Exhibit 10.1

 

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

This First Amendment to Third Amended and Restated Credit Agreement (this "First
Amendment") is made as of September 10, 2018, 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
Third Amended and Restated Credit Agreement dated as of April 25, 2017 (as
amended and in effect from time to time, the "Credit Agreement") by and among
the Borrowers, the MLP, the Lenders, the Administrative Agent, the Swing Line
Lender, the L/C Issuers, the Alternative Currency Fronting Lender, JPMorgan
Chase Bank, N.A. and Wells Fargo Bank, N.A. as Co-Syndication Agents and
Citizens Bank, N.A., Societe Generale, BNP Paribas and The Bank of
Tokyo-Mitsubishi UFJ, Ltd. NY Branch, 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 definitions of "Combined EBITDA" and "Senior Unsecured Notes" contained
in Section 1.01 of the Credit Agreement are each hereby amended by deleting each
such definition in its entirety and restating each such definition as follows:

"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, and without duplication: (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) cash distributions received by any Loan Party from joint
ventures (including, without limitation, any Non-Wholly Owned JV), (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, (viii) all prepayment premiums and losses related to the
extinguishment of debt of the applicable Loan Parties and their Subsidiaries in
connection with the permitted refinancing of the Senior Unsecured Notes for such
period, and (ix) all fees and expenses incurred by the applicable Loan Party in
connection with the applicable Loan Party tendering for and redeeming its Senior
Unsecured Notes in such period (but not any fees or expenses incurred in
connection with a subsequent issuance of such Senior Unsecured Notes), 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.

 

"Senior Unsecured Notes" means, collectively, (a) the Existing Notes; (b) the
New Notes and (c) the Additional Senior Unsecured Notes.

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

 

"2022 Notes" means the 6.25% Senior Notes due 2022 issued by the MLP and
Finance.

2

 

 

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

 

"Additional Senior Unsecured Notes" means senior unsecured notes of a Loan Party
issued after the First Amendment Effective Date, other than the New Notes, so
long as in respect of such senior unsecured notes:  (a) the terms, conditions,
covenants and defaults applicable to such notes (including the terms,
conditions, covenants and defaults in the indenture relating thereto) are no
more restrictive to the Loan Parties in the aggregate than the terms,
conditions, covenants and defaults contained herein; (b) the obligations
thereunder are unsecured; (c) the maturity date thereof is not less than six (6)
months after the Maturity Date; (d) the obligations under such notes and
indenture are not guaranteed by any Person other than a Loan Party; and (e) the
documents and agreements executed in connection with such notes (including,
without limitation, any indenture) shall contain terms and conditions that are
customary for similar transactions.

"Existing Notes" means the 2022 Notes and the 7.00% Senior Notes due 2023 issued
by the MLP and Finance, each of which have been issued prior to the First
Amendment Effective Date.

"First Amendment Effective Date" means September 10, 2018.

"New Notes" means senior unsecured notes to be issued by the MLP and Finance as
co-issuers after the First Amendment Effective Date provided that (a) the
aggregate principal amount of such notes does not exceed $400,000,000 at the
time of issuance thereof; (b) the terms, conditions, covenants and defaults
applicable to such notes (including the terms, conditions, covenants and
defaults in the indenture relating thereto) are not materially more restrictive
to the Loan Parties in the aggregate than the terms, conditions, covenants and
defaults contained in the 2022 Notes (and the indenture related thereto); (c)
the obligations thereunder are unsecured; (d) the maturity date thereof is not
less than six (6) months after the Maturity Date; (e) the obligations under such
notes and indenture are not guaranteed by any Person other than a Loan Party;
(f) the weighted average life to maturity of such notes at the time of issuance
thereof is not less than the weighted average life to maturity of the Credit
Agreement Obligations or the 2022 Notes; and (g) (i) if, pursuant to the terms
of this Agreement, the proceeds of an offering of such notes are required to be
applied to the repayment of the Revolver Loan, (A) such proceeds are so applied
by the Borrowers and (B) the Borrowers, within three (3) Business Days after
issuance thereof, repurchase or issue a notice of redemption with respect to the
2022 Notes in their entirety (which repurchase or redemption may be funded with
proceeds of Revolver Loans so long as the Borrowers comply with the provisions
of this Agreement, including Section 4.02 hereof) or (ii) to the extent the
proceeds of an offering of such notes are not required to be used to prepay the
Revolver Loans pursuant to the terms of this Agreement, the applicable
Borrowers, within three (3) Business Days after issuance of such notes,
repurchase or issue a notice of redemption with respect to the 2022 Notes in
their entirety.  For all purposes of this Agreement and the other Loan
Documents, the New Notes shall be deemed to be a refinancing of the 2022 Notes.

3

 

 

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

 

§2. Amendment to Section 2.01 of the Credit Agreement.   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 restating it as follows:  "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 any Permitted Equity Purchase, to repay any Indebtedness permitted to
be repaid pursuant to Section 7.15 hereof and for general corporate purposes
(which, for the avoidance of doubt, can include working capital needs and the
payment of Permitted Distributions and posting margin), provided, however, the
sum of (x) aggregate amount of Revolver Loans used to fund 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 $150,000,000 outstanding at any time."

 

§3. Amendment to Section 7.03 of the Credit Agreement.   Section 7.03(b) of the
Credit Agreement is hereby amended by deleting Section 7.03(b) in its entirety
and restating it as follows:

 

(b)Indebtedness of a Loan Party in respect of (1) the Senior Unsecured Notes or
the Subordinated Debt, and any guarantee obligations of a Loan Party in respect
thereof, provided, with respect to the Senior Unsecured Notes, other than the
Existing Notes, and the Subordinated Debt, (i) all of the conditions set forth
in the definition of "New Notes" (other than clause (g) thereof), "Additional
Senior Unsecured Notes" or "Subordinated Debt", as applicable, have been
satisfied at the time of issuance; and (ii) no Default or Event of Default has
occurred and is continuing at the time of issuance of such New Notes, Additional
Senior Unsecured Notes or Subordinated Debt, as the case may be, or would exist
as a result of such issuance, including, without limitation, with the financial
covenants contained herein after giving effect on a pro forma basis to the
incurrence of such Indebtedness (provided, with respect to the issuance of the
New Notes, to the extent at any time the New Notes and all or any portion of the
2022 Notes are outstanding, so long as the applicable Borrower intends to
irrevocably deposit an amount sufficient to retire such outstanding 2022 Notes
with a trustee or transfer agent, as applicable, to effect the repurchase or
redemption, as the case may be, of the 2022 Notes as contemplated by clause (g)
of the definition of "New Notes", such calculation of the financial covenants
shall be made assuming the New Notes have been issued and the 2022 Notes have
been refinanced and as such are no longer outstanding as of the date of the
issuance of the New Notes) and (2) any Indebtedness incurred to refinance,
renew, extend or replace such Senior Unsecured Notes or Subordinated Debt, as
the case may be, in whole or in part, provided that, (x) with respect to any
such refinancing, renewal, extension or replacement of the 2022 Notes with the
New Notes, the Indebtedness meets all of the criteria set forth in the
definition of "New Notes" and (y) with respect to any such refinancing, renewal,
extension or replacement of any Subordinated Debt or other Senior Unsecured
Notes not contemplated by subclause (x) hereof, (i) the weighted average life to
maturity of any such Indebtedness shall not be less than the weighted average
life to maturity of then outstanding Credit Agreement Obligations if any, or the
Senior Unsecured Notes or Subordinated Debt being refinanced, renewed, extended
or replaced, as the case may be, as in effect on the date of issuance thereof;
(ii) the maturity of such Indebtedness shall be no less than six (6) months
after the Maturity Date; (iii) the aggregate principal amount of such
Indebtedness shall not exceed the aggregate principal amount of Indebtedness
being so refinanced, renewed, extended or replaced (plus all accrued and unpaid
interest thereon and all applicable fees,

4

 

 

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

 

expenses and prepayment premiums directly related thereto) (provided, any
Indebtedness in excess thereof may be issued or incurred, as the case may be, if
such excess amount would otherwise be permitted to be incurred under the terms
of this Agreement, including, without limitation, as Additional Senior Unsecured
Notes); (iv) such Indebtedness remains unsecured; (v) to the extent the proceeds
of such Indebtedness is required to be used to repay the Revolver Loans pursuant
to the terms of this Agreement, the Borrowers, as promptly as practicable after
the issuance of such Indebtedness, repay, redeem or repurchase the Indebtedness
intended to be refinanced, which repayment, redemption or repurchase may be
funded with proceeds of Revolver Loans so long as the Borrowers comply with the
provisions of the Agreement, including Section 4.02 hereof, and shall constitute
a "refinancing" for purposes of this Agreement; and (vi) such Indebtedness meets
all of the other criteria set forth in the definition of Senior Unsecured Notes
or Subordinated Debt, as applicable;

§4. Amendment to Section 7.15 of the Credit Agreement.   Section 7.15(b) of the
Credit Agreement is hereby amended by deleting Section 7.15(b) in its entirety
and restating it as follows:  "(b)(i) the repurchase or redemption of the 2022
Notes as provided in the definition of "New Notes" or (ii) to the extent
considered a repayment, any refinancing of Indebtedness permitted under Section
7.03 to the extent the principal amount of such new Indebtedness is not less
than the principal amount of such refinanced Indebtedness outstanding
immediately prior to such refinancing";

 

§5. Amendment to Section 7.18 of the Credit Agreement.   Section 7.18 of the
Credit Agreement is hereby amended by inserting the following sentence at the
end of Section 7.18:

 

"Notwithstanding anything to the contrary contained in this Agreement, for
purposes of calculating the financial covenants contained in this Section 7.18,
(a) so long as (1) the New Notes have been issued on or prior to the applicable
test date for the applicable financial covenant, (2) the Borrowers have complied
with the provisions of clause (g) of the definition of "New Notes" as of the
date the Compliance Certificate in respect of such test date is required to be
delivered pursuant to Section 6.02 hereof, and (3) as of the date the Compliance
Certificate in respect of such test date is required to be delivered pursuant to
Section 6.02 hereof, either (A) an amount sufficient to retire the outstanding
2022 Notes have been irrevocably deposited with a trustee or transfer agent, as
applicable, to be used to fund the repurchase or redemption of such 2022 Notes
or (B) the 2022 Notes are no longer outstanding, then (x) for purposes of
calculating the Combined Senior Secured Leverage Ratio and the Combined Total
Leverage Ratio, such covenants shall be calculated as if the New Notes replaced
the 2022 Notes on the date the New Notes were issued; and (b) so long as any
Indebtedness being issued to refinance any other Indebtedness pursuant to
Section 7.03(b)(2) has been issued on or prior to the applicable test date for
such covenant and the Borrowers have (1) complied with clause (v) of Section
7.03(b)(2) as of the date the Compliance Certificate in respect of such test
date is required to be delivered pursuant to Section 6.02 hereof, and (2) as of
the date the Compliance Certificate in respect of such test date is required to
be delivered pursuant to Section 6.02 hereof either (A) an amount sufficient to
retire such outstanding Indebtedness has been irrevocably deposited with a
trustee or transfer agent, as applicable, or (B) such outstanding Indebtedness
has been repaid in full, then the Combined Senior Secured Leverage Ratio and the
Combined Total Leverage Ratio shall be calculated excluding such Indebtedness
being refinanced and shall be calculated as if the refinancing Indebtedness
replaced the Indebtedness to be refinanced on the date such refinancing
Indebtedness was issued.  In addition, to the extent any other provision of this
Agreement

5

 

 

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

 

requires that the Borrowers evidence compliance with the financial covenants
(other than on a test date set forth in Section 7.18), including on a pro forma
basis, at a time when (x) any Indebtedness has been issued to refinance any
other Indebtedness pursuant to Section 7.03(b)(2) (including, without
limitation, the issuance of the New Notes to refinance the 2022 Notes), and (y)
all or a portion of the Indebtedness being refinanced remains outstanding but
will be retired with the proceeds of the new Indebtedness issuance but the
applicable Borrowers have not yet irrevocably deposited with the trustee or
transfer agent, as applicable, the amounts necessary to effect the repayment or
repurchase of such Indebtedness because the Borrowers are not yet required by
the terms of the refinancing to make such a deposit, then, for purposes of
calculating compliance with any such financial covenant, the amount of the
Indebtedness being refinanced which remains outstanding shall be considered
outstanding for purposes of calculating such financial covenants until such
Indebtedness is no longer outstanding or the amount necessary to repay or redeem
such Indebtedness has been irrevocably deposited with the transfer agent."

 

§6.Amendment to Section 8.01 of the Credit Agreement.   Section 8.01(m) of the
Credit Agreement is hereby amended by deleting Section 8.01(m) in its entirety
and restating it as follows:

 

(m)Senior Unsecured Notes and Subordinated Debt. (i) The holders of all or any
part of the Senior Unsecured Notes or the Subordinated Debt shall accelerate the
maturity of all or any part of the Senior Unsecured Notes or the Subordinated
Debt, as the case may be, (ii) except as expressly provided for in this
Agreement, the Senior Unsecured Notes or the Subordinated Debt shall be prepaid,
redeemed or repurchased in whole or in part or an offer to prepay, redeem or
repurchase the Senior Unsecured Notes or the Subordinated Debt in whole or in
part shall have been made, (iii) the Borrowers issue the New Notes but fail to
comply with the provisions of clause (g) of the definition of "New Notes" within
the time frame provided therein, or (iv) in the case of the Subordinated Debt,
the Credit Agreement Obligations cease to constitute "Senior Debt" (or the
analogous term used under any agreement, document or instrument evidencing such
Subordinated Debt).

§7.Conditions to Effectiveness. This First Amendment will become effective as of
the date hereof upon receipt by the Administrative Agent of the fully executed
counterparts of this First Amendment (including the Ratification of Guaranty
hereto by the Guarantors) executed by the Loan Parties, the Administrative Agent
and the Required Lenders.

 

§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 First
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

6

 

 

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

 

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 First 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 First 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 Issuers, the Swing Line Lender,
the Alternative Currency Fronting Lender, the Syndication Agent, the
Co-Documentation Agents or the Lenders consequent thereon.

 

§11.Counterparts.  This First 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 FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

7

 

 

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

 

IN WITNESS WHEREOF, the parties hereto have executed this First 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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

GLOBAL MONTELLO GROUP CORP.

 

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

GLEN HES CORP.

 

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

8

 

 

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

 

 

GLP FINANCE CORP.

 

 

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

 

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

 

WARREN EQUITIES, INC.

 

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

GLOBAL PARTNERS LP

By:  Global GP LLC, its general partner

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

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

 

bank of america, n.a.,  as
Administrative Agent

By:  /s/ Anthony W. Kell

Name:  Anthony W. Kell

Title:  Vice President

 

 

 

 

 

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

 

bank of america, n.a.,  as a Lender, L/C Issuer, Alternative Currency Fronting
Lender and Swing Line Lender

By:  /s/ Christopher G. Dibiase

Name:  Christopher G. Dibiase

Title:    Director

 

 

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

 

 

JPMORGAN CHASE BANK, N.A.,  as a Lender, L/C Issuer and as Co-Syndication Agent

 

 

By:  /s/ Daniel Stampfel

Name:  Daniel Stampfel

Title:  Authorized Officer

 

 

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

 

wells fargo bank, n.a.,  as a Lender and Co-Syndication Agent

 

 

By:  /s/ Daniel M. Grondin

Name:  Daniel M. Grondin

Title:  Senior Vice President

 

 

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

 

citizens bank, N.A.,  as a Lender and Co-Documentation Agent

 

 

By:  /s/ Donald A. Wright

Name:  Donald A. Wright

Title:  Senior Vice President

 

 

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

 

societe generale,  as a Lender and Co-Documentation Agent

 

 

By:  /s/ Michiel V.M. Van Der Voort

Name:  Michiel V.M. Van Der Voort

Title:  Managing Director

 

 

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

 

bnp paribas,  as a Lender and Co-Documentation Agent

 

 

By:  /s/ Zachary Kaiser

Name:  Zachary Kaiser

Title:  Vice President

 

 

By:  /s/ Delphine Gaudiot

Name:  Delphine Gaudiot

Title:  Director

 

 

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

 

MUFG BANK, LTD. (formerly known as the bank of tokyo-mitsubishi ufj, ltd.),  as
a Lender and Co-Documentation Agent

 

 

By:  /s/ Richard J. Wernli

Name:  Richard J. Wernli

Title:  Managing Director

 

 

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

 

bmo harris financing, inc.,  as a Lender

 

 

By:  /s/ Matthew Davis

Name:  Matthew Davis

Title:  Director

 

 

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

 

credit agricole corporate and investment bank,  as a Lender

 

 

By:  /s/ Mark Lvoff

Name:  Mark Lvoff

Title:  Managing Director

 

 

By:  /s/ Christine Jang

Name:  Christine Jang

Title:  Senior Associate

 

 

 

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

 

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

 

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

 

santander bank, n.a.,  as a Lender

 

 

By:  /s/ Thomas F. McNamara

Name:  Thomas F. McNamara

Title:  Senior Vice President

 

 

By:  /s/ Jeffrey G. Millman

Name:  Jeffrey G. Millman

Title:  Regional Credit Manager

 

 

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

 

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:  Director

 

 

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

 

td bank, n.a.,  as a Lender

 

 

By:  /s/ Vijay Prasad

Name:  Vijay Prasad

Title:  Senior Vice President

 

 

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

 

REGIONS BANK,  as a Lender

 

 

By:  /s/Katie Hammons

Name:  Katie Hammons

Title:  Assistant Vice President

 

 

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

 

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

 

 

By:  /s/ John Harris

Name:  John Harris

Title:  Managing Director

 

 

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

 

BARCLAYS BANK PLC, as a Lender

 

 

By:  /s/ Jake Lam

Name:  Jake Lam

Title:  Assistant Vice President

 

 

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

 

customers bank,  as a Lender

 

 

By:  /s/ James B. Daley

Name:  James B. Daley

Title:  Senior Vice President

 

 

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

 

WEBSTER BANK, NATIONAL ASSOCIATION,  as a Lender

 

 

By:  /s/ Samuel C. Pepe

Name:  Samuel C. Pepe

Title:  Vice President

 

 

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

 

PEOPLE'S UNITED BANK, national association, formerly PEOPLE'S UNITED BANK,  as a
Lender

 

 

By:  /s/ Jeffrey Giunta

Name:  Jeffrey Giunta

Title:  Vice President

 

 

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

 

fifth third bank,  as a Lender

 

 

By:  /s/ James Holacka

Name:  James Holacka

Title:  Director/Vice President

 

 

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

 

keybank national association,  as a Lender

 

 

By:  /s/ Tad Stainbrook

Name:  Tad Stainbrook

Title:  Vice President

 

 

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

 

BLUE HILLS BANK,  as a Lender

 

 

By:  /s/ Kelley Keefe

Name:  Kelley Keefe

Title:  Senior Vice President

 

 

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

 

 

 

RATIFICATION OF GUARANTY

 

Each of the undersigned guarantors (each a "Guarantor") hereby acknowledges and
consents to the foregoing First Amendment as of September 10, 2018, and agrees
that each of (a) the Third Amended and Restated Guaranty dated as of April 25,
2017 (as amended and in effect from time to time, the "Guaranty") from each of
Global Partners LP, Bursaw Oil LLC, Warex Terminals Corporation, Drake Petroleum
Company, Inc., Puritan Oil Company, Inc. and Maryland Oil Company, Inc.; and (b)
the Amended and Restated Guarantee dated as of April 25, 2017 (as amended and in
effect from time to time, the "Canada Guaranty") from Global Partners Energy
Canada ULC 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 Guaranty and the Canada Guaranty
remains in full force and effect.

 

GLOBAL PARTNERS LP
By:  Global GP LLC, its general partner

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

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/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

GLOBAL PARTNERS ENERGY CANADA ULC

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

 

 

 

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

 

 

 

WAREX TERMINALS CORPORATION

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

DRAKE PETROLEUM COMPANY, INC.

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

PURITAN OIL COMPANY, INC.

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

MARYLAND OIL COMPANY, INC.

 

 

By: /s/ Edward J. Faneuil

Title: Executive Vice President and General Counsel

 

 

 

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