Exhibit 10.1

 

AMENDMENT NO. 10 TO CREDIT AGREEMENT

 

AMENDMENT NO. 10 TO CREDIT AGREEMENT, dated as of July 31, 2015 (this
“Amendment”) to the Credit Agreement dated as of June 19, 2012, as amended by
Amendment No. 1 thereto dated as of January 15, 2013, Amendment No. 2 thereto
dated as of May 8, 2013, Amendment No. 3 thereto dated as of September 30, 2013,
Amendment No. 4 thereto dated as of November 5, 2013, Amendment No. 5 thereto
dated as of December 23, 2013, Amendment No. 6 thereto dated as of June 12,
2014, Amendment No. 7 thereto dated as of June 27, 2014, Amendment No. 8 thereto
dated as of December 19, 2014, Amendment No. 9 thereto dated May 1, 2015 (the
credit agreement, as so amended and as otherwise amended, supplemented and
modified from time to time, the “Credit Agreement”) among NGL ENERGY PARTNERS
LP, a Delaware limited partnership (“Parent”), NGL ENERGY OPERATING LLC, a
Delaware limited liability company (“Borrowers’ Agent”), each subsidiary of the
Parent identified as a “Borrower” under the Credit Agreement (together with the
Borrowers’ Agent, each, a “Borrower” and collectively, the “Borrowers”),
DEUTSCHE BANK AG, NEW YORK BRANCH, as technical agent (in such capacity,
together with its successors in such capacity, the “Technical Agent”) and
DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as administrative agent for the
Secured Parties (in such capacity, together with its successors in such
capacity, the “Administrative Agent”) and as collateral agent for the Secured
Parties (in such capacity, together with its successors in such capacity, the
“Collateral Agent”) and each financial institution identified as a “Lender” or
an “Issuing Bank” under the Credit Agreement (each, a “Lender” and together with
the Technical Agent, the Administrative Agent and the Collateral Agent, the
“Secured Parties”).

 

RECITALS

 

WHEREAS, the Borrowers have requested certain amendments to the Credit
Agreement; and

 

WHEREAS, the Lenders have agreed to amend the Credit Agreement solely upon the
terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter
set forth, the parties hereto hereby agree as follows:

 

1.                                      Defined Terms.  Unless otherwise noted
herein, terms defined in the Credit Agreement and used herein shall have the
respective meanings given to them in the Credit Agreement.

 

2.                                      Amendments to Section 1.1 (Defined
Terms) of the Credit Agreement.  The following terms: “Reallocated Amount” and
“Reallocation Request” as set forth in Section 1.1 of the Credit Agreement are
hereby amended and restated in their entirety as follows:

 

“Reallocated Amount” means, with respect to any Revolving Facility, the amount
of the unused Revolving Commitments of such Revolving Facility reallocated to
the Revolving Commitments of any other Revolving Facility pursuant to a
Reallocation Request; provided, that the total Reallocated Amount shall not
exceed the lesser of (a) the unused Revolving Commitments of such Revolving
Facility on the date of such request, and (b) $400,000,000 (as such amount may
be reduced from time to time in accordance with Section 2.4(a)).

 

“Reallocation Request” means a written request from Borrowers’ Agent to
reallocate up to $400,000,000 of the unused Revolving Commitments of any single
Revolving Facility to the Revolving Commitments of any other Revolving Facility,
which request shall provide the amount of the reallocation (not to exceed the
Reallocated Amount) and specify the Reallocation Period.

 

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3.                                      Representations and Warranties; No
Default.  To induce the Lenders to enter into this Amendment, each Credit Party
that is a party hereto (by delivery of its respective counterpart to this
Amendment) hereby (i) represents and warrants to the Administrative Agent and
the Lenders that after giving effect to this Amendment, its representations and
warranties contained in the Credit Agreement and other Loan Documents are true
and correct in all material respects on and as of the date hereof with the same
effect as though made on and as of the date hereof, except to the extent such
representations and warranties expressly relate to an earlier date (in which
case such representations and warranties were true and correct in all material
respects as of such earlier date); (ii) represents and warrants to the
Administrative Agent and the Lenders that in connection with this Amendment and
all other documents delivered in connection herewith it (x) has the requisite
power and authority to make, deliver and perform the same; (y) has taken all
necessary corporate, limited liability company, limited partnership or other
action to authorize its execution, delivery and performance of the same, and
(z) has duly executed and delivered the same; and (iii) certifies that no
Default or Event of Default has occurred and is continuing under the Credit
Agreement (both immediately before and after giving effect to this Amendment) or
will result from the making of this Amendment.

 

4.                                      Conditions to Effectiveness.  This
Amendment shall become effective upon the first date on which each of the
following conditions has been satisfied:

 

(a)                                 Amended Loan Documents.  The Administrative
Agent shall have received this Amendment executed and delivered by a duly
authorized officer of each Credit Party party hereto and duly executed
counterparts to this Amendment from the Lenders constituting the Required
Lenders.

 

(b)                                 Fees and Expenses.  The Borrowers shall have
paid to the Administrative Agent for the account of the Lenders the amount of
any and all reasonable fees, costs and expenses that are for the account of the
Borrowers pursuant to Section 10.9 of the Credit Agreement, including all such
fees, costs and expenses incurred in connection with this Amendment.

 

(c)                                  Proceedings and Documents:  All corporate
and other proceedings pertaining directly to this Amendment and all documents
and instruments directly incident to this Amendment shall be satisfactory to the
required Lenders and their counsel and the Technical Agent shall have received
all such counterpart originals or certified or other copies of such documents as
the Technical Agent may reasonably request.

 

5.                                      Limited Effect.  Except as expressly
provided hereby, all of the terms and provisions of the Credit Agreement and the
other Loan Documents are and shall remain in full force and effect.  The
amendments contained herein shall not be construed as a waiver or amendment of
any other provision of the Credit Agreement or the other Loan Documents or for
any purpose, except as expressly set forth herein, or a consent to any further
or future action on the part of any Credit Party that would require the waiver
or consent of the Lenders.  This Amendment shall constitute a “Loan Document”
for all purposes of the Credit Agreement and the other Loan Documents.

 

6.                                      GOVERNING LAW.  THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAW OF THE STATE OF NEW YORK.

 

7.                                      Counterparts.  This Amendment may be
executed in any number of counterparts, all of which taken together shall
constitute one and the same agreement, and any of the parties hereto may

 

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execute this Amendment by signing any such counterpart.  Delivery of an executed
counterpart hereof by facsimile or email transmission shall be effective as
delivery of a manually executed counterpart hereof.

 

8.                                      Headings.  Section or other headings
contained in this Amendment are for reference purposes only and shall not in any
way affect the meaning or interpretation of this Amendment.

 

9.                                      Guarantor Acknowledgement.  Each
Guarantor party hereto hereby (i) consents to the modifications to the Credit
Agreement contemplated by this Amendment and (ii) acknowledges and agrees that
its guaranty pursuant to Section 10.18 of the Credit Agreement is, and shall
remain, in full force and effect after giving effect to the Amendment.

 

10.                               Lender Acknowledgement.  Each undersigned
Lender, by its signature hereto, hereby authorizes and directs DBTCA in its
capacity as Administrative Agent and as Collateral Agent to execute this
Amendment.

 

[SIGNATURE PAGES FOLLOW]

 

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

 

 

 

BORROWERS’ AGENT:

 

 

 

 

NGL ENERGY OPERATING LLC

 

 

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas H. Atanasov

 

 

Title:

Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 

 

 

 

GUARANTOR:

 

 

 

 

NGL ENERGY PARTNERS LP

 

 

 

 

By:

NGL Energy Holdings LLC,

 

 

its general partner

 

 

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas H. Atanasov

 

 

Title:

Executive Vice President, Chief Financial Officer and Treasurer

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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CREDIT PARTIES:

 

 

 

ANDREWS OIL BUYERS, INC.

 

ANTICLINE DISPOSAL, LLC

 

BLUE GRAMA LAND CORPORATION

 

CENTENNIAL ENERGY, LLC

 

CENTENNIAL GAS LIQUIDS ULC

 

GRAND MESA PIPELINE, LLC

 

HICKSGAS, LLC

 

HIGH SIERRA CRUDE OIL & MARKETING, LLC

 

HIGH SIERRA ENERGY, LP (BY High Sierra Energy GP,
LLC, its general partner)

 

HIGH SIERRA ENERGY MARKETING, LLC

 

HIGH SIERRA ENERGY OPERATING, LLC

 

NGL CRUDE CANADA HOLDINGS, LLC

 

NGL CRUDE CUSHING, LLC

 

NGL CRUDE LOGISTICS, LLC

 

NGL CRUDE PIPELINES, LLC

 

NGL CRUDE TERMINALS, LLC

 

NGL CRUDE TRANSPORTATION, LLC

 

NGL ENERGY HOLDINGS II, LLC

 

NGL ENERGY LOGISTICS, LLC

 

NGL ENERGY OPERATING LLC

 

NGL LIQUIDS, LLC

 

NGL-MA, LLC

 

NGL-MA REAL ESTATE, LLC

 

NGL MARINE, LLC

 

NGL MILAN INVESTMENTS, LLC

 

NGL-NE REAL ESTATE, LLC

 

NGL PROPANE, LLC

 

NGL SHIPPING AND TRADING, LLC

 

NGL SUPPLY TERMINAL COMPANY, LLC

 

NGL SUPPLY TERMINAL SOLUTION MINING, LLC

 

NGL SUPPLY WHOLESALE, LLC

 

NGL WATER SOLUTIONS BAKKEN, LLC

 

NGL WATER SOLUTIONS EAGLE FORD, LLC

 

NGL WATER SOLUTIONS, LLC

 

NGL WATER SOLUTIONS PERMIAN, LLC

 

NGL WATER SOLUTIONS DJ, LLC

 

NGL WATER SOLUTIONS MID-CONTINENT, LLC

 

OSTERMAN PROPANE, LLC

 

SAWTOOTH NGL CAVERNS, LLC

 

TRANSMONTAIGNE LLC

 

TRANSMONTAIGNE PRODUCT SERVICES LLC

 

TRANSMONTAIGNE SERVICES LLC

 

TRANSMONTAIGNE GP L.L.C.

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas H. Atanasov

 

 

Title:

Executive Vice President, Chief Financial Officer and Treasurer

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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SECURED PARTIES:

 

 

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent and as Collateral
Agent

 

 

 

 

 

 

 

By:

/s/ Randy Kahn

 

 

Name:

Randy Kahn

 

 

Title:

Vice President

 

 

 

 

 

 

 

By:

/s/ Nigel Luke

 

 

Name:

Nigel Luke

 

 

Title:

Vice President

 

 

 

 

 

 

 

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

 

as a Lender, as Swingline Lender, as an Issuing Bank and as Technical Agent

 

 

 

 

 

 

 

 

 

By:

/s/ Chris Chapman

 

 

Name:

Chris Chapman

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

By:

/s/ Shai Bandner

 

 

Name:

Shai Bandner

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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ROYAL BANK OF CANADA,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Kristan Spivey

 

 

Name:

Kristan Spivey

 

 

Title:

Authorized Signatory

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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BNP PARIBAS,

 

as a Lender and Issuing Bank

 

 

 

 

 

 

 

 

 

By:

/s/ Pauline Blandin

 

 

Name:

Pauline Blandin

 

 

Title:

Associate

 

 

 

 

 

 

 

 

 

By:

/s/ Christine Dirringer

 

 

Name:

Christine Dirringer

 

 

Title:

Managing Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

 

as Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Michel Kermarrec

 

 

Name:

Michel Kermarrec

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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PNC BANK, NATIONAL ASSOCIATION,

 

as a Lender and Issuing Bank

 

 

 

 

 

 

 

 

 

By:

/s/ Jonathan Luchansky

 

 

Name:

Jonathan Luchansky

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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THE ROYAL BANK OF SCOTLAND PLC,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Angela Reilly

 

 

Name:

Angela Reilly

 

 

Title:

Managing Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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BMO HARRIS BANK N.A,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Lauren Lavorato

 

 

Name:

Lauren Lavorato

 

 

Title:

Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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RAYMOND JAMES BANK, N.A.,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Scott G. Axelrod

 

 

Name:

Scott G. Axelrod

 

 

Title:

Senior Vice President

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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ABN AMRO CAPITAL USA LLC,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Antonio Molestina

 

 

Name:

Antonio Molestina

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

 

By:

/s/ Casey Lowary

 

 

Name:

Casey Lowary

 

 

Title:

Executive Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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BANK OF AMERICA, N.A.,

 

as a Lender and as an Issuing Bank

 

 

 

 

 

 

 

 

 

By:

/s/ Michael Clayborne

 

 

Name:

Michael Clayborne

 

 

Title:

Vice President

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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SUNTRUST BANK,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/Carmen Malizia

 

 

Name:

Carmen Malizia

 

 

Title:

Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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UBS AG, STAMFORD BRANCH,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Darlene Arias

 

 

Name:

Darlene Arias

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

By:

/s/ Denise Bushee

 

 

Name:

Denise Bushee

 

 

Title:

Associate Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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COMMERCE BANK, N.A.,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Shannon O’Doherty

 

 

Name:

Shannon O’Doherty

 

 

Title:

President — Oklahoma

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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GOLDMAN SACHS BANK USA,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Jamie Minieri

 

 

Name:

Jamie Minieri

 

 

Title:

Authorized Signatory

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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MACQUARIE BANK LIMITED,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Byron den Hertog

 

 

Name:

Byron den Hertog

 

 

Title:

Division Director

 

 

 

 

 

 

 

 

 

By:

/s/ Nathan Booker

 

 

Name:

Nathan Booker

 

 

Title:

Division Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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HSBC BANK USA, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Robert E. Clouse

 

 

Name:

Robert E. Clouse

 

 

Title:

SVP, SR Corporate Area Manager

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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KEYBANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ George E. McKean

 

 

Name:

George E. McKean

 

 

Title:

Senior Vice President

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Andrew Ostrov

 

 

Name:

Andrew Ostrov

 

 

Title:

Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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BARCLAYS BANK PLC,

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ May Huang

 

 

Name:

May Huang

 

 

Title:

Assistant Vice President

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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SOCIÉTÉ GÉNÉRALE

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Michiel V.M. van der Voort

 

 

Name:

Michiel V.M. van der Voort

 

 

Title:

Managing Director

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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MIZUHO BANK, LTD.

 

as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Donna DeMagistris

 

 

Name:

Donna DeMagistris

 

 

Title:

Authorized Signatory

 

[Signature Page to Amendment No. 10 to Credit Agreement]

 

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