Exhibit 10.46

 

FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

 

This Fourth Amendment to Second Amended and Restated Credit Agreement (this
"Fourth Amendment") is made as of December 18, 2015, by and among GLOBAL
OPERATING LLC, a Delaware limited liability company ("OLLC"), GLOBAL COMPANIES
LLC, a Delaware limited liability company ("Global"), GLOBAL MONTELLO GROUP
CORP., a Delaware corporation ("Montello"), GLEN HES CORP., a Delaware
corporation ("Glen Hes"), CHELSEA SANDWICH LLC, a Delaware limited liability
company ("Chelsea LLC"), GLP FINANCE CORP., a Delaware corporation ("Finance"),
GLOBAL ENERGY MARKETING LLC, a Delaware limited liability company ("GEM"),
GLOBAL ENERGY MARKETING II LLC, a Delaware limited liability company ("GEM
II"),  GLOBAL CNG LLC, a Delaware limited liability company ("CNG"), ALLIANCE
ENERGY LLC, a Massachusetts limited liability company ("Alliance"),    CASCADE
KELLY HOLDINGS LLC, an Oregon limited liability company ("Cascade") and WARREN
EQUITIES, INC., a Delaware corporation ("Warren" and, collectively with  OLLC,
Global, Montello, Glen Hes, Chelsea LLC, Finance, GEM, GEM II, CNG, Alliance and
Cascade, the "Borrowers" and each individually, a  "Borrower"), GLOBAL PARTNERS
LP, a Delaware limited partnership (the "MLP"), each "Lender" (as such term is
defined in the Credit Agreement referred to below) (collectively, the "Lenders"
and each individually, a "Lender") party hereto, and Bank of America, N.A. as
Administrative Agent (as such term is defined in the Credit Agreement), amending
certain provisions of that certain Second Amended and Restated Credit Agreement
dated as of December 16, 2013 (as amended and in effect from time to time, the
"Credit Agreement") by and among the Borrowers, the MLP, the Lenders, the
Administrative Agent, Swing Line Lender, the L/C Issuer, the Alternative
Currency Fronting Lender, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A.
as Co-Syndication Agents and RBS Citizens NA and Societe Generale, as
Co-Documentation Agents.  Capitalized terms used herein without definition and
which are defined in the Credit Agreement shall have the same respective
meanings herein as therein.

 

WHEREAS, the Loan Parties, the requisite Lenders and the Administrative
Agent desire to amend certain provisions of the Credit Agreement, all as
provided more fully herein below;

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

 

§1.      Amendment to Section 1 of the Credit Agreement.  Section 1.01 of the
Credit Agreement is hereby amended as follows:

 

(a)       The definition of "AR Buyer" contained in Section 1.01 of the Credit
Agreement is hereby amended by deleting such definition it its entirety and
restating it as follows:

 

"AR Buyer" means any Person that is a party to a Receivables Sales Agreement as
the buyer of the Accounts Receivable being sold thereunder.  

--------------------------------------------------------------------------------

 

 

(b)       The definition of "Borrowing Base" contained in Section 1.01 of the
Credit Agreement is hereby amended by deleting clause (c) of such definition and
restating clause (c) as follows:

 

(c)      90% of Insured Eligible Receivables not included in Major Oil Company
Receivables and 85% of Eligible Receivables which are not Insured Eligible
Receivables and which are not included in Major Oil Company Receivables;  plus 

 (c)     The definition of "Eligible Receivables" contained in Section 1.01 of
the Credit Agreement is hereby amended by deleting the last paragraph of such
definition which appears immediately after clause (i) of such definition and
restating such paragraph as follows:

For the purpose of this definition, (i) to the extent that Eligible Receivables
owing by any obligor and its Affiliates, other than Exxon Mobil Corp. ("Exxon"),
Phillips 66 ("P66") and an obligor of an Insured Eligible Receivable with
respect to such Insured Eligible Receivable, exceed fifteen percent (15%) of the
aggregate amount of all Eligible Receivables, or, in the case of Exxon, P66 and
an obligor of an Insured Eligible Receivable with respect to such Insured
Eligible Receivable, exceeds twenty five percent (25%) of the aggregate amount
of all Eligible Receivables, such excess shall not be included in the
calculation of Eligible Receivables without the prior written consent of the
Required Lenders, or as otherwise provided in the definition of Major Oil
Company Receivables, and (ii) to the extent that the Borrowers, individually or
in the aggregate, are at any time directly or contingently indebted for any
reason to any obligor, the Accounts Receivable owing to the Borrowers by such
obligor shall be deemed to be subject to an offset, counterclaim or contra in
the amount of such indebtedness; provided,  however, to the extent that any
indebtedness of the Borrowers to any obligor is secured by a Letter of Credit,
the portion of the indebtedness so secured (not to exceed the amount available
for drawing under the Letter of Credit) shall not be deemed to be an offset,
counterclaim or contra with respect to the accounts receivable of such obligor
owing to the Borrowers.

 

(d)       The definition of "Receivables Intercreditor Agreement" contained in
Section 1.01 of the Credit Agreement is hereby amended by deleting such
definition in its entirety and restating such definition as follows:

 

"Receivables Intercreditor Agreement" means any intercreditor agreement to be
entered into among the Administrative Agent at the Administrative Agent's
request, the applicable Loan Party and the applicable AR Buyer with respect to
any applicable AR Sales Transaction where the Administrative Agent requests such
an agreement, such agreement to be in form and substance satisfactory to the
Administrative Agent.

 

(e)       Section 1.01 of the Credit Agreement is further amended by inserting
the following definitions in the appropriate alphabetical order:

"Insured Eligible Receivable"  means any Eligible Receivable the payment of
which is insured by an insurance company with a rating of not less than "A"

2

--------------------------------------------------------------------------------

 

 

from at least two (2) rating services acceptable to the Administrative Agent
(such as A.M. Best Company, Inc., Fitch Ratings, Moody's Investor Services or
Standard & Poor's Insurance Ratings Services), with the Administrative Agent
being named as loss payee and additional insured thereunder, and the terms,
conditions and coverage of such insurance is acceptable to the Administrative
Agent. To the extent only a portion of the payment with respect to any Eligible
Receivable is so insured in accordance with the terms of this definition, only
the portion so insured shall constitute an Insured Eligible Receivable.

"Leasehold Interest EBITDA"  means, with respect to any Subject Leasehold
Interest at the time such interest is acquired by the applicable Loan Party, an
amount reasonably determined by the Loan Parties to be the expected earnings
before interest, taxes, depreciation and amortization, on an annualized basis,
for such Subject Leasehold Interest.

"Subject Leasehold Interest"  has the meaning set forth in Section 6.13(b)
hereof.

 

§2.      Amendment to Section 6.13 of the Credit Agreement.  Section 6.13 of the
Credit Agreement is hereby amended by deleting Section 6.13 in its entirety and
restating it as follows:

 

6.13   Additional Borrowers or Subsidiary Guarantors; Additional Assets.  
 (a)   Notify the Administrative Agent at the time that any Person becomes a
Subsidiary, and, promptly thereafter (and in any event within thirty (30) days),
cause (i) such Person, if such Person is a Domestic Subsidiary or a Foreign
Subsidiary which would not suffer any adverse tax consequence as a result
thereof, to become a Borrower or Guarantor (with a Foreign Subsidiary being
required to be a Guarantor hereunder and being subject to the Administrative
Agent's consent) hereunder by executing and delivering to the Administrative
Agent a joinder to this Agreement and the other Loan Documents (including,
without limitation, the Security Documents) or such other document as the
Administrative Agent shall deem appropriate for such purpose (including, without
limitation, any document necessary to grant to the Administrative Agent, for the
benefit of the Secured Parties, a first priority perfected security interest in
such Domestic Subsidiary's assets), (ii) such Person, if such Person is a
Domestic Subsidiary or a Foreign Subsidiary which would not suffer any adverse
tax consequence as a result thereof, to deliver to the Administrative Agent
documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a)
and favorable opinions of counsel to such Person (which shall cover, among other
things, the legality, validity, binding effect and enforceability of the
documentation referred to in clause (i)), all in form, content and scope
reasonably satisfactory to the Administrative Agent; (iii)  Schedule 5.13 hereto
to be updated to give effect to any changes resulting from the formation or
acquisition of such new Subsidiary.

 

(b)      Except as expressly provided for otherwise herein, each Loan Party has
granted to the Administrative Agent, for the benefit of the Administrative Agent
and the other Secured Parties, a lien on substantially all of such Loan Party's
assets as set forth in the Security Documents.  In furtherance of

3

--------------------------------------------------------------------------------

 

 

the foregoing, in connection with property that becomes property owned by a Loan
Party after the Closing Date for which a Lien on such property is required by
the terms of the Security Documents, or if any Loan Party acquires any fee or
leasehold interest in any Real Estate after the Closing Date, other than (i) any
leasehold interests in any property acquired in any Permitted Acquisition or
otherwise permitted pursuant to Section 7.06 hereof for which the Loan Parties
have used commercially reasonable efforts to obtain but for which the owner of
such property will not consent to such leasehold mortgage (in which case such
leasehold mortgage will not be required) and (ii) the leasehold interests of
those sites located in New York, Maryland or another jurisdiction subject to a
mortgage recording tax and, in all cases acquired pursuant to, and which are the
subject of, the Unitary Lease, the Project Monument Unitary Lease and the
Project Oak Unitary Lease, the applicable Loan Party shall deliver (A) such
documentation as the Administrative Agent may reasonably deem necessary or
desirable in order to create and perfect and obtain the full benefits of such
Lien, including mortgages, deeds of trust, security agreements, UCC-1 financing
statements, surveys, real estate title insurance policies, certified resolutions
and other organizational and authorizing documents of the grantor of liens,
favorable opinions of the general counsel of the applicable Loan Party (which
shall cover, among other things, the legality, validity, binding effect and
enforceability of the documentation referred to above and the perfection of the
Administrative Agent’s Liens thereunder) and other items of the types required
to be delivered pursuant to Section 4.01, all in form, content and scope
reasonably satisfactory to the Administrative Agent, and (B) such other
documentation as the Required Lenders may reasonably deem necessary or desirable
in order to create and perfect and obtain the full benefits of such Lien.
 Notwithstanding anything to the contrary contained herein, to the extent any
Loan Party acquires a leasehold interest in any Real Estate that a Loan Party
would otherwise be required to provide a leasehold mortgage with respect thereto
pursuant to the provisions of this Section 6.13 (each, a "Subject Leasehold
Interest"), the applicable Loan Party shall not be required to provide such a
leasehold mortgage and related documentation with respect to such Subject
Leasehold Interest so long as (a) at the time of acquiring such Subject
Leasehold Interest (or, for any such Subject Leasehold Interest acquired prior
to December 18, 2015, on December 18, 2015) the Loan Parties have provided to
the Administrative Agent written notice of their intention to not provide such a
leasehold mortgage and related documentation on the Subject Leasehold Interest,
together with the Loan Parties' determination of the Leasehold Interest EBITDA
with respect to such Subject Leasehold Interest (and which Leasehold Interest
EBITDA determination shall be acceptable to the Administrative Agent in its
reasonable judgment); and (b) the aggregate Leasehold Interest EBITDA on all
Subject Leasehold Interests which are not subject to a leasehold mortgage does
not exceed, in the aggregate, $25,000,000 at any time.  The Loan Parties shall
at any time be permitted to provide the Administrative Agent with a leasehold
mortgage and the other documents required in connection therewith on any Subject
Leasehold Interest so as to maintain its compliance with clause (b) of the
immediately preceding sentence.

4

--------------------------------------------------------------------------------

 

 

 

§3.      Amendment to Section 7.02 of the Credit Agreement.  Section 7.02(l)(i)
of the Credit Agreement is hereby amended by deleting Section 7.01(l)(i) and
restating it as follows:  "(i)  sites leased or subleased, as the case may be,
by a Loan Party under the Unitary Lease, the proceeds of which will be used to
make improvements on such sites;".

 

§4.      Amendment to Section 7.05 of the Credit Agreement.  Section 7.05(h) of
the Credit Agreement is hereby amended by deleting Section 7.05(h) in its
entirety and restating it as follows:

 

(h)      Dispositions of Accounts Receivable to an AR Buyer to the extent that
(i) no Default or Event of Default has occurred and is continuing or would exist
after giving effect to any such Disposition; (ii) such Accounts Receivable are
sold for cash; (iii) the cash purchase price to be paid to the selling Loan
Party for each Account Receivable shall not be less than the amount of credit
such Loan Party would have been able to get for such Account Receivable had such
Account Receivable been included in the Borrowing Base (or, to the extent such
Account Receivable is not otherwise eligible to be included in the Borrowing
Base, then the cash purchase price to be paid shall not be less than 85% of the
face amount of such Account Receivable); (iv) such Account Receivable shall be
sold pursuant to a Receivables Sales Agreement, a copy of which has been
provided to the Administrative Agent and, to the extent required by the
Administrative Agent, the AR Sales Transaction shall be subject to an
Receivables Intercreditor Agreement (which, if required by the Administrative
Agent, shall be entered into prior to any sale being made); (v) the Loan Parties
have complied with the notice requirement set forth in Section 6.02 hereof; (vi)
neither the AR Buyer nor the Administrative Agent has delivered any notice of a
termination event under the terms of the Receivables Intercreditor Agreement;
(vii) the aggregate amount of the Open Receivables Amount (after giving effect
to all sales) shall not exceed $75,000,000 at any time; and (viii) the cash
proceeds received from the applicable Loan Party in connection with such sale
shall be used to immediately repay any outstanding WC Loans (such Dispositions
made in compliance with the terms hereof being hereinafter referred to as a
"Permitted Receivable Sale");

§5.      Conditions to Effectiveness. This Fourth Amendment, other than the
changes in Section 1 hereof to the definitions of "Borrowing Base" and "Eligible
Receivables" and the addition of the term "Insured Eligible Receivables", will
become effective as of the date hereof upon receipt by the Administrative Agent
of the fully executed original counterparts of this Fourth Amendment executed by
the Loan Parties, the Administrative Agent and the Required Lenders, and the
changes in Section 1 hereof to the definitions of "Borrowing Base" and "Eligible
Receivables" and the addition of the term "Insured Eligible Receivables", will
only become effective as of the date hereof upon receipt by the Administrative
Agent of the fully executed original counterparts of this Fourth Amendment
executed by the Loan Parties, the Administrative Agent and the Supermajority
Lenders.  To the extent the Administrative Agent receives fully executed
original counterparts of this Fourth Amendment executed by the Loan Parties, the
Administrative Agent and the Required Lenders but not the Supermajority Lenders,
the only provisions of this Fourth Amendment which shall not be modified as set
forth herein are the changes in Section 1 hereof to the definitions of
"Borrowing Base" and "Eligible Receivables" and the

5

--------------------------------------------------------------------------------

 

 

addition of the term "Insured Eligible Receivables" and to the extent the
Administrative Agent receives fully executed original counterparts of this
Fourth Amendment executed by the Loan Parties, the Administrative Agent and the
Supermajority Lenders, then all provisions of this Fourth Amendment shall be
modified as set forth herein.

 

§6.      Representations and Warranties; No Default.  Each of the Loan Parties
hereby repeats, on and as of the date hereof, each of the representations and
warranties made by it in Article V of the Credit Agreement, provided, that all
references therein to the Credit Agreement shall refer to such Credit Agreement
as amended hereby.  In addition, each of the Loan Parties hereby represents and
warrants that the execution and delivery by such Loan Party of this Fourth
Amendment and the performance by each such Loan Party of all of its agreements
and obligations under the Credit Agreement as amended hereby and the other Loan
Documents to which it is a party are within the corporate, partnership and/or
limited liability company authority of each of the Loan Parties and have been
duly authorized by all necessary corporate, partnership and/or membership action
on the part of each of the Loan Parties.  Each of the Loan Parties hereby
certifies to the Administrative Agent and the Lenders that no Default or Event
of Default has occurred and is continuing as of the date hereof.

 

§7.      Ratification,  Etc.  Except as expressly amended hereby, the Credit
Agreement and all documents, instruments and agreements related thereto,
including, but not limited to the Security Documents, are hereby ratified and
confirmed in all respects and shall continue in full force and effect.  The
Credit Agreement and this Fourth Amendment shall be read and construed as a
single agreement.  All references in the Credit Agreement or any related
agreement or instrument to the Credit Agreement shall hereafter refer to the
Credit Agreement as amended hereby.  This Fourth Amendment shall constitute a
Loan Document.

 

§8.      No Waiver.    Nothing contained herein shall constitute a waiver of,
impair or otherwise affect any Obligations, any other obligation of the Loan
Parties or any rights of the Administrative Agent, the L/C Issuer, the Swing
Line Lender, the Alternative Currency Fronting Lender, the Syndication Agent,
the Co-Documentation Agents or the Lenders consequent thereon.

 

§9.      Counterparts.  This Fourth Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but which together shall
constitute one and the same instrument.    Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or other electronic imaging
means (e.g. "pdf" or "tif") shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

§10.      Governing Law.    THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

6

--------------------------------------------------------------------------------

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment as a
document under seal as of the date first above written.

 

 

 

 

 

GLOBAL OPERATING LLC

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

GLOBAL COMPANIES LLC

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

GLOBAL MONTELLO GROUP CORP.

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title: Chief Financial Officer

 

 

 

 

 

CHELSEA SANDWICH LLC

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

 

 

GLEN HES CORP.

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

7

--------------------------------------------------------------------------------

 

 

 

 

 

 

GLP FINANCE CORP.

 

 

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

GLOBAL ENERGY MARKETING LLC

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

GLOBAL ENERGY MARKETING II LLC

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title: Chief Financial Officer

 

 

 

 

 

ALLIANCE ENERGY LLC

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

 

 

CASCADE KELLY HOLDINGS LLC

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

GLOBAL CNG LLC

8

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

 

 

WARREN EQUITIES, INC.

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

 

 

 

 

GLOBAL PARTNERS LP

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

Title:  Chief Financial Officer

 

9

--------------------------------------------------------------------------------

 

 

 

bank of america, n.a.,  as

 

Administrative Agent

 

 

 

By:

/s/Liliana Claar

 

Name:

Liliana Claar

 

Title:

Vice President

 

10

--------------------------------------------------------------------------------

 

 

 

 

bank of america, n.a.,  as a Lender

 

 

 

 

 

By:

/s/Bryan Heller

 

Name:

Bryan Heller

 

Title:

Director

11

--------------------------------------------------------------------------------

 

 

 

 

 

 

JPMORGAN CHASE BANK, N.A.,  as a Lender

 

 

 

 

 

 

 

By:

/s/Daniel J. Stampfel

 

Name:

Daniel J. Stampfel

 

Title:

Authorized Officer

 

12

--------------------------------------------------------------------------------

 

 

 

 

 

 

CITIZENS BANK (F.K.A. rbs citizens NA),  

 

as a Lender

 

 

 

 

 

By:

/s/Donald A. Wright

 

Name:

Donald A. Wright

 

Title:

SVP

 

13

--------------------------------------------------------------------------------

 

 

 

 

 

 

wells fargo bank, n.a.,  as a Lender 

 

 

 

 

 

 

 

By:

/s/Daniel M. Grondin

 

Name:

Daniel M. Grondin

 

Title:

Senior Vice President

 

14

--------------------------------------------------------------------------------

 

 

 

 

 

 

societe generale,  as a Lender

 

 

 

 

 

 

 

By:

/s/Barbara Paulsen

 

Name:

Barbara Paulsen

 

Title:

MD

 

15

--------------------------------------------------------------------------------

 

 

 

 

 

 

bnp paribas,  as a Lender

 

 

 

 

 

 

 

By:

/s/Pauline Blandin

 

Name:

Pauline Blandin

 

Title:

Associate

 

 

 

 

 

 

 

By:

/s/Jordan Nenoff

 

Name:

Jordan Nenoff

 

Title:

Director

 

16

--------------------------------------------------------------------------------

 

 

 

 

 

 

COOPERATIEVE CENTRALE RAIFFEISEN-

 

BOERENLEENBANK B.A., “RABOBANK

 

NEDERLAND” NEW YORK BRANCH,  as a Lender

 

 

 

 

 

 

 

By:

/s/Chung-Taek Oh

 

Name:

Chung-Taek Oh

 

Title:

Executive Director

 

 

 

 

 

 

 

By:

/s/Gijs Vos

 

Name:

Gijs Vos

 

Title:

Managing Director

 

17

--------------------------------------------------------------------------------

 

 

 

 

 

 

bmo harris financing, inc.,  as a Lender

 

 

 

 

 

 

 

By:

/s/Matthew L. Davis

 

Name:

Matthew L. Davis

 

Title:

Vice President

 

18

--------------------------------------------------------------------------------

 

 

 

 

 

 

the bank of tokyo-mitsubishi ufj, ltd. NY BRANCH,  as a Lender

 

 

 

 

 

 

 

 

 

 

 

By:

/s/Andrew Oram

 

Name:

Andrew Oram

 

Title:

Managing Director

 

19

--------------------------------------------------------------------------------

 

 

 

 

 

 

santander bank, n.a.,  as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/William Maag

 

Name:

William Maag

 

Title:

Managing Director

 

20

--------------------------------------------------------------------------------

 

 

 

 

 

 

credit agricole corporate and

 

investment bank,  as a Lender

 

 

 

 

 

 

 

By:

/s/Zali Win

 

Name:

Zali Win

 

Title:

Managing Director

 

 

 

 

 

 

 

By:

/s/William Purdy

 

Name:

William Purdy

 

Title:

Vice President

 

21

--------------------------------------------------------------------------------

 

 

 

 

 

 

natixis, new york branch,  as a Lender

 

 

 

 

 

 

 

By:

/s/David Pershad

 

Name:

David Pershad

 

Title:

Managing Director

 

 

 

 

 

 

 

By:

/s/Alisa Trani

 

Name:

Alisa Trani

 

Title:

Director

 

22

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

sumitomo mitsui banking corporation, NY BRANCH,  as a Lender

 

 

 

 

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

23

--------------------------------------------------------------------------------

 

 

 

 

 

 

deutsche bank ag, new york branch,

 

as a Lender

 

 

 

 

 

By:

/s/Chris Chapman

 

Name:

Chris Chapman

 

Title:

Director

 

 

 

 

 

 

 

By:

/s/Shai Bandner

 

Name:

Shai Bandner

 

Title:

Vice President

 

24

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

td bank, n.a.,  as a Lender

 

 

 

 

 

 

 

By:

/s/Vijay Prasad

 

Name:

Vijay Prasad

 

Title:

Senior Vice President

25

--------------------------------------------------------------------------------

 

 

 

 

 

 

keybank national association,  as a Lender

 

 

 

 

 

 

 

By:

/s/Keven D. Smith

 

Name:

Keven D. Smith

 

Title:

Senior Vice President

 

26

--------------------------------------------------------------------------------

 

 

 

 

 

 

BARCLAYS BANK PLC,  as a Lender

 

 

 

 

 

 

 

By:

/s/Vanessa A. Kurbatskiy

 

Name:

Vanessa A. Kurbatskiy

 

Title:

Vice President

 

27

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

REGIONS BANK,  as a Lender

 

 

 

 

 

 

 

By:

/s/Richard Kaufman

 

Name:

Richard Kaufman

 

Title:

Senior Vice President

 

28

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

RAYMOND JAMES BANK, N.A.,  as a Lender

 

 

 

 

 

 

 

By:

/s/Scott G. Axelrod

 

Name:

Scott G. Axelrod

 

Title:

Senior Vice President

 

29

--------------------------------------------------------------------------------

 

 

 

 

 

 

PEOPLE'S UNITED BANK, national

 

association, formerly PEOPLE'S UNITED

 

BANK,  as a Lender

 

 

 

 

 

 

 

By:

/s/Justin Mills

 

Name:

Justin Mills

 

Title:

Vice President

 

30

--------------------------------------------------------------------------------

 

 

 

 

 

 

THE HUNTINGTON NATIONAL BANK,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/Jared Shaner

 

Name:

Jared Shaner

 

Title:

Vice President

 

31

--------------------------------------------------------------------------------

 

 

 

 

 

 

WEBSTER BANK, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/Raymond C. Hoefling

 

Name:

Raymond C. Hoefling

 

Title:

Senior Vice President

 

32

--------------------------------------------------------------------------------

 

 

 

 

 

 

FIRST NIAGARA BANK, N.A.,  as a Lender

 

 

 

 

 

 

 

By:

/s/Robert Dellatorre

 

Name:

Robert Dellatorre

 

Title:

First Vice President

 

33

--------------------------------------------------------------------------------

 

 

 

 

 

 

CADENCE BANK, N.A.,  as a Lender

 

 

 

 

 

 

 

By:

/s/Mike Ross

 

Name:

Mike Ross

 

Title:

Executive Vice President

 

34

--------------------------------------------------------------------------------

 

 

 

 

 

 

RB INTERNATIONAL FINANCE (USA) LLC,

 

as a Lender

 

 

 

 

 

By:

/s/Astrid Wilke

 

Name:

Astrid Wilke

 

Title:

Group Vice President

 

 

 

 

 

 

 

By:

/s/Pearl Geffers

 

Name:

Pearl Geffers

 

Title:

First Vice President

 

35

--------------------------------------------------------------------------------

 

 

 

 

 

 

BLUE HILLS BANK,  as a Lender

 

 

 

 

 

 

 

By:

/s/Kelley Keefe

 

Name:

Kelley Keefe

 

Title:

Senior Vice President

 

36

--------------------------------------------------------------------------------

 

 

 

 

 

 

customers bank,  as a Lender

 

 

 

 

 

 

 

By:

/s/James B. Daley

 

Name:

James B. Daley

 

Title:

Vice President

 

37

--------------------------------------------------------------------------------

 

 

RATIFICATION OF GUARANTY

 

Each of the undersigned guarantors (each a "Guarantor") hereby acknowledges and
consents to the foregoing Fourth Amendment as of December 18, 2015, and agrees
that each of (a) the Second Amended and Restated Guaranty dated as of December
16, 2013 (as amended and in effect from time to time, the "Original Guaranty")
from each of Global Partners LP and Bursaw Oil LLC; (b) the Guarantee dated as
of September 8, 2014 (as amended and in effect from time to time, the "Canada
Guaranty") from Global Partners Energy Canada ULC; and (c) the Guaranty dated as
of January 7, 2015 (as amended and in effect from time to time, the "Warren
Guaranty") from each of Warex Terminals Corporation, Drake Petroleum Company,
Inc., Puritan Oil Company, Inc. and Maryland Oil Company, Inc. remains in full
force and effect, and each of the Guarantors confirms and ratifies all of its
obligations thereunder and under each of the other Loan Documents to which such
Guarantor is a party. Notwithstanding anything to the contrary contained herein,
the parties thereto hereby acknowledge, agree and confirm that as of the date
hereof, each of the Original Guaranty, the Canada Guaranty and the Warren
Guaranty remains in full force and effect.

 

 

 

 

 

GLOBAL PARTNERS LP

 

By:

Global GP LLC, its general partner

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

  Title: Chief Financial Officer

 

 

 

 

 

BURSAW OIL LLC

 

By:

Alliance Energy LLC, its sole member

 

By:

Global Operating LLC, its sole member

 

By:

Global Partners LP, its sole member

 

By:

Global GP LLC, its general partner

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

  Title: Chief Financial Officer

 

 

 

 

 

 

 

GLOBAL PARTNERS ENERGY CANADA ULC

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

  Title: Chief Financial Officer

 

 

 

 

38

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

WAREX TERMINALS CORPORATION

 

 

 

 

 

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

  Title: Chief Financial Officer

 

 

 

 

 

 

 

DRAKE PETROLEUM COMPANY, INC.

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

  Title: Chief Financial Officer

 

 

 

PURITAN OIL COMPANY, INC.

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

  Title: Chief Financial Officer

 

 

 

MARYLAND OIL COMPANY, INC.

 

 

 

 

 

By:

/s/Daphne H. Foster

 

 

  Title: Chief Financial Officer

 

39

--------------------------------------------------------------------------------