Exhibit 10.1

 

EXECUTION VERSION

 

 

FIRST AMENDMENT

 

TO

 

5-YEAR REVOLVING CREDIT AGREEMENT

 

dated as of

 

June 29, 2012

 

among

 

NUSTAR LOGISTICS, L.P.,

 

NUSTAR ENERGY L.P.,

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent,

 

and

 

The Lenders Party Hereto

 

 

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FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT (this “First
Amendment”) dated as of June 29, 2012, is among NUSTAR LOGISTICS, L.P., a
Delaware limited partnership (the “Borrower”); NUSTAR ENERGY L.P., a Delaware
limited partnership (the “MLP”); NUSTAR PIPELINE OPERATING PARTNERSHIP L.P., a
Delaware limited partnership (the “Subsidiary Guarantor” and, together with the
Borrower and the MLP, the “Obligors”);  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 MLP, the Administrative Agent and the Lenders
are parties to that certain 5-Year Revolving Credit Agreement dated as of May 2,
2012 (the “Credit Agreement”), pursuant to which the Lenders have made certain
extensions of credit available to the Borrower.

 

B.            The Subsidiary Guarantor is a party to that certain Subsidiary
Guaranty Agreement dated as of May 2, 2012 made by each of the Guarantors (as
defined therein) in favor of the Administrative Agent (the “Subsidiary
Guaranty”).

 

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

 

D.            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 EBITDA” is hereby amended and
restated in its entirety to read as follows:

 

“Consolidated EBITDA” means, without duplication, as to the MLP and its
Restricted Subsidiaries, on a consolidated basis for each Rolling Period, the
amount equal to Consolidated Operating Income for such period (a) plus the
following to the extent deducted from Consolidated Operating Income in such
period:  (i) depreciation and amortization; and (ii) other non-cash charges for
such period (including any non-cash losses or negative adjustments under FASB
ASC 815 (and any statements replacing, modifying or superseding such statement)
as the result of changes in the fair market value of derivatives); (b) minus all
non-cash income added to Consolidated Operating Income in such

 

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period (including any non-cash gains or positive adjustments under FASB ASC 815
(and any statements replacing, modifying or superseding such statement) as the
result of changes in the fair market value of derivatives); (c) plus any
Material Project EBITDA Adjustments for such period; (d) plus cash distributions
received from joint ventures and Unrestricted Subsidiaries during such period,
provided that the aggregate amount of all such cash distributions included
pursuant to this clause (d) during any period shall not exceed 20% of the total
actual Consolidated EBITDA of the MLP and its Restricted Subsidiaries for such
period (which total actual Consolidated EBITDA shall be determined without
including any Material Project EBITDA Adjustments or any adjustments in respect
of any acquisitions or dispositions as provided in this definition); and
(e) plus any proceeds received from business interruption insurance provided
that such proceeds are received during any Rolling Period with respect to an
event or events that occurred during such Rolling Period; provided that
Consolidated EBITDA shall be adjusted from time to time as necessary to give pro
forma effect to permitted acquisitions or Investments (other than Joint Venture
Interests) or sales or other transfers of property by the MLP and its Restricted
Subsidiaries (including any contributions of assets to joint ventures not
otherwise prohibited hereby).

 

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

 

“Asphalt Business Disposition” shall be deemed to have occurred when all or
substantially all of the asphalt assets and operations of the MLP and its
Restricted Subsidiaries are owned by an unconsolidated joint venture.

 

2.2    Amendment to Section 6.04(g).  Section 6.04(g) is hereby amended and
restated in its entirety to read as follows:

 

(g)           Investments in Joint Venture Interests and Unrestricted
Subsidiaries; provided, that, both before and after giving effect to any such
Investment, no Default shall exist, including, without limitation, a Default
with respect to use of proceeds set forth in Section 5.08, and the MLP shall be
in Pro Forma Compliance;

 

2.3    Amendment to Section 6.11.  Section 6.11 is hereby amended by amending
and restating subclause (a) of the first proviso thereof in its entirety to read
as follows:

 

“(a) for the Rolling Period ending on June 30 of each year, the Consolidated
Debt Coverage Ratio may exceed the Standard Ratio so long as (i) the
Consolidated Debt Coverage Ratio does not exceed 5.50 to 1.00 for such Rolling
Period and (ii) the Asphalt Business Disposition has not occurred;”

 

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 10.02 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.

 

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3.2    The Administrative Agent shall have received from the Required Lenders,
the Borrower, the MLP and the Subsidiary Guarantor, 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.

 

Section 4.              Miscellaneous.

 

4.1    Limited Waiver.  The Borrower and the MLP have informed the
Administrative Agent and the Lenders that (a) the MLP does not expect to be in
compliance with the Consolidated Debt Coverage Ratio covenant contained in
Section 6.11 of the Credit Agreement (the “Leverage Ratio Covenant”) as of the
last day of the fiscal quarter ending June 30, 2012 and (b) the MLP does not
expect to be in compliance with Leverage Ratio Covenant as of the last day of
the fiscal quarter ending September 30, 2012.  Accordingly, the Borrower and the
MLP have requested that the Lenders irrevocably waive, and effective as of the
Effective Date, the Lenders do hereby irrevocably waive, (x) the MLP’s
compliance with the Leverage Ratio Covenant as of the last day of the fiscal
quarter ending June 30, 2012; provided that (i) the Consolidated Debt Coverage
Ratio as of the last day of the fiscal quarter ending June 30, 2012 does not
exceed 6.5 to 1.00 and (ii) the Asphalt Business Disposition has not occurred,
and (y) the MLP’s compliance with the Leverage Ratio Covenant as of the last day
of the fiscal quarter ending September 30, 2012; provided that (i) the
Consolidated Debt Coverage Ratio as of the last day of the fiscal quarter ending
September 30, 2012 does not exceed 6.0 to 1.00 and (ii) the Asphalt Business
Disposition has not occurred.  The foregoing waiver is hereby granted to the
extent and only to the extent specifically stated herein and for no other
purpose or period, and is expressly granted subject to the conditions stated
herein, and shall not be deemed to (a) be a consent or agreement to, or waiver
or modification of, any other term or condition of the Credit Agreement, any
other Loan Document or any of the documents referred to therein, or (b) except
as expressly set forth herein, prejudice any right or rights which the
Administrative Agent or the Lenders may now have or may have in the future under
or in connection with the Credit Agreement, any other Loan Document or any of
the documents referred to therein.  Granting the waiver set forth herein does
not and should not be construed to be an assurance or promise that waivers will
be granted in the future.

 

4.2    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.

 

4.3    Ratification and Affirmation; Representations and Warranties.  Each
Obligor 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

 

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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.

 

4.4    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.

 

4.5    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.

 

4.6    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.

 

4.7    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 LOGISTICS, L.P.

 

 

 

 

By:

NuStar GP, Inc., its General Partner

 

 

 

 

 

 

 

 

By:

/s/ Steven A. Blank

 

 

Name:

Steven A. Blank

 

 

Title:

Executive Vice President, Chief

 

 

 

Financial Officer and Treasurer

 

 

 

 

 

 

 

NUSTAR ENERGY L.P.

 

 

 

 

By:

Riverwalk Logistics, L.P., its General Partner

 

 

 

 

By:

NuStar GP, LLC, its General Partner

 

 

 

 

 

 

 

 

By:

/s/ Steven A. Blank

 

 

Name:

Steven A. Blank

 

 

Title:

Executive Vice President, Chief

 

 

 

Financial Officer and Treasurer

 

 

 

 

 

 

 

 

 

NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.

 

 

 

 

 

 

 

By:

/s/ Steven A. Blank

 

Name:

Steven A. Blank

 

Title:

Executive Vice President, Chief Financial

 

 

Officer and Treasurer

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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JPMORGAN CHASE BANK, N.A., as a Lender, as Swingline Lender, as an Issuing Bank
and as Administrative Agent

 

 

 

 

 

 

 

By:

/s/ Muhammad Hasan

 

Name:

Muhammad Hasan

 

Title:

Vice President

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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SUNTRUST BANK, as Co-Syndication Agent, an Issuing Bank and as a Lender

 

 

 

 

 

 

 

By:

/s/ Carmen Malizia

 

Name:

Carmen Malizia

 

Title:

Vice President

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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BARCLAYS BANK PLC, as Co-Documentation Agent and as a Lender

 

 

 

 

 

 

 

By:

/s/ Vanessa A. Kurbatskiy

 

Name:

Vanessa A. Kurbatskiy

 

Title:

Vice President

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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MIZUHO CORPORATE BANK, LTD., as Co-Syndication Agent and as a Lender

 

 

 

 

 

 

 

By:

/s/ Leon Mo

 

Name:

Leon Mo

 

Title:

Authorized Signatory

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Co-Documentation Agent, as an Issuing Bank and as a Lender

 

 

 

 

 

 

 

By:

/s/ Larry Robinson

 

Name:

Larry Robinson

 

Title:

Director

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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COMPASS BANK, as a Lender

 

 

 

 

 

 

 

By:

/s/ Veronica Cohen

 

Name:

Veronica Cohen

 

Title:

Risk and Portfolio Manager

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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DEUTSCHE BANK AG NEW YORK BRANCH,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Ming K. Chu

 

Name:

Ming K. Chu

 

Title:

Vice President

 

 

 

 

 

 

 

By:

/s/ Virginia Cosenza

 

Name:

Virginia Cosenza

 

Title:

Vice President

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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MORGAN STANLEY BANK, N.A., as a Lender

 

 

 

 

 

 

 

By:

/s/ Penny Tsekouras

 

Name:

Penny Tsekouras

 

Title:

Authorized Signatory

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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PNC BANK, NATIONAL ASSOCIATION, as a Lender

 

 

 

 

 

 

 

By:

/s/ John Berry

 

Name:

John Berry

 

Title:

Vice President

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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ROYAL BANK OF CANADA, as a Lender

 

 

 

 

 

 

 

By:

/s/ Don J. McKinnerney

 

Name:

Don J. McKinnerney

 

Title:

Authorized Signatory

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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SUMITOMO MITSUI BANKING CORPORATION,

 

as a Lender

 

 

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Andrew Oram

 

Name:

Andrew Oram

 

Title:

Managing Director

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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THE ROYAL BANK OF SCOTLAND PLC,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Brian D. Williams

 

Name:

Brian D. Williams

 

Title:

Authorised Signatory

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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U.S. BANK NATIONAL ASSOCIATION, as a Lender

 

 

 

 

 

 

 

By:

/s/ John Prigge

 

Name:

John Prigge

 

Title:

Vice President

 

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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UBS AG, STAMFORD BRANCH, as a Lender

 

 

 

 

 

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

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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BNP PARIBAS, as a Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

 

as a Lender

 

 

 

 

 

By:

/s/ Alain Daoust

 

Name:

Alain Daoust

 

Title:

Director

 

 

 

 

 

 

 

By:

/s/ Rahul Parmar

 

Name:

Rahul Parmar

 

Title:

Associate

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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BRANCH BANKING & TRUST COMPANY,

 

as a Lender

 

 

 

 

 

By:

/s/ De Von J. Lang

 

Name:

De Von J. Lang

 

Title:

Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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CITIBANK, N.A., as a Lender

 

 

 

 

 

By:

/s/ Michael Zeller

 

Name:

Michael Zeller

 

Title:

Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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COMERICA BANK, as a Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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GOLDMAN SACHS BANK USA, as a Lender

 

 

 

 

 

By:

/s/ Michelle Latzoni

 

Name:

Michelle Latzoni

 

Title:

Authorized Signatory

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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THE BANK OF NOVA SCOTIA, as a Lender

 

 

 

 

 

By:

/s/ Mark Sparrow

 

Name:

Mark Sparrow

 

Title:

Director

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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FROST BANK, formerly The Frost National Bank, as a Lender

 

 

 

 

 

By:

/s/ Sarah Cernosek

 

Name:

Sarah Cernosek

 

Title:

Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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CHANG HWA COMMERCIAL BANK, LTD.,

 

NEW YORK BRANCH, as a Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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FIRST COMMERCIAL BANK NEW YORK BRANCH,

 

as a Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

SIGNATURE PAGE TO FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

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