SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

EX-10.1 2 glp-20160930ex10168cc57.htm EX-10.1 glp_Ex_10-1

Exhibit 10.1

 

SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This Sixth Amendment to Second Amended and Restated Credit Agreement (this "Sixth Amendment") is made as of October 26, 2016, by and among GLOBAL OPERATING LLC, a Delaware limited liability company ("OLLC"), GLOBAL COMPANIES LLC, a Delaware limited liability company ("Global"), GLOBAL MONTELLO GROUP CORP., a Delaware corporation ("Montello"), GLEN HES CORP., a Delaware corporation ("Glen Hes"), CHELSEA SANDWICH LLC, a Delaware limited liability company ("Chelsea LLC"), GLP FINANCE CORP., a Delaware corporation ("Finance"), GLOBAL ENERGY MARKETING LLC, a Delaware limited liability company ("GEM"), GLOBAL CNG LLC, a Delaware limited liability company ("CNG"), ALLIANCE ENERGY LLC, a Massachusetts limited liability company ("Alliance"),    CASCADE KELLY HOLDINGS LLC, an Oregon limited liability company ("Cascade") and WARREN EQUITIES, INC., a Delaware corporation ("Warren" and, collectively with  OLLC, Global, Montello, Glen Hes, Chelsea LLC, Finance, GEM, CNG, Alliance and Cascade, the "Borrowers" and each individually, a "Borrower"), GLOBAL PARTNERS LP, a Delaware limited partnership (the "MLP"), each "Lender" (as such term is defined in the Credit Agreement referred to below) (collectively, the "Lenders" and each individually, a "Lender") party hereto, and Bank of America, N.A. as Administrative Agent (as such term is defined in the Credit Agreement), amending certain provisions of that certain Second Amended and Restated Credit Agreement dated as of December 16, 2013 (as amended and in effect from time to time, the "Credit Agreement") by and among the Borrowers, the MLP, the Lenders, the Administrative Agent, Swing Line Lender, the L/C Issuer, the Alternative Currency Fronting Lender, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. as Co-Syndication Agents and Citizens Bank National Association (f/k/a RBS Citizens NA) and Societe Generale, as Co-Documentation Agents.  Capitalized terms used herein without definition and which are defined in the Credit Agreement shall have the same respective meanings herein as therein.

 

WHEREAS, the Loan Parties, the requisite Lenders and the Administrative Agent desire to amend certain provisions of the Credit Agreement, all as provided more fully herein below;

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

§1.        Amendment to Section 7 of the Credit Agreement.   Section 7.05(c) of the Credit Agreement is hereby amended by deleting Section 7.05(c) in its entirety and restating it as follows:

 

(c)        Dispositions of (i) equipment or real property (other than in connection with any sale-leaseback transactions permitted pursuant to Section  7.05(g) hereof) to the extent that (x) such property is exchanged for credit against the purchase price of replacement property used or to be used in any Global Line of Business, or (y) the proceeds of such Disposition are reasonably promptly applied to the purchase price of property used in any Global Line of Business or


 

(ii) any asset to the extent that (x) the aggregate value of all assets disposed of pursuant to this Section 7.05(c)(ii) does not exceed $150,000,000 over the life of this Agreement and, to the extent the aggregate value of such assets disposed of in any one Disposition exceeds $2,000,000 or the aggregate value of all assets disposed of pursuant to this Section 7.05(c)(ii) exceeds $25,000,000, then, to the extent the proceeds received in connection thereof are not, solely in the case of an Eligible Borrowing Base Asset (as hereinafter defined), used to repay outstanding WC Loans or, as to any asset, reinvested in a Loan Party's business or committed to being reinvested in any Global Line of Business within 180 days after receipt thereof, then 181 days after receipt of such proceeds the Borrowers shall repay any outstanding Revolver Loans in the amount of such proceeds not so reinvested, and (y) to the extent any such asset sold is the type of assets which would be eligible to be included in the Borrowing Base (a "Eligible Borrowing Base Asset"), immediately upon giving effect to such sale, the Borrowers provide written notice to the Administrative Agent setting forth (1) a listing of the Eligible Borrowing Base Assets to be sold (such listing to be in reasonable detail), together with the amount of cash proceeds to be received by the selling Loan Party for each such asset sold; (2) any change to the Borrowing Base (and Borrowing Base Report) as a result of such sale from the Borrowing Base Report most recently delivered; and (3) a certification that such sale is a Disposition permitted pursuant to this Section 7.05(c)(ii);

 

§2.  Conditions to Effectiveness. This Sixth Amendment will become effective as of the date hereof upon receipt by the Administrative Agent of the fully executed counterparts of this Sixth Amendment (including the Ratification of Guaranty hereto) executed by the Loan Parties, the Administrative Agent and the required Lenders.

 

§3.        Representations and Warranties; No Default.  Each of the Loan Parties hereby repeats, on and as of the date hereof, each of the representations and warranties made by it in Article V of the Credit Agreement, provided, that all references therein to the Credit Agreement shall refer to such Credit Agreement as amended hereby.  In addition, each of the Loan Parties hereby represents and warrants that the execution and delivery by such Loan Party of this Sixth Amendment and the performance by each such Loan Party of all of its agreements and obligations under the Credit Agreement as amended hereby and the other Loan Documents to which it is a party are within the corporate, partnership and/or limited liability company authority of each of the Loan Parties and have been duly authorized by all necessary corporate, partnership and/or membership action on the part of each of the Loan Parties.  Each of the Loan Parties hereby certifies to the Administrative Agent and the Lenders that no Default or Event of Default has occurred and is continuing as of the date hereof.

 

§4.        Ratification,  Etc.  Except as expressly amended hereby, the Credit Agreement and all documents, instruments and agreements related thereto, including, but not limited to the Security Documents, are hereby ratified and confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Sixth Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby.  This Sixth Amendment shall constitute a Loan Document.

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§5.        No Waiver.    Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the Loan Parties or any rights of the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Alternative Currency Fronting Lender, the Syndication Agent, the Co-Documentation Agents or the Lenders consequent thereon.

 

§6.        Counterparts.  This Sixth Amendment may be executed in one or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.    Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Agreement.

 

§7.        Governing Law.    THIS SIXTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amendment as a document under seal as of the date first above written.

 

 

    

GLOBAL OPERATING LLC

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

   /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

GLOBAL COMPANIES LLC

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

   /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

GLOBAL MONTELLO GROUP CORP.

 

 

 

 

 

 

 

 

By:

   /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

 

 

 

CHELSEA SANDWICH LLC

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

   /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

 

 

 

GLEN HES CORP.

 

 

 

 

 

 

 

 

By:

   /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

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GLP FINANCE CORP.

 

 

 

 

 

 

 

 

By:

 /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

GLOBAL ENERGY MARKETING LLC

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

 /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

 

 

 

ALLIANCE ENERGY LLC

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

 /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

CASCADE KELLY HOLDINGS LLC

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

 /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

GLOBAL CNG LLC

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

    

By:

 /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

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WARREN EQUITIES, INC.

 

 

 

 

 

 

 

 

By:

 /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

 

 

 

 

 

 

 

GLOBAL PARTNERS LP

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

 /s/ Daphne H. Foster

 

 

 

Title: Chief Financial Officer

 

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bank of america, n.a.,  as

 

 

Administrative Agent

 

 

 

 

 

By:

/s/ Jordan Forester

 

 

Name:

Jordan Forester

 

 

Title:

Assistant Vice President

7


 

 

 

   

bank of america, n.a.,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Jordan Forester

 

 

Name:

Jordan Forester

 

 

Title:

Assistant Vice President

 

8


 

 

 

    

JPMORGAN CHASE BANK, N.A.,  as a Lender

 

 

 

 

 

 

 

 

By:

 /s/ Daniel J. Stampfel

 

 

Name:

 Daniel J. Stampfel

 

 

Title:

Authorized Officer

9


 

 

 

    

citizens bank national association,

 

 

as a Lender

 

 

 

 

 

 

 

 

By:

 /s/ Donald A. Wright

 

 

Name:

 Donald A. Wright

 

 

Title:

 Senior Vice President

10


 

 

 

    

wells fargo bank, n.a.,  as a Lender

 

 

 

 

 

 

 

 

By:

 /s/ Daniel M. Grondin

 

 

Name:

 Daniel M. Grondin

 

 

Title:

 Senior Vice President

11


 

 

 

    

societe generale,  as a Lender

 

 

 

 

 

 

 

 

By:

 /s/ Michiel V.M. van der Voort

 

 

Name:

 Michiel V.M. van der Voort

 

 

Title:

 Managing Director

12


 

 

 

    

bnp paribas,  as a Lender

 

 

 

 

 

 

 

 

By:

 /s/ Jordan Nenoff

 

 

Name:

 Jordan Nenoff

 

 

Title:

Director

 

 

 

 

 

 

 

 

By:

 /s/ Christine Dirringer

 

 

Name:

 Christine Dirringer

 

 

Title:

 Managing Director

13


 

 

 

    

COOPERATIEVE RABOBANK U.A., NEW YORK

 

 

BRANCH,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Chung-Taek Oh

 

 

Name:

Chung-Taek Oh

 

 

Title:

Executive Director

 

 

 

 

 

 

 

 

By:

/s/ Chan K. Park

 

 

Name:

Chan K. Park

 

 

Title:

Managing Director

14


 

 

 

    

bmo harris financing, inc.,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Matthew L. Davis

 

 

Name:

Matthew L. Davis

 

 

Title:

Vice President

15


 

 

 

    

the bank of tokyo-mitsubishi ufj, ltd.

 

 

NY BRANCH,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Michel Kermarrec

 

 

Name:

Michel Kermarrec

 

 

Title:

Director

16


 

 

 

    

santander bank, n.a.,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Marcelo Castro

 

 

Name:

Marcelo Castro

 

 

Title:

Managing Director

17


 

 

 

    

credit agricole corporate and

 

 

investment bank,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Mark Lvoff

 

 

Name:

Mark Lvoff

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

By:

/s/ Zali Win

 

 

Name:

Zali Win

 

 

Title:

Managing Director

18


 

 

 

    

natixis, new york branch,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ David Pershad

 

 

Name:

David Pershad

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

By:

/s/ Alisa Trani

 

 

Name:

Alisa Trani

 

 

Title:

Director

19


 

 

 

    

sumitomo mitsui banking

 

 

corporation, NY BRANCH,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ James D. Weinstein

 

 

Name:

James D. Weinstein

 

 

Title:

Managing Director

20


 

 

 

    

deutsche bank ag, new york branch,

 

 

as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Chris Chapman

 

 

Name:

Chris Chapman

 

 

Title:

Director

 

 

 

 

 

 

 

 

By:

/s/ Susana Fornies

 

 

Name:

Susana Fornies

 

 

Title:

Assistant Vice President

21


 

 

 

    

td bank, n.a.,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Vijay Prasad

 

 

Name:

Vijay Prasad

 

 

Title:

Senior Vice President

22


 

 

 

    

keybank national association,  as a

 

 

Lender

 

 

 

 

 

 

 

 

By:

/s/ Kevin D. Smith

 

 

Name:

Kevin D. Smith

 

 

Title:

Senior Vice President

23


 

 

 

    

BARCLAYS BANK PLC,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Marguerite Sutton

 

 

Name:

Marguerite Sutton

 

 

Title:

Vice President

24


 

 

 

    

REGIONS BANK,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Kara Hoaglund

 

 

Name:

Kara Hoaglund

 

 

Title:

Vice President

25


 

 

 

    

RAYMOND JAMES BANK, N.A.,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Scott G. Axelrod

 

 

Name:

Scott G. Axelrod

 

 

Title:

Senior Vice President

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PEOPLE'S UNITED BANK, national

 

 

association, formerly PEOPLE'S UNITED

 

 

BANK,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey Giunta

 

 

Name:

Jeffrey Giunta

 

 

Title:

Vice President

27


 

 

 

    

THE HUNTINGTON NATIONAL BANK,  as a

 

 

Lender

 

 

 

 

 

 

 

 

By:

/s/ Jared Shaner

 

 

Name:

Jared Shaner

 

 

Title:

Vice President

28


 

 

 

    

WEBSTER BANK, NATIONAL ASSOCIATION,

 

 

as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Raymond C. Hoefling

 

 

Name:

Raymond C. Hoefling

 

 

Title:

Senior Vice President

29


 

INTENTIONALLY DELETED

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fifth third bank,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Mike Ross

 

 

Name:

Mike Ross

 

 

Title:

Senior Vice President

31


 

 

 

    

ABN AMRO CAPITAL USA LLC, as a Lender

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Antonio Molestina

 

 

Name:

Antonio Molestina

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

By:

/s/ Meena Veerappan

 

 

Name:

Meena Veerappan

 

 

Title:

Assistant Vice President

32


 

 

 

    

BLUE HILLS BANK,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/Kelley Keefe

 

 

Name:

Kelley Keefe

 

 

Title:

Senior Vice President

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customers bank,  as a Lender

 

 

 

 

 

 

 

 

By:

/s/ James B. Daley

 

 

Name:

James B. Daley

 

 

Title:

Vice President

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RATIFICATION OF GUARANTY

 

Each of the undersigned guarantors (each a "Guarantor") hereby acknowledges and consents to the foregoing Sixth Amendment as of October 26, 2016, and agrees that each of (a) the Second Amended and Restated Guaranty dated as of December 16, 2013 (as amended and in effect from time to time, the "Original Guaranty") from each of Global Partners LP and Bursaw Oil LLC; (b) the Guarantee dated as of September 8, 2014 (as amended and in effect from time to time, the "Canada Guaranty") from Global Partners Energy Canada ULC; and (c) the Guaranty dated as of January 7, 2015 (as amended and in effect from time to time, the "Warren Guaranty") from each of Warex Terminals Corporation, Drake Petroleum Company, Inc., Puritan Oil Company, Inc. and Maryland Oil Company, Inc. remains in full force and effect, and each of the Guarantors confirms and ratifies all of its obligations thereunder and under each of the other Loan Documents to which such Guarantor is a party. Notwithstanding anything to the contrary contained herein, the parties hereto hereby acknowledge, agree and confirm that as of the date hereof, each of the Original Guaranty, the Canada Guaranty and the Warren Guaranty remains in full force and effect.

 

 

    

GLOBAL PARTNERS LP

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

 /s/Daphne H. Foster

 

 

 

 Title:  Chief Financial Officer

 

 

 

 

 

BURSAW OIL LLC

 

 

By:  Alliance Energy LLC, its sole member

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By:

 /s/Daphne H. Foster

 

 

 

 Title:  Chief Financial Officer

 

 

 

 

 

 

 

 

GLOBAL PARTNERS ENERGY CANADA ULC

 

 

 

 

 

 

 

 

By:

 /s/Daphne H. Foster

 

 

 

Title:  Chief Financial Officer

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WAREX TERMINALS CORPORATION

 

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

 

 Title:  Chief Financial Officer

 

 

 

 

 

DRAKE PETROLEUM COMPANY, INC.

 

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

 

 Title:  Chief Financial Officer

 

 

 

 

 

PURITAN OIL COMPANY, INC.

 

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

 

 Title:  Chief Financial Officer

 

 

 

 

 

MARYLAND OIL COMPANY, INC.

 

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

 

 Title:  Chief Financial Officer

 

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