Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

FIRST AMENDMENT TO CREDIT AGREEMENT AND INCREASE AGREEMENT 

This First Amendment to Credit Agreement and Increase Agreement (this “Amendment”) is entered into effective as
of the 10th day of April, 2015 (the “First Amendment Effective Date”), by and among Sunoco LP, a Delaware limited partnership, formerly known as Susser Petroleum Partners LP (“Borrower”), Bank of
America, N.A., as Administrative Agent (“Administrative Agent”), Collateral Agent, Swingline Lender and an LC Issuer, and the financial institutions parties hereto as Lenders (“Lenders”). 

W I T N E S S E T H 

WHEREAS, Borrower, Administrative Agent and certain Lenders (the “Existing Lenders”) are parties to that certain
Credit Agreement, dated as of September 25, 2014 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”) (unless otherwise defined herein, all terms used herein with their
initial letter capitalized shall have the meaning given such terms in the Credit Agreement as amended by this Amendment); and 
 WHEREAS,
pursuant to the Credit Agreement, the Existing Lenders have made certain Loans to Borrower and provided certain other credit accommodations to Borrower; 

WHEREAS, pursuant to Section 2.17 of the Credit Agreement, Borrower has requested an increase in the Aggregate Commitments from
$1,250,000,000 to $1,500,000,000; 
 WHEREAS, Borrower has requested that Natixis (the “New Lender”) become a Lender
under the Credit Agreement with a Commitment in the amount as shown on Schedule 1 to the Credit Agreement (as amended hereby); 
 WHEREAS,
Borrower has agreed to pay certain fees to the New Lender and the Increasing Lenders (as defined below) in connection with this Amendment; 

WHEREAS, Borrower and the Lenders desire to make certain other amendments to the Credit Agreement; and 

WHEREAS, subject to and upon the terms and conditions set forth herein, the New Lender, the Increasing Lenders and the Majority Lenders have
agreed to enter into this Amendment. 
 NOW THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, Borrower, Administrative Agent, the New Lender, the Increasing Lenders and the Majority Lenders hereby agree as follows: 

Section 1. Amendments. In reliance on the representations, warranties, covenants and agreements contained in this
Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 2 hereof, the Credit Agreement shall be amended effective as of the First Amendment Effective Date in the manner provided in this
Section 1. 

 1.1 Additional Definition. Section 1.01 of the Credit Agreement is
hereby amended to add thereto in alphabetical order the following definition which shall read in full as follows: 

“First Amendment and Increase Agreement” means that certain First Amendment to Credit Agreement and
Increase Agreement dated as of April 10, 2015, among Borrower, Administrative Agent and the Lenders party thereto. 
 1.2
Amendment and Restatement of Definition. The definition “Loan Documents” contained in Section 1.01 of the Credit Agreement is hereby amended and restated to read in full as follows: 

“Loan Documents” means this Agreement, the First Amendment and Increase Agreement, each Note, each
Issuer Document, each Guaranty, each Collateral Document and any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.19 of this Agreement, the Fee Letters, and all other agreements,
certificates, documents, instruments and writings at any time delivered in connection herewith or therewith (exclusive of term sheets and commitment letters). 

1.3 Amendment of Section 2.07(b). Section 2.07(b) of the Credit Agreement is hereby amended and restated to
read in full as follows: 
 (b) the expiration date of such Letter of Credit is either (i) prior to the Letter of
Credit Expiration Date with respect to Letters of Credit not to exceed an aggregate face amount of $75,000,000 or (ii) prior to the date which is the earlier of (A) 365 days after the issuance thereof and (B) the Letter of Credit
Expiration Date, provided that, in either case, such Letter of Credit may provide for automatic extensions of such expiration date (such Letter of Credit an “Auto-Extension Letter of Credit”) for additional periods of 365 days
thereafter unless the LC Issuer has given the beneficiary prior notice of the non-extension thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of
Credit is issued. Unless otherwise directed by the LC Issuer, the Borrower shall not be required to make a specific request to the LC Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall
be deemed to have authorized (but may not require) the LC Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the LC Issuer
shall not permit any such extension if (x) the LC Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason
of the provisions of this clause (b) or Section 2.07(e) or otherwise), or (y) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business

  
 2 

 
Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Majority Lenders have elected not to permit such extension or (2) from the Administrative Agent, any
Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing the LC Issuer not to permit such extension; 

1.4 Replacement of Schedule 1. Schedule 1 to the Credit Agreement is hereby replaced in its entirety with Schedule
1 attached hereto, and Schedule 1 attached hereto shall be deemed to be attached as Schedule 1 to the Credit Agreement. After giving effect to this Amendment and any Borrowings made on the First Amendment Effective Date, (a) each
Lender who holds Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this Amendment) of all Loans shall advance new Loans which shall be disbursed to the Administrative Agent and used to repay Loans outstanding
to each Lender who holds Loans in an aggregate amount greater than its Applicable Percentage of all Loans, (b) each Lender’s participation in each Letter of Credit, if any, shall be automatically adjusted to equal its Applicable Percentage
(after giving effect to this Amendment) and (c) such other adjustments shall be made as the Administrative Agent shall specify so that the Facility Usage applicable to each Lender equals its Applicable Percentage (after giving effect to this
Amendment) of the outstanding amount of all LC Obligations, plus the aggregate outstanding amount of the Loans, plus the outstanding amount of all Swingline Loans of all Lenders. 

Section 2. Conditions Precedent. The effectiveness of the amendments to the Credit Agreement contained in
Section 1 hereof is subject to the satisfaction of each of the following conditions precedent: 
 2.1
Counterparts. Administrative Agent shall have received counterparts hereof duly executed by Borrower, the Guarantors, each New Lender, each Increasing Lender and the Majority Lenders. 

2.2 Fees and Expenses. Borrower shall have paid to Administrative Agent all fees due and owing to Administrative Agent
pursuant to or in connection with this Amendment, including pursuant to that certain Engagement Letter, dated as of the date hereof, between the Borrower and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and all reasonable
out-of-pocket expenses incurred by Administrative Agent (including the reasonable and documented fees, charges and disbursements of a single counsel for the Administrative Agent) in the preparation, execution, review and negotiation of this
Amendment and the other Loan Documents in accordance with Section 10.04(a) of the Credit Agreement. 
 2.3 New
Promissory Notes. Administrative Agent shall have received duly executed Notes payable to each New Lender or Increasing Lender requesting the same in a principal amount equal to its Commitment (as amended hereby) dated as of the First
Amendment Effective Date. 
 2.4 No Default. No Default or Event of Default shall have occurred which is continuing.

  
 3 

 2.5 Certificates. The Administrative Agent shall have received: 

(a) a certificate dated as of the First Amendment Effective Date, signed by a Responsible Officer of Borrower certifying that each of the
conditions to such increase set forth in Section 2.17(a) of the Credit Agreement shall have occurred and been complied with and that, before and after giving effect to such increase, (a) the representations and warranties contained in the
Credit Agreement and the other Loan Documents are true and correct in all material respects (except to the extent that such representations and warranties are qualified by materiality, in which case such representations and warranties are true and
correct in all respects) on and as of the First Amendment Effective Date after giving effect to such increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and
correct in all material respects (except to the extent that such representations and warranties are qualified by materiality, in which case such representations and warranties were true and correct in all respects) as of such earlier date, and
(b) no Default or Event of Default exists; and 
 (b) certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of the Borrower and each Guarantor evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment, and documents
and certifications evidencing that the Borrower and each Guarantor are validly existing and in good standing in their jurisdiction of organization. 

2.6 Opinion of Counsel. Administrative Agent shall have received a favorable opinion of Latham & Watkins LLP,
New York counsel to Borrower and Guarantors, relating to this Amendment, addressed to the Administrative Agent and each Lender. 

Section 3. New Lender. The New Lender hereby joins in, becomes a party to, and agrees to comply with and be bound by the
terms and conditions of the Credit Agreement (as amended by this Amendment) as a Lender thereunder and under each and every other Loan Document to which any Lender is required to be bound by the Credit Agreement, to the same extent as if such New
Lender were an original signatory thereto. The New Lender hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as are delegated to
the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto. The 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 Amendment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under
Section 10.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the First Amendment
Effective Date, it shall be bound by the provisions of the Credit Agreement (as amended by this Amendment) as a Lender thereunder and, to the extent of the Loans and Commitments acquired by such New Lender pursuant to this Amendment (such New
Lender’s “Acquired Interest”), shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by such Acquired Interest and either it, or the
Person exercising discretion in making its decision to acquire such Acquired Interest, is experienced in 

  
 4 

 
acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial
statements delivered pursuant to Section 4.01(a)(xi), 6.01(a) or 6.01(b) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into
this Amendment and to purchase such Acquired Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Amendment and to purchase such Acquired Interest, and (vii) if it is a Foreign Lender, it has delivered any documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by such New Lender; and (b) agrees that (i) it will, independently and without reliance upon the Administrative 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 Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender. 
 Section 4. Commitment Increase. Pursuant to Section 2.17(a) of
the Credit Agreement, each undersigned Lender has agreed (a) in the case of Existing Lenders, to increase its Commitment under the Credit Agreement (each such Lender, an “Increasing Lender”) and (b) in the case of the New
Lender, to make a Commitment, in each case effective as of the First Amendment Effective Date so that it equals the amount set forth opposite such Lender’s name on Schedule 1 attached hereto under the caption “Commitment”. This
Amendment constitutes an Increase Agreement. 
 Section 5. Representations and Warranties of Borrower. To induce
Lenders and Administrative Agent to enter into this Amendment, Borrower hereby represents and warrants to Lenders and Administrative Agent as follows: 

5.1 Reaffirmation of Existing Representations and Warranties. Each representation and warranty of Borrower contained in
the Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that such representations and warranties are qualified by materiality, in which case such representations and warranties are true
and correct in all respects) on the date hereof after giving effect to the amendments set forth in Section 1 hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they
were true and correct in all material respects (except to the extent that such representations and warranties are qualified by materiality, in which case such representations and warranties were true and correct in all respects) as of such earlier
date. 
 5.2 No Default or Event of Default. No Default or Event of Default has occurred which is continuing. 

5.3 Acknowledgment of No Defenses. As of the First Amendment Effective Date, to the knowledge of the Borrower, Borrower
has no defense to (a) Borrower’s obligation to pay the Obligations when due, or (b) the validity, enforceability or binding effect against Borrower, Holdings or any Loan Party of the Credit Agreement or any of the other Loan Documents
(to the extent a party thereto) or any Liens intended to be created thereby. 

  
 5 

 Section 6. Miscellaneous. 

6.1 Reaffirmation of Loan Documents. Any and all of the terms and provisions of the Credit Agreement and the Loan
Documents shall, except as amended and modified hereby, remain in full force and effect. The amendments contemplated hereby shall not limit or impair any Liens securing the Indebtedness, each of which are hereby ratified, affirmed and extended to
secure the Indebtedness as it may be increased pursuant hereto. 
 6.2 Parties in Interest. All of the terms and
provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

6.3 Counterparts. This Amendment may be executed in counterparts, including, without limitation, by electronic signature,
and all parties need not execute the same counterpart. Facsimiles or other electronic transmissions (e.g. .pdfs) of such executed counterparts shall be effective as originals. 

6.4 Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES. 

6.5 Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for
convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof. 

6.6 Effectiveness. This Amendment shall be effective automatically and without necessity of any further action by
Borrower, Administrative Agent or Lenders when counterparts hereof have been executed by Borrower, Guarantors, each New Lender, each Increasing Lender and the Majority Lenders, and all conditions to the effectiveness hereof set forth herein have
been satisfied. 
 6.7 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE NEW YORK. 
 6.8 Amendment. On and after the First Amendment Effective Date, (i) each reference in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Amendment, and each Increasing
Lender shall constitute a “Lender” as defined in the Credit Agreement. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers on the date and year first above written. 
 [Signature Pages to Follow] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first
above written. 
  

					
	SUNOCO LP (F/K/A SUSSER PETROLEUM PARTNERS LP)
		
			By: SUNOCO GP LLC
			
			By:		 /s/ Mary E. Sullivan

			Name:		Mary E. Sullivan
			Title:		Executive Vice President, Chief Financial Officer and Treasurer

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	BANK OF AMERICA, N.A., as an LC Issuer, Swingline Lender and a Lender
		
	By:		 /s/ Adam Fey

		
	Name:		Adam Fey
	Title:		Director
	
	BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent
		
	By:		 /s/ Denise Jones

		
	Name:		Denise Jones
	Title:		Assistant Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	WELLS FARGO BANK, N.A., as an LC Issuer
	and a Lender
		
	By:		 /s/ Larry Robinson

		
	Name:		Larry Robinson
	Title:		Managing Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	COMPASS BANK,
	as a Lender
		
	By:		 /s/ Umar Hassan

		
	Name:		Umar Hassan
	Title:		Senior Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
	as a Lender
		
	By:		 /s/ Sherwin Brandford

		
	Name:		Sherwin Brandford
	Title:		Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	DNB CAPITAL LLC,
	as a Lender
		
	By:		 /s/ Joe Hykle

		
	Name:		Joe Hykle
	Title:		Senior Vice President
		
	By:		 /s/ James Grubb

		
	Name:		James Grubb
	Title:		Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	BARCLAYS BANK PLC,
	as a Lender
		
	By:		 /s/ Marguerite Sutton

		
	Name:		Marguerite Sutton
	Title:		Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	CITIBANK, N.A.,
	as a Lender
		
	By:		 /s/ Michael Zeller

		
	Name:		Michael Zeller
	Title:		Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Lender
		
	By:		 /s/ Nupur Kumar

		
	Name:		Nupur Kumar
	Title:		Authorized Signatory
		
	By:		 /s/ Remy Riester

		
	Name:		Remy Riester
	Title:		Authorized Signatory

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	DEUTSCHE BANK AG – NEW YORK BRANCH,
	as a Lender
		
	By:		 /s/ Chris Chapman

		
	Name:		Chris Chapman
	Title:		Director
		
	By:		 /s/ Vanuza Pereira-Bravo

		
	Name:		Vanuza Pereira-Bravo
	Title:		AVP

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

			
	GOLDMAN SACHS BANK USA,
	as a Lender
		
	By:		 /s/ Rebecca Kratz

		
	Name:		Rebecca Kratz
	Title:		Authorized Signatory

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender
		
	By:		 /s/ Stephanie Balette

		
	Name:		Stephanie Balette
	Title:		Authorized Officer

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	MIZUHO BANK, LTD., as a Lender
		
	By:		 /s/ Raymond Ventura

		
	Name:		Raymond Ventura
	Title:		Deputy General Manager

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.,
	as a Lender
		
	By:		 /s/ Michael King

		
	Name:		Michael King
	Title:		Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:		 /s/ Michael King

		
	Name:		Michael King
	Title:		Authorized Signatory

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:		 /s/ Jonathan Luchansky

		
	Name:		Jonathan Luchansky
	Title:		Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	ROYAL BANK OF CANADA,
	as a Lender
		
	By:		 /s/ Mark Lumpkin, Jr.

		
	Name:		Mark Lumpkin, Jr.
	Title:		Authorized Signatory

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	SUMITOMO MITSUI BANKING CORPORATION,
	as a Lender
		
	By:		 /s/ James D. Weinstein

		
	Name:		James D. Weinstein
	Title:		Managing Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	SUNTRUST BANK,
	as a Lender
		
	By:		 /s/ Carmen Malizia

		
	Name:		Carmen Malizia
	Title:		Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:		 /s/ Patrick Jeffrey

		
	Name:		Patrick Jeffrey
	Title:		Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	BNP PARIBAS,
	as a Lender
		
	By:		 /s/ Mark Renaud

		
	Name:		Mark Renaud
	Title:		Managing Director
		
	By:		 /s/ Nicolas Anberree

		
	Name:		Nicolas Anberree
	Title:		Vice President

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK, as a Lender
		
	By:		 /s/ Dixon Schultz

		
	Name:		Dixon Schultz
	Title:		Managing Director
		
	By:		 /s/ Michael Willis

		
	Name:		Michael Willis
	Title:		Managing Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	ING CAPITAL LLC,
	as a Lender
		
	By:		 /s/ Cheryl LaBelle

		
	Name:		Cheryl LaBelle
	Title:		Managing Director
		
	By:		 /s/ Hans Beekmans

		
	Name:		Hans Beekmans
	Title:		Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	UBS AG, STAMFORD BRANCH,
	as a Lender
		
	By:		 /s/ Houssem Daly

		
	Name:		Houssem Daly
	Title:		Associate Director
		
	By:		 /s/ Denise Bushee

		
	Name:		Denise Bushee
	Title:		Associate Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 
			
	NATIXIS, NEW YORK BRANCH
	as a Lender
		
	By:		 /s/ Jarrett Price

		
	Name:		Jarrett Price
	Title:		Director
		
	By:		 /s/ Carlos Quinteros

		
	Name:		Carlos Quinteros
	Title:		Managing Director

  
 Signature Page to First
Amendment To Credit Agreement and Increase Agreement 
 Sunoco LP 

 Each of the undersigned Guarantors (i) consents and agrees to this Amendment, and
(ii) agrees that the Loan Documents to which it is a party (including, without limitation, the Guaranty of Collection, dated as of September 25, 2014 and the Guaranty Agreement, dated as of September 25, 2014, each as amended,
modified or supplemented) shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of the undersigned, enforceable against it in accordance with its terms. 

 

					
	CONSENTED, ACKNOWLEDGED AND AGREED TO BY:
	
	SUNOCO ENERGY SERVICES LLC
	SUSSER PETROLEUM OPERATING COMPANY LLC
	SUSSER PETROLEUM PROPERTY COMPANY LLC
	SUSSER HOLDINGS CORPORATION
		
	By:		 /s/ Mary E. Sullivan

			Name:		Mary E. Sullivan
			Title:		Executive Vice President, Chief Financial
					Officer, and Treasurer
	
	MID-ATLANTIC CONVENIENCE STORES, LLC
	SOUTHSIDE OIL, LLC
	MACS RETAIL LLC
		
	By:		 /s/ Clare P. McGrory

			Name:		Clare P. McGrory
			Title:		Treasurer
	
	ALOHA PETROLEUM, LTD.
		
	By:		 /s/ Mary E. Sullivan

			Name:		Mary E. Sullivan
			Title:		Vice President and Chief Financial Officer

 SCHEDULE 1 

COMMITMENTS AND APPLICABLE PERCENTAGES 
  

									
	 Lender
	  	Commitment	 	  	Applicable
Percentage	 
			
	 Bank of America, N.A.
	  	$	79,000,000.00	  	  	 	5.266666667	% 
			
	 BBVA Compass
	  	$	79,000,000.00	  	  	 	5.266666667	% 
			
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	79,000,000.00	  	  	 	5.266666667	% 
			
	 DNB Capital LLC
	  	$	79,000,000.00	  	  	 	5.266666667	% 
			
	 Mizuho
	  	$	79,000,000.00	  	  	 	5.266666667	% 
			
	 Natixis
	  	$	79,000,000.00	  	  	 	5.266666667	% 
			
	 The Royal Bank of Scotland plc
	  	$	70,000,000.00	  	  	 	4.666666667	% 
			
	 Barclays
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 CitiBank
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 Credit Suisse
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 Deutsche Bank
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 Goldman Sachs Bank USA
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 JPMorgan Chase Bank, N.A.
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 Morgan Stanley Senior Funding, Inc.
	  	$	31,500,000.00	  	  	 	2.100000000	% 
			
	 Morgan Stanley Bank, N.A.
	  	$	25,000,000.00	  	  	 	1.666666667	% 
			
	 PNC
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 RBC
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 Sumitomo Mitsui
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 SunTrust
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 UBS AG, Stamford Branch
	  	$	56,500,000.00	  	  	 	3.766666667	% 
			
	 US Bank
	  	$	56,500,000.00	  	  	 	3.766666667	% 

									
			
	 Wells Fargo Bank, N.A.
		$	56,500,000.00	  		 	3.766666667	% 
			
	 BNP Paribas
		$	42,500,000.00	  		 	2.833333333	% 
			
	 Credit Agricole
		$	42,500,000.00	  		 	2.833333333	% 
			
	 ING Bank
		$	42,500,000.00	  		 	2.833333333	% 
			
	 Bank of Montreal
		$	37,500,000.00	  		 	2.500000000	% 
			
	 TOTAL:
		$	1,500,000,000	  		 	100	%exhibit10-1_04072015.htm

 

Exhibit 10.1

 

Execution Version

 

 

FIFTH AMENDMENT TO

 

THIRD AMENDED AND RESTATED

 

CREDIT AGREEMENT

 

 

Dated as of April 7, 2015

 

among

 

NORTHERN OIL AND GAS, INC.,

 

as Borrower,

 

ROYAL BANK OF CANADA,

 

as Administrative Agent,

 

and

 

The Lenders Party Hereto

 

 

  

  

  

FIFTH AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of April 7, 2015, is by and among Northern Oil and Gas, Inc., a Minnesota corporation (the “Borrower”), Royal Bank of Canada (the “Administrative Agent”), and the Lenders party hereto.

 

R E C I T A L S:

 

WHEREAS, the Borrower, the Administrative Agent and the other Lenders party thereto entered into that certain Third Amended and Restated Credit Agreement, dated as of February 28, 2012 (as previously amended by the First Amendment dated as of June 29, 2012, the Second Amendment dated as of September 28, 2012, the Third Amendment dated as of March 28, 2013, the Fourth Amendment dated as of September 30, 2013, and as the same may be further amended, modified, supplemented or restated from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth below; and

 

WHEREAS, the Administrative Agent and the Lenders are willing to (i) amend the Credit Agreement, (ii) reaffirm the Borrowing Base as provided herein, and (iii) take such other actions as provided herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

 

Definitions

 

Each capitalized term used in this Amendment and not defined herein shall have the meaning assigned to such term in the Credit Agreement.

 

ARTICLE II

 

Amendments to Credit Agreement

 

Section 2.01 Amendment to Section 1.01 of the Credit Agreement.  Section 1.01 of the Credit Agreement is hereby amended by adding the following definition where alphabetically appropriate:

 

“Existing Notes” means the 8% senior unsecured notes due 2020 issued by the Borrower in the original principal amount of $500,000,000.00.

 

Section 2.02 Amendment to Section 2.07(e)(iii).  Section 2.07(e)(iii) of the Credit Agreement is hereby amended to add the following language after the term “Permitted Additional Debt” in each place where such defined term appears:  “(other than Permitted Additional Debt that constitutes a Permitted Refinancing)”.

 

  

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Section 2.03 Amendment to Section 3.04 of the Credit Agreement.  Section 3.04(c)(iv) is hereby amended to delete the reference to the following language contained therein: “under Section 9.02(f).”

 

Section 2.04 Amendments to Section 9.01 of the Credit Agreement.

 

(a) Section 9.01(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a)   Ratio of Secured Debt to EBITDAX.  The Borrower will not, at any time, permit its ratio of secured Debt as of such time to EBITDAX to be greater than 2.5 to 1.0.”

 

(b) Section 9.01 of the Credit Agreement is hereby amended by inserting the following clause (c) at the end of such section:

 

“(c)   Ratio of EBITDAX to Interest.  The Borrower will not permit, as of the last day of any fiscal quarter, its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended to be less than 2.5 to 1.0.”

 

Section 2.05 Amendment to Section 9.02(f) of the Credit Agreement.  Section 9.02(f) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

(f)   the Existing Notes, and any refinancing of such Existing Notes (any such refinancing, a “Permitted Refinancing”), provided that (i) such Permitted Refinancing has a maturity date no earlier than the maturity date of the Existing Notes; (ii) such Permitted Refinancing has an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if incurred with original issue discount, the aggregate accreted value) then outstanding (plus fees and expenses, including any premium and defeasance costs) under the Existing Notes; and (iii) such Permitted Refinancing, by its terms, shall otherwise satisfy the requirements of the definition of Permitted Additional Debt.

 

ARTICLE III

 

Reaffirmation of the Borrowing Base

 

Section 3.01 Reaffirmation of the Borrowing Base.  Notwithstanding the requirements of Section 2.07 of the Credit Agreement, effective as of the Amendment Effective Date, the amount of the Borrowing Base shall continue to be $550,000,000.00, subject to further adjustments from time to time pursuant to Section 2.07, Section 8.13(c) or Section 9.12(d) of the Credit Agreement.  The reaffirmation of the Borrowing Base pursuant to this Section 3.01 of this Amendment shall constitute the Scheduled Redetermination for April 1, 2015.

 

ARTICLE IV

 

Conditions Precedent

 

This Amendment shall become effective as of the date first referenced above when and only when the following conditions are satisfied (the “Amendment Effective Date”):

 

(a) the Administrative Agent shall have received duly executed counterparts of this Amendment from the Borrower and the Required Lenders, in such numbers as the Administrative Agent or its counsel may reasonably request; and

 

  

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(b) the Administrative Agent and the Lenders shall have received all fees due and payable on or prior to the effectiveness hereof as provided in any Loan Document, including reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement (including, without limitation, the reasonable fees and expenses of counsel to the Administrative Agent).

 

ARTICLE V

 

Representations and Warranties

 

The Borrower hereby represents and warrants to the Administrative Agent and each Lender that:

 

(a)           Each of the representations and warranties made by the Borrower under the Credit Agreement and each other Loan Document is true and correct on and as of the actual date of execution of this Amendment by the Borrower, as if made on and as of such date, except for any representations and warranties made as of a specified date, which are true and correct as of such specified date.

 

(b)           At the time of, and immediately after giving effect to, this Amendment, no Default has occurred and is continuing.

 

(c)           The execution, delivery and performance by the Borrower of this Amendment have been duly authorized by the Borrower.

 

(d)           This Amendment constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(e)           The execution, delivery and performance by the Borrower of this Amendment (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including the members or any class of directors of the Borrower or any other Person, whether interested or disinterested), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except (a) such as have been obtained or made and are in full force and effect, and (b) the Borrower may need to file a current report on Form 8-K with the SEC disclosing this Amendment, (ii) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or their Properties, or give rise to a right thereunder to require any payment to be made by the Borrower or such Subsidiary and (iv) will not result in the creation or imposition of any Lien on any Property of the Borrower or any of its Subsidiaries (other than the Liens created by the Loan Documents).

 

ARTICLE VI

 

Miscellaneous

 

Section 6.01 Credit Agreement in Full Force and Effect as Amended.  Except as specifically amended hereby, the Credit Agreement and other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed as so amended.  Except as expressly set forth herein, this Amendment shall not be deemed to be a waiver, amendment or modification of any provisions of the Credit Agreement or any other Loan Document or any right, power or remedy of the Administrative Agent or the Lenders, or constitute a waiver of any provision of the Credit Agreement or any other Loan Document, or any other document, instrument and/or agreement executed or delivered in connection therewith or of any Default or Event of Default under any of the foregoing, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder.  This Amendment also shall not preclude the future exercise of any right, remedy, power, or privilege available to the Administrative Agent and/or the Lenders whether under the Credit Agreement, the other Loan Documents, at law or otherwise.  All references to the Credit Agreement shall be deemed to mean the Credit Agreement as modified hereby.  The parties hereto agree to be bound by the terms and conditions of the Credit Agreement and Loan Documents as amended by this Amendment, as though such terms and conditions were set forth herein.  Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment, and each reference herein or in any other Loan Documents to the “Credit Agreement” shall mean and be a reference to the Credit Agreement as amended and modified by this Amendment.

 

  

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Section 6.02 Governing Law.  THIS AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.03 Descriptive Headings, Etc.  The descriptive headings of the sections of this Amendment are inserted for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.  The statements made and the terms defined in the recitals to this Amendment are hereby incorporated into this Amendment in their entirety.

 

Section 6.04 Entire Agreement.  This Amendment and the documents referred to herein represent the entire understanding of the parties hereto regarding the subject matter hereof and supersede all prior and contemporaneous oral and written agreements of the parties hereto with respect to the subject matter hereof.

 

Section 6.05 Loan Document.  This Amendment is a Loan Document executed under the Credit Agreement, and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

 

Section 6.06 Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one agreement.  Delivery of an executed counterpart of the signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof.

 

Section 6.07 Successors.  The execution and delivery of this Amendment by any Lender shall be binding upon each of its successors and assigns.

 

 

(Remainder of page intentionally left blank.)

 

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first written above.

 

NORTHERN OIL AND GAS, INC., as the Borrower

 

By:           /s/  Thomas Stoelk                                                                                           

Name:            Thomas Stoelk

Title:              CFO

Signature Page

Fifth Amendment To Credit Agreement

 

  

  

  

 

 

ROYAL BANK OF CANADA, as Administrative Agent

 

 

By:           /s/ Rodica Dutka         

Name:           Rodica Dutka

Title:             Manager, Agency

ROYAL BANK OF CANADA, as a Lender

 

 

By:           /s/ Don J. McKinnerney          

Name:           Don J. McKinnerney

Title:             Authorized Signatory

 

SUNTRUST BANK, as a Lender

 

 

By:           /s/  Shannon Juhan         

Name:            Shannon Juhan

Title:              Director

BMO HARRIS FINANCING, INC., as a Lender

 

 

By:           /s/ Melissa Guzmann        

Name:           Melissa Guzmann

Title:             Vice President

KEYBANK NATIONAL ASSOCIATION, as a Lender

 

 

By:           /s/  John Dravenstott          

Name:            John Dravenstott

Title:              Vice President

U.S. BANK NATIONAL ASSOCIATION, as a Lender

 

 

By:           /s/  Todd S. Anderson        

Name:            Todd S. Anderson

Title:              Vice President

 

 

Signature Page

Fifth Amendment To Credit Agreement

  

  

  

 

  

SANTANDER BANK, N.A., as a Lender

 

 

By:           /s/  Aidan Lanigan        

Name:            Aidan Lanigan

Title:              Senior Vice President

 

By:           /s/  Alex Lurye                 

Name:            Alex Lurye               

Title:              Vice President

 

CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

 

 

By:           /s/  Nancy M. Mak         

Name:            Nancy M. Mak

Title:              Senior Vice President

BOKF, NA dba BANK OF OKLAHOMA, as a Lender

 

 

By:           /s/  Parker Heikes                 

Name:            Parker Heikes

Title:              Vice President

BRANCH BANKING & TRUST COMPANY, as a Lender

 

 

By:           /s/  James Giordano              

Name:            James Giordano

Title:              Vice President

CADENCE BANK, N.A., as a Lender

 

 

By:           /s/  Steven Taylor                  

Name:            Steven Taylor

Title:              Vice President

 

Signature Page

Fifth Amendment To Credit Agreement

  

  

  

THE BANK OF NOVA SCOTIA, as a Lender

 

 

By:           /s/  Alan Dawson        

Name:            Alan Dawson

Title:              Director

ING CAPITAL LLC, as a Lender

 

 

By:           /s/  Josh Strong         

Name:            Josh Strong

Title:              Director    

By:           /s/  Charles Hall                

Name:            Charles Hall               

Title:              Managing Director   

 

FIFTH THIRD BANK, as a Lender

 

 

By:           /s/  Richard Butler                 

Name:            Richard Butler  

Title:              Senior Vice President

Signature Page

Fifth Amendment To Credit Agreement

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