Exhibit 10.01

Execution Version

 

 

 

FIRST AMENDMENT

TO

364-DAY REVOLVING CREDIT AGREEMENT

dated as of

March 7, 2011

among

NUSTAR GP HOLDINGS, LLC

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

 

 

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FIRST AMENDMENT TO 364-DAY REVOLVING CREDIT AGREEMENT

THIS FIRST AMENDMENT TO 364-DAY REVOLVING CREDIT AGREEMENT (this “First
Amendment”) dated as of March 7, 2011, is among NUSTAR GP HOLDINGS, LLC, a
Delaware limited liability company (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

A. The Borrower, the Administrative Agent and the Lenders are parties to that
certain 364-Day Revolving Credit Agreement dated as of July 15, 2010 (the
“Credit Agreement”), pursuant to which the Lenders have made certain extensions
of credit available to the Borrower.

B. The Borrower has requested and the Lenders have agreed to amend certain
provisions of the Credit Agreement.

C. 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 First
Amendment refer to Sections and Articles of the Credit Agreement.

Section 2. Amendments to Credit Agreement.

2.1 Amendments to Section 1.01.

(a) The definition of “Consolidated Debt Coverage Ratio” is hereby amended in
its entirety to read as follows:

“Consolidated Debt Coverage Ratio” means, for any day, the ratio of (a) all
Indebtedness of the MLP and its subsidiaries (excluding (i) the principal amount
of Hybrid Equity Securities in an aggregate amount not to exceed 15% of Total
Capitalization and (ii) the Excluded Go-Zone Bond Proceeds in an aggregate
amount not to exceed $350,000,000 and the corresponding portion of any
outstanding letters of credit providing credit support therefor), on a
consolidated basis, as of the last day of the then most recent Rolling Period
over (b) Consolidated EBITDA of the MLP and its subsidiaries for such Rolling
Period.

(b) The following definition is hereby added where alphabetically appropriate to
read as follows:

“Go-Zone Bond” means any bond issued pursuant to a Go-Zone Bond Indenture.

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(c) The following definition is hereby added where alphabetically appropriate to
read as follows:

“Go-Zone Bond Indentures” means, collectively: (a) the Indenture of Trust dated
as of July 1, 2010 between Parish of St. James, State of Louisiana and U.S. Bank
National Association, as Trustee; (b) the Indenture of Trust dated as of
October 1, 2010 between Parish of St. James, State of Louisiana and U.S. Bank
National Association, as Trustee; (c) the Indenture of Trust dated as of
December 1, 2010 between Parish of St. James, State of Louisiana and U.S. Bank
National Association, as Trustee; and (d) any other indenture of trust on the
same or substantially the same terms as those contained in the indentures
described in the foregoing clauses (a) through (c), provided that the Go-Zone
Bonds issued thereunder are for the purpose of financing the acquisition or
construction of nonresidential real property to be located in the geographical
limits of the Gulf Opportunity Zone as provided in the Gulf Opportunity Zone Act
of 2005.

(d) The following definition is hereby added where alphabetically appropriate to
read as follows:

“Excluded Go-Zone Bond Proceeds” means, at any time, an amount equal to the net
proceeds from the issuance of Go-Zone Bonds to the extent such proceeds are held
at such time in one or more “Project Funds” (as such term is defined in the
applicable Go-Zone Bond Indenture).

Section 3. Conditions Precedent. This First Amendment shall not become effective
until the date on which each of the following conditions is satisfied (or waived
in accordance with Section 9.02 of the Credit Agreement) (the “Effective Date”):

3.1 The Administrative Agent and the Lenders shall have received all fees and
other amounts due and payable, if any, in connection with this First Amendment
on or prior to the Effective Date.

3.2 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 First Amendment signed on behalf of such Persons.

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

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

 

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Section 4. Miscellaneous.

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

4.2 Ratification and Affirmation; Representations and Warranties. The Borrower
hereby: (a) acknowledges the terms of this First 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 Subsidiary Guaranty and the other Loan
Documents shall be deemed to be a reference to the Credit Agreement, as amended
by this First Amendment; and (d) represents and warrants to the Lenders that as
of the date hereof, after giving effect to the terms of this First Amendment:
(i) all of the representations and warranties contained in each Loan Document to
which it is a party are true and correct, 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 as of such
earlier date and (ii) no Default has occurred and is continuing.

4.3 Loan Document. This First 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 First 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 First Amendment by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof.

4.5 NO ORAL AGREEMENT. THIS FIRST 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 FIRST 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 First Amendment to be
duly executed as of the date first written above.

 

NUSTAR GP HOLDINGS, LLC   By  

/s/ Steven A. Blank

    Steven A. Blank     Senior Vice President, Chief Financial Officer and
Treasurer

Signature Page to First Amendment to

364-Day Revolving Credit Agreement

 

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JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent By  

/s/ Muhammad Hasan

  Name: Muhammad Hasan   Title: Vice President

Signature Page to First Amendment to

364-Day Revolving Credit Agreement

 

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SUNTRUST BANK, individually and as Syndication Agent By  

/s/ Carmen Malizia

  Name: Carmen Malizia   Title: Vice President

 

Signature Page to First Amendment to

364-Day Revolving Credit Agreement

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MIZUHO CORPORATE BANK LTD. By  

/s/ Leon Mo

  Name: Leon Mo   Title: Authorized Signatory

 

Signature Page to First Amendment to

364-Day Revolving Credit Agreement

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CITIBANK, N.A. By  

/s/ Todd J. Mogil

  Name: Todd J. Mogil   Title: Vice President

 

Signature Page to First Amendment to

364-Day Revolving Credit Agreement

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BAYERISCHE LANDESBANK NEW YORK BRANCH By  

/s/ Rolf Siebert

  Name: Rolf Siebert   Title: Senior Vice President By  

/s/ Matthew DeCarlo

  Name: Matthew DeCarlo   Title: First Vice President

 

Signature Page to First Amendment to

364-Day Revolving Credit Agreement

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THE FROST NATIONAL BANK By  

/s/ Sara Cernosek

  Name: Sara Cernosek   Title: Vice President

 

Signature Page to First Amendment to

364-Day Revolving Credit Agreement

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