<PAGE>
Exhibit 10.1
NOTE PURCHASE AGREEMENT
This Note Purchase
Agreement (this "Purchase Agreement") dated as of
February 2, 2009, between Vertex Energy, L.P., a Texas limited
partnership (the
"Company") and World Waste Technologies, Inc., a California
corporation (the
"Lender").
RECITALS
A. Lender desires
to purchase from the Company, and the Company desires
to sell to the Lender, upon the terms and subject to the conditions
of this
Agreement, a senior subordinated secured promissory note (the
"Note"),
substantially in the form attached hereto as Exhibit A, in the
aggregate
principal amount of One Million Dollars ($1,000,000.00) (the "Loan
Amount").
B. This Agreement,
the Note, the Security Agreement (as defined in the
Note), the Guaranty (as defined in the Note) and the Amendment (as
defined
below) are sometimes hereinafter collectively referred to as the
"Transaction
Documents."
C. Capitalized
terms not otherwise defined herein shall have the
meaning given to such terms in the Note and Security Agreement.
AGREEMENTS
NOW, THEREFORE, in
consideration of their respective promises contained
herein and other good and valuable consideration, the receipt and
sufficiency of
which are hereby acknowledged by the parties, the Company and the
Lender hereby
agree as follows:
1. ISSUANCE, SALE AND DELIVERY
OF NOTE.
(a) ISSUANCE OF
THE NOTE. Subject to the terms and conditions set forth
in this Agreement and in reliance upon the representations and
warranties
contained herein, the Company agrees to issue and sell to the
Lender, and the
Lender hereby agrees to purchase from the Company, the Note.
(b) CLOSING. The
closing of the purchase and sale of the Note (the
"Closing") shall be held at the offices of The Loev Law Firm, PC in
Bellaire,
Texas, or at such other location as shall be agreed upon by the
parties hereto,
on the date hereof (the "Closing Date").
(c) CLOSING
DELIVERIES BY THE LENDER. At the Closing, the Lender shall
deliver to the Company:
(i) the Security
Agreement, duly executed by the Lender;
(ii) an amendment
to the Merger Agreement in the form attached hereto
as Exhibit B (the "Amendment"), duly executed by the Lender;
and
(ii) the Loan
Amount by cashiers' check, certified funds or wire
transfer.
1
<PAGE>
(d) CLOSING DELIVERIES BY THE
COMPANY. At the Closing, the Company shall
deliver to the Lender:
(i) the Note, duly
executed by the Company;
(ii) the Security
Agreement, duly executed by the Company;
(iii) the
Guaranty, duly executed by the Guarantor (as defined in the
Note);
(iv) the
Amendment, duly executed by the Company and the other parties
thereto (other than the Lender);
(v) an opinion of
counsel to the Company and the Guarantor, in form and
substance satisfactory to the Lender; and
(vi) a certificate
of the General Partner of the Company dated as of
the Closing Date, certifying: (A) the Company's organizational
documents as true
and complete and attaching certified copies of same; (B) as to the
incumbency
and genuineness of the specimen signatures of each officer of the
Company
executing any of the Transaction Documents; (C) the resolutions of
partners of
the Company authorizing the execution, delivery and performance of
the
Transaction Documents and the consummation of the transactions
contemplated
thereby, as true and complete and attaching copies of same; and (D)
that all
consents, approvals and other actions of, and notices and filings
with, all
entities and persons as may be necessary or required with respect
to the
execution of the parties of the transactions contemplated thereby,
have been
obtained or made.
2. LENDER'S REPRESENTATIONS AND
WARRANTIES.
The Lender
represents and warrants to the Company that:
(a) AUTHORIZATION;
ENFORCEMENT. The Transaction Documents as to which
the Lender is a party have been duly and validly authorized,
executed and
delivered by the Lender and are each and collectively valid and
binding
agreements of the Lender enforceable against it in accordance with
their terms,
except as enforceability may be limited by bankruptcy, insolvency,
moratorium,
liquidation, or similar laws relating to, or affecting, generally
the
enforcement of creditors' rights and remedies or by other equitable
principles
of general application.
3. REPRESENTATIONS AND
WARRANTIES OF THE COMPANY.
The Company
represents and warrants to the Lender that:
(a) ORGANIZATION
AND QUALIFICATION. The Company is duly organized and
existing in good standing under the laws of Texas and has the
requisite
partnership power to own its properties and to carry on its
business as now
being conducted.
(b) AUTHORIZATION;
ENFORCEMENT. (i) The Company has the requisite power
and authority to enter into and perform the Transaction Documents,
to issue and
sell the Note in accordance with the terms hereof, and to perform
its
obligations under the Note in accordance with the requirements of
the same, (ii)
2
<PAGE>
the execution, delivery and performance of the Transaction
Documents by the
Company and the consummation by it of the transactions contemplated
hereby and
thereby have been duly authorized, (iii) the Transaction Documents
have been
duly and validly authorized, executed and delivered by the Company,
and (iv) the
Transaction Documents const