Exhibit 10.1

EXECUTION VERSION

 

 

 

EIGHTH AMENDMENT

TO

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

October 11, 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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EIGHTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

This EIGHTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as
of October 11, 2018 (this “Eighth 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 certain Fourth 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, that certain Sixth Amendment
to Fourth Amended and Restated Credit Agreement, dated as of July 28, 2017, and
that certain Seventh Amendment to Fourth Amended and Restated Credit Agreement,
dated as of August 28, 2018 (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 Eighth Amendment refer to articles, schedules, exhibits and sections of the
Eighth Amendment.

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

 

  (a)

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

 

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““Delivery Date” has the meaning assigned to such term in the definition of “Pro
Forma Basis”.”

 

  (b)

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 September 30, 2018, (ii) 5.65 to 1.00 as of the
last day of the Test Period ending on December 31, 2018, (iii) 5.50 to 1.00 as
of the last day of the Test Periods ending on March 31, 2019 through
December 31, 2019, (iv) 5.25 to 1.00 as of the last day of the Test Periods
ending on March 31, 2020 through December 31, 2020 and (v) 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 5.50 to 1.00 as of the last day of the Test Period
during which the Designated Divestiture occurs (or the last day of the
immediately preceding Test Period, if at the time of the occurrence of the
Designated Divestiture, the Delivery Date has not occurred with respect to such
immediately preceding Test Period) and as of the last day of any Test Period
thereafter.”

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

 

  (b)

The Administrative Agent, the Arrangers and the Lenders shall have received all
fees and other amounts due and payable on or prior to the Eighth Amendment
Effective Date, including to the extent invoiced, reimbursement or payment of
all out of pocket expenses required to be reimbursed or paid by the Borrower
under the Credit Agreement.

 

  (c)

The Administrative Agent shall have received, for the ratable account of each
Lender party hereto, a consent fee in an amount equal to 0.025% of the Committed
Amount of each such Lender.

 

  (d)

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

 

2

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SECTION 4. Miscellaneous.

 

  (a)

Confirmation. The provisions of the Loan Documents, as amended by this Eighth
Amendment, shall remain in full force and effect in accordance with their terms
following the effectiveness of this Eighth 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 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 Eighth 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 Eighth Amendment, no Default has occurred and is continuing.

 

  (c)

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

 

  (e)

NO ORAL AGREEMENT. THIS EIGHTH 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.

 

3

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  (f)

GOVERNING LAW. THIS EIGHTH 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 EIGHTH AMENDMENT.

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Eighth 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/ Grant E. Sims

  Grant E. Sims   Chief Executive Officer

 

[Signature Page – Eighth 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/ Andrew Ostrov

Name: Andrew Ostrov Title:   Director

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated 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 – Eighth 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 – Eighth 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/ My Nguyen

Name: My Nguyen Title:   Analyst

 

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

Restated Credit Agreement]

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BNP Paribas                                             ,

as a Lender

By:  

/s/ Joseph Onischuk

Name: Joseph Onischuk

Title: Managing Director

By:  

/s/ Mark Renaud

Name: Mark Renaud

Title: Managing Director

 

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

Restated Credit Agreement]

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THE BANK OF NOVA SCOTIA, HOUSTON BRANCH,

as a Lender

By:  

/s/ Alfredo Brahim

Name: Alfredo Brahim Title: Director

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated Credit Agreement]

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SUMITOMO MITSUI BANKING CORPORATION,

as a Lender

By:  

/s/ James D. Weinstein

Name: James D. Weinstein Title: Managing Director

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated Credit Agreement]

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BANK OF AMERICA, N.A.,

as a Lender

By:  

/s/ Pace Doherty

Name: Pace Doherty Title: Vice President

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated Credit Agreement]

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CITIBANK, N.A.                             ,

as a Lender

By:  

/s/ Peter Kardos

Name: Peter Kardos Title: Vice President

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated Credit Agreement]

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ROYAL BANK OF CANADA,

as a Lender

By:  

/s/ Jason S. York

Name: Jason S. York Title: Authorized Signatory

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated Credit Agreement]

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Compass Bank,

as a Lender

By:  

/s/ Mark H. Wolf

Name: Mark H. Wolf Title: Senior Vice President

 

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

Restated Credit Agreement]

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REGIONS BANK,

as a Lender

By:  

/s/ David Valentine

Name: David Valentine Title: Managing Director

 

[Signature Page – Eighth 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

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated Credit Agreement]

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DNB Capital LLC                         ,

as a Lender

By:  

/s/ Kelton Glasscock

Name: Kelton Glasscock Title: Senior Vice President

 

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

Restated Credit Agreement]

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Zions Bancorporation, N.A. dba Amegy Bank,

as a Lender

By:  

/s/ Sam Trail

Name: Sam Trail Title: Senior Vice President

 

[Signature Page – Eighth 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: SVP

 

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

Restated Credit Agreement]

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BOKF NA dba Bank of Texas,

as a Lender

By:  

/s/ Brad Kuhn

Name: Brad Kuhn Title: Vice President

 

[Signature Page – Eighth Amendment to Fourth Amended and

Restated Credit Agreement]