SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
Exhibit 10.1
SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
This Sixth Amendment to Amended and Restated Credit Agreement (this Sixth Amendment) is made as of October 3, 2012, 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), ALLIANCE ENERGY LLC, a Massachusetts limited liability company (Alliance, and, collectively with OLLC, Global, Montello, Glen Hes, Chelsea LLC, Finance and GEM, 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) party hereto (each, a Lender and collectively, the Lenders) and Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer (as each 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, pursuant to Section 2.13(a) of the Credit Agreement, the Borrowers had the right at any time from and after the Alliance Acquisition Effective Date, to request an increase in the Aggregate WC Commitment by an amount not exceeding $100,000,000;
WHEREAS, on September 11, 2012 the Borrowers requested that the Aggregate WC Commitment be increased by $100,000,000 and in connection therewith, and pursuant to the terms and conditions of Section 2.13 of the Credit Agreement, certain Lenders agreed to increase their respective WC Commitments and, effective October 3, 2012, the Aggregate WC Commitment was so increased by $100,000,000;
WHEREAS, the Borrowers have requested the ability to request additional increases in the Aggregate WC Commitment from time to time from and after the date hereof in an aggregate amount not to exceed $100,000,000, subject to compliance with the terms and conditions of the Credit Agreement, including, without limitation, the provisions of Section 2.13 thereof;
WHEREAS, in connection with such request, the Loan Parties, the Lenders, the Administrative Agent, the Swing Line Lender and the L/C Issuer desire to amend certain provisions of the Credit Agreement 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 2 of the Credit Agreement. Section 2.13(a) of the Credit Agreement is hereby amended by deleting the words the Borrowers may from time to time from and after the Alliance Acquisition Effective Date, request an increase in the Aggregate WC Commitments by an amount (for all such requests) not exceeding $100,000,000 which appear in Section 2.13(a) and substituting in place thereof the words the Borrowers may from time to time from and after October 4, 2012, request an increase in the Aggregate WC Commitments by an amount (for all such requests) not exceeding $100,000,000.
§2. Conditions to Effectiveness.This Sixth Amendment will become effective as of the date hereof upon receipt by the Administrative Agent of fully-executed original counterparts of this Sixth Amendment executed by the Loan Parties, the Administrative Agent, the Swing Line Lender, the L/C Issuer 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 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.
§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.
§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.
§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.
§7. Governing Law. THIS SIXTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).
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 | ||
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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 | ||
| By: Global Operating LLC, its sole member | ||
| By: Global Partners LP, its sole member | ||
| 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 | ||
| By: Global Operating LLC, its sole member | ||
| By: Global Partners LP, its sole member | ||
| 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/ Edward J. Faneuil | |
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| Title: | Executive Vice President |
| 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 | ||
| By: Global Operating LLC, its sole member | ||
| By: Global Partners LP, its sole member | ||
| 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 | ||
| By: Global Operating LLC, its sole member | ||
| By: Global Partners LP, its sole member | ||
| 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 | ||
| By: Global GP LLC, its general partner | ||
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| By: | /s/ Daphne H. Foster | |
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| Title: | Treasurer |
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| GLOBAL GP LLC | ||
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| By: | /s/ Daphne H. Foster | |
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| Title: | Treasurer |
| BANK OF AMERICA, N.A., as Administrative Agent | |
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| By: | /s/ Michelle D. Diggs |
| Name: | Michelle D. Diggs |
| Title: | Agency Management Officer |
| BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender | |
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| By: | /s/ Margaret Niekrash |
| Name: | Margaret Niekrash |
| Title: | Vice President |
| JPMORGAN CHASE BANK, N.A., as a Lender and L/C Issuer | |
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| By: | /s/ Paul V. Phelan |
| Name: | Paul V. Phelan |
| Title: | Senior Vice President |
| WELLS FARGO BANK, N.A., as a Lender | |
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| By: | /s/ Daniel Grondin |
| Name: | Daniel Grondin |
| Title: | Senior Vice President |
| SOCIETE GENERALE, as a Lender | |
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| By: | /s/ Chad Clark |
| Name: | Chad Clark |
| Title: | Managing Director |
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| By: | /s/ Matt Worstell |
| Name: | Matt Worstell |
| Title: | Vice President |
| STANDARD CHARTERED BANK, as a Lender | |
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| By: | /s/ Patricia Doyle |
| Name: | Patricia Doyle |
| Title: | Director |
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| By: | /s/ Robert K. Peddington |
| Name: | Robert K. Peddington |
| Title: | Credit Documentation Manager |
| RBS CITIZENS, NATIONAL ASSOCIATION, as a Lender | |
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| By: | /s/ Donald A. Wright |
| Name: | Donald A. Wright |
| Title: | Senior Vice President |
| BNP PARIBAS, as a Lender | |
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| By: | /s/ Matthew L. Rosetti |
| Name: | Matthew L. Rosetti |
| Title: | Director |
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| By: | /s/ Suzanne Durney |
| Name: | Suzanne Durney |
| Title: | Managing Director |
| COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., RABOBANK NEDERLAND NEW YORK BRANCH, as a Lender | |
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| SOVEREIGN BANK, N.A. as a Lender | |
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| By: | /s/ Daniela Hofer-Gautschi |
| Name: | Daniela Hofer-Gautschi |
| Title: | Vice President |
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender | |
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| By: | /s/ Zali Win |
| Name: | Zali Win |
| Title: | Managing Director |
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| By: | /s/ Michel Kermarrec |
| Name: | Michel Kermarrec |
| Title: | Vice President |
| KEYBANK NATIONAL ASSOCIATION, as a Lender | |
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| By: | /s/ Keven D. Smith |
| Name: | Keven D. Smith |
| Title: | Senior Vice President |
| TORONTO DOMINION (NEW YORK) LLC, as a Lender | |
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| By: | /s/ Debbi Brito |
| Name: | Debbi Brito |
| Title: | Authorized Signatory |
| RB INTERNATIONAL FINANCE (USA) LLC, as a Lender | |
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| By: | /s/ Astrid Wilke |
| Name: | Astrid Wilke |
| Title: | Group Vice President |
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| By: | /s/ Pearl Geffers |
| Name: | Pearl Geffers |
| Title: | First Vice President |
| ROYAL BANK OF CANADA, as a Lender | |
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| By: | /s/ Kristan Spivey |
| Name: | Kristan Spivey |
| Title: | Authorized Signatory |
| RAYMOND JAMES BANK, FSB, as a Lender | |
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| By: | /s/ Scott G. Axelrod |
| Name: | Scott G. Axelrod |
| Title: | Vice President |
| BARCLAYS BANK PLC, as a Lender | |
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| By: | /s/ Michael J. Mozer |
| Name: | Michael J. Mozer |
| Title: | Vice President |
| WEBSTER BANK NATIONAL ASSOCIATION, as a Lender | |
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| By: | /s/ Carol Carver |
| Name: | Carol Carver |
| Title: | Vice President |
| NATIXIS, NEW YORK BRANCH, as a Lender | |
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| By: | /s/ Carla Gray |
| Name: | Carla Gray |
| Title: | Director |
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| By: | /s/ David Pershad |
| Name: | David Pershad |
| Title: | Managing Director |
| DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK FRANKFURT AM MAIN, as a Lender | |
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| By: | /s/ Nikolas Voutfug |
| Name: | Nikolas Voutfug |
| Title: | Senior Vice President |
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| By: | /s/ Daniel Teschuen |
| Name: | Daniel Teschuen |
| Title: | Vice President |
| BRANCH BANKING & TRUST COMPANY, as a Lender | |
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| By: | /s/ Eric Searls |
| Name: | Eric Searls |
| Title: | Vice President |
| SUMITOMO MITSUI BANKING CORPORATION, as a Lender | |
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| By: | /s/ Shuji Yabe |
| Name: | Shuji Yabe |
| Title: | Managing Director |
| DEUTSCHE BANK, NEW YORK BRANCH, as a Lender | |
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| By: | /s/ Chris Chapman |
| Name: | Chris Chapman |
| Title: | Director |
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| By: | /s/ Juan J. Mejia |
| Name: | Juan J. Mejia |
| Title: | Director |
| TD BANK, N.A., as a Lender | |
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| By: | /s/ Vijay Prasad |
| Name: | Vijay Prasad |
| Title: | Senior Vice President |
| PEOPLES UNITED BANK, as a Lender | |
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| By: | /s/ Matthew Leighton |
| Name: | Matthew Leighton |
| Title: | Vice President |
| FLAGSTAR BANK, FSB, as a Lender | |
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| By: | /s/ James B. Daley |
| Name: | James B. Daley |
| Title: | Assistant Vice President |
| THE HUNTINGTON NATIONAL BANK, as a Lender | |
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| By: | /s/ Jared Shaner |
| Name: | Jared Shaner |
| Title: | Authorized Signer |
| BLUE HILLS BANK, as a Lender | |
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| THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender | |
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| By: | /s/ Chan K Park |
| Name: | Chan K Park |
| Title: | Managing Director |
| FIRST NIAGARA BANK, N.A. as a Lender | |
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| By: | /s/ Robert Dellatorre |
| Name: | Robert Dellatorre |
| Title: | Vice President |
RATIFICATION OF GUARANTY
Each of the undersigned guarantors (each a Guarantor) hereby acknowledges and consents to the foregoing Sixth Amendment as of October 3, 2012, 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 and (b) the Guaranty dated as of March 1, 2012 (as amended and in effect from time to time, the Alliance Guaranty) from each of Alliance Retail LLC and Bursaw Oil 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 and the Alliance 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 | |
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| Title: | Chief Operating Officer and Chief Financial Officer |
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| GLOBAL GP LLC | ||
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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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| ALLIANCE RETAIL LLC | ||
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| By: | /s/ Daphne H. Foster | |
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| Title: | Treasurer |
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| BURSAW OIL LLC | ||
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| By: | /s/ Daphne H. Foster | |
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| Title: | Treasurer |