Exhibit 10.1

EXECUTION VERSION

 

 

 

SEVENTH AMENDMENT

TO

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

August 28, 2018

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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SEVENTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

This SEVENTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as
of August 28, 2018 (this “Seventh Amendment”), is by and among GENESIS ENERGY,
L.P., a Delaware limited partnership (the “Borrower”), 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 certainFourth 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, and that certain Sixth
Amendment to Fourth Amended and Restated Credit Agreement, dated as of July 28,
2017 (as so amended and as further amended, restated, supplemented or otherwise
modified from time to time, 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; and

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

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 Seventh Amendment refer to articles, schedules, exhibits and sections of
the Seventh Amendment.

 

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

 

  (a)

Section 1.01 of the Credit Agreement is hereby amended as follows:

(i) The definition of “Consolidated Total Funded Debt” is hereby amended and
restated in its entirety as follows:

““Consolidated Total Funded Debt” means, at any date of determination, an amount
equal to (a) the sum of (without duplication) (i) all Indebtedness and
Disqualified Equity of the Borrower and its Subsidiaries (on a consolidated
basis) as would be required to be reflected as debt or Capital Lease Obligations
on the liability side of a consolidated balance sheet of the Borrower and its
Subsidiaries in accordance with GAAP, (ii) all Indebtedness of the Borrower and
its Subsidiaries of the type described in clauses (b) (excluding undrawn amounts
in respect of letters of credit and surety bonds and similar obligations) and
(g) of the definition of Indebtedness, and (iii) all Guarantees of the Borrower
and its Subsidiaries in respect of Indebtedness of any third Person of the type
referred to in preceding clauses (i) and (ii), minus (b) to the extent included
in clause (a) above, any such Indebtedness or Guarantees of any Unrestricted
Subsidiaries, minus (c) to the extent included in clause (a) above, outstanding
Inventory Financing Sublimit Borrowings; provided, that for purposes of this
clause (c), the outstanding Inventory Financing Sublimit Borrowings on the last
day of each month (including for purposes of delivery of any certificates
pursuant to Section 5.01(c)) shall be deemed to have been reduced by the
Inventory Sublimit Prepayment Amount of a prepayment required to be made in the
immediately succeeding calendar month pursuant to Section 2.11(e), minus
(d) cash and Permitted Investments of the Borrower and its Restricted
Subsidiaries on such date in an aggregate amount not to exceed $15,000,000 to
the extent that the same (i) is not being held as cash collateral (other than as
Collateral pursuant to the Security Documents), (ii) does not constitute
escrowed funds for any purpose, (iii) does not represent a minimum balance
requirement and (iv) is not subject to other restrictions on withdrawal.”

(ii) The definition of “Indebtedness” is hereby amended by adding the following
at the end thereof:

“Notwithstanding anything in this definition to the contrary, the term
Indebtedness shall not include any liabilities attributable to existing or
future operating leases to the extent such liabilities arise due to any change
after January 1, 2017 in GAAP with respect to accounting for leases.”

(iii) The definition of “Pro Forma Basis” is hereby amended by replacing the
period at the end of clause (iv) thereof with a semicolon and by adding the
following proviso at the end thereof:

“provided, however, that without limiting the foregoing, for purposes of clauses
(i), (ii) and (iii) above, to the extent that a purchase

 

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and sale agreement or similar agreement with respect to the Designated
Divestiture is entered into by any applicable Loan Party and the proposed
purchaser on or prior to the Delivery Date (as defined below) for the fiscal
quarter ending June 30, 2018, the calculation of Pro Forma Basis for the
relevant Calculation Period or Test Period, as the case may be, solely for the
twelve month period ending June 30, 2018, will be calculated as if the
Designated Divestiture had occurred on or prior to June 30, 2018 and all cash
proceeds of such Designated Divestiture were used to repay outstanding Loans on
June 30, 2018; provided further that (A) the immediately preceding proviso shall
(1) cease to apply with respect to any such calculation for the period described
therein from and after the Delivery Date for the fiscal quarter ending
September 30, 2018 if, and only if, the Designated Divestiture is not
consummated on or prior to such Delivery Date, and (2) not apply when
calculating the Consolidated Leverage Ratio for purposes of determining the
Applicable Margin, and (B) for the avoidance of doubt, for purposes of
determining Pro Forma Basis treatment with respect to the Designated
Divestiture, if the Designated Divestiture is consummated (1) after June 30,
2018 but on or prior to the Delivery Date for such fiscal quarter or (2) after
September 30, 2018 but on or prior to the Delivery Date for such fiscal quarter,
in the case of each of clause (B)(1) and (B)(2), any such Pro Forma Basis
determination for any Test Period or Calculation Period that includes such
fiscal quarter shall include the Designated Divestiture as if the Designated
Divestiture had occurred during such Test Period or Calculation Period, as
applicable. As used herein, “Delivery Date” means, with respect to any fiscal
quarter, the date that is the earlier to occur of (x) the date financial
statements and a Compliance Certificate are delivered for such fiscal quarter
pursuant to Sections 5.01(b) and 5.01(c) and (y) the date such financial
statements and Compliance Certificate are required to be delivered thereunder.”

(iv) The definition of “Transaction Costs” is hereby amended and restated in its
entirety as follows:

““Transaction Costs” means any legal, professional and advisory fees or other
transaction costs and expenses paid (whether or not incurred) by the Borrower or
any Restricted Subsidiary in connection with (a) any Acquisition, (b) any
Investment in a Permitted Joint Venture, (c) any Divestiture, or (d) any
incurrence of Indebtedness or Disqualified Equity or any issuance of other
equity securities to finance, or to refinance Indebtedness or Disqualified
Equity incurred to finance, any of the foregoing.”

 

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  (b)

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

““Designated Divestiture” means the Divestiture by the Borrower or any Borrower
Party disclosed prior to the Seventh Amendment Effective Date to the
Administrative Agent and the Required Lenders that are a party to the Seventh
Amendment.”

““Designated Divestiture Date” means the date of the closing, if at all, of the
Designated Divestiture.

““Seventh Amendment Effective Date” means the “Seventh Amendment Effective Date”
as defined in that certain Seventh Amendment to Fourth Amended and Restated
Credit Agreement, dated as of August 28, 2018, among the Borrower, the
Administrative Agent and the Lenders party thereto.”

 

  (c)

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

“(h)    the Designated Divestiture;

 

  (d)

Section 6.08(A)(e) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“(e)    the Borrower Parties may make other Restricted Payments not otherwise
permitted by the foregoing clauses in this Section 6.08 in an amount in the
aggregate during any 12-month period not to exceed an amount equal to 1.0%, or,
on and after the Designated Divestiture Date, 1.5%, 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); provided that, solely to the extent that the
Designated Divestiture Date occurs, the Borrower’s Consolidated Leverage Ratio
on a Pro Forma Basis, both immediately before and after such Restricted Payment,
is not in excess of 5.00 to 1.00; provided further that, with respect to each of
clauses (a), (b), (c), (d) and (e) above, that no Default has occurred and is
continuing or would result therefrom; and”

 

  (e)

Section 6.14(a) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“(a)    Leverage Ratio. The Borrower will not permit its Consolidated Leverage
Ratio to be in excess of (i) 5.75 to 1.00 as of the last day of the Test Periods
ending on June 30, 2017 through June 30, 2018, (ii) 5.50 to 1.00 as of the last
day of the Test Periods ending on September 30, 2018 through December 31, 2019,
(iii) 5.25 to 1.00 as of the last day of the Test Periods ending on March 31,
2020 through December 31, 2020 and (iv) 5.00 to 1.00 as of the last day of any
Test Period thereafter; provided that, if the Designated Divestiture Date
occurs, the Borrower will not permit its Consolidated Leverage Ratio to be in
excess of (i) 5.75 to 1.00 as of the last day of the Test Periods ending on
June 30, 2017 through June 30, 2018, and (ii) 5.50 to 1.00 as of the last day of
any Test Period thereafter.”

 

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  (f)

Section 6.14(b) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“(b)    Senior Secured Leverage Ratio. Prior to the Investment Grade Date, the
Borrower will not permit its Consolidated Senior Secured Leverage Ratio to be in
excess of 3.75 to 1.00 as at the last day of each Test Period, commencing with
the Test Period ending September 30, 2015; provided that, if the Designated
Divestiture Date occurs, the Borrower will not permit its Consolidated Senior
Secured Leverage Ratio to be in excess of (i) 3.75 to 1.00 as of the last day of
the Test Period ending on June 30, 2018, and (ii) 3.50 to 1.00 as of the last
day of any Test Period thereafter.”

SECTION 3. Conditions to Effectiveness. This Seventh Amendment shall not become
effective until the date (the “Seventh 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 Seventh Amendment.

 

  (b)

The purchase and sale agreement or similar agreement governing the Designated
Divestiture shall have been executed or shall be executed substantially
contemporaneously with the effectiveness of this Seventh Amendment.

 

  (c)

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
Seventh Amendment Effective Date, and such notice shall be conclusive and
binding.

SECTION 4. Miscellaneous.

 

  (a)

Confirmation. The provisions of the Loan Documents, as amended by this Seventh
Amendment, shall remain in full force and effect in accordance with their terms
following the effectiveness of this Seventh Amendment.

 

  (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 (a) 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,
(b) 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, (c) confirms that all references
in such Security

 

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  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 (d) represents and warrants to the
Lenders that: (i) as of the date hereof, after giving effect to the terms of
this Seventh 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 (ii) as of the date hereof, after giving effect to this
Seventh Amendment, no Default has occurred and is continuing.

 

  (c)

Loan Document. This Seventh 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 Seventh 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 Seventh Amendment by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart
hereof.

 

  (e)

NO ORAL AGREEMENT. THIS SEVENTH 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.

 

  (f)

GOVERNING LAW. THIS SEVENTH 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 SEVENTH AMENDMENT.

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Seventh 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

  Robert V. Deere   Chief Financial Officer

 

[Signature Page – Seventh 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/ J. Christopher Lyons

Name:   J. Christopher Lyons Title:   Managing Director

 

[Signature Page – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

By:  

/s/ J. Christopher Lyons

Name:   J. Christopher Lyons Title:   Managing Director

 

[Signature Page – Seventh 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 – Seventh 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/ Chris Chapman

Name:   Chris Chapman Title:   Director

 

[Signature Page – Seventh 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 – Seventh 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/ Ellen Mo

Name:   Ellen Mo Title:   Vice President

 

[Signature Page – Seventh 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 – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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THE BANK OF NOVIA SCOTIA, HOUSTON BRANCH,

as a Lender

By:  

/s/ Alfredo Brahim

Name:   Alfredo Brahim Title:   Director

 

[Signature Page – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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SUMITOMO MITSUI BANKING

CORPORATION,

as a Lender

By:  

/s/ Katsuyuki Kubo

Name:   Katsuyuki Kubo Title:   Managing Director

 

[Signature Page – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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BANK OF AMERICA, N.A.,

as a Lender

By:  

/s/ Michael Clayborne

Name:   Michael Clayborne Title:   Director

 

[Signature Page – Seventh 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 – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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ROYAL BANK OF CANADA,

as a Lender

By:  

/s/ Katy Berkemeyer

Name:   Katy Berkemeyer Title:   Authorized Signatory

 

[Signature Page – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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COMPASS BANK,

as a Lender

By:  

/s/ Gabriella Azcarate

Name:   Gabriella Azcarate Title:   Vice President

 

[Signature Page – Seventh 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 – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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REGIONS BANK,

as a Lender

By:  

/s/ Stuart Murray

Name:   Stuart Murray Title:   Director

 

[Signature Page – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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DNB CAPITAL LLC,

as a Lender

By:  

/s/ Byron Cooley

Name:   Byron Cooley Title:   Senior Vice President By:  

/s/ Einar Gulstad

Name:   Einar Gulstad Title:   Senior Vice President

 

[Signature Page – Seventh 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 – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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ZB, N.A. dba AMEGY BANK,

as a Lender

By:  

/s/ Sam Trail

Name:   Same Trail Title:   Senior Vice President

 

[Signature Page – Seventh 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 – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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COMERICA BANK,

as a Lender

By:  

/s/ William B. Robinson

Name:   William B. Robinson Title:   Senior Vice President

 

[Signature Page – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]

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BOK FINANCIAL NA, dba BANK OF TEXAS,

as a Lender

By:  

/s/ Marisol Salazar

Name:   Marisol Salazar Title:   Senior Vice President

 

[Signature Page – Seventh Amendment to Fourth Amended and

Restated Credit Agreement]