Exhibit 10.1

 

FACILITY INCREASE AGREEMENT

 

This FACILITY INCREASE AGREEMENT (this “Agreement”), dated October 7, 2015, is
made by NGL ENERGY OPERATING LLC, a Delaware limited liability company (the
“Borrowers’ Agent”), each party signatory hereto identified as a New Revolving
Lender on the signature pages hereto (each a “New Revolving Lender”), each party
signatory hereto identified as an Increasing Lender on the signature
pages hereto (each an “Increasing Lender”), DEUTSCHE BANK TRUST COMPANY
AMERICAS, as administrative agent for the Secured Parties (in such capacity,
together with its successors in such capacity, the “Administrative Agent”) and
each Issuing Bank party hereto.  Capitalized terms used in this Agreement and
not defined herein, including in this preamble, have the meanings set forth for
such terms in the Credit Agreement (as hereinafter defined).

 

WHEREAS, the Borrowers, the Guarantors, the Administrative Agent, Deutsche Bank
AG, New York Branch, as technical agent, Deutsche Bank Trust Company Americas,
as collateral agent for the Secured Parties and the Lenders party thereto have
entered into a Credit Agreement dated as of June 19, 2012, as amended by
Amendment No. 1 thereto, dated as of January 15, 2013, Amendment No. 2 thereto,
dated as of May 8, 2013, Amendment No. 3 thereto, dated as of September 30,
2013, Amendment No. 4 thereto, dated as of November 5, 2013, Amendment No. 5
thereto, dated as of December 23, 2013, Amendment No. 6 thereto, dated as of
June 12, 2014, and Amendment No. 7, dated as of June 27, 2014, Amendment No. 8
thereto dated as of December 19, 2014, Amendment No. 9 thereto dated May 1, 2015
and Amendment No. 10 thereto dated as of July 31, 2015 (and as otherwise
amended, supplemented or modified from time to time, the “Credit Agreement”).

 

WHEREAS, the parties hereto desire to evidence an increase in the aggregate
Acquisition Revolving Commitments pursuant to Section 2.4(c) of the Credit
Agreement as set forth herein.

 

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.             The aggregate Acquisition Revolving Commitments are hereby
increased from $858,000,000.00 to $1,008,000,000.00, as of the effective date of
this Agreement (the “Increase Effective Date”), the Commitments of the Lenders
shall be as set forth in Schedule 1 hereto.

 

2.             Consistent with Section 2.4(c)(v) of the Credit Agreement, as of
the Increase Effective Date, Schedule 1 shall supersede and replace Schedule
1.1A of the Credit Agreement.

 

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

 

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4.             By executing and delivering a copy of this Agreement to the
Technical Agent, each (i) New Revolving Lender hereby accepts and agrees to be
bound by the terms of the Credit Agreement as a Lender thereunder, (ii) each
Increasing Lender agrees and confirms to remain bound by the terms of the Credit
Agreement as a Lender thereunder as modified by this Agreement, and (iii) each
New Revolving Lender and each Increasing Lender hereby further acknowledges and
agrees that the amount of its Commitments after giving effect to this Agreement
shall be as set forth opposite its name on Schedule 1 hereto.

 

This Agreement shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns.  This Agreement may be
executed in any number of counterparts, which together shall constitute one
instrument.  Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or electronic transmission (in .pdf format) shall be
effective as delivery of a manually executed counterpart of this Agreement. 
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

 

[Signature Pages Follow]

 

2

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IN WITNESS WHEREOF, each party hereto has caused this Agreement to be executed
and delivered by its officer thereunto duly authorized as of the date above
first written.

 

 

NGL ENERGY OPERATING LLC,

 

as Borrowers’ Agent

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas Atanasov

 

 

Title:

CFO

 

[Signature Page to Facility Increase Agreement]

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Administrative Agent

 

 

 

 

 

 

 

By:

/s/ Estelle Lawrence

 

 

Name:

Estelle Lawrence

 

 

Title:

Vice President

 

 

 

 

 

 

 

By:

/s/ Robert S. Peschler

 

 

Name:

Robert S. Peschler

 

 

Title:

Vice President

 

[Signature Page to Facility Increase Agreement]

 

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DEUTSCHE BANK AG, NEW YORK BRANCH,

 

as Issuing Bank, Swing Line Lender, and

 

an Increasing Lender

 

 

 

 

 

 

 

By:

/s/ Chris Chapman

 

 

Name:

Chris Chapman

 

 

Title:

Director

 

 

 

 

 

 

 

By:

/s/ Juan-Jose Mejia

 

 

Name:

Juan-Jose Mejia

 

 

Title:

Director

 

[Signature Page to Facility Increase Agreement]

 

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CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as a New Revolving Lender

 

 

 

 

 

 

 

By:

/s/ Nupur Kumar

 

 

Name:

Nupur Kumar

 

 

Title:

Authorized Signatory

 

 

 

 

 

 

 

By:

/s/ Warren Van Heyst

 

 

Name:

Warren Van Heyst

 

 

Title:

Authorized Signatory

 

[Signature Page to Facility Increase Agreement]

 

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CITIZENS BANK, N.A.,

 

as a New Revolving Lender

 

 

 

 

 

 

 

By:

/s/ Scott Donaldson

 

 

Name:

Scott Donaldson

 

 

Title:

Senior Vice President

 

[Signature Page to Facility Increase Agreement]

 

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ROYAL BANK OF CANADA,

 

as an Increasing Lender

 

 

 

 

 

 

 

By:

/s/ Jason S York

 

 

Name:

Jason S York

 

 

Title:

Authorized Signatory

 

[Signature Page to Facility Increase Agreement]

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as an Increasing Lender

 

 

 

 

 

 

 

By:

/s/ Jacob L. Osterman

 

 

Name:

Jacob L. Osterman

 

 

Title:

Vice President

 

[Signature Page to Facility Increase Agreement]

 

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BARCLAYS BANK PLC,

 

as an Increasing Lender

 

 

 

 

 

 

 

By:

/s/ Vanessa Kurbatskiy

 

 

Name:

Vanessa Kurbatskiy

 

 

Title:

Vice President

 

[Signature Page to Facility Increase Agreement]

 

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Acknowledged and agreed by,

 

 

 

 

 

BNP PARIBAS,

 

as Issuing Bank

 

 

 

 

 

By:

/s/ Jordan Nenoff

 

 

Name:

Jordan Nenoff

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

By:

/s/ Christine Dirringer

 

 

Name:

Christine Dirringer

 

 

Title:

Managing Director

 

 

[Signature Page to Facility Increase Agreement]

 

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Acknowledged and agreed by,

 

 

 

 

 

BANK OF AMERICA, N.A.,

 

as Issuing Bank

 

 

 

 

 

 

 

By:

/s/ Michael Clayborne

 

 

Name:

Michael Clayborne

 

 

Title:

Vice President

 

 

[Signature Page to Facility Increase Agreement]

 

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Acknowledged and agreed by,

 

 

 

 

 

PNC BANK, NATIONAL ASSOCIATION,

 

as Issuing Bank

 

 

 

 

 

 

 

By:

/s/ Jonathan Luchansky

 

 

Name:

Jonathan Luchansky

 

 

Title:

Vice President

 

 

[Signature Page to Facility Increase Agreement]

 

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