Exhibit 10.5

 
    

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SECOND AMENDMENT
TO
CREDIT AGREEMENT
dated as of
November 2, 2012
among

Blueknight Energy Partners, L.P.,
as Borrower,

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent

    

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SECOND AMENDMENT CREDIT AGREEMENT

THIS SECOND Amendment to Credit Agreement (this “Second Amendment”) dated as of
November 2, 2012, is among BLUEKNIGHT ENERGY PARTNERS, L.P., a Delaware limited
partnership (the “Borrower”); JPMORGAN CHASE BANK, N.A., 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 (collectively, the “Lenders”); and the undersigned Lenders.
R E C I T A L S
The Borrower, the Administrative Agent and the Lenders are parties to that
certain Credit Agreement dated as of October 25, 2010 (as amended by the First
Amendment to Credit Agreement dated as of April 1, 2011, the “Credit
Agreement”), pursuant to which the Lenders have made certain extensions of
credit available to the Borrower.
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 references to Sections and Articles in this Second
Amendment refer to Sections and Articles of the Credit Agreement.

Section 2.Amendments to Credit Agreement.

2.1    Amendment to Section 1.1. The definition of “Change of Control” is hereby
amended by adding the following at the end thereof:

Notwithstanding anything to the contrary contained in this definition, the
direct or indirect issuance to and ownership by Mr. Mark Hurley (and his
successors and assigns) of a non-voting economic interest in the General Partner
shall not constitute a “Change of Control”.

Section 3.Conditions Precedent. This Second Amendment shall not become effective
until the date on which each of the following conditions is satisfied (or waived
in accordance with Section 10.1 of the Credit Agreement) (the “Effective Date”):

3.1    The Administrative Agent shall have received from the Required Lenders
and the Borrower, counterparts (in such number as may be requested by the
Administrative Agent) of this Second Amendment signed on behalf of such Persons.

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

3.3    No Default shall have occurred and be continuing, after giving effect to
the terms of this Second Amendment.

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Section 4.Miscellaneous.

4.1    Confirmation. The provisions of the Credit Agreement, as amended by this
Second Amendment, shall remain in full force and effect following the
effectiveness of this Second Amendment.

4.2    Ratification and Affirmation; Representations and Warranties. The
Borrower hereby: (a) acknowledges the terms of this Second Amendment; (b)
ratifies and affirms its obligations under, and 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, after giving effect to the
amendments contained herein; (c) agrees that from and after the Effective Date
each reference to the Credit Agreement in the Guarantee and Collateral
Agreement, the Mortgages and the other Loan Documents shall be deemed to be a
reference to the Credit Agreement, as amended by this Second Amendment; and (d)
represents and warrants to the Lenders that as of the date hereof, after giving
effect to the terms of this Second Amendment: (i) all of the representations and
warranties made by the Borrower contained in each Loan Document to which it is a
party are true and correct in all material respects, unless such representations
and warranties are stated to relate to a specific earlier date, in which case,
such representations and warranties shall continue to be true and correct in all
material respects as of such earlier date and (ii) no Default has occurred and
is continuing.

4.3    Loan Document. This Second Amendment is a “Loan Document” as defined and
described in the Credit Agreement and all of the terms and provisions of the
Credit Agreement relating to Loan Documents shall apply hereto.

4.4    Counterparts. This Second 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 Second Amendment by facsimile or email transmission
shall be effective as delivery of a manually executed counterpart hereof.

4.5    NO ORAL AGREEMENT. THIS SECOND 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 ORAL AGREEMENTS BETWEEN THE PARTIES.

4.6    GOVERNING LAW. THIS SECOND 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.

[SIGNATURES BEGIN NEXT PAGE]

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

BLUEKNIGHT ENERGY PARTNERS, L.P.
 
 
By:
Blueknight Energy Partners G.P., L.L.C., its
 
general partner
 
 
By:
/s/ Alex G. Stallings
Name:
Alex G. Stallings
Title:
Chief Financial Officer

Signature Page to Second Amendment to
Credit Agreement
S-1

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JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
 
 
By:
/s/ Robert Traband
Name:
Robert Traband
Title:
Managing Director

Signature Page to Second Amendment to
Credit Agreement
S-2

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
 
 
By:
/s/ Michel Kermarrec
Name:
Michel KERMARREC
Title:
Vice President
 
 
By:
/s/ Mark Lvoff
Name:
Mark LVOFF
Title:
Managing Director

Signature Page to Second Amendment to
Credit Agreement
S-3

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LLOYDS TBS BANK PLC, as a Lender
 
 
By:
/s/ Stephen Giacolone
Name:
Stephen Giacolone
Title:
Assistant Vice President - G011
 
 
By:
/s/ Dennis McClellan
Name:
Dennis McClellan
Title:
Assistant Vice President - M040

Signature Page to Second Amendment to
Credit Agreement
S-4

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SOCIETE GENERALE, as a Lender
 
 
By:
/s/ Chad Clark
Name:
Chad Clark
Title:
Managing Director

Signature Page to Second Amendment to
Credit Agreement
S-5

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NATIXIS, as a Lender
 
 
By:
/s/ Daniel Payer
Name:
Daniel Payer
Title:
Managing Director
 
 
By:
/s/ Louis P. Laville, III
Name:
Louis P. Laville, III
Title:
Managing Director

Signature Page to Second Amendment to
Credit Agreement
S-6

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CITIBANK, N.A., as a Lender
 
 
By:
/s/ Clinton Gerst
Name:
Clinton Gerst
Title:
Managing Director

Signature Page to Second Amendment to
Credit Agreement
S-7

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MIZUHO CORPORATE BANK LTD., as a Lender
 
 
By:
/s/ Leon Mo
Name:
Leon Mo
Title:
Authorized Signatory

Signature Page to Second Amendment to
Credit Agreement
S-8

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WELLS FARGO BANK, N.A., as a Lender
 
 
By:
/s/ David C. Brooks
Name:
David C. Brooks
Title:
Director

 

Signature Page to Second Amendment to
Credit Agreement
S-9

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VITOL REFINING, B.V., as a Lender
 
 
By:
 
Name:
 
Title:
 

Signature Page to Second Amendment to
Credit Agreement
S-10

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COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
 
 
“RABOBANK NEDERLAND”, NEW YORK BRANCH, as a Lender
 
 
By:
/s/ Kristin Carlton Malo
Name:
Kristin Carlton Malo
Title:
Executive Director
 
 
By:
/s/ Rodney P. Hutchinson
Name:
Rodney P. Hutchinson
Title:
Executive Director

Signature Page to Second Amendment to
Credit Agreement
S-11

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LIBERTY ISLAND FUNDING 2011-1 LTD., as a Lender
 
 
By:
 
Name:
 
Title:
 

Signature Page to Second Amendment to
Credit Agreement
S-12