions of this type or as the Lender may
      reasonably request in order to evidence the satisfaction of the other conditions
      set forth above; and (e) the Borrowers shall have paid all of the Lender’s
      costs and disbursements (including, without limitation, attorney’s fees and
      expenses) in connection with the Loan Documents and this Amendment.

     

    *
      * *

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed and delivered this Amendment as
      of
      the date first set forth above.

     

    
      	 	
              LENDER:

               

              PLAINFIELD
                SPECIAL SITUATIONS MASTER FUND LIMITED, 

              as
                the Lender and the Administrative Agent

               

              By:
                /s/StevenSegaloff

              
                

              

              Name:
                Steven Segaloff

              Title:
                Authorized Individual

               

            
	 	
              BORROWERS:

               

              PURE
                BIOFUELS DEL PERU S.A.C.

               

              By:
                /s/
                Luis Goyzueta

              
                

              

              Name:
                Luis Goyzueta

              Title:
                Authorized Signatory

               

              PALMA
                INDUSTRIAL S.A.C.

               

              By:
                /s/
                Luis Goyzueta 

              
                

              

              Name:
                Luis Goyzueta

              Title:
                Authorized Signatory

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

 

    
       

      
        	 	
                
                  OTHER
                    CREDIT PARTIES: 

                

                 

                PURE
                  BIOFUELS CORP., 

                as
                  a Guarantor

                 

                By:
                  /s/ Luis Goyzueta

                
                  

                

                Name:
                  /s/ Luis Goyzueta

                Title:
                  President and Chief Executive Officer

              
	 	 
	 	
                
                  ACEITE
                    PUCALLPA S.A.C.,

                  as
                    a Guarantor

                   

                

                By:
                  /s/
                  Luis Goyzueta

                
                  

                

                Name:
                  Luis Goyzueta

                Title:
                  Authorized Signatory

                 

                
                  PALMAS
                    TROPICALES S.A.C.,

                  as
                    a Guarantor

                

                 

                By:
                  /s/
                  Luis Goyzueta 

                
                  

                

                Name:
                  Luis Goyzueta

                Title:
                  Authorized Signatory

                 

                
                  
                    
                      PUCAPALMA
                        S.A.C.,

                      as
                        a Guarantor

                    

                  

                   

                  By:
                    /s/
                    Luis Goyzueta 

                  
                    

                  

                  Name:
                    Luis Goyzueta

                  Title:
                    Authorized Signatory

                

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	 	
                
                  
                    
                      ECOPALMA
                        S.A.C.,

                      as
                        a Guarantor

                       

                    

                  

                

                By:
                  /s/
                  Luis Goyzueta

                
                  

                

                Name:
                  Luis Goyzueta

                Title:
                  Authorized Signatory

                 

                
                  
                    
                      PALMAS
                        DE ORIENTE S.A.C.,

                      as
                        a Guarantor

                       

                    

                  

                

                By:
                  /s/
                  Luis Goyzueta 

                
                  

                

                Name:
                  Luis Goyzueta

                Title:
                  Authorized Signatory

                 

                
                  
                    
                      
                        PURE
                          BIOCARBURANTES S.A., 
                          as
                            a Guarantor

                           

                        

                      

                    

                  

                  By:
                    /s/ Luis Goyzueta

                  
                    

                  

                  Name:
                    Luis Goyzueta

                  Title:
                    Authorized Signatory

                

              

      

       

    

    The
      undersigned agrees that the Credit Parties entry into this Amendment and the
      use
      of the proceeds thereof for the purposes set forth on Schedule 2.01 hereto
      will
      not violate the terms of the Securities Purchase Agreement and the Convertible
      Notes issued thereunder.

    
      
        	 	 	 
	 	PLAINFIELD
                PERU I LLC
	 
 	 
 	 
 
	 	By:	/s/ Steven Segaloff
	 	
                 

                Name:

              	
                
                  

                

                Steven Segaloff

              
	 	Title:	
                Authorized Individual

              
	 	 

      

      	
            	 	 
	 	PLAINFIELD PERU II LLC
	 
 	 
 	 
 
	 	By:	/s/ Steven Segaloff
	 	
               

              Name:

            	
              
                

              

              Steven Segaloff

            
	 	Title:	
              Authorized Individual

            
	 	
               

            

    
      
        
        

      

      
        8Exhibit
      4.3

    

    AMENDMENT
      NO. 1

    TO

    HUDSON
      HOLDING CORPORATION

    2007
      LONG-TERM INCENTIVE COMPENSATION PLAN

    

    Pursuant
      to Section 11.1 of the 2007 Long-Term Incentive Compensation Plan (the “Plan”)
      of Hudson Holding Corporation (the “Company”), the Board of Directors of the
      Company has duly adopted a resolution, ratified by the majority of the
      stockholders of the Company, approving this Amendment No. 1 to the Plan to
      increase the total number of shares of common stock, par value $.001 per share,
      of the Company (the “Common Stock”) reserved and available for issuance under
      the Plan as follows:

     

    Section
      1.3 of the Plan is hereby amended to read in its entirety as
      follows:

     

    “Section
      1.3 Shares subject to the Plan.
      Subject
      to the limitations set forth in the Plan, Awards may be made under this Plan
      for
      a total of 22,000,000 shares of the Company’s common stock, par value $.001 per
      share (the “Common Stock”).”

     

    All
      other
      terms and provisions of the Plan shall remain unchanged and in full force and
      effect as written.

     

    A
      majority in voting interest of stockholders of the Company duly approved this
      Amendment No. 1 to the Plan by written consent.

     

    IN
      WITNESS WHEREOF, this Amendment No. 1 is made effective this 4th
      day of
      March, 2008.

     

    
      	
              HUDSON
                HOLDING CORPORATION

            
	 	 
	
              By:

            	
              /s/
                Martin C. Cunningham

            
	
              Name:
                Martin C. Cunningham

            
	
              Title:
                Chairman and Chief Executive
                Officer

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