Amendment to Management Services Agreement between Enviva Holdings, LP and Enviva, LP (March 7, 2014)
Enviva Holdings, LP and Enviva, LP have agreed to modify their existing Management Services Agreement. This amendment clarifies that the annual management fee will not exceed the maximum amount specified in the original agreement, and that the actual fee will be determined in writing by both parties, up to that cap. It also confirms the annual fee for 2013 was $5,800,000. The agreement is governed by New York law.
Exhibit 10.7
ENVIVA HOLDINGS, LP
7200 Wisconsin Ave, Suite 1100
Bethesda, MD 20814
March 7, 2014
Enviva, LP
7200 Wisconsin Ave, Suite 1100
Bethesda, MD 20814
Re: | Management Services Agreement |
Ladies and Gentlemen:
Reference is made to that certain Management Services Agreement, dated as of November 9, 2012, between us, as Service Provider and you (the Management Services Agreement); capitalized terms used in this letter agreement having the meanings set forth in the Management Services Agreement.
Notwithstanding any provision contained in Section 3 of the Management Services Agreement to the contrary, we hereby agree that: (i) the amount set forth in Section 3 of the Management Services Agreement (as increased pursuant to the terms thereof) as the Annual Fee shall be deemed to be the maximum Annual Fee payable pursuant to the Management Services Agreement; (ii) the Annual Fee shall be that amount, not to exceed the cap set forth in Section 3 of the Management Services Agreement, as you and we shall agree from time to time in writing; and (iii) the Annual Fee for 2013 was $5,800,000.
The laws of the State of New York shall govern the validity, construction, enforcement and interpretation of this letter agreement.
Very truly yours, | ||
ENVIVA HOLDINGS, LP | ||
By: | /s/ Stephen Reeves | |
Name: Stephen Reeves | ||
Title: Executive Vice President and CFO |
Acknowledged and Agreed: | ||
ENVIVA, LP | ||
By: | /s/ Stephen Reeves | |
Name: Stephen Reeves | ||
Title: Executive Vice President and CFO |