Exhibit 10.1
 
SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT
 

This Seventh Amendment to Second Amended and Restated Credit Agreement (this
"Seventh Amendment") is made as of December 21, 2016, 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 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, 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 Citizens Bank National Association (f/k/a 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 1.01 of the Credit Agreement.   Section
1.01 of the Credit Agreement is hereby amended as follows:
(a)            the definition of "Combined EBITDA" contained in Section 1.01 of
the Credit Agreement is hereby amended by deleting such definition it its
entirety and restating it as follows:

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"Combined EBITDA" means for any period, for each applicable Loan Party and its
Subsidiaries on a combined basis, an amount equal to Combined Net Income for
such period plus (a) the following to the extent deducted in calculating such
Combined Net Income: (i) Combined Total  Interest Expense for such period, (ii)
the provision for Federal, state, local and foreign income taxes payable by such
applicable Loan Party and its Subsidiaries for such period, (iii) depreciation
and amortization expense, (iv) other non-recurring expenses of the applicable
Loan Parties and their Subsidiaries reducing such Combined Net Income which do
not represent a cash item in such period or any future period, (v) any equity
losses in respect of unconsolidated affiliates; (vi) without duplication, cash
distributions received by any Loan Party from joint ventures (including, without
limitation, any Non-Wholly Owned JV); and (vii) the one-time, non-recurring cash
expense incurred in such period in connection with the Lease Termination,
provided, the aggregate amount of such expense shall not exceed $77,000,000, and
minus (b) the following to the extent included in calculating such Combined Net
Income: (i) Federal, state, local and foreign income tax credits of the
applicable Loan Parties and their Subsidiaries for such period, (ii) all
nonrecurring non-cash items increasing Combined Net Income for such period and
(iii) any equity earnings in respect of unconsolidated affiliates, provided,
however, notwithstanding anything to the contrary contained herein, any gains or
losses from any Dispositions shall be excluded from the calculation of Combined
EBITDA.  For purposes of calculating Combined EBITDA for purposes of calculating
the Combined Interest Coverage Ratio, the Combined Total Leverage Ratio or the
Combined Senior Secured Leverage Ratio for any period in which a Permitted
Acquisition has occurred, Combined EBITDA shall be adjusted in a manner which is
satisfactory to the Administrative Agent in all respects to give effect to the
consummation of such Permitted Acquisition, on a pro forma basis as if such
Permitted Acquisition had occurred on the first date of the test period,
provided, further, that notwithstanding anything to the contrary contained
herein, for purposes of this Agreement, the Project Monument Unitary Lease, the
Project Oak Unitary Lease and any Future Failed Accounting Lease shall be
treated as operating leases, notwithstanding their treatment or classification
under GAAP, and any increases in Combined EBITDA as a result of the actual GAAP
treatment of such leases as something other than an operating lease shall be
disregarded for purposes of this Agreement.
(b)            by inserting the following definitions in the appropriate
alphabetical order:

"Discounted Lease Termination Payment" means the one-time discounted cash
termination payment to be made by Global to the Sublease Counterparty with
respect to the Lease Termination (excluding the Lease Termination Expense
Payment) in an aggregate amount not to exceed $62,000,000.
"Lease Management Payment" means the cash fee payable by the Sublease
Counterparty to Global in an aggregate amount of not less than $15,000,000,
which fee consists of payment of a management fee related to the storage,
cleaning, repositioning and insurance expense related to the rail cars which are
the subject of the Lease Termination as well as certain other rail cars
currently leased by the Sublease Counterparty.
"Lease Termination" means the termination to occur on or after December 21, 2016
by Global of the subleasing arrangements and related agreements in place with
the Sublease Counterparty relating to the sublease by Global of approximately
1,250 rail cars from the Sublease Counterparty.

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"Lease Termination Expense Payment" means the one-time cash payment in an amount
not to exceed $15,000,000 to be made by Global to the Sublease Counterparty with
respect to the Lease Termination that relates to the storage, cleaning,
repositioning and insurance expenses related to the rail cars which are the
subject of the Lease Termination.
"Sublease Counterparty" means the Person which is the sublessor under an
agreement with certain of the Borrowers relating to the sublease of the 1,250
rail cars which are the subject of the Lease Termination.
"Total Lease Termination Payment" means the Discounted Lease Termination Payment
and the Lease Termination Expense Payment.
§2.             Amendment to Section 2.01 of the Credit Agreement.  Section 2.01
of the Credit Agreement is hereby amended as follows:

(a)            Section 2.01(a) of the Credit Agreement is hereby amended by
deleting the last sentence of Section 2.01(a) in its entirety and substituting
in place thereof the following:  "The proceeds of any WC Loan shall be used to
finance the working capital needs of the Borrowers, including the financing of
the Lease Termination Expense Payment (but not the Discounted Lease Termination
Payment) and financing of Capital Expenditures other than Acquisition Capital
Expenditures."

(b)            Section 2.01(b) of the Credit Agreement is hereby amended by
deleting the last sentence of Section 2.01(b) in its entirety and substituting
in place thereof the following:  "The proceeds of the Revolver Loans shall be
used to fund Permitted Acquisitions, to fund the Investments by the applicable
Borrowers in joint ventures to the extent such Investments are permitted by
Section 7.02(k), to finance Capital Expenditures, to finance the Discounted
Lease Termination Payment (but not the Lease Termination Expense Payment) and
for general corporate purposes (which, for the avoidance of doubt, can include
working capital needs but excludes any Total Lease Termination Payment),
provided, however, the sum of (x) aggregate amount of Revolver Loans used to
finance general corporate purposes plus (y) the Revolver LC Obligations
associated with any Revolver Letter of Credit issued with respect to general
corporate purposes shall not exceed $100,000,000 outstanding at any time."

§3.             Amendment to Section 2.04 of the Credit Agreement.   Section
2.04 of the Credit Agreement is hereby amended by inserting immediately after
paragraph (d) thereof the following new paragraph (e):

(e)            Within one (1) Business Day of receipt of all or any portion of
the Lease Management Payment, the Borrowers shall be required to repay the WC
Loans in the amount of each such Lease Management Payment so received.

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§4.             Amendment to Section 6.03 of the Credit Agreement.   Section
6.03(g) of the Credit Agreement is hereby amended by deleting clause (g) in its
entirety and restating it as follows:
(g)            of the occurrence of the Lease Termination, which notice shall
include the aggregate amount of the Total Lease Termination Payment, including
that portion comprising the Discounted Lease Termination Payment and the Lease
Termination Expense Payment.
§5.             Amendment to Section 6.11 of the Credit Agreement.   Section
6.11 of the Credit Agreement is hereby amended by inserting immediately after
the words "to finance Capital Expenditures" which appear in clause (b) of
Section 6.11 a comma and the words "to finance the Discounted Lease Termination
Payment (but not the Lease Termination Expense Payment)".

§6.             Amendment to Section 7.18(iv) of the Credit Agreement.   Section
7.18(iv) of the Credit Agreement is hereby amended by deleting Section 7.18(iv)
in its entirety and restating it as follows:

(iv)            Combined Total Leverage Ratio.  Permit the Combined Total
Leverage Ratio as at the end of any fiscal quarter of the Borrowers to be
greater than the applicable ratio set forth below opposite such fiscal quarter:

 
Fiscal Quarter Ended
Combined Total Leverage Ratio
   
December 31, 2015
4.50:1.00
   
March 31, 2016 - September 30, 2016
5.50:1.00
   
December 31, 2016 and each fiscal quarter ended thereafter
5.00:1.00
 

§7.  Conditions to Effectiveness. This Seventh Amendment will become effective
as of the date hereof upon receipt by the Administrative Agent of the following:
(a)            fully executed counterparts of this Seventh Amendment (including
the Ratification of Guaranty hereto by the Guarantors) executed by the Loan
Parties, the Administrative Agent and the required Lenders; and
(b)            a certificate from the Loan Parties certifying (i) that the
representations and warranties of the Loan Parties contained in Article V of the
Credit Agreement or any other Loan Document, or which are contained in any
document furnished at any time under or in connection herewith or therewith, are
true and correct on the date hereof, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they are true and correct as of such earlier date, and except that for
purposes of this paragraph (b), the representations and warranties contained in
subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed
to refer to the most recent statements furnished pursuant to subsections (a) and
(b), respectively, of Section 6.01 of the Credit Agreement and (ii) no Default
or Event of Default has occurred and is continuing as of the date hereof.

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§8.            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 Seventh 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.

§9.            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 Seventh 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 Seventh Amendment shall constitute a
Loan Document.

§10.            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.

§11.            Counterparts.  This Seventh 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.

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

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IN WITNESS WHEREOF, the parties hereto have executed this Seventh 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
 

 

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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
               
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
   
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
 

 

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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
 

 

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BANK OF AMERICA, N.A., as
   
Administrative Agent
   
By:  /s/ Liliana Claar
   
Name:  Liliana Claar
   
Title:  Vice President
 

 

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BANK OF AMERICA, N.A., as a Lender
               
By:  /s/ Jordan Forester
   
Name:  Jordan Forester
   
Title:  Assistant Vice President
       

 

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JPMORGAN CHASE BANK, N.A., as a Lender
               
By:  /s/ Daniel J. Stampfel
   
Name:  Daniel J. Stampfel
   
Title:  Authorized Officer
 

 

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CITIZENS BANK NATIONAL ASSOCIATION, as a Lender
               
By:  /s/ Donald A. Wright
   
Name:  Donald A. Wright
   
Title:  Senior Vice President
 

 

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WELLS FARGO BANK, N.A., as a Lender
               
By:  /s/ Daniel M. Grondin
   
Name:  Daniel M. Grondin
   
Title:  Senior Vice President
 

 

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SOCIETE GENERALE, as a Lender
               
By:  /s/ Cliff Niebling
   
Name:  Cliff Niebling
   
Title:  Managing Director
 

 

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BNP PARIBAS, as a Lender
               
By:  /s/ Jordan Nenoff
   
Name:  Jordan Nenoff
   
Title:  Director
         
By:  /s/ Pauline Blandin
   
Name:  Pauline Blandin
   
Title:  Vice President
 

 

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COOPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Lender
               
By:  /s/ Chung-Taek Oh
   
Name:  Chung-Taek Oh
   
Title:  Executive Director
         
By:  /s/ Chan K. Park
   
Name:  Chan K. Park
   
Title:  Managing Director
 

 

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BMO HARRIS FINANCING, INC., as a Lender
               
By:  /s/ Matthew Davis
   
Name:  Matthew Davis
   
Title:  Vice President
 

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. NY BRANCH, as a Lender
               
By:  /s/ Michel Kermarrec
   
Name:  Michel Kermarrec
   
Title:   Director
 

 

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SANTANDER BANK, N.A., as a Lender
               
By:  /s/ Andres Barbosa
   
Name:  Andres Barbosa
   
Title:  Executive Director
 

 

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
               
By:  /s/ Mark Lvoff
   
Name:  Mark Lvoff
   
Title:  Managing Director
         
By:  /s/ Rosa Santini
 
Name:  Rosa Santini
   
Title:  Vice President
 

 

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NATIXIS, NEW YORK BRANCH, as a Lender
               
By:  /s/ David Pershad
   
Name:  David Pershad
   
Title:  Managing Director
         
By:  /s/ Severine Pardo
   
Name:  Severine Pardo
   
Title:  Executive Director
 

 

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SUMITOMO MITSUI BANKING
CORPORATION, NY BRANCH, as a Lender
               
By:  /s/ Katsuyuki Kubo
   
Name:  Katsuyuki Kubo
   
Title:  Managing Director
 

 

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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
 

 

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TD BANK, N.A., as a Lender
               
By:  /s/ Vijay Prasad
   
Name:  Vijay Prasad
   
Title:  Senior Vice President
 

 

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KEYBANK NATIONAL ASSOCIATION, as a Lender
               
By:  /s/ Kevin D. Smith
   
Name:  Kevin D. Smith
   
Title:  Senior Vice President
 

 

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BARCLAYS BANK PLC, as a Lender
               
By:  /s/ Marguerite Sutton
   
Name:  Marguerite Sutton
   
Title:  Vice President
 

 

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REGIONS BANK, as a Lender
               
By:  /s/ Kara Hoagland
   
Name:  Kara Hoagland
   
Title:  Vice President
 

 

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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
 

 

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PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, formerly PEOPLE'S UNITED BANK, as a
Lender
               
By:  /s/ Jeffrey Giunta
   
Name:  Jeffrey Giunta
   
Title:  Vice President
       

 

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THE HUNTINGTON NATIONAL BANK, as a Lender
               
By:  /s/ Jared Shaner
   
Name:  Jared Shaner
   
Title:  Vice President
 

 

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WEBSTER BANK, NATIONAL ASSOCIATION, as a Lender
               
By:  /s/ Raymond C. Hoefling
   
Name:  Raymond C. Hoefling
   
Title:  Senior Vice President
 

 

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FIFTH THIRD BANK, as a Lender
               
By:  /s/ Mike Ross
   
Name:  Mike Ross
   
Title:  Senior Vice President
 

 

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ABN AMRO CAPITAL USA LLC, as a Lender
               
By:  /s/ R. Bisscheroux
   
Name:  R. Bisscheroux
   
Title:  Managing Director
         
By:  /s/ Meena Veerappan
   
Name:  Meena Veerappan
   
Title:  Assistant Vice President
 

 

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BLUE HILLS BANK, as a Lender
               
By:  /s/Kelley Keefe
   
Name:  Kelley Keefe
   
Title:  Senior Vice President
 

 

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CUSTOMERS BANK, as a Lender
               
By:  /s/ James B. Daley
   
Name:  James B. Daley
   
Title:  Vice President
       

 

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RATIFICATION OF GUARANTY

Each of the undersigned guarantors (each a "Guarantor") hereby acknowledges and
consents to the foregoing Seventh Amendment as of December 21, 2016, 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 hereto 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
       

 

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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