Exhibit 10.18
FIFTH AMENDMENT TO CREDIT AGREEMENT
     THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and
entered into as of May 28, 2010, by and among BUCKEYE PARTNERS, L.P., a Delaware
limited partnership (the “Borrower”), the Lenders (as defined below) party
hereto, and SUNTRUST BANK, in its capacity as administrative agent for the
Lenders (the “Administrative Agent”).
W I T N E S S E T H:
     WHEREAS, the Borrower, the several banks and other financial institutions
party thereto (collectively, the “Lenders”) and the Administrative Agent are
parties to that certain Credit Agreement, dated as of November 13, 2006 (as
amended, supplemented and modified from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement as amended hereby), pursuant to
which the Lenders have made certain financial accommodations available to the
Borrower; and
     WHEREAS, the Borrower has requested that the Lenders and the Administrative
Agent amend certain provisions of the Credit Agreement, and subject to the terms
and conditions hereof, the Lenders executing this Amendment are willing to do
so;
     NOW, THEREFORE, for good and valuable consideration, the sufficiency and
receipt of all of which are acknowledged, the Borrower, the Lenders executing
this Amendment and the Administrative Agent agree as follows:
     1. Amendment. Section 1.1 of the Credit Agreement is hereby amended by
replacing the definition “Marketing Loans” in its entirety with the following:
     “Marketing Loans” shall mean Debt in the aggregate principal amount of up
to $500,000,000 incurred by one or more of the Marketing Entities to finance
working capital and for general corporate purposes (either through assumption of
the F&H Facility (as defined in the Third Amendment) and/or through one or more
new credit facilities). For the avoidance of doubt, the Marketing Loans shall be
non-recourse to the Borrower and all of its Subsidiaries other than the
Marketing Entities.
     2. Conditions to Effectiveness of this Amendment. Notwithstanding any other
provision of this Amendment and without affecting in any manner the rights of
the Lenders hereunder, it is understood and agreed that this Amendment shall not
become effective, and the Borrower shall have no rights under this Amendment,
until the Administrative Agent shall have received (i) reimbursement or payment
of its costs and expenses incurred in connection with the preparation, execution
and delivery of this Amendment, including, without limitation, the reasonable
fees and out-of-pocket expenses of outside counsel for the Administrative Agent
with

 

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respect thereto and (ii) executed counterparts to this Amendment from the
Borrower, the Guarantors and the Required Lenders.
     3. Representations and Warranties. To induce the Lenders and the
Administrative Agent to enter into this Amendment, each of the Borrower, the
General Partner and the Guarantors (collectively, the “Loan Parties”) hereby
represents and warrants to the Lenders and the Administrative Agent that:
     (a) The execution and delivery by such Loan Party of this Amendment and the
performance of this Amendment and the Credit Agreement as amended hereby (i) are
within such Loan Party’s power and authority; (ii) have been duly authorized by
all necessary partnership, limited liability company, partner and/or member
action; (iii) are not in contravention of any provision of such Loan Party’s
certificate of formation, certificate of partnership, partnership agreement,
operating agreement or other organizational documents; (iv) do not violate any
law or regulation, or any order or decree of any Governmental Authority; (v) do
not conflict with or result in the breach or termination of, constitute a
default under or accelerate any performance required by, any indenture,
mortgage, deed of trust, lease, agreement or other instrument to which such Loan
Party or any of its Subsidiaries is a party or by which such Loan Party or any
such Subsidiary or any of their respective property is bound; (vi) do not result
in the creation or imposition of any Lien upon any of the property of such Loan
Party or any of its Subsidiaries; and (vii) do not require the consent or
approval of any Governmental Authority or any other Person;
     (b) This Amendment has been duly executed and delivered for the benefit of
or on behalf of each Loan Party and constitutes a legal, valid and binding
obligation of each Loan Party, enforceable against such Loan Party in accordance
with its terms except as the enforceability hereof may be limited by bankruptcy,
insolvency, reorganization, fraudulent conveyance, moratorium and other similar
laws of general application relating to or affecting creditors’ rights and
general principles of equity; and
     (c) After giving effect to this Amendment, the representations and
warranties contained in the Credit Agreement and the other Loan Documents are
true and correct in all material respects, and no Default or Event of Default
has occurred and is continuing as of the date hereof.
     4. Reaffirmations and Acknowledgments.
     Each Guarantor consents to the execution and delivery by the Borrower of
this Amendment and jointly and severally ratifies and confirms the terms of its
Guaranty with respect to the Debt now or hereafter outstanding under the Credit
Agreement as amended hereby and all promissory notes issued thereunder. Each
Guarantor acknowledges that, notwithstanding anything to the contrary contained
herein or in any other document evidencing any Debt of the Borrower to the
Lenders or any other obligation of the Borrower, or any actions now or hereafter
taken by the Lenders with respect to any obligation of the Borrower, its
Guaranty (i) is and shall continue to be a primary obligation of such Guarantor,
(ii) is and shall continue to be an absolute, unconditional, joint and several,
continuing and irrevocable guaranty of payment, and (iii) is and

 

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shall continue to be in full force and effect in accordance with its terms.
Nothing contained herein to the contrary shall release, discharge, modify,
change or affect the original liability of the Guarantors under the Guaranties.
     5. Effect of Amendment. Except as set forth expressly herein, all terms of
the Credit Agreement, as amended hereby, and the other Loan Documents shall be
and remain in full force and effect and shall constitute the legal, valid,
binding and enforceable obligations of the Borrower to the Lenders and the
Administrative Agent. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of the Lenders under the Credit Agreement, nor
constitute a waiver of any provision of the Credit Agreement. This Amendment
shall constitute a Loan Document for all purposes of the Credit Agreement.
     6. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of New York and all applicable
federal laws of the United States of America.
     7. No Novation. This Amendment is not intended by the parties to be, and
shall not be construed to be, a novation of the Credit Agreement or an accord
and satisfaction in regard thereto.
     8. Counterparts. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, each of which shall be
deemed an original and all of which, taken together, shall be deemed to
constitute one and the same instrument. Delivery of an executed counterpart of
this Amendment by facsimile transmission or by electronic mail in pdf form shall
be as effective as delivery of a manually executed counterpart hereof.
     9. Costs and Expenses. The Borrower agrees to pay on demand all reasonable
costs and expenses of the Administrative Agent in connection with the
preparation, execution and delivery of this Amendment, including, without
limitation, the reasonable fees and out-of-pocket expenses of outside counsel
for the Administrative Agent with respect thereto.
     10. Binding Nature. This Amendment shall be binding upon and inure to the
benefit of the parties hereto, their respective successors,
successors-in-titles, and assigns.
     11. Entire Understanding. This Amendment sets forth the entire
understanding of the parties with respect to the matters set forth herein, and
shall supersede any prior negotiations or agreements, whether written or oral,
with respect thereto.
[Signature Pages To Follow]

 

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized officers as of the day and year
first above written.

                          BORROWER:             BUCKEYE PARTNERS, L.P.    
 
                    By:   Buckeye GP LLC, its general partner    
 
               
 
                    By:   /s/ William H. Schmidt, Jr.                  
 
      Name:   William H. Schmidt, Jr.    
 
      Title:   Vice President, General Counsel and Secretary    

                          GUARANTORS: BUCKEYE PIPE LINE COMPANY, L.P.    
 
                        By   MAINLINE L.P.             its General Partner    
 
                            By   MAINLINE GP, INC.                 its General
Partner    
 
                   
 
          By:   /s/ William H. Schmidt, Jr.
 
   
 
              Name: William H. Schmidt, Jr.    
 
              Title:   Vice President, General Counsel and
            Secretary    
 
                        BUCKEYE PIPE LINE HOLDINGS, L.P.    
 
                        By   MAINLINE L.P.             its General Partner    
 
                            By   MAINLINE GP, INC.                 its General
Partner    
 
                   
 
          By:   /s/ William H. Schmidt, Jr.
 
   
 
              Name: William H. Schmidt, Jr.    
 
              Title:   Vice President, General Counsel and
            Secretary    

 

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                      BUCKEYE GULF COAST HOLDINGS I, LLC    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    BUCKEYE GULF COAST HOLDINGS II, LLC    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    BUCKEYE GULF COAST PIPE LINES, L.P.    
 
                    By   BUCKEYE GULF COAST HOLDINGS I, LLC             its
General Partner    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    BUCKEYE TERMINALS, LLC    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    NORCO PIPE LINE COMPANY, LLC    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    EVERGLADES PIPE LINE COMPANY, L.P.    
 
                    By   MAINLINE L.P.             its General Partner    
 
               
 
      By   MAINLINE GP, INC.    
 
          its General Partner    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    

 

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                      WOOD RIVER PIPE LINES LLC    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    BUCKEYE PIPE LINE TRANSPORTATION LLC    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    BUCKEYE TEXAS PIPE LINE COMPANY, L.P.    
 
               
 
      By   BUCKEYE GULF COAST HOLDINGS I, LLC    
 
          its General Partner    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    
 
                    FERRYSBURG TERMINAL, LLC    
 
               
 
      By:   /s/ William H. Schmidt, Jr.
 
Name: William H. Schmidt, Jr.    
 
          Title:   Vice President, General Counsel and
            Secretary    

 

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          LENDER, ISSUING BANK
AND AGENT:  SUNTRUST BANK
      By:   /s/ Carmen Malizia         Name:   Carmen Malizia        Title:  
Vice President     

 

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            BANK OF AMERICA, N.A.
      By:   /s/ William W. Stevenson         Name:   William W. Stevenson       
Title:   Vice President     

 

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            CITIBANK, N.A.
      By:   /s/ John F. Miller         Name:   John F. Miller        Title:  
Vice President   

 

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            BNP PARIBAS
      By:   /s/ Richard Hawthorne         Name:   Richard Hawthorne       
Title:   Director              By:   /s/ Edward Pak         Name:   Edward Pak 
      Title:   Vice President     

 

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            JPMORGAN CHASE BANK, N.A.
      By:   /s/ Thomas Okamoto         Name:   Thomas Okamoto        Title:  
Senior Underwriter     

 

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            WELLS FARGO BANK, N. A.
      By:   /s/ S. Lane Genatowski         Name:   S. Lane Genatowski       
Title:   Managing Director     

 

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            DEUTSCHE BANK AG NEW YORK BRANCH
      By:   /s/ Andreas Neumeier         Name:   Andreas Neumeier       
Title:   Managing Director              By:   /s/ Yvonne Tilden         Name:  
Yvonne Tilden        Title:   Director     

 

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            THE ROYAL BANK OF SCOTLAND plc
      By:   /s/ Brian D. Williams         Name:   Brian D. Williams       
Title:   Vice President     

 

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            THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.
      By:   /s/ Linda Terry         Name:   Linda Terry        Title:  
Authorized Signatory     

 

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            MORGAN STANLEY BANK
      By:   /s/ Ryan Vetsch         Name:   Ryan Vetsch        Title:  
Authorized Signatory     

 

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                      WELLS FARGO BANK, N.A.    
 
               
 
  By:                          
 
      Name:        
 
      Title:  
 
   
 
         
 
   

 

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            UBS AG, STAMFORD BRANCH
      By:   /s/ Mary E. Evans         Name:   Mary E. Evans        Title:  
Associate Director, Banking Products Services, US              By:   /s/ Irja R.
Otsa         Name:   Irja R. Otsa        Title:   Associate Director, Banking
Products Services, US     

 

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            BANK OF AMERICA, N.A., SUCCESSOR BY
MERGER TO MERRILL LYNCH BANK USA
      By:   /s/ William Stevenson         Name:   William Stevenson       
Title:   Vice President     

 

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            WILLIAM STREET CREDIT CORPORATION
      By:   /s/ John Makrinos         Name:   John Makrinos        Title:  
Authorized Signatory     

 

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                      AURORA BANK FSB    
 
               
 
  By:                          
 
      Name:        
 
      Title: