ELEVENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
Exhibit 10.5
ELEVENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
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This Eleventh Amendment to Amended and Restated Credit Agreement (this Eleventh Amendment) is made as of March 29, 2013, 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 ENERGY MARKETING II LLC, a Delaware limited liability company (GEM II), ALLIANCE ENERGY LLC, a Massachusetts limited liability company (Alliance, and, collectively with OLLC, Global, Montello, Glen Hes, Chelsea LLC, Finance, GEM and GEM II, the Borrowers and each a Borrower), GLOBAL PARTNERS LP, a Delaware limited partnership (the MLP), GLOBAL GP LLC, a Delaware limited liability company (the GP and, collectively with the MLP, the Original Guarantors and each individually, an Original Guarantor), 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 Amended and Restated Credit Agreement dated as of May 14, 2010 (as amended and in effect from time to time, the Credit Agreement) by and among the Borrowers, the Original Guarantors, the Lenders, the Administrative Agent, the L/C Issuer, the Swing Line Lender, JPMorgan Chase Bank, N.A. as Syndication Agent and Societe Generale, Standard Chartered Bank, Wells Fargo Bank, N.A. and RBS Citizens, National Association, as Co-Documentation Agents. Terms not otherwise defined in the Credit Agreement shall have the same respective meanings herein as therein.
WHEREAS, the Loan Parties, the Lenders and the Administrative Agent desire to amend certain provisions of the Credit Agreement to modify the definition of Combined Working Capital to be consistent with the intention of the parties at the time of the effectiveness of that certain Ninth Amendment to Amended and Restated Credit Agreement dated as of January 25, 2013, 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 1 of the Credit Agreement. The definition of Combined Working Capital contained in Section 1.01 of the Credit Agreement is hereby amended by deleting such definition in its entirety and restating it as follows:
Combined Working Capital means the excess of Combined Current Assets over Combined Current Liabilities, provided, however, for the purposes of this definition, (a) all prepaid expenses of the Loan Parties in excess of $20,000,000 shall not be considered a Combined Current Asset hereunder regardless of how such prepaid expenses would otherwise be classified in accordance with GAAP; (b) any asset of any Loan Party which will be
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subsequently paid or otherwise distributed to such Loan Partys members as a Permitted Distribution shall not be considered a Combined Current Asset hereunder regardless of how such asset would otherwise be classified in accordance with GAAP; (c) any asset of any Loan Party consisting of an intercompany receivable or other right to payment owing from another Loan Party or an Affiliate (other than the Account Receivable owing from Alliance which is included in the computation of Eligible Receivable) shall not be considered a Combined Current Asset hereunder regardless of how such asset would otherwise be classified in accordance with GAAP; (d) the aggregate amount of all WC Loans outstanding hereunder and all Revolver Loans outstanding hereunder used to fund working capital shall be deemed Combined Current Liabilities, regardless of how such outstanding amounts would otherwise be classified in accordance with GAAP; and (e) the aggregate amount of all Term Loans outstanding hereunder shall not be deemed Combined Current Liabilities hereunder, regardless of how such outstanding amounts would otherwise be classified in accordance with GAAP.
§2. Conditions to Effectiveness. This Eleventh Amendment will become effective as of the date hereof upon receipt by the Administrative Agent of fully-executed original counterparts of this Eleventh Amendment executed by the Loan Parties, the Administrative Agent and the required Lenders.
§3. Representations and Warranties. 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 Eleventh 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.
§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 Eleventh 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 Eleventh Amendment shall constitute a Loan Document.
§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 Syndication Agent, the Co-Documentation Agents or the Lenders consequent thereon.
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§6. Counterparts. This Eleventh 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.
§7. Governing Law. THIS ELEVENTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).
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IN WITNESS WHEREOF, the parties hereto have executed this Eleventh Amendment as a document under seal as of the date first above written.
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| GLOBAL OPERATING LLC | |||
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| By: Global Partners LP, its sole member | |||
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| By: Global GP LLC, its general partner | |||
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| By | : /s/ Thomas J. Hollister |
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| Title: | Chief Operating Officer and Chief Financial Officer |
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| GLOBAL COMPANIES LLC | |||
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| By: Global Operating LLC, its sole member | |||
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| By: Global Partners LP, its sole member | |||
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| By: Global GP LLC, its general partner | |||
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| By | : /s/ Thomas J. Hollister |
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| Title: | Chief Operating Officer and Chief Financial Officer |
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| GLOBAL MONTELLO GROUP CORP. | |||
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| By | : /s/ Thomas J. Hollister |
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| Title: | Chief Operating Officer and Chief Financial Officer |
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| CHELSEA SANDWICH LLC | |||
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| By: Global Operating LLC, its sole member | |||
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| By: Global Partners LP, its sole member | |||
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| By: Global GP LLC, its general partner | |||
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| By | : /s/ Thomas J. Hollister |
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| Title: | Chief Operating Officer and Chief Financial Officer |
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| GLEN HES CORP. | |||
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| By | : /s/ Thomas J. Hollister |
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| Title: | Chief Operating Officer and Chief Financial Officer |
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| GLP FINANCE CORP. | |||
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| By | : /s/ Edward J. Faneuil |
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| Title: | Executive Vice President |
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| GLOBAL ENERGY MARKETING LLC | |||
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| By: Global Operating LLC, its sole member | |||
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| By: Global Partners LP, its sole member | |||
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| By: Global GP LLC, its general partner | |||
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| By | : /s/ Edward J. Faneuil |
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| Title: | Executive Vice President |
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| GLOBAL ENERGY MARKETING II LLC | |||
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| By: Global Operating LLC, its sole member | |||
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| By: Global Partners LP, its sole member | |||
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| By: Global GP LLC, its general partner | |||
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| By | : /s/ Edward J. Faneuil |
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| Title: | Executive Vice President |
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| ALLIANCE ENERGY LLC | |||
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| By: Global Operating LLC, its sole member | |||
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| By: Global Partners LP, its sole member | |||
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| By: Global GP LLC, its general partner | |||
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| By | : /s/ Edward J. Faneuil |
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| Title: | Executive Vice President |
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| GLOBAL PARTNERS LP | |||
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| By: Global GP LLC, its general partner | |||
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| By | : /s/ Edward J. Faneuil |
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| Title: | Executive Vice President |
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| GLOBAL GP LLC | |||
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| By | : /s/ Edward J. Faneuil |
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| Title: | Executive Vice President |
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| BANK OF AMERICA, N.A., as Administrative Agent | |||
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| By: | /s/ Angelo Martorana | ||
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| Name: | Angelo Martorana | ||
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| Title: | Assistant Vice President | ||
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| BANK OF AMERICA, N.A., as a Lender | |||
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| By: | /s/ Jason Zilewicz | ||
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| Name: | Jason Zilewicz | ||
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| Title: | Assistant Vice President | ||
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| JPMORGAN CHASE BANK, N.A., as a Lender | |||
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| By: | /s/ Dan Bueno | ||
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| Name: | Dan Bueno | ||
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| Title: | Vice President | ||
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| WELLS FARGO BANK, N.A., as a Lender | |||
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| By: | /s/ Jeffrey Kinney | ||
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| Name: | Jeffrey Kinney | ||
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| Title: | Senior Vice President | ||
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| SOCIETE GENERALE, as a Lender | |||
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| By: | /s/ Matt Worstell | ||
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| Name: | Matt Worstell | ||
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| Title: | Vice President | ||
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| By: | /s/ Chad Clark | ||
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| Name: | Chad Clark | ||
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| Title: | Managing Director | ||
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| STANDARD CHARTERED BANK, as a Lender | |||
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| By: | /s/ Patricia Doyle | ||
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| Name: | Patricia Doyle | ||
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| Title: | Director | ||
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| By: | /s/ Robert K. Reddington | ||
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| Name: | Robert K. Reddington | ||
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| Title: | Credit Documentation Manager | ||
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| RBS CITIZENS, NATIONAL ASSOCIATION, as a Lender | |||
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| By: | /s/ Jason Upham | ||
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| Name: | Jason Upham | ||
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| Title: | Assistant Vice President | ||
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| BNP PARIBAS, as a Lender | |||
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| By: | /s/ Matthew L. Rosetti | ||
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| Name: | Matthew L. Rosetti | ||
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| Title: | Director | ||
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| By: | /s/ Keith Richards | ||
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| Name: | Keith Richards | ||
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| Title: | Director | ||
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| COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., RABOBANK NEDERLAND NEW YORK BRANCH, as a Lender | |||
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| By: | /s/ Rodney P. Hutchinson | ||
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| Name: | Rodney P. Hutchinson | ||
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| Title: | Executive Director | ||
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| By: | /s/ Eva Rushkevich | ||
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| Name: | Eva Rushkevich | ||
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| Title: | Managing Director | ||
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| SOVEREIGN BANK, N.A. as a Lender | |||
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| By: | /s/ Daniela Hofer-Gautschi | ||
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| Name: | Daniela Hofer-Gautschi | ||
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| Title: | Vice President | ||
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| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender | |||
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| By: | /s/ Zali Win | ||
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| Name: | Zali Win | ||
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| Title: | Managing Director | ||
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| By: | /s/ Michel Kermarrec | ||
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| Name: | Michel Kermarrec | ||
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| Title: | Vice President | ||
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| KEYBANK NATIONAL ASSOCIATION, as a Lender | |||
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| By: | /s/ Keven D. Smith | ||
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| Name: | Keven D. Smith | ||
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| Title: | Senior Vice President | ||
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| TORONTO DOMINION (NEW YORK) LLC, as a Lender | |||
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| By: | /s/ Marie Fernandes | ||
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| Name: | Marie Fernandes | ||
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| Title: | Authorized Signatory | ||
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| RB INTERNATIONAL FINANCE (USA) LLC, as a Lender | |||
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| By: | /s/ Astrid Wilke | ||
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| Name: | Astrid Wilke | ||
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| Title: | Group Vice President | ||
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| By: | /s/ Katrin Lange-Hornby | ||
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| Name: | Katrin Lange-Hornby | ||
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| Title: | Vice President | ||
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| RAYMOND JAMES BANK, FSB, as a Lender | |||
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| By: | /s/ Scott G. Axelrod | ||
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| Name: | Scott G. Axelrod | ||
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| Title: | Vice President | ||
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| BARCLAYS BANK PLC, as a Lender | ||||
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| By: | /s/ | Sreedhar R. Kona | ||
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| Name: |
| Sreedhar R. Kona | ||
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| Title: |
| Vice President | ||
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| WEBSTER BANK NATIONAL ASSOCIATION, as a Lender | ||||
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| By: | /s/ | Carol S. Carver | ||
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| Name: |
| Carol S. Carver | ||
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| Title: |
| Vice President | ||
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| NATIXIS, NEW YORK BRANCH, as a Lender | ||||
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| By: | /s/ | Carla Gray | ||
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| Name: |
| Carla Gray | ||
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| Title: |
| Director | ||
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| By: | /s/ | Arnaud Stevens | ||
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| Name: |
| Arnaud Stevens | ||
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| Title: |
| Managing Director & Group Head | ||
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| BMO HARRIS FINANCING, INC., as a Lender | ||||
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| By: | /s/ | Kevin Utsey | ||
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| Name: |
| Kevin Utsey | ||
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| Title: |
| Director | ||
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| SUMITOMO MITSUI BANKING CORPORATION, as a Lender | ||||
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| By: | /s/ | James D. Weinstein | ||
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| Name: |
| James D. Weinstein | ||
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| Title: |
| Managing Director | ||
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| DEUTSCHE BANK, NEW YORK BRANCH, as a Lender | ||||
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| By: | /s/ | Chris Chapman | ||
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| Name: |
| Chris Chapman | ||
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| Title: |
| Director | ||
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| By: | /s/ | Juan-Jose Mejia | ||
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| Name: |
| Juan-Jose Mejia | ||
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| Title: |
| Director | ||
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| TD BANK, N.A., as a Lender | ||||
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| By: | /s/ | David Perlman | ||
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| Name: |
| David Perlman | ||
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| Title: |
| Senior Vice President | ||
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| PEOPLES UNITED BANK, as a Lender | ||||
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| THE HUNTINGTON NATIONAL BANK, as a Lender | ||||
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| By: | /s/ | Jared Shaner | ||
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| Name: |
| Jared Shaner | ||
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| Title: |
| Assistant Vice President | ||
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| BLUE HILLS BANK, as a Lender | ||||
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| By: | /s/ | Kelley Keefe | ||
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| Name: |
| Kelley Keefe | ||
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| Title: |
| Vice President | ||
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| THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender | ||||
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| By: | /s/ | Andrew Oram | ||
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| Name: |
| Andrew Oram | ||
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| Title: |
| Managing Director | ||
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| FIRST NIAGARA BANK, N.A. as a Lender | ||||
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| By: | /s/ | Robert Dellatorre | ||
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| Name: |
| Robert Dellatorre | ||
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| 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 Eleventh Amendment as of March 29, 2013, and agrees that each of (a) the Amended and Restated Guaranty dated as of May 14, 2010 (as amended and in effect from time to time, the Original Guaranty) from each of Global Partners LP and Global GP LLC; (b) the Guaranty dated as of March 1, 2012 (as amended and in effect from time to time, the Alliance Guaranty) from Bursaw Oil LLC; and (c) the Guaranty dated as of February 15, 2013 (as amended and in effect from time to time, the Cascade Guaranty) from Cascade Kelly Holdings LLC 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 thereto hereby acknowledge, agree and confirm that as of the date hereof, each of the Original Guaranty, the Alliance Guaranty and the Cascade Guaranty remains in full force and effect.
| GLOBAL PARTNERS LP |
| By: Global GP LLC, its general partner |
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| By: /s/ Thomas J. Hollister |
| Title: Chief Operating Officer and Chief Financial Officer |
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| GLOBAL GP LLC |
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| By: /s/ Thomas J. Hollister |
| Title: Chief Operating Officer and Chief Financial Officer |
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| BURSAW OIL LLC |
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| By: /s/ Thomas J. Hollister |
| Title: Chief Operating Officer and Chief Financial Officer |
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| CASCADE KELLY HOLDINGS LLC |
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| By: /s/ Thomas J. Hollister |
| Title: Chief Operating Officer and Chief Financial Officer |