Exhibit 10.1

Execution Version

 

 

 

NINTH AMENDMENT

TO

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

AND

THIRD AMENDMENT

TO

FOURTH AMENDED AND RESTATED GUARANTEE AND COLLATERAL

AGREEMENT

dated as of

September 23, 2019

among

GENESIS ENERGY, L.P.,

as the Borrower,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Issuing Bank,

BANK OF AMERICA, N.A. AND BANK OF MONTREAL,

as Co-Syndication Agents,

U.S. BANK NATIONAL ASSOCIATION,

as Documentation Agent,

and

The Lenders Party Hereto

 

 

 

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NINTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT

AGREEMENT AND THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED

GUARANTEE AND COLLATERAL AGREEMENT

This NINTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT AND THIRD
AMENDMENT TO FOURTH AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT,
dated as of September 23, 2019 (collectively, this “Ninth Amendment”), is by and
among GENESIS ENERGY, L.P., a Delaware limited partnership (the “Borrower”), the
other Grantors (as defined in the Guarantee and Collateral Agreement referred to
below) party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative
agent (in such capacity, together with its successors in such capacity, the
“Administrative Agent”) for the lenders party to the Credit Agreement referred
to below (the “Lenders”), and the Lenders party hereto.

RECITALS

A.    The Borrower, the Lenders party thereto, the Administrative Agent and the
other agents and Issuing Banks referred to therein are parties to that certain
Fourth Amended and Restated Credit Agreement, dated as of June 30, 2014, as
amended by that certain First Amendment to Fourth Amended and Restated Credit
Agreement, dated as of August 25, 2014, that certain Second Amendment to Fourth
Amended and Restated Credit Agreement and Joinder Agreement, dated as of
July 17, 2015, that certain Third Amendment to Fourth Amended and Restated
Credit Agreement, dated as of September 17, 2015, that certain Fourth Amendment
to Fourth Amended and Restated Credit Agreement and Joinder Agreement, dated as
of April 27, 2016, that certain Fifth Amendment to Fourth Amended and Restated
Credit Agreement and Second Amendment to Fourth Amended and Restated Guarantee
and Collateral Agreement, dated as of May 9, 2017, that certain Sixth Amendment
to Fourth Amended and Restated Credit Agreement, dated as of July 28, 2017, that
certain Seventh Amendment to Fourth Amended and Restated Credit Agreement, dated
as of August 28, 2018, and that certain Eighth Amendment to Fourth Amended and
Restated Credit Agreement, dated as of October 11, 2018 (as so amended, the
“Credit Agreement”), pursuant to which the Lenders have made certain Loans and
provided certain Committed Amounts (subject to the terms and conditions thereof)
to the Borrower;

B.     The Borrower, the Administrative Agent and the other parties thereto are
parties to that certain Fourth Amended and Restated Guarantee and Collateral
Agreement, dated as of June 30, 2014, as amended by that certain First Amendment
to Fourth Amended and Restated Guarantee and Collateral Agreement, dated as of
September 17, 2015, and that certain Fifth Amendment to Fourth Amended and
Restated Credit Agreement and Second Amendment to Fourth Amended and Restated
Guarantee and Collateral Agreement, dated as of May 9, 2017 (as so amended, the
“Guarantee and Collateral Agreement”); and

C.     The Borrower wishes, and the Lenders signatory hereto and the
Administrative Agent are willing, to amend the Credit Agreement and the
Guarantee and Collateral Agreement as more fully described herein.

 

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

SECTION 1.     Defined Terms. Each capitalized term used herein but not
otherwise defined herein has the meaning given such term in the Credit
Agreement. Unless otherwise indicated, all article, schedule, exhibit and
section references in this Ninth Amendment refer to articles, schedules,
exhibits and sections of the Ninth Amendment.

SECTION 2.    Amendments to Credit Agreement. As of the Ninth Amendment
Effective Date (as defined below), the Credit Agreement is amended as follows:

 

  (a)

Section 1.01 of the Credit Agreement is hereby amended by adding the following
new definitions in their proper alphabetical order:

“Alkali Group” means, collectively, Genesis Alkali Holdings Company, LLC,
Genesis Alkali Holdings, LLC, Genesis Alkali, LLC, Genesis Alkali Wyoming, LP,
Genesis Specialty Alkali, LLC and their respective subsidiaries.

“Alkali Group Distribution Policy” means the distribution policy of Genesis
Alkali Holdings Company, LLC as in effect on the Ninth Amendment Effective Date
and set forth on Exhibit J hereto.

“Alkali Group Distribution Policy Trigger” means the first to occur of (a) the
Alkali Group Distribution Policy ceasing to be in effect, (b) the Alkali Group
Distribution Policy being amended or modified in such way as to further limit in
any material way the cash distributions from Genesis Alkali Holdings Company,
LLC to its common equityholders, and (c) Genesis Alkali Holdings Company, LLC
failing to comply with the Alkali Group Distribution Policy in any material
respect.

“Alkali Preferred Units” means (a) the redeemable preferred units issued by
Genesis Alkali Holdings Company, LLC to GSO Capital Partners LP, a Delaware
limited partnership, for up to $350,000,000 of proceeds pursuant to the unit
purchase agreement dated as of and as in effect on the Ninth Amendment Effective
Date or (b) other redeemable preferred units issued by Genesis Alkali Holdings,
LLC on terms no less favorable to it than the terms of the preferred units
described in clause (a) to the extent that the net proceeds thereof (i) do not
exceed the amount necessary to fully redeem the preferred units described in
clause (a) (plus all accrued and unpaid distributions on such preferred units
and the amount of all premiums, fees and expenses incurred in connection
therewith) and (ii) are used to fully redeem the preferred units described in
clause (a).

“Beneficial Ownership Certification” means a certification regarding beneficial
ownership as required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

 

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“Ninth Amendment Effective Date” means the “Ninth Amendment Effective Date” as
defined in that certain Ninth Amendment to Fourth Amended and Restated Credit
Agreement and Third Amendment to Fourth Amended and Restated Guarantee and
Collateral Agreement, dated as of September 23, 2019, among the Borrower, the
Administrative Agent and the Lenders party thereto.

 

  (b)

Section 1.01 of the Credit Agreement is hereby amended by amending and restating
the second paragraph of the definition of “Applicable Margin” as follows:

“For purposes of the Leverage-Based Pricing Grid, the Applicable Margin for any
date shall be determined by reference to the Consolidated Leverage Ratio
(provided that, as of the last day of any fiscal quarter ending prior to July 1,
2016, if the Consolidated Leverage Ratio is greater than 5.00 to 1.00, Level V
shall apply) as of the last day of the fiscal quarter most recently ended and
any change shall (a) become effective upon the delivery to the Administrative
Agent of financial statements pursuant to Section 5.01(a) or (b) for such
quarter and (b) apply to Loans outstanding on such delivery date or made on and
after such delivery date but prior to the effective date of the next such
change. Notwithstanding the foregoing, at any time during which the applicable
Borrower Party has failed to deliver such financial statements to the
Administrative Agent when due, the Consolidated Leverage Ratio shall be deemed,
solely for the purpose of this definition, to be (x) prior to July 1, 2016,
Level V and (y) on or after July 1, 2016, Level VII, until such time as the
applicable Borrower Party shall deliver such financial statements.”

 

  (c)

Section 1.01 of the Credit Agreement is hereby amended by adding the following
new clause (c)(iii) to the definition of “Consolidated EBITDA”:

“with respect to the Alkali Group, minus the amount of cash distributions paid
to the holders of Alkali Preferred Units.”

 

  (d)

Section 1.01 of the Credit Agreement is hereby amended by amending and restating
clause (d)(ii) of the definition of “Consolidated EBITDA” as follows:

“cash dividends or distributions (or with respect to NEJD SPE 1, loan payments
under the NEJD Intercompany Note) received (if any) by the Borrower or any
Restricted Subsidiary from Unrestricted Subsidiaries (other than the Alkali
Group prior to the occurrence of the Alkali Group Distribution Policy Trigger),
Joint Ventures, equity investees and any other Person accounted for by the
Borrower by the equity method of accounting, or any other Person that is not a
Subsidiary (plus, with respect to the Alkali Group after the occurrence of the
Alkali Group Distribution Policy Trigger, reserves for maintenance capital) in
substitution of any GAAP items reflected in such period attributable to
income/loss of such Persons; provided, that all such dividends or distributions
with respect to a relevant accounting period that the Borrower or any Restricted
Subsidiary receives within 15 days after such accounting period shall be
included as if such amounts had been received during such accounting period.”

 

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  (e)

Section 1.01 of the Credit Agreement is hereby amended by amending and restating
clause (c)(iii) of the definition of “Pro Forma Basis” as follows:

“with respect to such Substantial Transaction, in making any determination of
Adjusted Consolidated EBITDA, pro forma effect shall be given to any such
Substantial Transaction if effected during the respective Calculation Period or
Test Period as if same had occurred on the first day of the respective
Calculation Period or Test Period, as the case may be, and, at the Borrower’s
election by written notice to the Administrative Agent as contemplated by clause
(iv)(a)(x) below, but only to the extent approved by the Administrative Agent
and a majority of the Arrangers pursuant to such clause (and with respect to any
redemption of the Alkali Preferred Units constituting a Substantial Transaction,
only if concurrently with such redemption, each member of the Alkali Group is
designated as a Restricted Subsidiary), with respect to adjustments beyond the
mere combination of the relevant historical financial information, including for
factually supportable and identifiable cost savings and reduction of expenses
which would otherwise be accounted for as an adjustment pursuant to Article 11
of Regulation S-X under the Securities Act, (collectively such adjustments,
“Non-Historical Pro Forma Adjustments”), as if such cost savings or reduction of
expenses or other adjustments were realized commencing on the first day of the
respective period; and”

 

  (f)

Section 1.01 of the Credit Agreement is hereby amended by replacing “each
Arranger” in each place it appears in clause (c)(iv) of the definition of “Pro
Forma Basis” with “the Administrative Agent and a majority of the Arrangers”.

 

  (g)

Section 1.01 of the Credit Agreement is hereby amended by amending and restating
the definition of “Substantial Transaction” as follows:

““Substantial Transaction” means (a) any Permitted Acquisition, any acquisition
that results in a Joint Venture, any acquisition that is consummated through an
Unrestricted Subsidiary or a Joint Venture, or any Divestiture in respect of
which the aggregate Acquisition Consideration (or, in the case of a Divestiture,
the consideration paid by the purchaser if calculated in the same manner as the
definition of Acquisition Consideration) is in excess of $25,000,000 or (b) any
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary in
accordance with the definition of “Restricted Subsidiary”; provided, that the
Borrower’s Divestiture from time to time in one or more transactions of all or
any portion of the VKGC Business and/or the Wink Business shall not be
considered for purposes of (i) determining if any Divestiture constitutes a
Substantial Transaction or (ii) performing calculations on a Pro Forma Basis
pursuant to this Agreement.”

 

  (h)

Section 1.01 of the Credit Agreement is hereby amended by amending and restating
the definition of “Unrestricted Subsidiary” as follows:

““Unrestricted Subsidiary” means (1) any Subsidiary (a) that is listed as an
Unrestricted Subsidiary on Schedule 3.18(a) (until such time as such Subsidiary

 

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may be redesignated as a Restricted Subsidiary in accordance with the definition
of “Restricted Subsidiary”) or that becomes a Subsidiary after the date hereof
and, at the time it becomes a Subsidiary, is designated as an Unrestricted
Subsidiary pursuant to a written notice from the Borrower to the Administrative
Agent, (b) which has not acquired any assets (other than as not prohibited by
this Agreement) from the Borrower or any Restricted Subsidiary, and (c) that has
no Indebtedness, Guarantee obligations or other obligations other than
Non-Recourse Obligations, except as expressly permitted pursuant to Sections
5.13(c) and 6.04(g) and, in the case of NEJD SPE 2, except for recourse pursuant
to the NEJD SRCA, the NEJD Intercompany Financing Agreements and the NEJD
Consent (subject to limitations on amendment of such documents set forth in the
Loan Documents, the NEJD Intercompany Financing Agreements and the NEJD Consent)
and (2) each member of the Alkali Group (until such time as such member of the
Alkali Group may be redesignated as a Restricted Subsidiary in accordance with
the definition of “Restricted Subsidiary”). Any Restricted Subsidiary (other
than the General Partner) may be redesignated as an Unrestricted Subsidiary
pursuant to a written notice from the Borrower to the Administrative Agent;
provided that, after giving effect to such redesignation, (i) no Default or
Event of Default shall have occurred and be continuing and (ii) the Borrower
shall be in compliance on a Pro Forma Basis with Section 6.14; provided further
that, an Unrestricted Subsidiary that has previously been redesignated as a
Restricted Subsidiary may not be subsequently redesignated as an Unrestricted
Subsidiary.”

 

  (i)

Section 3.18(a) of the Credit Agreement is hereby amended by replacing
“Effective Date” in each place it appears therein with “Ninth Amendment
Effective Date”.

 

  (j)

Section 5.02 of the Credit Agreement is hereby amended by (i) deleting the “and”
from the end of Section 5.02(c), (ii) replacing the “.” at the end of
Section 5.02(d) with “; and” and (iii) adding the following new Section 5.02(e):

“to the best of the Borrower’s knowledge, any change in the information provided
in the Beneficial Ownership Certification that would result in a change to the
list of beneficial owners identified in parts (c) or (d) of such certification.”

 

  (k)

Section 5.13(c) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“Notwithstanding any provision of the Loan Documents to the contrary, the
Borrower and the other Borrower Parties may incur Guarantee obligations in the
ordinary course of business consisting of Guarantees of performance obligations
of Unrestricted Subsidiaries as long as such Guarantees do not constitute
Guarantees of payment or Guarantees of performance of obligations that would
result in the payment of any Indebtedness; provided, that, (i) in the case of
Guarantees of performance obligations of any Person in the Alkali Group, the
aggregate amount that has been or could reasonably be expected to be incurred
pursuant to all such performance Guarantees is not greater than $145,000,000
outstanding at any one time, and (ii) the amount that has been or could
reasonably be expected to be incurred pursuant to all other such performance
Guarantees is not greater than $1,000,000 in the aggregate.”

 

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  (l)

Section 6.04(b) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“(i) Investments by it existing on the date hereof and set forth on Schedule
6.04, (ii) additional Investments in the Equity Interests of any Restricted
Subsidiaries, and (iii) any Investments in any of the Alkali Group, if as a
result of, and simultaneously with, such Investment, each member of the Alkali
Group becomes a Restricted Subsidiary;”

 

  (m)

Section 6.04(g) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“Investments in Unrestricted Subsidiaries (other than Investments in the Alkali
Group); provided, that all such Investments in Unrestricted Subsidiaries in the
aggregate outstanding at any one time shall not exceed an amount equal to 2.5%
of Consolidated Net Tangible Assets as of the most recent delivery of financial
statements pursuant to Section 5.01(a) or Section 5.01(b);”

 

  (n)

Section 6.04(h) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“Investments in any Person in the Alkali Group on the Ninth Amendment Effective
Date and for so long thereafter as such Person is not a Restricted Subsidiary;
provided, that the aggregate outstanding amount of all Investments (valued at
the time of the making thereof and without giving effect to any write-downs or
write-offs thereof) permitted by this Section 6.04(h) shall not, at any one time
and without duplication, exceed the sum of (x) $1,350,000,000 plus (y) the
lesser of (1) the amount of any cash distributions made following the Ninth
Amendment Effective Date to the Borrower and the Restricted Subsidiaries by the
Alkali Group and (2) $350,000,000;”

 

  (o)

Section 6.04(n) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“such other Investments (other than Investments in any Joint Venture or
Unrestricted Subsidiary) not otherwise permitted by the foregoing clauses in
this Section 6.04; provided, that all such Investments in the aggregate
outstanding at any one time shall not exceed an amount equal to 7.5% of
Consolidated Net Tangible Assets as of the most recent delivery of financial
statements pursuant to Section 5.01(a) or Section 5.01(b).”

 

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  (p)

Section 6.06(f) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“the issuance, sale or other disposition of Equity Interests in or of any
Unrestricted Subsidiary or any Joint Venture;”

 

  (q)

The Credit Agreement is hereby amended by adding the following new Section 6.21:

“Alkali Group. It will not permit any member of the Alkali Group to (a) create,
incur, assume or permit to exist any Indebtedness for borrowed money or
Disqualified Equity (other than the Alkali Preferred Units) prior to such date
that all members of the Alkali Group constitute Restricted Subsidiaries or
(b) remain an Unrestricted Subsidiary after the redemption of all Alkali
Preferred Units.”

 

  (r)

The Credit Agreement is hereby amended by adding the following new Section 9.21:

“Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan
Documents provide support, through a guarantee or otherwise, for Hedging
Agreements or any other agreement or instrument that is a QFC (such support,
“QFC Credit Support” and each such QFC a “Supported QFC”), the parties
acknowledge and agree as follows with respect to the resolution power of the
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act
and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support
(with the provisions below applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the laws of the
State of New York and/or of the United States or any other state of the United
States):

(a) In the event a Covered Entity that is party to a Supported QFC (each, a
“Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such
QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same
extent as the transfer would be effective under the U.S. Special Resolution
Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United
States or a state of the United States. In the event a Covered Party or a BHC
Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under the Loan Documents that might
otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by
the laws of the United States or a state of the United States. Without
limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any
QFC Credit Support.

 

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(b) As used in this Section 9.21, the following terms have the following
meanings:

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined
under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

“Covered Entity” means any of the following:

 

  i.

a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b);

 

  ii.

a “covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b); or

 

  iii.

a “covered FSI” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 382.2(b).

“Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

“QFC” has the meaning assigned to the term “qualified financial contract” in,
and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”

 

  (s)

Schedule 3.18(a) to the Credit Agreement is hereby replaced with Schedule
3.18(a) attached hereto.

 

  (t)

A new Exhibit J is added to the Credit Agreement in the form attached hereto and
“Exhibit J Alkali Group Distribution Policy” is hereto added to the Table of
Contents under “Exhibits”.

SECTION 3.    Amendments to Guarantee and Collateral Agreement. As of the Ninth
Amendment Effective Date, the Guarantee and Collateral Agreement is amended as
follows:

 

  (a)

Section 1.01(b) of the Guarantee and Collateral Agreement is hereby amended by
amending and restating the definition of “Pledged Securities” as follows:

““Pledged Securities” shall mean: (i) the equity interests described or referred
to in Schedule 2 hereto and any other equity interests now owned or hereafter
acquired; and (ii) (a) the certificates or instruments, if any, representing
such equity interests, (b) all dividends (cash, stock or otherwise), cash,
instruments, rights to subscribe, purchase or sell and all other rights and
property from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such equity interests, (c) all
replacements, additions to and substitutions for any of the property referred to
in this definition, including claims against third parties, (d) the proceeds,
interest, profits and other income of or on any of the property referred to in
this definition and (e) all books and records relating to any of the property
referred to in this definition.”

 

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  (b)

Schedule 2 to the Guarantee and Collateral Agreement is hereby replaced with
Schedule 2 attached hereto. Schedule 4 to the Guarantee and Collateral Agreement
is hereby replaced with Schedule 4 attached hereto.

SECTION 4.    Conditions to Effectiveness. This Ninth Amendment shall not become
effective until the date (the “Ninth Amendment Effective Date”) on which each of
the following conditions is satisfied (or waived in accordance with Section 9.02
of the Credit Agreement):

 

  (a)

The Administrative Agent shall have received from the Required Lenders and the
Borrower executed counterparts (in such number as may be requested by the
Administrative Agent) of this Ninth Amendment.

 

  (b)

The Administrative Agent, the Arrangers and the Lenders shall have received all
fees and other amounts due and payable on or prior to the Ninth Amendment
Effective Date, including to the extent invoiced, reimbursement or payment of
all out of pocket expenses required to be reimbursed or paid by the Borrower
under the Credit Agreement.

 

  (c)

Substantially simultaneously with the Ninth Amendment Effective Date, (i) the
unit purchase agreement governing the issuance and purchase of the Alkali
Preferred Units (as defined in Section 2(a) above), in form and substance
reasonably satisfactory to the Administrative Agent, shall be in full force and
effect, (ii) the initial Alkali Preferred Units shall have been issued in
accordance with such unit purchase agreement, and (iii) the Administrative Agent
shall have received an officer’s certificate from a Responsible Officer of the
Borrower certifying as to the foregoing and attaching the executed unit purchase
agreement.

 

  (d)

After giving effect to the Ninth Amendment, (i) no Default or Event of Default
shall have occurred and be continuing and (ii) the Borrower shall be in
compliance on a Pro Forma Basis with Section 6.14 of the Credit Agreement.

 

  (e)

The Administrative Agent shall have received such other documents as the
Administrative Agent or special counsel to the Administrative Agent may
reasonably request.

The Administrative Agent shall notify the Borrower and the Lenders of the Ninth
Amendment Effective Date, and such notice shall be conclusive and binding.

SECTION 5.    Miscellaneous.

(a)    Confirmation. The provisions of the Loan Documents, as amended by this
Ninth Amendment, shall remain in full force and effect in accordance with their
terms following the effectiveness of this Ninth Amendment. The execution,
delivery and effectiveness of this Ninth Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
any Lender or the Administrative Agent under any of the Loan Documents, nor,
except as expressly provided herein, constitute a waiver or amendment of any
provision of any of the Loan Documents.

 

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(b)    Ratification and Affirmation; Representations and Warranties. Each of the
undersigned does hereby adopt, ratify, and confirm the Credit Agreement and the
other Loan Documents, as amended hereby, and its obligations thereunder. The
Borrower hereby (i) acknowledges, renews and extends its continued liability
under each Loan Document to which it is a party and agrees that each Loan
Document to which it is a party remains in full force and effect, except as
expressly amended hereby, notwithstanding the amendments contained herein,
(ii) confirms and ratifies all of its obligations under the Loan Documents to
which it is a party, including its obligations and the Liens granted by it under
the Security Documents to which it is a party, (iii) confirms that all
references in such Security Documents to the “Credit Agreement” (or words of
similar import) refer to the Credit Agreement as amended and supplemented hereby
without impairing any such obligations or Liens in any respect and all
references in the Loan Documents to the “Guarantee and Collateral Agreement” (or
words of similar import) refer to the Guarantee and Collateral Agreement as
amended and supplemented hereby without impairing such obligations or Liens in
any respect and (iv) represents and warrants to the Lenders that: (A) as of the
date hereof, after giving effect to the terms of this Ninth Amendment, all of
the representations and warranties contained in each Loan Document to which it
is a party are true and correct in all material respects (except that any such
representations and warranties that are modified by materiality shall be true
and correct in all respects), except to the extent any such representations and
warranties are expressly limited to an earlier date, in which case, such
representations and warranties shall continue to be true and correct in all
material respects as of such specified earlier date (except that any such
representations and warranties that are modified by materiality shall be true
and correct in all respects as of such specified earlier date); and (B) as of
the date hereof, after giving effect to this Ninth Amendment, no Default has
occurred and is continuing.

(c)    Loan Document. This Ninth Amendment and each agreement, instrument,
certificate or document executed by the Borrower or any other Borrower Party or
any of its or their respective officers in connection therewith are “Loan
Documents” as defined and described in the Credit Agreement and all of the terms
and provisions of the Loan Documents relating to other Loan Documents shall
apply hereto and thereto.

(d)    Counterparts. This Ninth Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of this Ninth Amendment by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart
hereof.

(e)    NO ORAL AGREEMENT. THIS NINTH AMENDMENT, THE CREDIT AGREEMENT AND THE
OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

 

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(f)    GOVERNING LAW. THIS NINTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE
VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

(g)    THE PROVISIONS OF SECTION 9.09(B) AND (C) AND SECTION 9.10 OF THE CREDIT
AGREEMENT SHALL APPLY, MUTATIS MUTANDIS, TO THIS NINTH AMENDMENT.

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IN WITNESS WHEREOF, the parties hereto have caused this Ninth Amendment to be
duly executed and delivered as of the date first written above.

 

BORROWER: GENESIS ENERGY, L.P., By: GENESIS ENERGY, LLC, its general partner

By:  

/s/ Robert V. Deere

Name: Robert V. Deere Title: Chief Financial Officer

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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GRANTORS: GENESIS CRUDE OIL, L.P. GENESIS PIPELINE TEXAS, L.P. GENESIS PIPELINE
USA, L.P. GENESIS SYNGAS INVESTMENTS, L.P. By:   GENESIS ENERGY, LLC,
its general partner

By:  

/s/ Robert V. Deere

Name: Robert V. Deere Title: Chief Financial Officer GEL CHOPS I, L.P. GEL CHOPS
II, L.P.

By:   GEL CHOPS GP, LLC,
its general partner

By:  

/s/ Robert V. Deere

Name: Robert V. Deere Title: Chief Financial Officer and Treasurer CAMERON
HIGHWAY PIPELINE I, L.P.

By:   Cameron Highway Pipeline GP, L.L.C., its general partner

By:  

/s/ Robert V. Deere

Name: Robert V. Deere Title: Chief Financial Officer and Treasurer

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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    AP MARINE, LLC     BR PORT SERVICES, LLC     CAMERON HIGHWAY OIL PIPELINE
COMPANY, LLC     CAMERON HIGHWAY PIPELINE GP, L.L.C.     CASPER EXPRESS
PIPELINE, LLC     DAVISON PETROLEUM SUPPLY, LLC     DAVISON TRANSPORTATION
SERVICES, INC.     DAVISON TRANSPORTATION SERVICES, LLC     DEEPWATER GATEWAY,
L.L.C.     FLEXTREND DEVELOPMENT COMPANY, L.L.C.     GEL CHOPS GP, LLC     GEL
DEEPWATER, LLC     GEL IHUB, LLC     GEL LOUISIANA FUELS, LLC     GEL ODYSSEY,
LLC     GEL OFFSHORE PIPELINE, LLC    

GEL OFFSHORE, LLC

GEL PALOMA, LLC

GEL PIPELINE OFFSHORE, LLC

    GEL POSEIDON, LLC     GEL SEKCO, LLC     GEL TEX MARKETING, LLC     GEL
TEXAS PIPELINE, LLC     GEL WYOMING, LLC     GENESIS BR, LLC     GENESIS CHOPS
I, LLC     GENESIS CHOPS II, LLC     GENESIS DAVISON, LLC     GENESIS DEEPWATER
HOLDINGS, LLC     GENESIS ENERGY FINANCE CORPORATION     GENESIS ENERGY, LLC    
GENESIS FREE STATE HOLDINGS, LLC     GENESIS GTM OFFSHORE OPERATING COMPANY, LLC
    GENESIS IHUB HOLDINGS, LLC     GENESIS MARINE, LLC     GENESIS NEJD
HOLDINGS, LLC     GENESIS ODYSSEY, LLC     GENESIS OFFSHORE HOLDINGS, LLC    
GENESIS OFFSHORE, LLC     GENESIS PIPELINE ALABAMA, LLC

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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    GENESIS POSEIDON HOLDINGS, LLC     GENESIS POSEIDON, LLC     GENESIS RAIL
SERVICES, LLC     GENESIS SAILFISH HOLDINGS, LLC     GENESIS SEKCO, LLC    
GENESIS SMR HOLDINGS, LLC    

GENESIS TEXAS CITY TERMINAL, LLC

GENESIS WASATCH ADDITIVES, INC.

    HIGH ISLAND OFFSHORE SYSTEM, L.L.C.     MANTA RAY GATHERING COMPANY, L.L.C.
    MATAGORDA OFFSHORE, LLC     MILAM SERVICES, INC.     POSEIDON PIPELINE
COMPANY, L.L.C.     RED RIVER TERMINALS, L.L.C.     SAILFISH PIPELINE COMPANY,
L.L.C.     SEAHAWK SHORELINE SYSTEM, LLC     SOUTHEAST KEATHLEY CANYON PIPELINE
COMPANY, L.L.C.     TBP2, LLC     TDC SERVICES, LLC     TDC, L.L.C.     TEXAS
CITY CRUDE OIL TERMINAL, LLC     THUNDER BASIN HOLDINGS, LLC     THUNDER BASIN
PIPELINE, LLC

 

By:  

/s/ Robert V. Deere

Name: Robert V. Deere Title: Chief Financial Officer and Treasurer

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Issuing Bank and a Lender

By:  

/s/ Andrew Ostrov

Name: Andrew Ostrov Title:   Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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BMO HARRIS FINANCING, INC.,

as a Lender

By:  

/s/ Kevin Utsey

Name: Kevin Utsey Title:   Managing Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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DEUTSCHE BANK AG – NEW YORK BRANCH,

as a Lender

By:  

/s/ Shai Bandner

Name: Shai Bandner Title:   Director By:  

/s/ My Nguyen

Name: My Nguyen Title:   Analyst

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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ABN AMRO CAPITAL USA, LLC,
as a Lender By:  

/s/ Brody Summerall

Name: Brody Summerall Title:   Vice President By:  

/s/ Darrell Holley

Name: Darrell Holley Title:   Managing Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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BNP PARIBAS,
as a Lender By:  

/s/ Mark Renaud

Name: Mark Renaud Title:   Managing Director By:  

/s/ Claudia Zarate

Name: Claudia Zarate Title:   Managing Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender By:  

/s/ Christopher Kuna

Name: Christopher Kuna Title:   Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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THE BANK OF NOVA SCOTIA, HOUSTON BRANCH,
as a Lender By:  

/s/ Joe Lattanzi

Name: Joe Lattanzi Title:   Managing Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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SUMITOMO MITSUI BANKING CORPORATION,
as a Lender By: /s/ Michael Maguire                               
                                Name: Michael Maguire Title:   Managing Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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BANK OF AMERICA, N.A.,
as a Lender By: /s/ Pace Doherty                                
                                      Name: Pace Doherty Title:   Vice President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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CITIBANK N.A.,
as a Lender By:  

/s/ Michael Zeller

Name: Michael Zeller Title:   Vice President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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ROYAL BANK OF CANADA,
as a Lender By:  

/s/ Jason S. York

Name: Jason S. York Title:   Authorized Signatory

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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BBVA USA,
as a Lender By:  

/s/ Mark H. Wolf

Name: Mark H. Wolf Title:   Senior Vice President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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FIFTH THIRD BANK,
as a Lender By:  

/s/ Jonathan H Lee

Name: Jonathan H Lee Title:   Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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REGIONS BANK,

as a Lender

By: /s/ David Valentine                                
                                 Name: David Valentine Title:   Managing
Director

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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DNB CAPITAL LLC,

as a Lender

By: /s/ Kelton Glasscock                               
                                Name: Kelton Glasscock Title:   Senior Vice
President By: /s/ James Grubb                                        
                              Name: James Grubb Title:   First Vice President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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CADENCE BANK, N.A.,

as a Lender

By: /s/ William W. Brown                               
                              Name: William W. Brown Title:   Executive Vice
President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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ZIONS BANCORPORATION, N.A. dba

AMEGY BANK,

as a Lender

By: /s/ Sam Trail                                 
                                          Name: Sam Trail Title:   Senior Vice
President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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TRUSTMARK NATIONAL BANK,

as a Lender

By: /s/ Jeff Deutsch                                
                                       Name: Jeff Deutsch Title:   Senior Vice
President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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COMERICA BANK,

as a Lender

By: /s/ Britney P. Geidel                              
                                 Name: Britney P. Geidel Title:   Portfolio
Manager, AVP

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]

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BOKF, NA dba BANK OF TEXAS,

as a Lender

By: /s/ Mari Salazar                                
                                       Name: Mari Salazar Title:   Senior Vice
President

[Signature Page – Ninth Amendment to Fourth Amended and

Restated Credit Agreement]