Document:

EX-10.5

 EXHIBIT 10.5 

INDEMNIFICATION AGREEMENT 

This INDEMNIFICATION AGREEMENT is made this 15th day of November, 2016 (“Agreement”) by and between PennantPark Investment
Corporation (the “Company”) and each of the Company’s Directors and/or Officers listed on Schedule A hereto (each, an “Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee currently serves as a Director/Officer and, therefore, may be subjected to claims, suits or
proceedings arising as a result of Indemnitee’s service; and 
 WHEREAS, as an inducement to Indemnitee to continue to serve as such
Director/Officer, the Company has agreed to indemnify Indemnitee against expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent that is lawful; and 

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification; 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as
follows: 
 Section 1.    Definitions.  For purposes of this Agreement: 

(a)         “Board” means the board of directors of the Company. 

(b)         “Corporate Status” means the status of a person as a Director, Officer, employee
or agent of the Company. 
 (c)         “Director” means a director of the Company. 

(d)         “Disabling Conduct” means willful misfeasance, bad faith, or gross negligence in
the performance of Indemnitee’s duties as a Director/Officer, or reckless disregard of Indemnitee’s duties as a Director/Officer. Disabling Conduct also shall mean (i) an act or omission of Indemnitee that is material to the matter
giving rise to a Proceeding and was committed in bad faith or was the result of active and deliberate dishonesty, (ii) actual receipt of an improper personal benefit in money, property, or services by Indemnitee, or (iii) in the case of a
criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. 
 (e)
        “Expenses” shall include all reasonable attorneys’ fees and all reasonable costs, including, without limitation, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. 
 (f)
         “Independent Counsel” means counsel that meets all of the following criteria: (i) is “independent legal counsel” within the meaning of
Rule 0-1(a)(6) under the Investment Company Act of 1940, as amended (the “1940 Act”), in respect of the Company; (ii) is experienced in matters of the 1940 Act and Maryland corporate law;
(iii) is not currently representing, nor in the past two years has been retained to represent, the Company or Indemnitee in any matter material to either such party; and (iv) is not currently representing, nor in the past two years has
been retained to represent, any other party 

 
in the Proceeding giving rise to a request for indemnification hereunder, except that the counsel also may represent another Independent Director in the Proceeding. Independent Counsel shall be
selected by Indemnitee and approved by the Board (which approval shall not be unreasonably withheld). In the event that the Board does not approve Indemnitee’s selection within 30 days of written notice from Indemnitee of Indemnitee’s
selection, Indemnitee may select another counsel from a law firm having 100 or more attorneys and rated “AV” in Martindale-Hubbell Law Directory to act as Independent Counsel for purposes of this Agreement, provided that such other counsel
satisfies the criteria in (i) through (iv) in this paragraph. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under applicable standards of professional conduct, would have a
material conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

(g)         “Indemnifiable Amounts” means reasonable Expenses, and any judgment, settlement,
penalty or fine actually incurred by Indemnitee or on Indemnitee’s behalf in connection with a Proceeding. 
 (h)
        “Independent Director” means a Director who is not an “interested person” (as defined in the 1940 Act) of the Company. 

(i)          “Officer” means an officer of the Company appointed by the Board pursuant
to the Company’s governing documents. 
 (j)          “Proceeding” includes any
claim, action, suit, arbitration, alternative dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative, except one initiated by an Indemnitee pursuant to
Section 7 of this Agreement to enforce Indemnitee’s rights under this Agreement. 

Section 2.    Services by Indemnitee.  Indemnitee agrees to continue to serve as a Director/Officer
but may resign, at any time and for any reason, from such position (subject to any other contractual obligation or any obligation imposed by operation of law). The Company shall have no obligation under this Agreement to continue Indemnitee in such
position, but, in the event that Indemnitee ceases to serve as a Director/Officer, Indemnitee shall nevertheless retain all rights provided under this Agreement until its termination. This Agreement shall not be deemed an employment contract between
the Company (or any of its subsidiaries) and Indemnitee. 
 Section 3.    Indemnification –
General.  The Company shall indemnify, and advance Expenses to, Indemnitee (a) as specifically provided in this Agreement and the Company’s governing documents and (b) otherwise to the fullest extent permitted by
applicable law in effect on the date hereof and as amended from time to time; provided, however, that no change in applicable law shall have the effect of reducing the benefits available to Indemnitee hereunder based on applicable law as in effect
on the date hereof. The rights of Indemnitee provided in this Section shall include, but shall not be limited to, all rights set forth in the other Sections of this Agreement. 

Section 4.    Rights of Indemnification; Indemnification of Expenses for a Party.  Indemnitee shall
be entitled to the rights of indemnification provided in this Section 4 if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to or otherwise involved in any pending, actual, completed or
threatened Proceeding, whether or not such Proceeding is brought by or in the right of the Company and irrespective of when the conduct that is the subject of the Proceeding occurred. Pursuant to this Section 4, and subject to the procedures
contained in Section 6 of this Agreement, Indemnitee shall be indemnified against all Indemnifiable Amounts by reason of Indemnitee’s Corporate Status to the maximum extent permitted by applicable law in effect at the date of this

  
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Agreement or at the time of the request for indemnification, whichever is greater, provided that Indemnitee shall not be indemnified against Indemnifiable Amounts if Indemnitee is made
party in a Proceeding and found liable by reason of Disabling Conduct. Without limiting any other rights of Indemnitee in this Agreement, if Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to
one or more but less than all claims, issues or matters in such Proceeding, or is not successful as to one or more claims for reasons other than Disabling Conduct, the Company shall indemnify Indemnitee against all Indemnifiable Amounts incurred by
Indemnitee or on Indemnitee’s behalf in connection with each claim, issue or matter to the maximum extent permitted by applicable law in effect at the date of this Agreement or at the time of the request for indemnification, whichever is
greater. For purposes of this Section and without limitation, subject to the procedures contained in Section 6 of this Agreement, the termination of any claim, issue or matter in any such pending Proceeding by dismissal, with or without
prejudice, or by settlement agreement without an admission of liability, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 5.    Advancement of Expenses. 

(a)         Advancement of Expenses of a Party. The Company shall advance all Expenses incurred
by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party, within 10 business days after the receipt by the Company of a statement or statements from Indemnitee requesting such
advance or advances from time to time, prior to final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by (a) a written
affirmation by Indemnitee of Indemnitee’s good faith belief that Indemnitee has not engaged in Disabling Conduct in connection with the Proceeding and (b) a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced
if it shall ultimately be determined that Indemnitee has engaged in Disabling Conduct or if Indemnitee is not successful with respect to a claim, issue or matter by reason of Disabling Conduct, as determined in accordance with Section 4.
Furthermore, any such advancement shall be subject to the requirements and limitations of Section 17(h) of the 1940 Act. 

(b)         Indemnification and Advance of Expenses of a Non-Party. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate, or is otherwise involved, in any Proceeding, whether instituted by the
Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith within 10 days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee. 
 Section 6.    Procedure for Determination of
Entitlement to Indemnification. 
 (a)         To obtain indemnification under Sections 3 or 4
of this Agreement, Indemnitee shall submit a written request to the Company. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 (b)         Upon written request by Indemnitee for indemnification pursuant to Section 6(a)
hereof: (i) if the Indemnitee has been successful, on the merits or otherwise, in defense of the Proceeding at issue (including a decision in an action for which Indemnitee seeks indemnity under this Agreement), then Indemnitee shall be
entitled to indemnification for Indemnifiable Amounts, and (ii) if there has been a final non-appealable decision on the merits (including a decision in an action for which Indemnitee 

  
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seeks indemnity under this Agreement) by a court or other body in the Proceeding at issue or if, at the time of Indemnitee’s written request, there shall have been no final non-appealable
decision on the merits by a court or other body, including because the Proceeding at issue has been settled, then Indemnitee shall be entitled to indemnification, for Indemnifiable Amounts, provided that (a) where there has been a final
non-appealable decision on the merits, the court or other body adjudicating the Proceeding at issue did not find Indemnitee liable by reason of Disabling Conduct and (b) with respect to the Proceeding at issue, a determination is made that
indemnification is permissible under the circumstances because Indemnitee had not engaged in Disabling Conduct, by (1) the vote of a majority of the Independent Directors who are not parties to the Proceeding at issue, (2) Independent
Counsel in a written opinion, or (3) Company shareholders. Indemnitee shall be afforded a rebuttable presumption that Indemnitee has not engaged in Disabling Conduct, except no such presumption shall be afforded in those cases where a
Proceeding is terminated by conviction, or a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment. 

(c)         If it is determined that Indemnitee is entitled to indemnification under this Agreement,
payment to Indemnitee shall be made within 10 business days after such determination. Indemnitee shall cooperate with the person making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such
person upon reasonable request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses
(including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person making such determination, in response to a request by such person, shall be borne by the Company (irrespective of the
determination as to Indemnitee’s entitlement to indemnification). 
 Section 7.    Remedies of
Indemnitee. 
 (a)         If (i) a determination is made pursuant to Section 6 of
this Agreement that Indemnitee is not entitled to indemnification, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 6(b) or Section 6(c) within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 4 within 10 business days after receipt by the Company
of written request therefor pursuant to Section 6, or (v) payment of indemnification is not made within 10 business days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an
adjudication in an appropriate court of the state of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. 

(b)         If Indemnitee, pursuant to Section 7(a), seeks a judicial adjudication or an award in
arbitration of Indemnitee’s rights under, or to recover damages for breach of this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all Expenses actually and
reasonably incurred by Indemnitee in such judicial adjudication or arbitration, but only if Indemnitee prevails therein. If it shall be determined in said judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all
of the indemnification or advancement of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated in the same proportion as the amount of the indemnification or
advancement of Expenses awarded in the judicial adjudication or arbitration. 

  
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 Section 8.    Non-Exclusivity; Insurance; Subrogation; Exclusions.

 (a)         The rights of indemnification and advance of Expenses as provided by this Agreement
shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law or the Articles of Amendment and Restatement or Bylaws of the Company, any agreement, a vote of shareholders or a resolution of
Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in
Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. 
 (b)         If
the Company maintains liability insurance for Directors, Officers, employees, or agents of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available
(including coverage after Indemnitee is no longer serving in a Corporate Status for acts and omissions or alleged acts or omissions while serving in a Corporate Status) for any such Director, Officer, employee or agent under such policy or policies.

 (c)         In the event of any payment under this Agreement, when Indemnitee has been fully and
indefeasibly indemnified (hereunder and/or otherwise) in respect of all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with a
Proceeding by reason of Indemnitee’s Corporate Status, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d)
        The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder to the extent Indemnitee otherwise actually has received such payment under any
insurance policy, contract, agreement or otherwise. 
 (e)         Notwithstanding any other
provision of this Agreement to the contrary, the Company shall not be liable for indemnification or advance of Expenses in connection with any settlement or judgment for insider trading or for disgorgement of profits pursuant to Section 16(b)
of the Securities Exchange Act of 1934. 
 Section 9.    Duration of Agreement.  This Agreement
supersedes any and all prior agreements between the Company and Indemnitee with respect to the subject matter hereof. This Agreement shall continue until and terminate 10 years after the date that Indemnitee shall have ceased to serve as a Director,
Officer, employee, or agent of the Company, provided, that the rights of Indemnitee hereunder shall continue until the final termination of any proceeding then pending in respect of which Indemnitee is granted rights to indemnification or
advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 7 relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee
and Indemnitee’s heirs, executors and administrators. The Company agrees that it shall not sell, assign or otherwise transfer all or substantially all of its assets, or merge or reorganize with any other entity or series thereof, unless the
entity or series to which such sale, assignment or transfer is being made, or that is the survivor of any such merger or reorganization, agrees to assume all of the obligations (whether contingent or otherwise) of the Company hereunder. 

Section 10.  Severability.  If any provision or provisions of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable that is not itself 

  
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invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby. 
 Section 11.  Exception to Right of Indemnification or Advancement of Expenses. 

(a)         Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to
indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee (other than a Proceeding under Section 7(a) of this Agreement), unless the bringing of such Proceeding or making of such claim
shall have been approved by a vote a majority of the members of the Board. 
 (b)
        Notwithstanding any other provision of this Agreement, the Company shall not be liable to indemnify Indemnitee against any liability to the Company or its shareholders to which Indemnitee (other than a
Proceeding under Section 7(a) of this Agreement) otherwise would be subject by reason of Disabling Conduct. 
 (c)
        Notwithstanding any other provision of this Agreement, the Company shall not be liable to indemnify Indemnitee against any liability to the Company or its shareholders arising in connection with a
Proceeding by or in the right of the Company in which the Indemnitee shall have been adjudged to be liable to the Company in a final non-appealable decision on the merits by a court or other body. 

Section 12.  Identical Counterparts.  This Agreement may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the
existence of this Agreement. 
 Section 13.  Headings.  The headings of the Sections of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

Section 14.  Modification and Waiver.  No supplement, modification or amendment shall be binding unless
executed in writing by Indemnitee and the Company. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver. 
 Section 15.  Notice by Indemnitee.  Indemnitee shall promptly notify the Company in
writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advance of Expenses covered hereunder. The failure
to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such
Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 

  
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 Section 16.  Notices.  All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by
certified or registered mail with postage prepaid, on the third business day after the date on which it is mailed: 
 (a)
        If to one or more Indemnitee(s), to: 
 the address set forth below Indemnitee’s name
at the end 
 of this Agreement 

and, in the case of an Indemnitee that is an Independent 

Director, with copies to: 
 Nicole
M. Runyan 
 Stroock & Stroock & Lavan LLP 

180 Maiden Lane 
 New York, New
York 10038 
 (b)         If to the Company, to: 

PennantPark Investment Corporation 

590 Madison Avenue, 15th Floor 

New York, New York 10022 

Attention: Chief Financial Officer 

with copies to: 
 Thomas J.
Friedmann 
 David J. Harris 

William J. Tuttle 
 Dechert LLP

 1900 K Street, N.W. 

Washington, District of Columbia 20006 
 or to
such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

Section 17.  Governing Law.  The parties agree that this Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the state of Maryland. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
day and year first above written. 
  

			
		 	PENNANTPARK INVESTMENT CORPORATION            
		
		 	/s/ Arthur H.
Penn                                         
       
		 	By:    Arthur H. Penn
		 	Title: Chairman and Chief Executive Officer

  
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	AGREED TO AND ACCEPTED BY:
	
	 /s/ Adam K. Bernstein

	Name:	 	      Adam K. Bernstein
	
	 /s/ Marshall S. Brozost

	Name:	 	      Marshall S. Brozost
	
	 /s/ Jeffrey Flug

	Name:	 	      Jeffrey Flug
	
	 /s/ Samuel L. Katz

	Name:	 	      Samuel L. Katz
	
	 /s/ Arthur H. Penn

	Name:	 	      Arthur H. Penn
	
	 /s/ Aviv Efrat

	Name:	 	      Aviv Efrat
	
	 /s/ Guy F. Talarico

	Name:	 	      Guy F. Talarico

  
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 Schedule A 

Directors 
 Adam K. Bernstein 

Marshall Brozost 
 Jeffrey Flug 

Samuel L. Katz 
 Arthur H. Penn1 
 Officers 

Aviv Efrat 
 Guy F. Talarico 

 
  
  

 
  
  

 
  

 
  

	1 	Mr. Penn is Chief Executive Officer and Chairman of the Board of Directors of the Company.Exhibit 10.1

 

AMENDMENT NO. 6 TO CREDIT AGREEMENT

 

This Amendment No. 6 to Credit Agreement (this “Agreement”) dated as of November 18, 2016 (the “Effective Date”) is among JP Energy Partners LP, a Delaware limited partnership (the “Borrower”), JP Energy Refined Products, LLC, a Delaware limited liability company, JP Energy ATT, LLC, a Delaware limited liability company, JP Energy Caddo, LLC, a Delaware limited liability company, Pinnacle Propane, LLC, a Texas limited liability company, Pinnacle Propane Express, LLC, a Delaware limited liability company, Alliant Gas, LLC, a Texas limited liability company, JP Energy Crude Oil Services, LLC, a Delaware limited liability company, JP Falco, LLC, a Delaware limited liability company, JP Energy Storage, LLC, a Oklahoma limited liability company, JP Energy Permian, LLC, a Delaware limited liability company, JP Energy Products Supply, LLC, a Delaware limited liability company, and JP Liquids, LLC, a Delaware limited liability company, (each a “Guarantor”), the undersigned Lenders (as defined below) and Bank of America, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer.

 

INTRODUCTION

 

A.                                    The Borrower, the financial institutions party thereto as Lenders (the “Lenders”), and the Administrative Agent have entered into the Credit Agreement dated as of February 12, 2014 (as amended, restated, or modified from time to time, the “Credit Agreement”).

 

B.                                    The Borrower, the GP, American Midstream Partners, LP, American Midstream GP, LLC, Argo Merger Sub, LLC, and Argo Merger GP Sub, LLC have entered into that certain Agreement and Plan of Merger dated as of October 23, 2016 (as in effect on the Effective Date, the “AMID Acquisition Agreement”) and the other AMID Acquisition Documents (as hereinafter defined), pursuant to which American Midstream Partners, LP, through one or more wholly-owned subsidiaries, has agreed to purchase 100% of the Equity Interests in the Borrower (such acquisition, the “AMID Acquisition”).  For purposes hereof, the “AMID Acquisition Documents” shall mean (a) the AMID Acquisition Agreement, and (b) each other agreement, instrument, certificate or document executed and delivered by any Loan Party or any other party to the AMID Acquisition Agreement at any time in connection with the AMID Acquisition, as in effect on the Effective Date.

 

C.                                    In connection with the AMID Acquisition, the Borrower has requested that the Administrative Agent, the Lenders, the L/C Issuer and the Swing Line Lender agree to make certain amendments to the Credit Agreement, as set forth herein.

 

THEREFORE, in fulfillment of the foregoing, the Borrower, the Administrative Agent, the L/C Issuer, the Swing Line Lender and each of the undersigned Lenders hereby agree as follows:

 

Section 1.                                           Definitions; References.  Unless otherwise defined in this Agreement, each term used in this Agreement which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.

 

 

Section 2.                                           Amendments to Credit Agreement.  Effective upon the occurrence of the AMID Acquisition Effective Date (as defined in Section 6 below), the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 1.01 of the Credit Agreement is hereby amended by inserting the following new defined terms in the appropriate alphabetical order as follows:

 

“AMID Acquisition Effective Date” has the meaning set forth in the Sixth Amendment.

 

“Sixth Amendment” means that certain Amendment No. 6 to Credit Agreement dated as of November 18, 2016, among the Borrower, the Guarantors, the lenders party thereto, and the Administrative Agent.

 

(b)                                 The definition of “GP” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“GP” means, (i) prior to the occurrence of the AMID Acquisition Effective Date, JP Energy GP II, LLC, a Delaware limited liability company, and (ii) on and after the occurrence of the AMID Acquisition Effective Date, Argo Merger GP Sub, LLC, a Delaware limited liability company.

 

(c)                                  Section 10.06(a) of the Credit Agreement is hereby amended by (1) deleting “or” at the end of clause (ii) thereof, (2) adding “, or” at the end of clause (iii) thereof, and (2) adding the following new clause (iv):

 

(iv)                              that MLPFS may, without notice to the Borrower, assign its rights and obligations under this Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement.

 

(d)                                 Section 8.01 of the Credit Agreement is hereby amended by (1) deleting “or” at the end of clause (k) thereof, (2) adding “, or” at the end of clause (l) thereof, and (2) adding the following new clause (m):

 

(m)                             AMID Notes Offering. The net cash proceeds of any senior unsecured notes offering issued or guaranteed by American Midstream Partners, LP or any of its Subsidiaries are not (i) applied to the prepayment in full of the Obligations or (ii) used to redeem or repurchase such senior unsecured notes in accordance with the terms and conditions thereof, in each case, within 10 Business Days after the receipt of such net cash proceeds or, if applicable, the release of the same from escrow.

 

2

 

Section 3.                                           Reaffirmation of Liens; Reaffirmation of Guaranty.

 

(a)                                 Each of the Borrower and each Guarantor (i) is party to certain Collateral Documents securing and supporting the Borrower’s obligations under the Loan Documents, (ii) represents and warrants that it has no defenses to the enforcement of the Collateral Documents and that according to their terms the Collateral Documents will continue in full force and effect to secure the Borrower’s obligations under the Loan Documents, as the same may be amended, supplemented, or otherwise modified, and (iii) acknowledges, represents, and warrants that the liens and security interests created by the Collateral Documents are valid and subsisting and create a perfected Lien in the Collateral to the extent, and with the priority, contemplated by the Collateral Documents to secure the Borrower’s obligations under the Loan Documents, as the same may be amended, supplemented, or otherwise modified.

 

(b)                                 Each Guarantor hereby ratifies, confirms, and acknowledges that its obligations under the Loan Documents are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment and performance, when due, whether at stated maturity or earlier by acceleration or otherwise, of all of the Obligations, as such Obligations may have been amended by this Agreement.  Each Guarantor hereby acknowledges that its execution and delivery of this Agreement do not indicate or establish an approval or consent requirement by such Guarantor under the Credit Agreement in connection with the execution and delivery of amendments, modifications or waivers to the Credit Agreement or any of the other Loan Documents.

 

Section 4.                                           Representations and Warranties.  The Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

(a)                                 the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of the date of this Agreement except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of such earlier date;

 

(b)                                 (i) the execution, delivery, and performance of this Agreement are within the corporate, limited partnership or limited liability company power, as appropriate, and authority of the Borrower and the Guarantors and have been duly authorized by appropriate proceedings and (ii) this Agreement constitutes a legal, valid, and binding obligation of the Borrower and each Guarantor, enforceable against the Borrower and each such Guarantor in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; and

 

(c)                                  as of the effectiveness of this Agreement and after giving effect thereto, no Default or Event of Default has occurred and is continuing.

 

3

 

Section 5.                                           Conditions to Effectiveness of this Agreement.  Subject to Section 6 below with respect to the effectiveness of Section 2 of this Agreement, this Agreement shall become effective as of the Effective Date upon the occurrence of all of the following:

 

(a)                                 Documentation.  The Administrative Agent shall have received the following:

 

(1)                                 this Agreement, duly and validly executed by the Required Lenders and the Borrower and delivered to the Administrative Agent, in form and substance satisfactory to the Administrative Agent and the Required Lenders, in sufficient copies for each Lender;

 

(2)                                 a true and complete executed copy of each material AMID Acquisition Document as of the Effective Date including, for the avoidance of doubt, an executed copy of the AMID Acquisition Agreement, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent; and

 

(3)                                 a true and complete executed copy of an amendment to that certain Amended and Restated Credit Agreement dated as of September 5, 2014, among American Midstream, LLC, as a borrower, Blackwater Investments, Inc., as a borrower, American Midstream Partners, LP, the lenders party thereto, and Bank of America, as administrative agent (the “AMID Credit Agreement”) excluding the Borrower and its Subsidiaries from the requirements and limitations of the AMID Credit Agreement and otherwise in form and substance reasonably satisfactory to the Administrative Agent, which amendment shall be in full force and effect.

 

(b)                                 Representations and Warranties.  The representations and warranties in this Agreement and the other Loan Documents being true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of the date of this Agreement except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of such earlier date, and except that the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Sections 6.01 of the Credit Agreement.

 

(c)                                  No Default or Event of Default. Before and after giving effect to this Agreement, there being no Default or Event of Default which has occurred and is continuing.

 

(d)                                 Expenses.  The Borrower having paid all costs, expenses, and fees which have been invoiced and are payable pursuant to Section 10.04 of the Credit Agreement or any other written agreement.

 

Section 6.                                           Conditions to Effectiveness of Section 2.  Notwithstanding anything herein to the contrary, Section 2 of this Agreement shall become effective, and the Credit Agreement shall be amended as provided in Section 2, only upon the occurrence of the AMID 

 

4

 

Acquisition Effective Date.  For purposes of this Agreement, “AMID Acquisition Effective Date” is the date on or prior to which each of the following has occurred:

 

(1)                                 Consummation of the AMID Acquisition.  The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that (i) the AMID Acquisition is concurrently being consummated in accordance with applicable law and the terms of the AMID Acquisition Agreement, and American Midstream Partners, LP is acquiring, directly or indirectly, 100% of the Equity Interests in the Borrower as contemplated by the AMID Acquisition Agreement; and (ii) none of the AMID Acquisition Documents delivered pursuant to Section 5 of this Agreement have been amended or otherwise modified in any respect adverse to any Loan Party or to the interests of the Administrative Agent or any Lender and no new material AMID Acquisition Document has been entered into since the Effective Date, in each case, without the prior written consent of the Required Lenders.

 

(2)                                 Expenses.  The Borrower having paid all costs, expenses, and fees which have been invoiced and are payable pursuant to Section 10.04 of the Credit Agreement or any other written agreement.

 

Section 7.                                           Effect on Loan Documents.  Except as amended herein, the Credit Agreement and the Loan Documents remain in full force and effect as originally executed, and nothing herein shall act as a waiver of any of the Administrative Agent’s or Lenders’ rights under the Loan Documents, as amended.  This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Agreement may be a Default or Event of Default under other Loan Documents.

 

Section 8.                                           Choice of Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York.

 

Section 9.                                           Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original.

 

THIS WRITTEN AGREEMENT AND THE LOAN DOCUMENTS, AS DEFINED IN THE CREDIT AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[The remainder of this page has been left blank intentionally.]

 

5

 

EXECUTED as of the date first set forth above.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
JP   ENERGY PARTNERS LP
    
	
 
    	
By:   JP Energy GP II LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Patrick J. Welch
    
	
 
    	
Name:
    	
Patrick   J. Welch
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
JP ENERGY REFINED PRODUCTS, LLC
    
	
 
    	
JP ENERGY ATT, LLC
    
	
 
    	
JP ENERGY CADDO, LLC
    
	
 
    	
JP ENERGY CRUDE OIL SERVICES, LLC
    
	
 
    	
JP FALCO, LLC
    
	
 
    	
JP ENERGY STORAGE, LLC
    
	
 
    	
JP ENERGY PERMIAN, LLC
    
	
 
    	
JP ENERGY PRODUCTS SUPPLY, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Patrick J. Welch
    
	
 
    	
Name:
    	
Patrick   J. Welch
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PINNACLE PROPANE, LLC
    
	
 
    	
PINNACLE PROPANE EXPRESS,   LLC
    
	
 
    	
ALLIANT GAS, LLC
    
	
 
    	
JP LIQUIDS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Patrick J. Welch
    
	
 
    	
Name:
    	
Patrick   J. Welch
    
	
 
    	
Title:
    	
Chief   Financial Officer
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
ADMINISTRATIVE   AGENT:
    
	
 
    	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
as   Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Don B. Pinzon
    
	
 
    	
Name:
    	
Don   B. Pinzon
    
	
 
    	
Title:
    	
Vice   President
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.,   as a Lender, L/C Issuer, and Swing Line Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jameson Burke
    
	
 
    	
Name:
    	
Jameson   Burke
    
	
 
    	
Title:
    	
Vice   President
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
BANK   OF MONTREAL, as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kevin Utsey
    
	
 
    	
Name:
    	
Kevin   Utsey
    
	
 
    	
Title:
    	
Director
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Laureline de Lichana
    
	
 
    	
Name:
    	
Laureline   de Lichana
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Susana Fornies
    
	
 
    	
Name:
    	
Susana   Fornies
    
	
 
    	
Title:
    	
Assistant   Vice President
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
ZB,   N.A. dba Amegy Bank,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jill McSorley
    
	
 
    	
Name:
    	
Jill   McSorley
    
	
 
    	
Title:
    	
Senior   Vice President – Amegy Bank Division
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
ROYAL   BANK OF CANADA,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jay T. Sartain
    
	
 
    	
Name:
    	
Jay   T. Sartain
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
CADENCE   BANK, N.A. , as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   William W. Brown
    
	
 
    	
Name:
    	
William   W. Brown
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

 

 

	
 
    	
BARCLAYS   BANK PLC,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Graeme Palmer
    
	
 
    	
Name:
    	
Graeme   Palmer
    
	
 
    	
Title:
    	
Assistant   Vice President
    

 

SIGNATURE PAGE TO AMENDMENT NO. 6

JP ENERGY PARTNERS LP

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