Exhibit 10.5

 

 

 

ELEVENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

 

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 Party’s 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.

 

 

 

GLOBAL OPERATING LLC

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By

:       /s/ Thomas J. Hollister

 

 

 

 

   Title:

Chief Operating Officer and 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/ Thomas J. Hollister

 

 

 

 

   Title:

Chief Operating Officer and Chief Financial Officer

 

 

 

 

 

 

GLOBAL MONTELLO GROUP CORP.

 

 

 

 

 

 

 

 

 

 

 

By

:       /s/ Thomas J. Hollister

 

 

 

 

   Title:

Chief Operating Officer and 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/ Thomas J. Hollister

 

 

 

 

   Title:

Chief Operating Officer and Chief Financial Officer

 

 

 

 

 

 

GLEN HES CORP.

 

 

 

 

 

 

 

 

 

 

 

By

:       /s/ Thomas J. Hollister

 

 

 

 

   Title:

Chief Operating Officer and Chief Financial Officer

 

 

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5

 

 

 

 

GLP FINANCE CORP.

 

 

 

 

 

 

 

 

By

:    /s/ Edward J. Faneuil

 

 

 

 

Title:

Executive Vice President

 

 

 

 

 

 

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/ Edward J. Faneuil

 

 

 

 

Title:

Executive Vice President

 

 

 

 

 

 

GLOBAL ENERGY MARKETING II LLC

 

 

By:  Global Operating LLC, its sole member

 

 

By:  Global Partners LP, its sole member

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By

:    /s/ Edward J. Faneuil

 

 

 

 

Title:

Executive Vice President

 

 

 

 

 

 

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/ Edward J. Faneuil

 

 

 

 

Title:

Executive Vice President

 

 

 

 

 

 

GLOBAL PARTNERS LP

 

 

By:  Global GP LLC, its general partner

 

 

 

 

 

 

 

 

By

:    /s/ Edward J. Faneuil

 

 

 

 

Title:

Executive Vice President

 

 

 

 

 

 

 

 

 

GLOBAL GP LLC

 

 

 

 

 

 

 

 

By

:    /s/ Edward J. Faneuil

 

 

 

 

Title:

Executive Vice President

 

 

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BANK OF AMERICA, N.A., as

Administrative Agent

 

 

 

 

 

By:

   /s/ Angelo Martorana

 

 

 

 

 

Name:

   Angelo Martorana

 

 

 

 

 

Title:

     Assistant Vice President

 

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BANK OF AMERICA, N.A., as a Lender

 

 

 

 

 

 

 

 

By:

  /s/ Jason Zilewicz

 

 

 

 

 

Name:

  Jason Zilewicz

 

 

 

 

 

Title:

    Assistant Vice President

 

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

 

 

 

 

 

 

 

 

By:

  /s/ Dan Bueno

 

 

 

 

 

Name:

  Dan Bueno

 

 

 

 

 

Title:

    Vice President

 

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WELLS FARGO BANK, N.A., as a Lender

 

 

 

 

 

By:

  /s/ Jeffrey Kinney

 

 

 

 

 

Name:

  Jeffrey Kinney

 

 

 

 

 

Title:

    Senior Vice President

 

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10

 

 

 

 

SOCIETE GENERALE, as a Lender

 

 

 

 

 

 

 

 

By:

  /s/ Matt Worstell

 

 

 

 

 

Name:

  Matt Worstell

 

 

 

 

 

Title:

    Vice President

 

 

 

 

By:

  /s/ Chad Clark

 

 

 

 

 

Name:

  Chad Clark

 

 

 

 

 

Title:

    Managing Director

 

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STANDARD CHARTERED BANK, as a Lender

 

 

 

 

 

By:

  /s/ Patricia Doyle

 

 

 

 

 

Name:

  Patricia Doyle

 

 

 

 

 

Title:

    Director

 

 

 

 

 

 

 

 

By:

  /s/ Robert K. Reddington

 

 

 

 

 

Name:

  Robert K. Reddington

 

 

 

 

 

Title:

    Credit Documentation Manager

 

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RBS CITIZENS, NATIONAL ASSOCIATION, as a Lender

 

 

 

 

 

By:

  /s/ Jason Upham

 

 

 

 

 

Name:

  Jason Upham

 

 

 

 

 

Title:

    Assistant Vice President

 

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BNP PARIBAS, as a Lender

 

 

 

 

 

 

 

 

By:

  /s/ Matthew L. Rosetti

 

 

 

 

 

Name:

  Matthew L. Rosetti

 

 

 

 

 

Title:

    Director

 

 

 

 

 

 

 

 

By:

  /s/ Keith Richards

 

 

 

 

 

Name:

  Keith Richards

 

 

 

 

 

Title:

    Director

 

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COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND” NEW
YORK BRANCH, as a Lender

 

 

 

 

 

By:

  /s/ Rodney P. Hutchinson

 

 

 

 

 

Name:

  Rodney P. Hutchinson

 

 

 

 

 

Title:

    Executive Director

 

 

 

 

 

 

 

 

By:

  /s/ Eva Rushkevich

 

 

 

 

 

Name:

  Eva Rushkevich

 

 

 

 

 

Title:

    Managing Director

 

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15

 

 

 

 

SOVEREIGN BANK, N.A. as a Lender

 

 

 

 

 

By:

  /s/ Daniela Hofer-Gautschi

 

 

 

 

 

Name:

  Daniela Hofer-Gautschi

 

 

 

 

 

Title:

    Vice President

 

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16

 

 

 

 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

 

 

 

 

 

By:

  /s/ Zali Win

 

 

 

 

 

Name:

  Zali Win

 

 

 

 

 

Title:

    Managing Director

 

 

 

 

 

 

 

 

By:

  /s/ Michel Kermarrec

 

 

 

 

 

Name:

  Michel Kermarrec

 

 

 

 

 

Title:

    Vice President

 

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KEYBANK NATIONAL ASSOCIATION, as a Lender

 

 

 

 

 

By:

  /s/ Keven D. Smith

 

 

 

 

 

Name:

  Keven D. Smith

 

 

 

 

 

Title:

    Senior Vice President

 

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TORONTO DOMINION (NEW YORK) LLC, as a Lender

 

 

 

 

 

By:

  /s/ Marie Fernandes

 

 

 

 

 

Name:

  Marie Fernandes

 

 

 

 

 

Title:

    Authorized Signatory

 

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RB INTERNATIONAL FINANCE (USA) LLC, as a Lender

 

 

 

 

 

By:

  /s/ Astrid Wilke

 

 

 

 

 

Name:

  Astrid Wilke

 

 

 

 

 

Title:

    Group Vice President

 

 

 

 

 

 

 

 

By:

  /s/ Katrin Lange-Hornby

 

 

 

 

 

Name:

  Katrin Lange-Hornby

 

 

 

 

 

Title:

    Vice President

 

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20

 

 

 

 

RAYMOND JAMES BANK, FSB, as a Lender

 

 

 

 

 

By:

  /s/ Scott G. Axelrod

 

 

 

 

 

Name:

  Scott G. Axelrod

 

 

 

 

 

Title:

    Vice President

 

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21

 

 

 

BARCLAYS BANK PLC, as a Lender

 

 

 

By:

/s/ 

Sreedhar R. Kona

 

 

 

 

Name:

 

Sreedhar R. Kona

 

 

 

 

Title:

 

Vice President

 

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22

 

 

 

WEBSTER BANK NATIONAL ASSOCIATION, as a Lender

 

 

 

By:

/s/ 

Carol S. Carver

 

 

 

 

Name:

 

Carol S. Carver

 

 

 

 

Title:

 

Vice President

 

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NATIXIS, NEW YORK BRANCH, as a Lender

 

 

 

By:

/s/ 

Carla Gray

 

 

 

 

Name:

 

Carla Gray

 

 

 

 

Title:

 

Director

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ 

Arnaud Stevens

 

 

 

 

Name:

 

Arnaud Stevens

 

 

 

 

Title:

 

Managing Director & Group Head

 

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BMO HARRIS FINANCING, INC., as a Lender

 

 

 

By:

/s/ 

Kevin Utsey

 

 

 

 

Name:

 

Kevin Utsey

 

 

 

 

Title:

 

Director

 

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SUMITOMO MITSUI BANKING CORPORATION, as a Lender

 

 

 

By:

/s/ 

James D. Weinstein

 

 

 

 

Name:

 

James D. Weinstein

 

 

 

 

Title:

 

Managing Director

 

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26

 

 

 

DEUTSCHE BANK, NEW YORK BRANCH, as a Lender

 

 

 

By:

/s/ 

Chris Chapman

 

 

 

 

Name:

 

Chris Chapman

 

 

 

 

Title:

 

Director

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ 

Juan-Jose Mejia

 

 

 

 

Name:

 

Juan-Jose Mejia

 

 

 

 

Title:

 

Director

 

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27

 

 

 

TD BANK, N.A., as a Lender

 

 

 

By:

/s/ 

David Perlman

 

 

 

 

Name:

 

David Perlman

 

 

 

 

Title:

 

Senior Vice President

 

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PEOPLE’S UNITED BANK, as a Lender

 

 

 

By:

 

 

 

 

 

 

Name:

 

 

 

 

 

 

Title:

 

 

 

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29

 

 

 

THE HUNTINGTON NATIONAL BANK, as a Lender

 

 

 

By:

/s/ 

Jared Shaner

 

 

 

 

Name:

 

Jared Shaner

 

 

 

 

Title:

 

Assistant Vice President

 

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BLUE HILLS BANK, as a Lender

 

 

 

By:

/s/ 

Kelley Keefe

 

 

 

 

Name:

 

Kelley Keefe

 

 

 

 

Title:

 

Vice President

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender

 

 

 

By:

/s/ 

Andrew Oram

 

 

 

 

Name:

 

Andrew Oram

 

 

 

 

Title:

 

Managing Director

 

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FIRST NIAGARA BANK, N.A. as a Lender

 

 

 

By:

/s/ 

Robert Dellatorre

 

 

 

 

Name:

 

Robert Dellatorre

 

 

 

 

Title:

 

Vice President

 

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33

 

 

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

 

 

 

 

 

 

 

 

 

By:   /s/ Thomas J. Hollister                            

 

Title:  Chief Operating Officer and Chief Financial Officer

 

 

 

GLOBAL GP LLC

 

 

 

 

 

 

 

By:    /s/ Thomas J. Hollister                           

 

Title:  Chief Operating Officer and Chief Financial Officer

 

 

 

BURSAW OIL LLC

 

 

 

 

 

 

 

By:    /s/ Thomas J. Hollister                           

 

Title:  Chief Operating Officer and Chief Financial Officer

 

 

 

CASCADE KELLY HOLDINGS LLC

 

 

 

 

 

 

 

By:    /s/ Thomas J. Hollister                           

 

Title:  Chief Operating Officer and Chief Financial Officer

 

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