Document:

Exhibit 4.1

 

AMENDMENT NO. 7 TO NOTE PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 7 TO NOTE PURCHASE AGREEMENT, dated as of December 19, 2014 but effective as of the Effective Date (as defined in Section 4 hereof) (this “Amendment”), to the Note Purchase Agreement dated as of June 19, 2012, as amended by Amendment No. 1 thereto dated as of January 15, 2013, Amendment No. 2 thereto dated as of May 8, 2013, Amendment No. 3 thereto dated as of September 30, 2013, Amendment No. 4 thereto dated as of November 5, 2013, Amendment No. 5 thereto dated as of December 23, 2013, and Amendment No. 6 to Note Purchase Agreement dated as of June 30, 2014 (such note purchase agreement, as so amended, being referred to herein as the “Existing Note Purchase Agreement” and as the same shall be further amended hereby, the “Note Purchase Agreement”), is among NGL Energy Partners LP, a Delaware limited partnership (the “Company”), the Guarantors (solely with respect to Section 5(c) hereof) and the holders of Notes listed on the signature pages hereto (collectively, the “Noteholders”).

 

RECITALS:

 

A.                                    The Company and the Purchasers party thereto have previously entered into the Existing Note Purchase Agreement.  Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Existing Note Purchase Agreement.

 

B.                                    The Guarantors entered into that certain Guaranty Agreement dated as of June 19, 2012 (as heretofore amended, supplemented or otherwise modified, the “Guaranty Agreement”).

 

C.                                    The Company has requested certain amendments to the Existing Note Purchase Agreement as more fully described herein below.

 

D.                                    The Noteholders have agreed to such amendments, subject to the performance and observance in full of each of the covenants, terms and conditions, and in reliance upon all of the representations and warranties of the Company, set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the covenants, terms, conditions, representations and warranties herein contained, the parties hereto hereby agree as follows:

 

Section 1.  AMENDMENTS TO EXISTING NOTE PURCHASE AGREEMENT.  Subject to the covenants, terms and conditions set forth herein and in reliance upon the representations and warranties of the Company herein contained, the Company and the Noteholders hereby agree to amend the Existing Note Purchase Agreement as set forth below, effective as of the Effective Date:

 

(a)                                 Amendments to Section 7.1 of the Existing Note Purchase Agreement.  Section 7.1(h) of the Existing Note Purchase Agreement is hereby amended and restated in its entirety as follows:

 

“(h)                           a Borrowing Base Certificate and Product Position Report, each in form and substance reasonably acceptable to the Required Holders (i)(x) in the case of a Borrowing Base Certificate, within 15 Business Days of the end of each month and (y) in the case of a Product Position Report, within 15 Business Days of the end of each month, (ii) at such other times as the Credit Parties shall elect, and (iii) following the occurrence of an Event of Default, at such other times as the Required Holders may request for the period covered thereby, in each case together with supporting documentation;”

 

 

(b)                                 Amendments to Section 10.9 of the Existing Note Purchase Agreement.  Section 10.9 of the Existing Note Purchase Agreement is hereby amended by deleting the number “$125,000,000” as it appears in clause (l) thereof and inserting in lieu thereof the number “500,000,000”.

 

(c)                                  The definition of “Consolidated EBITDA” is hereby amended by amending and restating in its entirety clause (B) in the final proviso of such definition, as follows:

 

“(B) with regard to each Major Permitted Business Expansion Project, excluding the Grand Mesa Project, such pro forma adjustment (x) shall be based upon forecasted income to be derived from binding, non-contingent contracts less appropriate direct and indirect costs to realize such income and (y) when aggregated with all pro forma adjustments attributable to Major Permitted Business Expansion Projects, excluding the Grand Mesa Project, shall not exceed 15.00% of the Consolidated EBITDA reflected in the most recently delivered Compliance Certificate, net of any actual Consolidated EBITDA realized from such Major Permitted Business Expansion Projects (excluding the Grand Mesa Project) and without giving effect to increases in such Consolidated EBITDA arising from such Major Permitted Business Expansion Projects for such pro forma period; provided that with respect to the Grand Mesa Project, Consolidated EBITDA shall be based on (i) forecasted income to be derived from binding, non-contingent contracts less appropriate direct and indirect costs to realize such income and (ii)  income from FERC required walk-up volume capped at 10,000 bpd (subject to the limitation that the sum of the immediately preceding clauses (i) and (ii) shall not exceed $95,000,000 for any four quarters ending on or prior to the date of determination) multiplied by the applicable GMP Completion Percentage as of the end of such period; provided, further, that to the extent the Grand Mesa Project is not complete as of December 31, 2016, the contribution of the Grand Mesa Project to Consolidated EBITDA will be reduced by 25% per quarter for each quarter commencing with the fiscal quarter ending December 31, 2016.”

 

(d)                                 Schedule B to the Existing Note Agreement is hereby further amended by adding the following definitions in their proper alphabetical order:

 

“Amendment No. 7 Effective Date” means December 26, 2014.”

 

“GMP Completion Percentage” with respect to the determination of Consolidated EBITDA for any period, the percentage of completion for the Grand Mesa Project determined as the quotient (expressed as a percentage) of the costs incurred by the Note Parties as of the end of the applicable period over the estimated total project cost of the Grand Mesa Project at such time.  As of the Amendment No. 7 Effective Date, the Note Parties have incurred costs in connection with the Grand Mesa Project in an amount equal to zero and the estimated total project cost as of such date is $650,000,000. It is understood and agreed that the equity investment of the Note Parties in the Grant Mesa Project in an amount equal to $310,000,000 and shall not be considered as part of project costs for purposes of calculating the GMP Completion Percentage.”

 

“Grand Mesa Project” means that certain crude oil pipeline beginning in Weld County, Colorado and terminating in Cushing, Oklahoma.”

 

(e)                                  The definition of “Total Indebtedness” in Schedule B to the Existing Note Purchase Agreement is hereby amended by deleting the number “$575,000,000” where such number appears in clause (c) thereof and inserting the number “$750,000,000” in lieu thereof.

 

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Section 2.  EFFECTIVENESS OF AMENDMENTS.  The amendments set forth in Section 1 of this Amendment shall become effective (the date of such effectiveness being referred to herein as the “Effective Date”) upon the satisfaction of each of the conditions provided immediately below in this Section 2 (with each of the documents referred to below being in form and substance satisfactory to the Required Holders and in full force and effect):

 

(a)                                 Execution and Delivery of this Amendment.  The Noteholders shall have received a copy of this Amendment duly executed and delivered by the Company and the Guarantors, and by the Noteholders constituting the Required Holders.

 

(b)                                 Representations and Warranties.  Each of the representations and warranties of the Company made in this Amendment shall be true and correct on and as of the Effective Date.

 

(c)                                  Amendment to Credit Agreement.  The Noteholders shall have received a copy of an amendment in respect of the Credit Agreement, dated on or prior to the date hereof, in form and substance satisfactory to the Required Holders and executed and delivered by the Note Parties, the Administrative Agent and the Required Lenders (as defined in the Credit Agreement).

 

(d)                                 Amendment to Intercreditor Agreement.  The Noteholders shall have received a copy of an amendment in respect of the Intercreditor Agreement, dated on or prior to the date hereof, in form and substance satisfactory to the Required Holders and executed and delivered by the Note Parties and the Secured Parties constituting the Requisite Secured Parties (as defined in the Intercreditor Agreement).

 

(e)                                  Proceedings and Documents.  All corporate and other proceedings pertaining directly to this Amendment and all documents and instruments directly incident to this Amendment shall be satisfactory to the Required Holders and their special counsel, and the Noteholders and their special counsel shall have received all such counterpart originals or certified or other copies of such documents as the Required Holders or such special counsel may reasonably request.

 

(f)                                   Payment of Amendment Fee.  The Company shall have paid a fee to each Noteholder equal to 0.05% multiplied by the aggregate outstanding principal amount of the Notes held by such Noteholder.

 

Section 3.  REPRESENTATIONS AND WARRANTIES; NO DEFAULT.  To induce the Noteholders to enter into this Amendment, the Company (by delivery of its counterpart to this Amendment) hereby (i) represents and warrants to the Noteholders that after giving effect to this Amendment and the contemporaneous amendments to the Credit Agreement and the Intercreditor Agreement, its representations and warranties contained in the Note Purchase Agreement are true and correct in all material respects (except for those representations and warranties qualified by “materiality,” “Material Adverse Effect” or a like qualification, which shall be correct in all respects) on and as of the Effective Date with the same effect as though made on and as of the Effective Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material respects (except for those representations and warranties qualified by “materiality,” “Material Adverse Effect” or a like qualification, which were true in all respects) as of such earlier date), (ii) represents and warrants to the Noteholders that in connection with this Amendment and all other documents delivered in connection herewith it (x) has the requisite power and authority to make, deliver and perform the same, (y) has taken all necessary limited partnership action to authorize its execution, delivery and performance of the same, and (z) has duly executed and delivered the same and (iii) except to the extent waived herein, certifies that no Default or Event of Default exists under any of the Note Documents (both immediately before and after giving effect to this Amendment) or will result from the making of this Amendment.

 

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Section 4.  EXPENSES.  The Company will promptly (and in any event within thirty (30) days of receiving any statement or invoice therefor) pay all reasonable out-of-pocket expenses and costs incurred by the Noteholders relating to this Amendment, including, but not limited to, the reasonable fees and disbursements of Baker Botts L.L.P., incurred in connection with the preparation, negotiation and delivery of this Amendment, and all other related documentation.  This Section 4 shall not be construed to limit the Company’s obligations under Section 15.1 of the Existing Note Purchase Agreement.

 

Section 5.  MISCELLANEOUS.

 

(a)                                 GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)                                 Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, the parties hereto.  Delivery of this Amendment may be made by telecopy or electronic transmission of a duly executed counterpart copy hereof; provided that any such delivery by electronic transmission shall be effective only if transmitted in .pdf format, .tif format or other format in which the text is not readily modifiable by any recipient thereof.

 

(c)                                  Affirmation of Obligations.  Notwithstanding that such consent is not required under the Guaranty Agreement, or any of the other Note Documents to which it is a party, each of the Guarantors consents to the execution and delivery of this Amendment by the parties hereto.  As a material inducement to the undersigned to amend the Existing Note Purchase Agreement, each of the Guarantors (i) acknowledges and confirms the continuing existence, validity and effectiveness of the Guaranty Agreement and each of the other Note Documents to which it is a party and (ii) agrees that the execution, delivery and performance of this Amendment shall not in any way release, diminish, impair, reduce or otherwise affect its obligations thereunder.

 

(d)                                 Note Document.  This Amendment is a Note Document and all of the provisions of the Note Purchase Agreement which apply to Note Documents apply hereto.

 

(Remainder of Page Intentionally Left Blank; Signature Pages Follow)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers effective as of the Effective Date.

 

	
 
    	
NGL   ENERGY PARTNERS LP
    
	
 
    	
 
    
	
 
    	
By:
    	
NGL Energy Holdings   LLC,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Atanas H. Atanasov
    
	
 
    	
 
    	
Name:
    	
Atanas H. Atanasov
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer   and Treasurer
    

 

Signature Page to Amendment No. 7 to Note Purchase Agreement

 

 

The foregoing is hereby agreed to as of the date hereof:

 

	
NOTEHOLDERS:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA,   as a Noteholder
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Matthew Baker
    	
 
    
	
Name:
    	
Matthew Baker
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
PRUCO LIFE INSURANCE COMPANY, as a   Noteholder
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Matthew Baker
    	
 
    
	
Name:
    	
Matthew Baker
    	
 
    
	
Title:
    	
Assistant Vice   President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
UNIVERSAL PRUDENTIAL ARIZONA REINSURANCE COMPANY,   as a Noteholder
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Prudential Investment   Management, Inc.,
    	
 
    
	
 
    	
as investment manager
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Matthew Baker
    	
 
    
	
Name:
    	
Matthew Baker
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY,   as a Noteholder
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Prudential Investment   Management, Inc.,
    	
 
    
	
 
    	
as investment manager
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Matthew Baker
    	
 
    
	
Name:
    	
Matthew Baker
    	
 
    
	
Title:
    	
Vice President
    	
 
    

 

Signature Page to Amendment No. 7 to Note Purchase Agreement

 

 

	
PRUDENTIAL ARIZONA REINSURANCE UNIVERSAL COMPANY,   as a Noteholder
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
Prudential Investment   Management, Inc.,
    	
 
    
	
 
    	
as investment manager
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Matthew Baker
    	
 
    
	
Name:
    	
Matthew Baker
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY,   as a Noteholder
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Prudential Investment   Management, Inc.,
    	
 
    
	
 
    	
as investment manager
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Matthew Baker
    	
 
    
	
Name:
    	
Matthew Baker
    	
 
    
	
Title:
    	
Vice President
    	
 
    

 

Signature Page to Amendment No. 7 to Note Purchase Agreement

 

 

AMERICAN GENERAL LIFE INSURANCE COMPANY (successor by merger to

AMERICAN GENERAL LIFE AND ACCIDENT INSURANCE COMPANY)

AMERICAN GENERAL LIFE INSURANCE COMPANY (successor by merger to

AMERICAN GENERAL LIFE INSURANCE COMPANY OF DELAWARE)

AMERICAN GENERAL LIFE INSURANCE COMPANY (successor by merger to

SUNAMERICA ANNUITY AND LIFE ASSURANCE COMPANY)

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

COMMERCE AND INDUSTRY INSURANCE COMPANY

NEW HAMPSHIRE INSURANCE COMPANY

CHARTIS PROPERTY CASUALTY COMPANY

 

	
By:
    	
AIG   ASSET MANAGEMENT (U.S.), LLC, Investment Adviser
    
	
 
    	
 
    
	
By:
    	
/s/ Curtis F. Sullivan
    	
 
    
	
Name:
    	
Curtis F. Sullivan
    	
 
    
	
Title:
    	
Vice President
    	
 
    

 

Signature Page to Amendment No. 7 to Note Purchase Agreement

 

 

	
TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA,   as a Noteholder
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Andrew M. Leicester
    	
 
    
	
Name:
    	
Andrew M. Leicester
    	
 
    
	
Title:
    	
Director
    	
 
    

 

Signature Page to Amendment No. 7 to Note Purchase Agreement

 

 

	
SUN LIFE ASSURANCE COMPANY OF CANADA, as   a Noteholder
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Keith Cressman
    	
 
    
	
Name:
    	
Keith Cressman
    	
 
    
	
Title:
    	
Senior Managing   Director
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Jeffery Mayer
    	
 
    
	
Name:
    	
Jeffery Mayer
    	
 
    
	
Title:
    	
Managing Director
    	
 
    

 

Signature Page to Amendment No. 7 to Note Purchase Agreement

 

 

Agreed to and acknowledged by the undersigned solely with respect to Section 7(c) hereof:

 

	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
ANDREWS OIL BUYERS, INC.
    
	
 
    	
ANTICLINE   DISPOSAL, LLC
    
	
 
    	
CENTENNIAL   ENERGY, LLC
    
	
 
    	
CENTENNIAL   GAS LIQUIDS ULC
    
	
 
    	
HICKSGAS,   LLC
    
	
 
    	
HIGH   SIERRA COMPRESSION, LLC
    
	
 
    	
HIGH   SIERRA CRUDE OIL & MARKETING, LLC
    
	
 
    	
HIGH   SIERRA ENERGY, LP (BY High Sierra Energy GP, LLC, its general partner)
    
	
 
    	
HIGH   SIERRA ENERGY MARKETING, LLC
    
	
 
    	
HIGH   SIERRA ENERGY OPERATING, LLC
    
	
 
    	
HIGH   SIERRA TRANSPORTATION, LLC
    
	
 
    	
LOTUS   OILFIELD SERVICES, L.L.C.
    
	
 
    	
NGL   CRUDE LOGISTICS, LLC
    
	
 
    	
NGL   CRUDE TRANSPORTATION, LLC
    
	
 
    	
NGL   ENERGY HOLDINGS II, LLC
    
	
 
    	
NGL   ENERGY LOGISTICS, LLC
    
	
 
    	
NGL ENERGY OPERATING LLC
    
	
 
    	
NGL   CRUDE TERMINALS, LLC
    
	
 
    	
NGL   CRUDE CUSHING, LLC
    
	
 
    	
NGL   CRUDE PIPELINES, LLC
    
	
 
    	
NGL   CRUDE CANADA HOLDINGS, LLC,
    
	
 
    	
NGL   LIQUIDS, LLC
    
	
 
    	
NGL-MA,   LLC
    
	
 
    	
NGL-MA   REAL ESTATE, LLC
    
	
 
    	
NGL   MARINE, LLC
    
	
 
    	
NGL   MILAN INVESTMENTS, LLC
    
	
 
    	
NGL-NE   REAL ESTATE, LLC
    
	
 
    	
NGL   PROPANE, LLC
    
	
 
    	
NGL   SHIPPING AND TRADING, LLC
    
	
 
    	
NGL   SUPPLY WHOLESALE, LLC
    
	
 
    	
NGL   SUPPLY TERMINAL COMPANY, LLC
    
	
 
    	
NGL   WATER SOLUTIONS EAGLE FORD, LLC
    
	
 
    	
NGL   WATER SOLUTIONS, LLC
    
	
 
    	
NGL   WATER SOLUTIONS PERMIAN, LLC
    
	
 
    	
NGL   WATER SOLUTIONS DJ, LLC
    
	
 
    	
NGL   WATER SOLUTIONS MID-CONTINENT, LLC
    
	
 
    	
OSTERMAN   PROPANE, LLC
    
	
 
    	
PETRO SOURCE TERMINALS, LLC
    
	
 
    	
TRANSMONTAIGNE INC.
    
	
 
    	
TRANSMONTAIGNE PRODUCT SERVICES INC.
    
	
 
    	
TRANSMONTAIGNE SERVICES INC.
    
	
 
    	
TRANSMONTAIGNE GP L.L.C.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Atanas H. Atanasov
    
	
 
    	
 
    	
Name:
    	
Atanas H. Atanasov
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer   and Treasurer
    

 

Signature Page to Amendment No. 7 to Note Purchase AgreementExhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 8 TO CREDIT AGREEMENT

 

AMENDMENT NO. 8 TO CREDIT AGREEMENT, dated as of December 19, 2014 (this “Amendment”) to the Credit Agreement dated as of June 19, 2012, as amended by Amendment No. 1 thereto dated as of January 15, 2013, Amendment No. 2 thereto dated as of May 8, 2013, Amendment No. 3 thereto dated as of September 30, 2013, Amendment No. 4 thereto dated as of November 5, 2013, Amendment No. 5 thereto dated as of December 23, 2013, Amendment No. 6 thereto dated as of June 12, 2014, and Amendment No. 7 thereto dated as of June 27, 2014 (the credit agreement, as so amended and as otherwise amended, supplemented and modified from time to time, the “Credit Agreement”) among NGL ENERGY PARTNERS LP, a Delaware limited partnership (“Parent”), NGL ENERGY OPERATING LLC, a Delaware limited liability company (“Borrowers’ Agent”), each subsidiary of the Parent identified as a “Borrower” under the Credit Agreement (together with the Borrowers’ Agent, each, a “Borrower” and collectively, the “Borrowers”), DEUTSCHE BANK AG, NEW YORK BRANCH, as technical agent (in such capacity, together with its successors in such capacity, the “Technical Agent”) and DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as administrative agent for the Secured Parties (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as collateral agent for the Secured Parties (in such capacity, together with its successors in such capacity, the “Collateral Agent”) and each financial institution identified as a “Lender” or an “Issuing Bank” under the Credit Agreement (each, a “Lender” and together with the Technical Agent, the Administrative Agent and the Collateral Agent, the “Secured Parties”).

 

RECITALS

 

WHEREAS, the Borrowers have requested certain amendments to the Credit Agreement; and

 

WHEREAS, the Lenders have agreed to amend the Credit Agreement solely upon the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

1.                                      Defined Terms.  Unless otherwise noted herein, terms defined in the Credit Agreement and used herein shall have the respective meanings given to them in the Credit Agreement.

 

2.                                      Amendments to Section 1.1 (Defined Terms) of the Credit Agreement.  The following terms: “Borrowing Base”, “Consolidated EBITDA”, “Maximum Commitment” and “Qualified Obligation Aggregate Cap” as set forth in Section 1.1 of the Credit Agreement are hereby amended as set forth below:

 

(a)                                 The definition of “Borrowing Base” is hereby amended by amending and restating clauses (b) and (c) thereof in their entirety as follows:

 

“(b)                           90% of Eligible Accounts Receivable; plus

 

(c)                                  (i) 85% of the Market Value or, if pre-sold under a fixed price contract, the contract price, of Eligible Inventory minus (ii) 50% of the Eligible Prepaid Inventory Volume; plus”

 

(b)                                 The definition of “Maximum Commitment” is hereby amended and restated in its entirety as follows:

 

 

““Maximum Commitment” means $2,446,000,000”.

 

(c)                                  The definition of “Consolidated EBITDA” is hereby amended by amending and restating clause (B) thereof in its entirety as follows:

 

“(B) with regard to each Major Permitted Business Expansion Project, excluding the Grand Mesa Project, such pro forma adjustment (x) shall be based upon forecasted income to be derived from binding, non-contingent contracts less appropriate direct and indirect costs to realize such income and (y) when aggregated with all pro forma adjustments attributable to Major Permitted Business Expansion Projects, excluding the Grand Mesa Project, shall not exceed 15.0% of the Consolidated EBITDA reflected in the most recently delivered Compliance Certificate, net of any actual Consolidated EBITDA realized from such Major Permitted Business Expansion Projects (excluding the Grand Mesa Project) and without giving effect to increases in such Consolidated EBITDA arising from such Major Permitted Business Expansion Projects for such pro forma period; provided that with respect to the Grand Mesa Project, Consolidated EBITDA shall be based on (i) forecasted income to be derived from binding, non-contingent contracts less appropriate direct and indirect costs to realize such income and (ii)  income from FERC required walk-up volume capped at 10,000 bpd (subject to the limitation that the sum of the immediately preceding clauses (i) and (ii) shall not exceed $140,000,000 for any four quarters ending on or prior to the date of determination) multiplied by the applicable GMP Completion Percentage as of the end of such period; provided further that to the extent the Grand Mesa Project is not complete as of December 31, 2016, the contribution of the Grand Mesa Project to Consolidated EBITDA will be reduced by 25% per quarter for each quarter commencing with the fiscal quarter ending December 31, 2016.”

 

(d)                                 The definition of “Qualified Obligation Aggregate Cap” is hereby amended by deleting the phrase “$200,000,000” as it appears at the beginning of such defined term and inserting in lieu thereof the phrase “$300,000,000”.

 

3.                                      Amendment to Section 1.1 (Defined Terms) of the Credit Agreement.  Section 1.1 of the Credit Agreement is hereby further amended by adding into Section 1.1 of the Credit Agreement the below terms as new defined terms in the appropriate alphabetical order:

 

““Amendment No. 8 Effective Date” means December 19, 2014.”

 

““Grand Mesa Project” means that certain crude oil pipeline beginning in Weld County, Colorado and terminating in Cushing, Oklahoma.”

 

““GMP Completion Percentage” with respect to the determination of Consolidated EBITDA for any period, the percentage of completion for the Grand Mesa Project determined as the quotient (expressed as a percentage) of the costs incurred by the Loan Parties as of the end of the applicable period over the estimated total project cost of the Grand Mesa Project at such time.  As of the Amendment No. 8 Effective Date, the Loan Parties have incurred costs in connection with the Grand Mesa Project in an amount equal to $310,000,000 and the estimated total project cost as of such date is $960,000,000.

 

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4.                                      Amendment to Section 2.4(c) of the Credit Agreement (Increase in Total Commitments).  Clause (D) of the proviso of Section 2.4(c) of the Credit Agreement is hereby amended by deleting such clause in its entirety and inserting in lieu thereof the following:

 

“(D) the aggregate amount of Facility Increases from the Amendment No.8 Effective Date until the Termination Date shall not exceed $150,000,000,”

 

5.                                      Amendments to Section 6.3 (Financial Statements and Information) of the Credit Agreement.  Section 6.3(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(e)                            a Borrowing Base Certificate and Product Position Report, each in form and substance reasonably acceptable to the Administrative Agent (i)(x) in the case of a Borrowing Base Certificate, within 15 Business Days of the end of each month and (y) in the case of a Product Position Report, within 15 Business Days of the end of each month, (ii) at such other times as the Credit Parties shall elect, and (iii) following the occurrence of an Event of Default, at such other times as the Administrative Agent may request for the period covered thereby, in each case together with supporting documentation;”

 

6.                                      Amendments to Section 7.7 (Investments; Loans) of the Credit Agreement.  Section7.7(l) of the Credit Agreement is hereby amended by deleting the phrase “$125,000,000” as it appears in clause (i) thereof and inserting in lieu thereof the phrase “500,000,000”.

 

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

 

8.                                      Conditions to Effectiveness.  This Amendment shall become effective upon the first date on which each of the following conditions has been satisfied:

 

(a)                                 Amended Loan Documents.  The Administrative Agent shall have received (i) this Amendment executed and delivered by a duly authorized officer of each Credit Party party hereto and duly executed counterparts to this Amendment from the Lenders constituting the Required Lenders and (ii) and the Sixth Amendment to the Intercreditor Agreement, executed and delivered by a duly authorized officer of each party thereto.

 

(b)                                 Fees and Expenses.  The Borrowers shall have paid to the Administrative Agent for the account of the Lenders the amount of any and all reasonable fees, costs and expenses that are for the account of the Borrowers pursuant to Section 10.9 of the Credit Agreement, including all such fees, costs and expenses incurred in connection with this Amendment.

 

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(c)                                  Proceedings and Documents:  All corporate and other proceedings pertaining directly to this Amendment and all documents and instruments directly incident to this Amendment shall be satisfactory to the required Lenders and their counsel and the Technical Agent shall have received all such counterpart originals or certified or other copies of such documents as the Technical Agent may reasonably request.

 

9.                                      Limited Effect.  Except as expressly provided hereby, all of the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect.  The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the Credit Agreement or the other Loan Documents or for any purpose, except as expressly set forth herein, or a consent to any further or future action on the part of any Credit Party that would require the waiver or consent of the Lenders.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

 

10.                               GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAW OF THE STATE OF NEW YORK.

 

11.                               Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart hereof by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

 

12.                               Headings.  Section or other headings contained in this Amendment are for reference purposes only and shall not in any way affect the meaning or interpretation of this Amendment.

 

13.                               Guarantor Acknowledgement.  Each Guarantor party hereto hereby (i) consents to the modifications to the Credit Agreement contemplated by this Amendment and (ii) acknowledges and agrees that its guaranty pursuant to Section 10.18 of the Credit Agreement is, and shall remain, in full force and effect after giving effect to the Amendment.

 

14.                               Lender Acknowledgement.  Each undersigned Lender, by its signature hereto, hereby authorizes and directs DBTCA in its capacity as Administrative Agent and as Collateral Agent to execute this Amendment.

 

[SIGNATURE PAGES FOLLOW]

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

 

	
 
    	
BORROWERS’ AGENT:
    
	
 
    	
 
    
	
 
    	
NGL   ENERGY OPERATING LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Atanas H. Atanasov
    
	
 
    	
 
    	
Name: Atanas H.   Atanasov
    
	
 
    	
 
    	
Title: Chief Financial   Officer and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GUARANTOR:
    
	
 
    	
 
    
	
 
    	
NGL   ENERGY PARTNERS LP
    
	
 
    	
 
    
	
 
    	
By:
    	
NGL   Energy Holdings LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Atanas H. Atanasov
    
	
 
    	
 
    	
Name:
    	
Atanas   H. Atanasov
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President, Chief Financial Officer and Treasurer
    
					

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
CREDIT PARTIES:
    
	
 
    	
 
    
	
 
    	
ANDREWS OIL   BUYERS, INC.
    
	
 
    	
ANTICLINE DISPOSAL, LLC
    
	
 
    	
CENTENNIAL ENERGY, LLC
    
	
 
    	
CENTENNIAL GAS LIQUIDS   ULC
    
	
 
    	
HICKSGAS, LLC
    
	
 
    	
HIGH SIERRA   COMPRESSION, LLC
    
	
 
    	
HIGH SIERRA CRUDE   OIL & MARKETING, LLC
    
	
 
    	
HIGH SIERRA ENERGY, LP   (BY High Sierra Energy GP, LLC, its general partner)
    
	
 
    	
HIGH SIERRA ENERGY   MARKETING, LLC
    
	
 
    	
HIGH SIERRA ENERGY   OPERATING, LLC
    
	
 
    	
HIGH SIERRA   TRANSPORTATION, LLC
    
	
 
    	
LOTUS OILFIELD   SERVICES, L.L.C.
    
	
 
    	
NGL CRUDE LOGISTICS,   LLC
    
	
 
    	
NGL CRUDE   TRANSPORTATION, LLC
    
	
 
    	
NGL ENERGY HOLDINGS II,   LLC
    
	
 
    	
NGL ENERGY LOGISTICS,   LLC
    
	
 
    	
NGL ENERGY OPERATING   LLC
    
	
 
    	
NGL CRUDE TERMINALS,   LLC
    
	
 
    	
NGL CRUDE CUSHING, LLC
    
	
 
    	
NGL CRUDE PIPELINES,   LLC
    
	
 
    	
NGL CRUDE CANADA   HOLDINGS, LLC,
    
	
 
    	
NGL LIQUIDS, LLC
    
	
 
    	
NGL-MA, LLC
    
	
 
    	
NGL-MA REAL ESTATE, LLC
    
	
 
    	
NGL MARINE, LLC
    
	
 
    	
NGL MILAN INVESTMENTS,   LLC
    
	
 
    	
NGL-NE REAL ESTATE, LLC
    
	
 
    	
NGL PROPANE, LLC
    
	
 
    	
NGL SHIPPING AND   TRADING, LLC
    
	
 
    	
NGL SUPPLY WHOLESALE,   LLC
    
	
 
    	
NGL SUPPLY TERMINAL   COMPANY, LLC
    
	
 
    	
NGL WATER SOLUTIONS   EAGLE FORD, LLC
    
	
 
    	
NGL WATER SOLUTIONS,   LLC
    
	
 
    	
NGL WATER SOLUTIONS   PERMIAN, LLC
    
	
 
    	
NGL WATER SOLUTIONS DJ,   LLC
    
	
 
    	
NGL WATER SOLUTIONS   MID-CONTINENT, LLC
    
	
 
    	
OSTERMAN PROPANE, LLC
    
	
 
    	
PETRO SOURCE TERMINALS, LLC
    
	
 
    	
TRANSMONTAIGNE INC.
    
	
 
    	
TRANSMONTAIGNE PRODUCT SERVICES INC.
    
	
 
    	
TRANSMONTAIGNE SERVICES INC.
    
	
 
    	
TRANSMONTAIGNE GP L.L.C.
    

 

 

	
 
    	
By:
    	
/s/ Atanas H. Atanasov
    
	
 
    	
 
    	
Name: Atanas H.   Atanasov
    
	
 
    	
 
    	
Title: Chief Financial   Officer and Treasurer
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
SECURED PARTIES:
    
	
 
    	
 
    
	
 
    	
DEUTSCHE BANK TRUST COMPANY   AMERICAS, as Administrative Agent and as Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Estelle Lawrence
    
	
 
    	
 
    	
Name: Estelle Lawrence
    
	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert S. Peschler
    
	
 
    	
 
    	
Name: Robert S.   Peschler
    
	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DEUTSCHE   BANK AG, NEW YORK BRANCH,
    
	
 
    	
as a Lender, as   Swingline Lender, as an Issuing Bank and as Technical Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shari Bandner
    
	
 
    	
 
    	
Name: Shari Bandner
    
	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Chapman
    
	
 
    	
 
    	
Name: Chris Chapman
    
	
 
    	
 
    	
Title: Director
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

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

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
BNP PARIBAS,
    
	
 
    	
as a Lender and Issuing   Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Matt Worstell
    
	
 
    	
 
    	
Name: Matt Worstell
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert J. Smith
    
	
 
    	
 
    	
Name: Robert J. Smith
    
	
 
    	
 
    	
Title: Director
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
THE BANK OF   TOKYO-MITSUBISHI UFJ, LTD.,
    
	
 
    	
as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Rick Wernli
    
	
 
    	
 
    	
Name: Rick Wernli
    
	
 
    	
 
    	
Title: Managing   Director
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
PNC BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender and Issuing   Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Adam Macklin
    
	
 
    	
 
    	
Name: Adam Macklin
    
	
 
    	
 
    	
Title: Assistant Vice   President
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
THE ROYAL BANK OF SCOTLAND   PLC,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Nathan Bautista
    
	
 
    	
 
    	
Name: Nathan Bautista
    
	
 
    	
 
    	
Title: Authorised   Signatory
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
RAYMOND JAMES BANK,   N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott G. Axelrod
    
	
 
    	
 
    	
Name: Scott G. Axelrod
    
	
 
    	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

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

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

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

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
UBS AG, STAMFORD   BRANCH,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Houssem Daly
    
	
 
    	
 
    	
Name: Houssem Daly
    
	
 
    	
 
    	
Title: Associate   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Craig Pearson
    
	
 
    	
 
    	
Name: Craig Pearson
    
	
 
    	
 
    	
Title: Associate   Director
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
COMMERCE BANK, N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Shannon O’Doherty
    
	
 
    	
 
    	
Name: Shannon O’Doherty
    
	
 
    	
 
    	
Title: President
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
AMEGY BANK NATIONAL ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kevin Donaldson
    
	
 
    	
 
    	
Name: Kevin Donaldson
    
	
 
    	
 
    	
Title: SVP
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
GOLDMAN SACHS BANK USA,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michelle Latzoni
    
	
 
    	
 
    	
Name: Michelle Latzoni
    
	
 
    	
 
    	
Title: Authorized   Signatory
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
MACQUARIE BANK LIMITED,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Byron den Hertog
    
	
 
    	
 
    	
Name: Byron den Hertog
    
	
 
    	
 
    	
Title: Division Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Nathan Booker
    
	
 
    	
 
    	
Name: Nathan Booker
    
	
 
    	
 
    	
Title: Division   Director
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
KEYBANK NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Dravenstott
    
	
 
    	
 
    	
Name: John Dravenstott
    
	
 
    	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jacob Osterman
    
	
 
    	
 
    	
Name: Jacob Osterman
    
	
 
    	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
BARCLAYS BANK PLC,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ronnie Glenn
    
	
 
    	
 
    	
Name: Ronnie Glenn
    
	
 
    	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
SOCIÉTÉ GÉNÉRALE
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michiel V.M. van   der Voort
    
	
 
    	
 
    	
Name: Michiel V.M. van   der Voort
    
	
 
    	
 
    	
Title: Managing   Director
    

 

Signature Page to Amendment No. 8 to Credit Agreement

 

 

	
 
    	
MIZUHO BANK, LTD.
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Leon Mo
    
	
 
    	
 
    	
Name: Leon Mo
    
	
 
    	
 
    	
Title: Authorized Signatory
    

 

Signature Page to Amendment No. 8 to Credit Agreement

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