Document:

Exhibit 10.1

 

EXECUTION VERSION

 

FIFTH AMENDMENT TO SECOND AMENDED AND 
 RESTATED SENIOR SECURED CREDIT FACILITY

 

THIS FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED SENIOR SECURED CREDIT FACILITY (this “Agreement”) is dated as of February 26, 2015, among TRANSMONTAIGNE OPERATING COMPANY L.P. (the “Borrower”), each of the Lenders (as defined below) party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (the “Agent”).

 

W I T N E S S E T H :

 

WHEREAS, the Borrower, certain banks and other lenders party thereto (the “Lenders”), and the Agent executed and delivered that certain Second Amended and Restated Senior Secured Credit Facility dated as of March 9, 2011, as amended by that certain letter agreement dated as of January 5, 2012, as amended by that certain Second Amendment to Second Amended and Restated Senior Secured Credit Facility dated as of March 20, 2012, as amended by that certain Third Amendment to Second Amended and Restated Senior Secured Credit Facility dated as of November 16, 2012, and as amended by that certain Fourth Amendment to Second Amended and Restated Senior Secured Credit Facility dated as of June 30, 2014 (as further amended, restated, modified, or supplemented from time to time, the “Credit Agreement”); and

 

WHEREAS, the Borrower has requested and, subject to the terms and conditions hereof, the Agent and the Lenders party hereto have agreed to make certain amendments to the Credit Agreement as more fully described below.

 

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, each of the parties hereto hereby covenant and agree as follows:

 

1.                                      Definitions.  Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit Agreement.  Each reference to “hereof,” “hereunder,” “herein,” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, from and after the date hereof, refer to the Credit Agreement as amended hereby.

 

2.                                      Amendments to Credit Agreement.  Subject to the satisfaction of the conditions precedent set forth in Section 4 below, the Credit Agreement is amended as follows:

 

(a)                                 Each of the following definitions in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

 

“Applicable Percentage” means, as to each Loan and the Commitment Fee, respectively, (a) from and after the Closing Date until but not including the Fifth Amendment Effective Date, the “Applicable Percentage” determined in accordance with the Credit Agreement prior to giving effect to the Fifth Amendment and (b) on and after the Fifth Amendment Effective Date, the percentage per annum for each such Loan or for the Commitment Fee, as the case may be, determined from time to time on each Calculation Date (defined below) by reference to the

 

 

following table and corresponding to the Total Leverage Ratio in effect as of such Calculation Date:

 

	
 
    	
 
    	
Total Leverage Ratio
    	
 
    	
Applicable
   Margin for Base
   Rate Loans
    	
 
    	
Applicable Margin
   for Eurodollar
   Loans and LIBOR
   Index Loans
    	
 
    	
Commitment
   Fee
    	
 
    
	
Level V
    	
 
    	
>4.25 to   1.00
    	
 
    	
2.00
    	
%
    	
3.00
    	
%
    	
.50
    	
%
    
	
Level IV
    	
 
    	
<4.25 to 1.00
    but
    >3.75 to   1.00
    	
 
    	
1.75
    	
%
    	
2.75
    	
%
    	
.50
    	
%
    
	
Level III
    	
 
    	
<3.75 to 1.00
    but
    >3.25 to   1.00
    	
 
    	
1.50
    	
%
    	
2.50
    	
%
    	
.50
    	
%
    
	
Level II
    	
 
    	
<3.25 to 1.00
    but
    >2.75 to   1.00
    	
 
    	
1.25
    	
%
    	
2.25
    	
%
    	
.375
    	
%
    
	
Level I
    	
 
    	
< 2.75 to 1.00
    	
 
    	
1.00
    	
%
    	
2.00
    	
%
    	
.375
    	
%
    

 

The Applicable Percentages shall be determined and adjusted quarterly on the date (each a “Calculation Date”) five (5) Business Days after the date on which Partners provides the quarterly officer’s certificate for each fiscal quarter in accordance with the provisions of Section 7.1(c); provided, however, that if Partners fails to provide the officer’s certificate to the Agent for any fiscal quarter as required by and within the time limits set forth in Section 7.1(c), the Applicable Percentages from the applicable date of such failure shall be based on Level V until five (5) Business Days after an appropriate officer’s certificate is provided, whereupon the Level shall be determined by the then current Total Leverage Ratio.  Except as set forth above, each Applicable Percentage shall be effective from one Calculation Date until the next Calculation Date.  In the event that (i) any financial statement or certificate required by Section 7.1(c) is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Percentage for any period (an “Applicable Period”) than the Applicable Percentage applied for such Applicable Period, and (ii) any Commitments are effective or any Obligations are outstanding when such inaccuracy is discovered: (x) the Borrower shall immediately deliver to the Agent a correct certificate for such Applicable Period, (y) the Applicable Percentage for such Applicable Period shall be determined by reference to such certificate, and (z) the Borrower shall immediately pay to the Agent the accrued additional interest owing as a result of such increased Applicable Percentage for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with the terms hereof.  Nothing in this paragraph shall limit the rights of the Agent or the Lenders with respect to Section 4.2 or Article XI.

 

“Maturity Date” means, as to the Revolving Loans, Swing Loans, and Letters of Credit (and the related Letter of Credit Obligations), July 31, 2018.

 

“Revolving Credit Committed Amount” means the aggregate revolving credit line extended by the Lenders to the Borrower for Revolving Loans and Letters of Credit pursuant to and in accordance with the terms of this Credit Agreement, in an amount up to $400,000,000, as such revolving credit line may be reduced from time to time in accordance with Section 2.2(c)(i) or increased from time to time in accordance with Section 2.2(c)(ii).

 

(b)                                 Clause (h) of the definition of “Permitted Investments” is amended so that it reads, in its entirety, as follows:

 

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(h)                                 (i) Investments in any Bostco Joint Venture as of the Closing Date in an amount not to exceed the amount of Investments permitted to be made in the Bostco Joint Venture under the Second Amendment, (ii) other Permitted JV Investments, and (iii) on and after the Fifth Amendment Effective Date, Investments by the Borrower or its Restricted Subsidiaries in the ordinary course of business in Joint Ventures that are substantially complete and commercially operable as of the date of the date of such Investment;

 

(c)                                  Clause (ix) of the definition of “Permitted JV Investments” is amended so that it reads, in its entirety, as follows:

 

(ix)                              such Investment and all previous Permitted JV Investments (including any Permitted JV Investments in Bostco Joint Venture that are not Specified Bostco JV Investments (as defined below)) shall not exceed the aggregate amount of (a) $75,000,000 during the period from the Closing Date until the Fifth Amendment Effective Date, and (b) $125,000,000 on and after the Fifth Amendment Effective Date.

 

(d)                                 Each of the following definitions is hereby added to Section 1.1 of the Credit Agreement in appropriate alphabetical order:

 

“Fifth Amendment” means that certain Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility dated as of the Fifth Amendment Effective Date by and among the Credit Parties party thereto, the Lenders party thereto, and the Agent.

 

“Fifth Amendment Effective Date” means February 26, 2015.

 

(e)                                  Section 2.2(c)(ii)(A) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

 

(A)                               At the Borrower’s written request to the Agent, the Revolving Credit Committed Amount may be increased from time to time in increments of $5,000,000, up to an additional $100,000,000 in the aggregate, for a maximum amount of Revolving Credit Committed Amounts of $500,000,000; provided, however, that no such increase shall be effective unless:

 

(1)                                 The Agent shall have received one or more additional commitments from existing Lenders (as provided below in subparagraph (B), below) or such other Person satisfying the terms and conditions set forth in subparagraph (C), below;

 

(2)                                 The Agent shall have consented to such increase;

 

(3)                                 No Default or Event of Default shall have occurred and be continuing at the time any such request is made by the Borrower or at the time such increase would otherwise become effective;

 

(4)                                 Unless the Borrower has otherwise agreed in writing to provide the indemnification provided for in Section 4.10, no Eurodollar Loan shall be outstanding, and

 

(5)                                 The Borrower shall have delivered to the Agent and the Lenders such other documents, instruments, agreements or information reasonably requested by the Agent or any Lender that is providing additional Revolving Credit Commitments, including, without limitation, amendments to the Real Property Documentation reflecting such increase.

 

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(f)                                   Section 2.6(f) of the Credit Agreement is amended by adding the following sentence at the end thereof:

 

For purposes of determining withholding Taxes imposed under FATCA, from and after the Fifth Amendment Effective Date, the Borrowers and Agent shall treat (and the Lenders hereby authorize Agent to treat) the Obligations as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(g)                                  Section 9.3(e) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

 

(e)                                  other asset sales not exceeding in the aggregate for all Credit Parties 5.00% of Consolidated Net Tangible Assets in any twelve (12) consecutive month period, so long as such assets are sold at fair market value (as determined in good faith by either the Board of Directors of the General Partner if the purchase price for such assets is greater than $15,000,000 or, in all other cases, an Executive Officer) and before and after giving effect thereto no Default or Event of Default exists;

 

(h)                                 Section 9.3(g) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

 

(g)                                  the sale or transfer of assets (other than the Capital Stock of any Credit Party) to a Joint Venture so long as such sales or transfers are made at fair market value (as determined in good faith by either the Board of Directors of the General Partner if the purchase price for such assets is greater than $15,000,000 or, in all other cases, an Executive Officer) and constitute Permitted JV Investments;

 

(i)                                     Section 9.11 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

 

9.11                        Restrictions on Partners.  Hold, in the case of Partners only, any material assets other than the Capital Stock of the Credit Parties and the other Subsidiaries listed on Schedule 6.9 and have, in the case of Partners only, any liabilities other than (a) the liabilities under the Credit Documents, (b) other Indebtedness in existence on the date hereof and refinancings thereof, and (c) tax, routine administrative and other liabilities not constituting Indebtedness, expenses of the types described in clause (c) of the definition of Permitted Restricted Payments, Indebtedness of the types described in clauses (c), (f) and (h) of the definition of Permitted Indebtedness, intercompany liabilities not prohibited hereby and guarantees constituting Permitted Indebtedness, in each case incurred in the ordinary course of business.  In the case of Partners only, except as otherwise permitted by this Agreement, sell, transfer or otherwise dispose of any Capital Stock in the Credit Parties or its Restricted Subsidiaries, or engage in any business other than owning the Capital Stock of the Credit Parties and its Subsidiaries.

 

(j)                                    Schedule 1.1A of the Credit Agreement is hereby replaced in its entirety with Schedule 1.1A attached hereto as Exhibit A.

 

3.                                      Reallocation.  Concurrently with the Fifth Amendment Effective Date, to the extent necessary in order for each Lender’s Revolving Loans to be in accordance with its ratable share of the Revolving Credit Committed Amount, each Lender shall sell to or purchase from, as applicable, each other Lender an amount necessary to place the aggregate outstanding amount of such Lender’s Revolving Loans in proportion to its ratable share of the Revolving Credit

 

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Committed Amount in light of the increase and reallocation of the Revolving Credit Commitments hereunder.  Each of the Lenders hereby waives any indemnification payments required pursuant to Section 4.10 of the Credit Agreement that arise solely as a result of the reallocations contemplated by this Section 3 on the Fifth Amendment Effective Date.

 

4.                                      Conditions Precedent. This Agreement shall become effective only upon satisfaction or waiver by the Agent, in its reasonable discretion, of each of the following conditions precedent:

 

(a)                                 Executed Credit Documents.  Receipt by the Agent of duly executed counterparts of this Agreement and amended and restated Notes (as applicable and to the extent requested by any Lender).

 

(b)                                 Organizational Documents.  Receipt by the Agent of the following:

 

(i)                                     Charter Documents.  Copies of the Partners’ Partnership Agreement and articles or certificates of incorporation, limited partnership, or other formation or charter documents of each Credit Party, General Partner, and Operating GP, in each case certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization and certified by an applicable secretary, assistant secretary, manager, general partner, or other Person acceptable to Agent to be true and correct as of the date of this Agreement.

 

(ii)                                  Bylaws or Similar Documents.  A copy of the bylaws, limited partnership agreement, operating agreement, or similar agreement of each Credit Party, General Partner, and Operating GP, in each case certified by a secretary, assistant secretary, manager, general partner, or other Person acceptable to Agent to be true and correct as of the date of this Agreement.

 

(iii)                               Resolutions.  Copies of resolutions of the Board of Directors, managers, members, or similar managing body of each Credit Party, General Partner, and Operating GP approving and adopting the Credit Documents to which it is a party or which it will execute on behalf of another party, the transactions contemplated therein and authorizing execution and delivery thereof, in each case certified by a secretary, assistant secretary, manager, general partner, or other Person acceptable to Agent to be true and correct and in force and effect as of the date of this Agreement.

 

(iv)                              Good Standing.  Copies of (i) certificates of good standing, existence or its equivalent with respect to each Credit Party, General Partner, and Operating GP certified as of a recent date (with such date to be not more than 30 days before the date of this Agreement) by the appropriate Governmental Authorities of the state or other jurisdiction of incorporation or organization and (ii) to the extent available, a certificate indicating payment of all corporate or other franchise taxes certified as of a recent date by the appropriate taxing Governmental Authorities.

 

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(v)                                 Incumbency.  An incumbency certificate of each Credit Party, General Partner, and Operating GP certified by a secretary, assistant secretary, manager, general partner, or other Person acceptable to Agent to be true and correct as of the date of this Agreement.

 

(c)                                  Opinions of Counsel.  Receipt by the Agent of an opinion of Latham & Watkins LLP(which shall cover, among other things, authority, legality, validity, binding effect, no conflicts with organization documents or other agreements, enforceability, and attachment and perfection of Liens) reasonably satisfactory to the Agent, addressed to the Agent and the Lenders and dated the date of this Agreement.

 

(d)                                 Governmental, Shareholder and Third Party Consents.  Receipt by the Agent of evidence that all governmental, shareholder and third party consents and approvals necessary in connection with the transactions contemplated hereby and expiration of all applicable waiting periods without any action being taken by any authority that could restrain, prevent or impose any material adverse conditions on such transactions or that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of the Agent could have such effect.

 

(e)                                  Solvency Certificate.  Receipt by the Agent of a solvency certificate in substantially the form of Exhibit L.

 

(f)                                   No Default.  No Default or Event of Default is then continuing.

 

(g)                                  Payment of Fees.  The Borrower shall have paid to the Agent, for the account of the applicable parties, all fees and expenses (including legal fees and expenses) due and payable under the Credit Agreement and in connection with this Agreement, including without limitation, the fees described in the engagement letter dated as of February 6, 2015.

 

5.                                      Covenant Regarding Real Property Collateral.  Within 45 days of the Fifth Amendment Effective Date (or such later date as the Agent may agree), the Agent shall have received a Mortgage (or amendments to any existing Mortgage) and all other Real Property Documentation (or updates thereto with respect to existing Real Property Documentation) reasonably requested by the Agent for each parcel or tract of the Real Estate owned by any Full Recourse Credit Party other than (i) for Excluded Real Estate, (ii) with respect to existing Mortgagee Policies (other than the Mortgagee Policy for the Brownsville Property) for which, in lieu of date-down endorsements, Agent shall have received “mortgage modification” endorsements and title examinations confirming the absence of any liens against the applicable Mortgaged Real Estate other than Permitted Liens, and (iii) with respect to the Brownsville Property for which the Agent shall only be entitled to receive an amendment to the existing Mortgage which it will record in the applicable filing office.

 

6.                                      Effect of Agreement.  Except as set forth expressly hereinabove, all terms of the Credit Agreement and the other Credit Documents shall be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of the Borrower and the other Credit Parties party thereto.

 

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7.                                      No Novation or Mutual Departure.  Each Credit Party expressly acknowledges and agrees that (i) there has not been, and this Agreement does not constitute or establish, a novation with respect to the Credit Agreement or any of the Credit Documents, or a mutual departure from the strict terms, provisions, and conditions thereof other than with respect to the amendments in Section 2 above and (ii) nothing in this Agreement shall affect or limit the Agent’s or any Lender’s right to demand payment of liabilities owing from the Borrower or any other Credit Party to the Agent and the Lenders under, or to demand strict performance of the terms, provisions and conditions of, the Credit Agreement and the other Credit Documents, to exercise any and all rights, powers and remedies under the Credit Agreement or the other Credit Documents or at law or in equity, or to do any and all of the foregoing, immediately at any time after the occurrence of a Default or an Event of Default under the Credit Agreement or the other Credit Documents.

 

8.                                      Ratification and Restatement.  Each Credit Party hereby (i) restates, ratifies, and reaffirms each and every term, covenant, and condition set forth in the Credit Agreement and the other Credit Documents to which it is a party, as of the date hereof, after giving effect hereto and (ii) restates and renews each and every representation and warranty heretofore made by it in the Credit Agreement and the other Credit Documents as fully as if made on the date hereof and with specific reference to this Agreement and any other Credit Documents executed or delivered in connection herewith (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct as of such date).

 

9.                                      No Default.  To induce the Agent and the Lenders to enter into this Agreement and to continue to make advances pursuant to the Credit Agreement (subject to the terms and conditions thereof), each Credit Party hereby acknowledges and agrees that, as of the date hereof, and, in each case, after giving effect to the terms hereof, there exists (i) no Default or Event of Default and (ii) no right of offset, defense, counterclaim, claim, or objection in favor of any Credit Party arising out of or with respect to any of the Loans or other obligations of any Credit Party owed to the Lenders under the Credit Agreement or any Credit Document.

 

10.                               Release.  In consideration of the amendments and agreements contained herein, each Credit Party hereby waives and releases each of the Lenders, the Agent and the Issuing Bank from any and all claims and defenses, known or unknown as of the date hereof, with respect to the Credit Agreement and the other Credit Documents and the transactions contemplated thereby.

 

11.                               Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts and transmitted by facsimile to the other parties, each of which when so executed and delivered by facsimile shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.  This Agreement may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of this Agreement.

 

12.                               Fax or Other Transmission.  Delivery by one or more parties hereto of an executed counterpart of this Agreement via facsimile, telecopy, or other electronic method of

 

7

 

transmission pursuant to which the signature of such party can be seen (including, without limitation, Adobe Corporation’s Portable Document Format) shall have the same force and effect as the delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by facsimile or other electronic method of transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Agreement.

 

13.                               Section References.  Section titles and references used in this Agreement shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

 

14.                               Recitals Incorporated Herein.  The preamble and the recitals to this Agreement are hereby incorporated herein by this reference

 

15.                               Further Assurances.  Each Credit Party agrees to take such further actions as the Agent shall reasonably request in connection herewith to evidence the agreements herein contained.

 

16.                               Severability.  Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

 

17.                               Governing Law.  This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York.

 

18.                               Acknowledgment of Guarantors.  Each of the Guarantors party hereto hereby (i) consents to the execution and delivery of this Agreement by the parties thereto and (ii) reaffirms all of its obligations and covenants under the Guaranty Agreement and other Credit Documents to which it is a party, in each case, executed by it, or later joined by it, and agrees that none of such obligations and covenants shall be limited by the execution and delivery of the Agreement.

 

19.                               New Lenders.  Each Lender which was not a Lender before the Fifth Amendment Effective Date (each, a “New Lender”) (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Lender, and (iii) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.1 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and on the basis of which it has made such analysis and decision independently and without reliance on the Agent or any other Lender, and (b) agrees that (i) it will, independently and without reliance on the Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) from and after the Fifth Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of

 

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its Revolving Credit Commitment (which, as of the Fifth Amendment Effective Date is set forth on Exhibit A) shall have the obligations of a Lender thereunder.

 

[SIGNATURES ON FOLLOWING PAGES]

 

9

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by its duly authorized officer as of the day and year first above written.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
TRANSMONTAIGNE   OPERATING COMPANY L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
TransMontaigne   Operating GP L.L.C., its sole general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert T.   Fuller
    
	
 
    	
 
    	
Name:
    	
Robert T. Fuller
    
	
 
    	
 
    	
Title:
    	
Chief Financial   Officer
    
	
 
    	
 
    	
 
    	
Executive Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FULL RECOURSE GUARANTORS:
    
	
 
    	
 
    
	
 
    	
TRANSMONTAIGNE TERMINALS, L.L.C., a Delaware   limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert T. Fuller
    
	
 
    	
Name: 
    	
Robert T. Fuller
    
	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    	
Executive Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
RAZORBACK L.L.C.,
    
	
 
    	
a Delaware limited   liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert T. Fuller
    
	
 
    	
Name: 
    	
Robert T. Fuller
    
	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    	
Executive Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TPSI TERMINALS   L.L.C.,
    
	
 
    	
a Delaware limited   liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert T. Fuller
    
	
 
    	
Name:
    	
Robert T. Fuller
    
	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    	
Executive Vice President
    
						

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
TPME L.L.C.,
    
	
 
    	
a Delaware limited   liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert T. Fuller
    
	
 
    	
Name:
    	
Robert T. Fuller
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
Executive Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TLP FINANCE CORP.,
    
	
 
    	
a Delaware   corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert T. Fuller
    
	
 
    	
Name:
    	
Robert T. Fuller
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
Executive Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TLP OPERATING   FINANCE CORP.,
    
	
 
    	
a Delaware   corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert T. Fuller
    
	
 
    	
Name:
    	
Robert T. Fuller
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
Executive Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LIMITED   RECOURSE GUARANTOR:
    
	
 
    	
 
    
	
 
    	
TRANSMONTAIGNE   PARTNERS L.P.,
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
TransMontaigne GP L.L.C., its sole general   partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert T. Fuller
    
	
 
    	
 
    	
Name:
    	
Robert T. Fuller
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    	
Executive Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
AGENT AND LENDERS:
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION,
    
	
 
    	
as Agent and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrew Ostrov
    
	
 
    	
Name:
    	
 Andrew   Ostrov
    
	
 
    	
Title:
    	
 Director
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
BANK OF AMERICA,   N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Clayborne
    
	
 
    	
Name:
    	
Michael Clayborne
    
	
 
    	
Title:
    	
Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Benjamin J. Leonard
    
	
 
    	
Name:
    	
Benjamin J. Leonard
    
	
 
    	
Title:
    	
Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
MUFG UNION BANK,   N.A., f/k/a UNION
    
	
 
    	
BANK, N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Brian Hawk
    
	
 
    	
Name:
    	
Brian Hawk
    
	
 
    	
Title:
    	
Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
AMEGY BANK NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles Troeger
    
	
 
    	
Name:
    	
Charles Troeger
    
	
 
    	
Title:
    	
VP
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
COMPASS BANK,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Rhianna Disch
    
	
 
    	
Name:
    	
Rhianna Disch
    
	
 
    	
Title:
    	
Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
COMERICA BANK,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Garrett R. Merrell
    
	
 
    	
Name:
    	
Garrett R. Merrell
    
	
 
    	
Title:
    	
Relationship Manager
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
CITIBANK, N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tom Benavides
    
	
 
    	
Name:
    	
Tom Benavides
    
	
 
    	
Title:
    	
Director
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
CADENCE BANK, N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Anderson
    
	
 
    	
Name:
    	
David Anderson
    
	
 
    	
Title:
    	
Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
Santander Bank,   N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Aidan Lanigan
    
	
 
    	
Name:
    	
Aidan Lanigan
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Puiki Lok
    
	
 
    	
Name:
    	
Puiki Lok
    
	
 
    	
Title:
    	
Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
ONEWEST BANK N.A., 
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Whitney Randolph
    
	
 
    	
Name:
    	
Whitney Randolph
    
	
 
    	
Title:
    	
Senior Vice President
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

	
 
    	
ROYAL BANK OF   CANADA,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jason York
    
	
 
    	
Name:
    	
Jason York
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

[TMP -  Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility]

 

 

EXHIBIT A

 

SCHEDULE 1.1A TO THE CREDIT AGREEMENT

 

LENDERS

 

	
Lender
    	
 
    	
Revolving Credit
   Commitment
    	
 
    	
Revolving Credit
   Commitment
   Percentage
    	
 
    
	
WELLS FARGO BANK, NATIONAL ASSOCIATION
    	
 
    	
$
    	
55,000,000
    	
 
    	
13.75000000
    	
%
    
	
US BANK NATIONAL ASSOCIATION
    	
 
    	
$
    	
55,000,000
    	
 
    	
13.75000000
    	
%
    
	
BANK OF AMERICA, N.A.
    	
 
    	
$
    	
41,000,000
    	
 
    	
10.25000000
    	
%
    
	
MUFG UNION BANK, N.A.
    	
 
    	
$
    	
32,000,000
    	
 
    	
8.00000000
    	
%
    
	
COMPASS BANK
    	
 
    	
$
    	
32,000,000
    	
 
    	
8.00000000
    	
%
    
	
COMERICA BANK
    	
 
    	
$
    	
32,000,000
    	
 
    	
8.00000000
    	
%
    
	
CITIBANK, N.A.
    	
 
    	
$
    	
32,000,000
    	
 
    	
8.00000000
    	
%
    
	
AMEGY BANK NATIONAL ASSOCIATION
    	
 
    	
$
    	
32,000,000
    	
 
    	
8.00000000
    	
%
    
	
ROYAL BANK OF CANADA
    	
 
    	
$
    	
32,000,000
    	
 
    	
8.00000000
    	
%
    
	
CADENCE BANK, N.A.
    	
 
    	
$
    	
19,000,000
    	
 
    	
4.75000000
    	
%
    
	
SANTANDER BANK, NATIONAL ASSOCIATION
    	
 
    	
$
    	
19,000,000
    	
 
    	
4.75000000
    	
%
    
	
ONEWEST BANK, N.A.
    	
 
    	
$
    	
19,000,000
    	
 
    	
4.75000000
    	
%
    
	
Total
    	
 
    	
$
    	
400,000,000
    	
 
    	
100.00000000
    	
%EXHIBIT 10.1

 

 EXHIBIT 10.1
 

 

 THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). 
 NONE OF THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT.
 CONFIDENTIAL
PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
 (Subscribers Resident Outside of the United States)
 

 TO:
 Midwest Oil and Gas Inc. (the “Company”)
 400 West Sycamore Street
 Independence
 KS 67301
 

 Purchase of Shares
 
 1.
 Subscription
 
 1.1
 The undersigned (the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase from the Company, on the basis of the representations and warranties and subject to the terms and conditions set forth herein, 175,000 shares (the “Shares”) at the price of US $0.20 per Share (such subscription and agreement to purchase being the “Subscription”) for the total purchase price of US $35,000 (the “Subscription Proceeds”), in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
 
 1.2
 Each Share will consist of one restricted common share in the capital of the Company. The Shares may be referred to as the “Securities”.
 
 1.3
 Subject to the terms hereof, the Subscription will be effective upon its acceptance by the Company.  The Subscriber acknowledges that the offering of the Shares (the “Offering”) contemplated hereby is part a private placement of approximately 175,000 Shares having no maximum subscription level and no minimum aggregate subscription level.
 
 2.
 Payment
 
 2.1
 The Subscription Proceeds must accompany this Subscription and shall be paid by bank wire transfer directly to the Company.
 
 2.2
 The Subscriber acknowledges and agrees that this Subscription Agreement, the Subscription Proceeds and any other documents delivered in connection herewith will be held on behalf of the Company.  In the event that this Subscription Agreement is not accepted by the Company for whatever reason, which the Company expressly reserves the right to do, within 30 days of the delivery of an executed Subscription Agreement by the Subscriber, this Subscription Agreement, the Subscription Proceeds (without interest thereon) and any other documents delivered in connection herewith will be returned to the Subscriber at the address of the Subscriber as set forth in this Subscription Agreement. 
 
 2.3
 Where the Subscription Proceeds are paid to the Company, the Company is entitled to treat such Subscription Proceeds as an interest free loan to the Company until such time as the Subscription is accepted and the certificates representing the Securities have been issued to the Subscriber.
 

 
 - 2 -
 

 
 3.
 Documents Required from Subscriber
 
 3.1
 The Subscriber must complete, sign and return to the Company an executed copy of this Subscription Agreement.
 
 3.2
 The Subscriber shall complete, sign and return to the Company as soon as possible, on request by the Company, any documents, questionnaires, notices and undertakings as may be required by regulatory authorities, and applicable law.
 
 4.
 Closing
 
 4.1
 Closing of the offering of the Shares (the “Closing”) shall occur on or before December 16, 2014, or on such other date as may be determined by the Company (the “Closing Date”).
 
 4.2
 The Company may, at its discretion, elect to close the Offering in one or more closings, in which event the Company may agree with one or more subscribers (including the Subscriber hereunder) to complete delivery of the Securities to such subscriber(s) against payment therefor at any time on or prior to the Closing Date.
 
 5.
 Acknowledgements of Subscriber
 
 5.1
 The Subscriber acknowledges and agrees that:
 
 (a)
 none of the Securities have been registered under the 1933 Act, or under any state securities or “blue sky” laws of any state of the United States, and, unless so registered, may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons, as that term is defined in Regulation S under the 1933 Act (“Regulation S”), except in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the 1933 Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and in each case in accordance with applicable state and federal securities laws; 
 
 (b)
 except as provided in this Subscription Agreement, the Subscriber acknowledges that the Company has not undertaken, and will have no obligation, to register any of the Securities under the 1933 Act;
 
 (c)
 the decision to execute this Subscription Agreement and acquire the Securities hereunder has not been based upon any oral or written representation as to fact or otherwise made by or on behalf of the Company, and such decision is based entirely upon a review of information (the receipt of which is hereby acknowledged) which has been filed by the Company (the “Public Record”) with the Securities and Exchange Commission (the “SEC”);
 
 (d)
 neither the SEC nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the Shares;
 
 (e)
 there is no government or other insurance covering any of the Securities;
 
 (f)
 there are risks associated with an investment in the Securities;
 
 (g)
 the Subscriber has not acquired the Shares as a result of, and will not itself engage in, any “directed selling efforts” (as defined in Regulation S under the 1933 Act) in the United States in respect of the Shares which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the Securities; provided, however, that the Subscriber may sell or otherwise dispose of the Shares pursuant to registration thereof under the 1933 Act and any applicable state and federal securities laws or under an exemption from such registration requirements;
 
 (h)
 the Subscriber and the Subscriber’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from the Company in connection with the distribution of the 
 

 
 - 3 -
 

 Securities hereunder, and to obtain additional information, to the extent possessed or obtainable without unreasonable effort or expense, necessary to verify the accuracy of the information about the Company;
 
 (i)
 the Subscriber will indemnify and hold harmless the Company and, where applicable, its directors, officers, employees, agents, advisors and shareholders, from and against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened) arising out of or based upon any representation or warranty of the Subscriber contained herein or in any document furnished by the Subscriber to the Company in connection herewith being untrue in any material respect or any breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber to the Company in connection therewith;
 
 (j)
 none of the Securities are listed on any stock exchange or automated dealer quotation system and no representation has been made to the Subscriber that any of the Securities will become listed on any stock exchange or automated dealer quotation system, except that currently market makers make a market for the Company’s common shares on the FINRA’s OTC Bulletin Board;
 
 (k)
 the Company will refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act and in accordance with applicable state and federal securities laws;
 
 (l)
 the statutory and regulatory basis for the exemption claimed for the offer of the Shares, although in technical compliance with Regulation S, would not be available if the offering is part of a plan or scheme to evade the registration provisions of the 1933 Act or any applicable state and federal securities laws; 
 
 (m)
 the Subscriber has been advised to consult the Subscriber’s own legal, tax and other advisors with respect to the merits and risks of an investment in the Shares and with respect to applicable resale restrictions, and it is solely responsible (and the Company is not in any way responsible) for compliance with:
 
 (i)
 any applicable laws of the jurisdiction in which the Subscriber is resident in connection with the distribution of the Shares hereunder, and
 
 (ii)
 applicable resale restrictions; and
 
 (n)
 this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Company, and the Subscriber acknowledges and agrees that the Company reserves the right to reject any subscription for any reason.
 
 6.
 Representations, Warranties and Covenants of the Subscriber
 
 (a)
 The Subscriber hereby represents and warrants to and covenants with the Company (which representations, warranties and covenants shall survive the Closing) that:
 
 (b)
 the Subscriber has the legal capacity and competence to enter into and execute this Subscription Agreement and to take all actions required pursuant hereto and, if the Subscriber is a corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution and performance of this Subscription Agreement on behalf of the Subscriber;
 
 (c)
 the entering into of this Subscription Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to the 
 

 
 - 4 -
 

 Subscriber or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;
 
 (d)
 the Subscriber has duly executed and delivered this Subscription Agreement and it constitutes a valid and binding agreement of the Subscriber enforceable against the Subscriber in accordance with its terms;
 
 (e)
 the Subscriber is acquiring the Securities pursuant to an exemption from the registration and prospectus requirements of applicable securities legislation in all jurisdictions relevant to this Subscription, and, as a consequence, the Subscriber will not be entitled to use most of the civil remedies available under applicable securities legislation and the Subscriber will not receive information that would otherwise be required to be provided to the Subscriber pursuant to applicable securities legislation;
 
 (f)
 the Subscriber is not acquiring the Shares for the account or benefit of, directly or indirectly, any U.S. Person;
 
 (g)
 the Subscriber is not a U.S. Person;
 
 (h)
 the Subscriber is resident in the jurisdiction set out under the heading “Name and Address of Subscriber” on the signature page of this Subscription Agreement;
 
 (i)
 the sale of the Shares to the Subscriber as contemplated in this Subscription Agreement complies with or is exempt from the applicable securities legislation of the jurisdiction of residence of the Subscriber;
 
 (j)
 the Subscriber is outside the United States when receiving and executing this Subscription Agreement and is acquiring the Shares as principal for the Subscriber’s own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalisation thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in such Shares;
 
 (k)
 the Subscriber is not an underwriter of, or dealer in, the common shares of the Company, nor is the Subscriber participating, pursuant to a contractual agreement or otherwise, in the distribution of the Shares;
 
 (l)
 the Subscriber (i) is able to fend for him/her/itself in the Subscription; (ii) has such knowledge and experience in business matters as to be capable of evaluating the merits and risks of its prospective investment in the Shares; and (iii) has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment;
 
 (m)
 the Subscriber acknowledges that the Subscriber has not acquired the Shares as a result of, and will not itself engage in, any “directed selling efforts” (as defined in Regulation S under the 1933 Act) in the United States in respect of the Shares which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of the Shares; provided, however, that the Subscriber may sell or otherwise dispose of the Shares pursuant to registration of the Shares pursuant to the 1933 Act and any applicable state and federal securities laws or under an exemption from such registration requirements and as otherwise provided herein;
 
 (n)
 the Subscriber is not aware of any advertisement of any of the Securities and is not acquiring the Shares as a result of any form of general solicitation or general advertising including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising; and
 
 (o)
 no person has made to the Subscriber any written or oral representations:
 
 (i)
 that any person will resell or repurchase any of the Securities;
 

 
 - 5 -
 

 
 (ii)
 that any person will refund the purchase price of any of the Securities;
 
 (iii)
 as to the future price or value of any of the Securities; or
 
 (iv)
 that any of the Securities will be listed and posted for trading on any stock exchange or automated dealer quotation system or that application has been made to list and post any of the Securities of the Company on any stock exchange or automated dealer quotation system.
 
 7.
 Representations and Warranties of the Company
 
 7.1
 The Company acknowledges and agrees that the Subscriber is entitled to rely upon the representations and warranties of the Company contained in this Agreement and further acknowledges that the Subscriber will be relying upon such representations and warranties in purchasing the Shares.
 
 7.2
 The Company warrants that the Public Record fairly represents the status of the Company as at the dates indicated in the Public Record.
 
 8.
 Representations and Warranties will be Relied Upon by the Company
 
 8.1
 The Subscriber acknowledges that the representations and warranties contained herein are made by it with the intention that they may be relied upon by the Company and its legal counsel in determining the Subscriber’s eligibility to purchase the Shares under applicable securities legislation, or (if applicable) the eligibility of others on whose behalf it is contracting hereunder to purchase the Shares under applicable securities legislation.  The Subscriber further agrees that by accepting delivery of the certificates representing the Securities on the Closing Date, it will be representing and warranting that the representations and warranties contained herein are true and correct as at the Closing Date with the same force and effect as if they had been made by the Subscriber at the Closing Date and that they will survive the purchase by the Subscriber of Shares and will continue in full force and effect notwithstanding any subsequent disposition by the Subscriber of such Shares.
 
 9.
 Legending of Subject Securities
 
 9.1
 The Subscriber hereby acknowledges that that upon the issuance thereof, and until such time as the same is no longer required under the applicable securities laws and regulations, the certificates representing any of the Securities will bear a legend in substantially the following form:
 “THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).  ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT.”
 
 9.2
 The Subscriber hereby acknowledges and agrees to the Company making a notation on its records or giving instructions to the registrar and transfer agent of the Company in order to implement the restrictions on transfer set forth and described in this Subscription Agreement.
 
 9.3
 The Subscriber hereby acknowledges and agrees to the Company making a notation on its records or giving instructions to the registrar and transfer agent of the Company in order to implement the restrictions on transfer set forth and described in this Subscription Agreement.
 

 
 - 6 -
 

 
 10.
 Costs
 
 10.1
 The Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of any special counsel retained by the Subscriber) relating to the purchase of the Shares shall be borne by the Subscriber.
 
 11.
 Governing Law
 
 11.1
 This Subscription Agreement is governed by the laws of the State of Nevada.  The Subscriber, in its personal or corporate capacity and, if applicable, on behalf of each beneficial purchaser for whom it is acting, irrevocably attorns to the jurisdiction of the courts of the State of Nevada.
 
 12.
 Survival
 
 12.1
 This Subscription Agreement, including without limitation the representations, warranties and covenants contained herein, shall survive and continue in full force and effect and be binding upon the parties hereto notwithstanding the completion of the purchase of the Shares by the Subscriber pursuant hereto.
 
 13.
 Assignment
 
 13.1
 This Subscription Agreement is not transferable or assignable.
 
 14.
 Severability
 
 14.1
 The invalidity or unenforceability of any particular provision of this Subscription Agreement shall not affect or limit the validity or enforceability of the remaining provisions of this Subscription Agreement.
 
 15.
 Entire Agreement
 
 15.1
 Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Shares and there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute or common law, by the Company or by anyone else.
 
 16.
 Notices
 
 16.1
 All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication.  Notices to the Subscriber shall be directed to the address on the signature page of this Subscription Agreement and notices to the Company shall be directed to the address on the cover page of this Subscription Agreement.
 
 17.
 Counterparts and Electronic Means
 
 17.1
 This Subscription Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall constitute an original and all of which together shall constitute one instrument.  Delivery of an executed copy of this Subscription Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Subscription Agreement as of the date hereinafter set forth.
 

 
 - 7 -
 

 IN WITNESS WHEREOF the Subscriber has duly executed this Subscription Agreement as of the date of acceptance by the Company.
 ___________________________
 (Name of Subscriber – Please type or print)
 _______________________ 
 (Signature and, if applicable, Office)
  
 _________________
 (Address of Subscriber)
 ________________________________
 (City, State or Province, Postal Code of Subscriber)
 _______________
 (Country of Subscriber)
 

 

 A C C E P T A N C E
 The above-mentioned Subscription Agreement in respect of the Shares is hereby accepted by Midwest Oil and Gas Inc. (f/k/a Americas Diamond Corp.)
 DATED at London, the 16th of December, 2014.
 
 Midwest Oil and Gas Inc.
  
  
  
  
 Per:    ___________________________
          Authorized Signatory

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