Document:

Exhibit 10.4

 

JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT

 

This Joinder and Third Amendment to Credit Agreement (this “Amendment”) is entered into as of the 11th day of February, 2011 (the “Amendment Effective Date”), by and among NGL ENERGY PARTNERS LP, a Delaware limited partnership (“Parent”), SILVERTHORNE OPERATING LLC, a Delaware limited liability company (“Silverthorne”), each subsidiary of Silverthorne listed as a “Borrower” on the signature pages hereto (together with Silverthorne, each a “Borrower”, and collectively, the “Borrowers”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as agent (the “Agent”) for the Lenders (defined below), and the Additional Revolving Lenders (defined below).

 

RECITALS

 

WHEREAS, the Credit Parties, the Agent, and the financial institutions party thereto (the “Lenders”) have executed that certain Credit Agreement dated as of October 14, 2010 (as such may be amended, modified and supplemented from time to time, the “Credit Agreement”), and the Credit Parties; unless otherwise defined herein, all capitalized terms not defined herein have the meaning given such terms in the Credit Agreement;

 

WHEREAS, the Borrowers have requested an increase in the Total Acquisition Revolving Commitment (the “Commitment Increase”) pursuant to Section 2.4(c) of the Credit Agreement and have obtained additional Commitments in the aggregate totaling $30,000,000 from SunTrust Bank and The F&M Bank & Trust Company (the “Additional Revolving Lenders”);

 

WHEREAS, the Agent, the Swingline Lender, and each Issuing Bank have separately approved the joinder of the Additional Revolving Lenders to the Credit Agreement as new Revolving Lenders as required by Section 2.4(c) of the Credit Agreement;

 

WHEREAS, the Credit Parties and the Additional Revolving Lenders have requested the Agent agree to amend the Credit Agreement as set forth herein and in accordance with Section 2.4(d) of the Credit Agreement; and

 

WHEREAS, the Agent is willing to amend the Credit Agreement as set forth herein, subject to the terms and conditions contained herein.

 

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound hereby, the parties hereby agree as follows:

 

Section 1.               Joinder of Additional Revolving Lenders.

 

1.1.          Joinder.  Each Additional Revolving Lender hereby acknowledges, agrees and confirms that, by its execution of this Amendment, it will be deemed to be a Revolving Lender under the Credit Agreement for all purposes of the Credit Agreement and will have, and will be bound by, all of the rights and obligations of a Revolving Lender thereunder as if it had executed the Credit Agreement.

 

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1.2.          Reaffirmation of Obligations.  Each Credit Party hereby acknowledges, agrees and confirms that, by its execution of this Amendment it accepts each Additional Revolving Lender as a Revolving Lender for all purposes of the Credit Agreement and reaffirms its Obligations to the Revolving Lenders (including the Additional Revolving Lenders) under the Credit Agreement and the other Loan Documents.

 

Section 2.               Amendments to Schedule 1.1A of the Credit Agreement.  In reliance upon the representations, warranties, covenants and conditions contained in this Amendment, Schedule 1.1A to the Credit Agreement is amended and restated in its entirety by Schedule 1.1A attached hereto.

 

Section 3.               Conditions Precedent to Amendment.  This Amendment will be effective as of the Amendment Effective Date, on the condition that the following conditions precedent will have been satisfied:

 

3.1.          Amendment.  The Agent will have received counterparts of this Amendment executed on behalf of the Credit Parties, the Agent, and the Additional Revolving Lenders.

 

3.2.          Certificates.  The Borrowers shall have delivered to the Agent a certificate of each Credit Party (in sufficient copies for each Lender) signed by an authorized officer of such Credit Party (a) certifying and attaching the resolutions adopted by such Credit Party approving or consenting to the Commitment Increase, and (b) certifying that, before and after giving effect to the increase (i) the representations and warranties contained in Section 5 of the Credit Agreement and the other Loan Documents are true and correct, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and (ii) no Default or Event of Default exists.

 

3.3.          Return of Existing Notes; Execution of New Notes.  Each Revolving Lender that has received a Note shall have returned such Note to the Agent for reissuance in order to reflect the reallocated Commitments and Revolving Loans.  The Borrowers shall have executed and delivered to the Agent new Notes in exchange for such surrendered Notes in amounts reflecting the reallocated Commitments and Revolving Loans.

 

3.4.          Fees.  The Borrowers shall have paid on or before the Amendment Effective Date all fees owed to any Additional Revolving Lender by the Borrowers under any commitment letters or fee letters entered into between the Borrowers or any of their Affiliates and any Additional Revolving Lenders.

 

Section 4.               Representations, Warranties, and Covenants of the Credit Parties.  To induce the Agent to enter into this Amendment, each of the Credit Parties hereby represents, warrants, and covenants to the Agent as follows:

 

4.1.          Due Authorization; No Conflict.  The execution, delivery and performance by the Credit Parties of this Amendment are within each Credit Party’s limited liability company or partnership powers (as applicable), have been duly authorized by all necessary action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not violate, conflict with, or constitute a default under any Legal Requirement, the Organizational Documents of any Credit Party, or any material contract binding upon any of the Credit Parties,

 

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or result in the creation or imposition of any Lien upon any of the assets of any of the Credit Parties.

 

4.2.          Validity and Enforceability.  This Amendment constitutes the valid and binding obligation of each of the Credit Parties enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally, and general equitable principles including remedies of specific performance and injunction.

 

4.3.          No Defenses.  None of the Credit Parties has any defenses to payment, counterclaims, or right of set-off with respect to any Obligations existing as of the Amendment Effective Date.

 

Section 5.               Miscellaneous.

 

5.1.          Reaffirmation of Loan Documents.  Any and all of the terms and provisions of the Credit Agreement and the Loan Documents will, 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 Obligations, each of which are hereby ratified and affirmed.  This Amendment constitutes a Loan Document.

 

5.2.          Parties in Interest.  All of the terms and provisions of this Amendment will bind and inure to the benefit of the parties to the Credit Agreement and their respective successors and assigns.

 

5.3.          Expenses.  As provided in Section 10.9 of the Credit Agreement, the Borrowers hereby agree to pay on demand all legal and other fees, costs and expenses incurred by the Agent in connection with the negotiation, preparation, and execution of this Amendment and all related documents.

 

5.4.          Counterparts.  This Amendment may be executed in counterparts, and all parties need not execute the same counterpart; however, no party shall be bound by this Amendment until the Credit Parties, the Agent and the Additional Revolving Lenders have executed a counterpart.  Facsimiles or other electronic transmission (e.g., pdf) will be effective as originals.

 

5.5.          Complete Agreement.  THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

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

 

[Signature Pages Follow]

 

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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 first written above.

 

 

	
BORROWERS:
    	
SILVERTHORNE   OPERATING LLC, a Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Jones
    
	
 
    	
Name:
    	
Craig   Jones
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
NGL   SUPPLY, LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Jones
    
	
 
    	
Name:
    	
Craig   Jones
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
HICKSGAS,   LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Jones
    
	
 
    	
Name:
    	
Craig   Jones
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
NGL   SUPPLY RETAIL, LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Jones
    
	
 
    	
Name:
    	
Craig   Jones
    
	
 
    	
Title:
    	
Chief   Financial Officer
    

 

 

[Signature Page]

JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT

SILVERTHORNE OPERATING LLC

 

 

	
 
    	
NGL   SUPPLY WHOLESALE, LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Jones
    
	
 
    	
Name:
    	
Craig   Jones
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
NGL   SUPPLY TERMINAL COMPANY, LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Jones
    
	
 
    	
Name:
    	
Craig   Jones
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
PARENT/GUARANTOR:
    	
NGL   ENERGY PARTNERS LP, a Delaware limited partnership
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Jones
    
	
 
    	
Name:
    	
Craig   Jones
    
	
 
    	
Title:
    	
Chief   Financial Officer
    

 

 

[Signature Page]

JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT

SILVERTHORNE OPERATING LLC

 

 

	
AGENT:
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Haylee M. Dallas
    
	
 
    	
Name:
    	
Haylee   M. Dallas
    
	
 
    	
Title:
    	
Associate
    

 

 

[Signature Page]

JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT

SILVERTHORNE OPERATING LLC

 

 

	
ADDITIONAL   REVOLVING LENDERS:
    	
SUNTRUST   BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Yates
    
	
 
    	
Name:
    	
David   Yates
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Address   for Notices:
    
	
 
    	
 
    	
SunTrust   Bank
    
	
 
    	
 
    	
303   Peachtree Street NE 4th Floor
    
	
 
    	
 
    	
Atlanta,   GA 30308
    
	
 
    	
Attention:
    	
Carmen   Malizia
    
	
 
    	
Facsimile:
    	
(404)   827-6270
    
				

 

 

[Signature Page]

JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT

SILVERTHORNE OPERATING LLC

 

 

	
 
    	
THE   F&M BANK & TRUST COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Carol E. Owens
    
	
 
    	
Name:
    	
Carol   E. Owens
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Address   for Notices:
    
	
 
    	
 
    	
F&M   Bank & Trust Company
    
	
 
    	
 
    	
1330   S. Harvard
    
	
 
    	
 
    	
Tulsa,   OK 74112
    
	
 
    	
Attention:
    	
Carol   E. Owens
    
	
 
    	
Facsimile:
    	
(918)   743-6256
    
				

 

 

[Signature Page]

JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT

SILVERTHORNE OPERATING LLC

 

 

SCHEDULE 1.1A

 

REVOLVING CREDIT COMMITMENTS

 

	
Lender
    	
 
    	
Acquisition
   Commitment
   Amount
    	
 
    	
Working
   Capital
   Commitment
   Amount
    	
 
    	
Total
   Commitment
   Amount
    	
 
    
	
Wells Fargo Bank, National Association
    	
 
    	
$
    	
21,666,667
    	
 
    	
$
    	
8,333,333
    	
 
    	
$
    	
30,000,000
    	
 
    
	
Harris N.A.
    	
 
    	
$
    	
21,666,667
    	
 
    	
$
    	
8,333,333
    	
 
    	
$
    	
30,000,000
    	
 
    
	
BNP Paribas
    	
 
    	
$
    	
21,666,667
    	
 
    	
$
    	
8,333,333
    	
 
    	
$
    	
30,000,000
    	
 
    
	
Royal Bank of Canada 
    	
 
    	
$
    	
21,666,667
    	
 
    	
$
    	
8,333,333
    	
 
    	
$
    	
30,000,000
    	
 
    
	
SunTrust Bank
    	
 
    	
$
    	
14,444,444
    	
 
    	
$
    	
5,555,556
    	
 
    	
$
    	
20,000,000
    	
 
    
	
Capital One, N.A.
    	
 
    	
$
    	
10,833,333
    	
 
    	
$
    	
4,166,667
    	
 
    	
$
    	
15,000,000
    	
 
    
	
BOKF, NA DBA Bank   of Oklahoma
    	
 
    	
$
    	
10,833,333
    	
 
    	
$
    	
4,166,667
    	
 
    	
$
    	
15,000,000
    	
 
    
	
F&M Bank & Trust Company
    	
 
    	
$
    	
7,222,222
    	
 
    	
$
    	
2,777,778
    	
 
    	
$
    	
10,000,000
    	
 
    
	
Total Commitments:
    	
 
    	
$
    	
130,000,000
    	
 
    	
$
    	
50,000,000
    	
 
    	
$
    	
180,000,000
    	
 
    

 

Schedule 1.1A-1Asia Green Agriculture Corp.: Exhibit 4.3 - Filed by newsfilecorp.com

EXHIBIT 4.3

CANCELLATION AGREEMENT

CANCELLATION AGREEMENT, dated August 20, 2010 (this
"Agreement"), by and among, SMSA Palestine Acquisition Corp., a Nevada
corporation (the "Company"), and Mr. Yang Yongjie (the "Canceling
Party").

BACKGROUND

On or about the date hereof the Company has entered into a
Share Exchange Agreement with Sino Oriental Agriculture Limited, a British
Virgin Islands company ("Sino Oriental"), and the shareholder of Sino
Oriental (the "Shareholders"), pursuant to which the Company will acquire
from the Shareholders all of the issued and outstanding capital stock of Sino
Oriental in exchange for 11,685,617 shares of the Company's common stock (the
"Share Exchange Transaction").

It is a condition precedent to the consummation of the Share
Exchange Transaction that the Canceling Party enter into this Agreement, which
will effectuate the cancellation of 3,895,272 shares of the common stock, par
value $.001 per share, of the Company held by the Canceling Party (the
"Subject Shares"). The Canceling Party is entering into this Agreement
to, among other things, induce Sino Oriental and the Shareholder to enter into
the Share Exchange Transaction and the Canceling Party acknowledges that Sino
Oriental and the Shareholders would not consummate the transactions contemplated
by the Share Exchange Transaction unless the transactions contemplated hereby
are effectuated in accordance herewith.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

1.         
Cancellation of Subject Shares. The Canceling Party has delivered to the Company
for cancellation stock certificates representing the Subject Shares along with
duly executed medallion guaranteed stock powers covering the Subject Shares (or
such other documents acceptable to the Company's transfer agent) and hereby
irrevocably instructs the Company and the Company's transfer agent to cancel the
Subject Shares from certificate reference number BK 1590 such that the Subject
Shares will no longer be outstanding on the stock ledger of the Company and such
that the Canceling Party shall no longer have any interest in the Subject Shares
whatsoever. The Company shall immediately deliver to the Company's transfer
agent irrevocable instructions providing for the cancellation of the Subject
Shares.

2.         
Representations by the Canceling Party.

(a)          The
Canceling Party owns the Subject Shares, of record and beneficially, free and
clear of all liens, claims, charges, security interests, and encumbrances of any
kind whatsoever. The Canceling Party has sole control over the Subject Shares or
sole discretionary authority over any account in which they are held. Except for
this Agreement, no person has any option or right to purchase or otherwise
acquire the Subject Shares, whether by contract of sale or otherwise, nor is
there a "short position" as to the Subject Shares.

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(b)          The
Canceling Party has full right, power and authority to execute, deliver and
perform this Agreement and to carry out the transactions contemplated hereby.
This Agreement has been duly and validly executed and delivered by the Canceling
Party and constitutes a valid, binding obligation of the Canceling Party,
enforceable against it in accordance with its terms (except as such enforceability may be limited by laws affecting creditor's rights
generally).

3.         
Further Assurances. Each party to this Agreement will use his or its best
efforts to take all action and to do all things necessary, proper, or advisable
in order to consummate and make effective the transactions contemplated by this
Agreement (including the execution and delivery of such other documents and
agreements as may be necessary to effectuate the cancellation of the Subject
Shares).

4.         
Amendment and Waiver. Any term, covenant, agreement or condition of this
Agreement may be amended, with the written consent of the Company and the
Canceling Party, or compliance therewith may be waived (either generally or in a
particular instance and either retroactively or prospectively), by one or more
substantially concurrent written instruments signed by the Company and the
Canceling Party.

5.         
Survival of Agreements, Representations and Warranties, etc. All representations
and warranties contained herein shall survive the execution and delivery of this
Agreement.

6.         
Successors and Assigns. This Agreement shall bind and inure to the benefit of
and be enforceable by the Company and the Canceling Party, and their respective
successors and assigns.

7.         
Governing Law. This Agreement (including the validity thereof and the rights and
obligations of the parties hereunder and thereunder) and all amendments and
supplements hereof and thereof and all waivers and consents hereunder and
thereunder shall be construed in accordance with and governed by the internal
laws of the State of New York without regard to its conflict of laws rules,
except to the extent the laws of Delaware are mandatorily applicable.

8.         
Miscellaneous. This Agreement embodies the entire agreement and understanding
between the parties hereto and supersedes all prior agreements and
understandings relating to the subject matter hereof. In case any provision of
this Agreement shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. This Agreement may be executed in any number of
counterparts and by the parties hereto on separate counterparts but all such
counterparts shall together constitute but one and the same instrument. This
Agreement may be reproduced by any electronic, photographic, photostatic,
magnetic, microfilm, microfiche, microcard, miniature photographic, facsimile or
other similar process and the original thereof may be destroyed. The parties
agree that any such reproduction shall, to the extent permitted by law, be as
admissible in evidence as the original itself in any judicial or administrative
proceeding (whether or not the original is in existence and whether or not the
reproduction was made in the regular course of business) and that any
enlargement, facsimile or further reproduction shall likewise be admissible in
evidence. Facsimile execution and delivery of this Agreement is legal, valid and
binding execution and delivery for all purposes.

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IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

	 	SMSA Palestine Acquisition Corp. 	 
	 	  	  	 
	 	By:.	/s/ Yang Yongjie	 
	 	Name: 	Yang Yongjie 	 
	 	Title: 	Chief Executive Officer   	 
	 	  	  	 
	 	/s/ Yang Yongjie 	 
	 	Yang Yongjie 	 

 

[Signature Page to Cancellation Agreement]

 

-3-

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