Document:

zynex8kex102_8242010.htm

Exhibit 10.2

 

Anthony Scalese

17330 E. Lake Drive

Aurora, CO  80016

August 16, 2010

Dear Anthony,

I am pleased to make our offer of employment to you with Zynex, Inc.  The title of the offered position is Chief Financial Officer, reporting to Thomas Sandgaard, CEO.  The general terms of the offer are summarized below.  This offer is expressly contingent the final approval of the Board of Directors.

Start Date

Your employment will begin on September 1st, 2010.

Compensation Summary

Base Salary

Your base salary will be $168,000.00 annually.

Performance Bonus Eligibility

On an annual basis, you will be eligible to receive bonuses up to $60,000.00 in cash and 30,000 stock options.  Within 30 days of your employment date, the goals and objectives and achievement formulas will be documented for the remainder of 2010 and for 2011.  The CEO will determine the extent to which you have achieved the performance targets upon which your bonus is based, and the amount of bonus to be paid.

Company Stock Options

You will receive ongoing quarterly grants of 2,000 common stock options.  These options vest over four years, at a rate of 25% per year.

Signing Bonus

A one-time sign-on bonus of 100,000 common stock options will be granted to you on your employment start date.  The strike price is anticipated to be approximately $0.60 per share.  These options vest over four years, at a rate of 25% per year.

Benefits

You will be eligible for vacation, sick leave and paid holidays in accordance with current policy.  You will be eligible for Zynex’s medical, dental and vision benefits, and wellness plan, consistent with the benefits provided to other corporate officers.  A summary of your employee benefits is provided under separate cover.   The terms and conditions of your employment are described in this offer letter and in the Zynex Medical, Inc. handbook, which may be revised at any time by the company to reflect the current corporate policies and benefits.

  

  

  

Anthony, we are looking forward to your joining Zynex Medical, Inc. and feel that you will be able to make a significant contribution to our future growth.  However, it should be understood that employment with Zynex, Inc. is for no specific length of time and may be terminated by either party at any time, for any reason.

Zynex, Inc. will require you to sign a Confidentiality and Non-Compete Agreement, Non-Compete and Trade Secrets Agreement, and the terms of this offer shall expire on August 18th, 2010.

We look forward to your reply.

Sincerely,

/s/ Thomas Sandgaard

Thomas Sandgaard

Chief Executive Officer

Zynex, Inc.

Name Anthony Scalese                                                      Date  8/17/10

Signature  /s/Anthony ScaleseExhibit 10.1

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This
First Amendment to Amended and Restated Credit Agreement (this “First  Amendment”)
is made as of August 18, 2010, by and among GLOBAL
OPERATING LLC, a Delaware limited liability company (“OLLC”),
GLOBAL COMPANIES LLC, a Delaware
limited liability company (“Global”), GLOBAL
MONTELLO GROUP CORP., a Delaware corporation (“Montello”), GLEN HES CORP., a Delaware corporation (“Glen  Hes”),
CHELSEA SANDWICH LLC, a Delaware
limited liability company (“Chelsea  LLC”), GLP FINANCE
CORP., a Delaware corporation (“Finance”), GLOBAL ENERGY MARKETING LLC, a Delaware limited liability
company (“GEM”  and, collectively
with OLLC, Global, Montello, Glen Hes, Chelsea LLC and Finance, the “Borrowers”
and each a “Borrower”), GLOBAL PARTNERS LP,
a Delaware limited partnership (the “MLP”), GLOBAL GP LLC, a Delaware limited liability company (the “GP”
and, collectively with the MLP, the “Guarantors and each individually, a
“Guarantor”), each “Lender” (as such term is defined in the Credit
Agreement referred to below) (collectively, the “Lenders” and each
individually, a “Lender”) party hereto 
and Bank of America, N.A. as Administrative Agent and L/C Issuer (as
each such term is defined in the Credit Agreement), amending certain provisions
of that certain Amended and Restated Credit Agreement dated as of May 14,
2010 (as amended and in effect from time to time, the “Credit Agreement”)
by and among the Borrowers, the Guarantors, the Lenders, the Administrative Agent,
the L/C Issuer, JPMorgan Chase Bank, N.A. as Syndication Agent and Societe
Generale, Standard Chartered Bank, Wells Fargo Bank, N.A. and RBS Citizens,
National Association, as Co-Documentation Agents.  Terms not otherwise defined in the Credit
Agreement shall have the same respective meanings herein as therein.

 

WHEREAS, certain of the Borrowers are contemplating
acquiring from ExxonMobil Oil Corporation and Exxon Mobil Corporation
(collectively, the “Exxon  Sellers”) certain service station
properties and related assets in Massachusetts, New Hampshire and Rhode Island
for an aggregate purchase price of not more than $205,000,000 and the
assumption of certain environmental liabilities (the “Proposed  Acquisition”)
pursuant to, and in accordance with, the terms of that certain Sale and
Purchase Agreement dated as of May 24, 2010 by and between the Sellers and
Global, as the same may be amended (the “Purchase  Agreement”);
and

 

WHEREAS, pursuant to the terms of the Purchase Agreement,
the Proposed Acquisition is expected to be consummated in two or more stages,
with Global initially purchasing all of those properties and related assets
which are not operated by the Exxon Sellers (such stations and related assets
being hereinafter referred to as the “Dealer  Operated  Stations”)
for a purchase price of approximately $155,000,000 of the $205,000,000
contemplated total purchase price (such initial purchase being hereinafter
referred to as the “Initial  Closing”; and the purchase price to
be paid in connection with the Initial Closing being hereinafter referred to as
the “Initial  Payment”) and with Global then purchasing the
remaining forty two (42) properties and related assets which are operated by
the Exxon Sellers (such stations and related assets being hereinafter referred
to as the “Company  Operated  Stations”) in one or more
closings for the remaining portion of the purchase price (such subsequent
purchases being hereinafter referred to as the “Subsequent  Closings”
and each such closing of a Company Operated Station being 

 

 

hereinafter
referred to as a “Subsequent  Closing” and the purchase price to
be paid in connection with any Subsequent Closing being hereinafter referred to
as a “Subsequent  Payment” and the aggregate purchase price to be
paid in connection with all Subsequent Closings being hereinafter referred to
as the “Subsequent  Payments”); and

 

WHEREAS, in connection with the Proposed Acquisition, the
Borrowers have requested, in accordance with Section 2.13 of the Credit
Agreement, a $200,000,000 increase in the Aggregate Revolver Commitment, with
such increase to be effective upon the Escrow Funding Date (as hereinafter
defined), and certain of the Lenders have agreed to increase such Lender’s
Revolver Commitment on the Escrow Funding Date by the amounts set forth on Exhibit A
hereto; and

 

WHEREAS, in connection with the Proposed Acquisition, the
Exxon Sellers may require that Global fund the entire purchase price for the
Proposed Acquisition (and are requiring that Global fund at least the Initial
Payment associated with the Initial Closing) three (3) Business Days prior
to the consummation of the Initial Closing into an escrow account with Stewart
Title or another title insurance company acceptable to the Exxon Sellers and
Global (such title company being hereinafter referred to as the “Escrow  Agent”;
the amount so funded by Global to the Escrow Agent being hereinafter referred
to as the “Escrow  Amount”; the portion of the Escrow Amount to be
used to fund the Initial Payment being hereinafter referred to as the “Initial
Escrow  Amount” and the remaining portion of the Escrow Amount to
be used to fund any Subsequent Payment being hereinafter referred to as the “Subsequent
Escrow  Amount”) (such date of funding the Escrow Amount to the
Escrow Agent being hereinafter referred to as the “Escrow  Funding
Date”); and

 

WHEREAS, the Escrow Amount shall at all times until the
consummation of the Initial Closing of the Proposed Acquisition remain the
property of Global and, until the consummation of each Subsequent Closing, the
Subsequent Escrow Amount not necessary to fund such Subsequent Closing shall
remain the property of Global, and, in each case, shall not, by the terms of
such escrow, be paid to the Exxon Sellers until the Escrow Agent receives
instruction from Global upon the consummation of the Initial Closing of the
Proposed Acquisition (as it relates to the funding of the Initial Payment) and
the consummation of each Subsequent Closing of the Proposed Acquisition (as it
relates to the funding of any Subsequent Payment); and

 

WHEREAS, pursuant to the terms of such escrow, if the
Initial Closing of the Proposed Acquisition does not get consummated pursuant
to the terms of the Purchase Agreement within three (3) Business Days of
the Escrow Funding Date, such Escrow Amount shall be returned to Global (other
than that portion of any Escrow Amount which, by the terms of the Purchase
Agreement, is to be paid to the Exxon Sellers); and

 

WHEREAS, the Loan Parties, the Lenders and the
Administrative Agent and the L/C Issuer desire to amend certain provisions of
the Credit Agreement and to consent to certain modifications to the existing
provisions of the Credit Agreement, all as provided more fully herein below;

 

2

 

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

 

§1.  Consent  To  Modifications  to  Exercising
of  Accordion.  Notwithstanding
anything to the contrary contained in the Credit Agreement (including, without
limitation, the provisions of Section 2.13 thereof), the parties hereto
hereby agree that (a) the Borrowers have requested a $200,000,000 increase
in the Aggregate Revolver Commitment, such increase to be effective on the
Escrow Funding Date; (b) by their signature below, each Lender identified
on Exhibit A attached hereto (an “Increasing  Lender”)
has committed to increase its respective Revolver Commitment by the amount set
forth on Exhibit A (such amount for each Increasing Lender,
such Increasing Lender’s “Committed  Amount”) on the Escrow
Funding Date; (c) to the extent the Lenders have made Loans to the
Borrowers hereunder to enable Global to fund the Escrow Amount and the Initial
Closing of the Proposed Acquisition does not get consummated pursuant to the
terms hereof and thereof and the First Amendment Effective Date has not
occurred within three (3) Business Days of the Escrow Funding Date, the
Borrowers shall immediately repay any Loans borrowed to fund such Escrow Amount
and the Aggregate Revolver Commitment shall automatically be reduced by the
aggregate Committed Amounts, provided, the Borrowers shall be permitted
to subsequently increase the Aggregate Revolver Commitment in accordance with Section 2.13
of the Credit Agreement; (d) to the extent the Escrow Funding Date and the
First Amendment Effective Date does not occur by October 31, 2010, then,
effective November 1, 2010, each such Increasing Lender’s commitment to
increase its respective Revolver Commitment shall automatically terminate on
such date and be permanently reduced to zero; (e) to the extent the Escrow
Funding Date occurs on or prior to October 31, 2010, then on the Escrow
Funding Date, Schedule  2.01 to the Credit Agreement shall be
automatically updated to give effect to the increase in the Aggregate Revolver
Commitment (which shall be subject to reduction as set forth in clause (c) hereof);
(f) to the extent the Escrow Funding Date has not occurred by October 1,
2010 then on the earlier to occur of (i) the First Amendment Effective
Date and (ii) November 1, 2010, the Borrowers shall pay to the
Administrative Agent, for the pro rata accounts of the Increasing Lenders, an
annualized ticking fee of fifty (50) basis points on the Committed Amount for
the period of October 1, 2010 through the date such fee is paid; and (g) to
the extent the First Amendment Effective Date occurs prior to November 1,
2010, the Borrowers shall pay to the Administrative Agent for the account of
each Increasing Lender an upfront fee as contemplated in a certain fee letter
dated as of the date hereof by and between the Administrative Agent and the
Borrowers (the “Fee  Letter”).

 

§2.  Amendment  to  Section 1  of
the  Credit  Agreement.  Section 1.1
of the Credit Agreement is hereby amended as follows:

 

(a)                                  The definition
of “Acquisition Capital Expenditures” contained in Section 1.1 of the
Credit Agreement is hereby amended by inserting immediately after the words “Warex
Acquisition” which appear in such definition a comma and the words “XOM
Acquisition”.

 

3

 

(b)                                 The definition
of “Applicable Revolver Rate” contained in Section 1.1 of the Credit
Agreement is hereby amended by deleting such definition in its entirety and
restating it as follows:

 

“Applicable
Revolver Rate” means, in respect of the Revolver Loans, and prior to
the First Amendment Effective Date, (a) from the Closing Date to the date
on which the Administrative Agent receives a Compliance Certificate pursuant to
Section 6.02(b) for the fiscal quarter ended March 31,
2010, the applicable percentage per annum set forth below under Pricing Level
1, and (b) thereafter, the
applicable percentage per annum set forth below determined by reference to the
Combined Senior Secured Leverage Ratio as set forth in the most recent
Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b):

 

 

	
  Pricing

  Level

  	
   

  	
  Combined 

  Senior 

  Secured 

  Leverage 

  Ratio

  	
   

  	
  Applicable 

  Revolver 

  Rate for 

  Base Rate 

  Loans (in 

  basis 

  points)

  	
   

  	
  Applicable 

  Revolver Rate 

  for Eurodollar 

  Rate Loans 

  and Cost of 

  Funds Rate 

  Loans (in 

  basis points)

  
	
  1

  	
   

  	
  Less than 1.50:1.00

  	
   

  	
  200

  	
   

  	
  300

  
	
  2

  	
   

  	
  Greater than or equal to 1.50:1.00

  	
   

  	
  225

  	
   

  	
  325

  

 

and
from and after the First Amendment Effective Date, (a) from the First
Amendment Effective Date to the date on which the Administrative Agent receives
a Compliance Certificate pursuant to Section 6.02(b) for
the fiscal quarter ended immediately after the First Amendment Effective Date,
the applicable percentage per annum set forth below under Pricing Level 3, and (b) thereafter, the applicable
percentage per annum set forth below determined by reference to the Combined
Total Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agent pursuant to Section 6.02(b):

 

	
  Pricing 

  Level

  	
   

  	
  Combined 

  Total 

  Leverage 

  Ratio

  	
   

  	
  Applicable 

  Revolver 

  Rate for 

  Base Rate 

  Loans (in 

  basis 

  points)

  	
   

  	
  Applicable 

  Revolver Rate 

  for Eurodollar 

  Rate Loans 

  and Cost of 

  Funds Rate 

  Loans (in 

  basis points)

  
	
  1

  	
   

  	
  Less than 1.50:1.00

  	
   

  	
  200

  	
   

  	
  300

  

 

4

 

	
  2

  	
   

  	
  Greater than or equal to 1.50:1.00 but less
  than 2.50:1.00

  	
   

  	
  225

  	
   

  	
  325

  
	
  3

  	
   

  	
  Greater than or equal to 2.50:1.00 but less
  than 3.00:1.00

  	
   

  	
  250

  	
   

  	
  350

  
	
  4

  	
   

  	
  Greater than or equal to 3.00:1.00

  	
   

  	
  287.5

  	
   

  	
  387.5

  

 

Any increase or decrease in the Applicable Revolver
Rate resulting from a change in the Combined Senior Secured Leverage Ratio or
Combined Total Leverage Ratio, as the case may be, shall become effective as of
the first Business Day immediately following the date a Compliance Certificate
is delivered pursuant to Section 6.02(b); provided, however,
that if a Compliance Certificate is not delivered when due in accordance with
such Section, then, upon the request of the Required Lenders, the highest
pricing level shall apply in respect of all the Revolver Loans as of the first
Business Day after the date on which such Compliance Certificate was required
to have been delivered and in each case shall remain in effect until the date
on which such Compliance Certificate is delivered.

 

Notwithstanding anything to the contrary
contained in this definition, the determination of the Applicable Margin for
any period shall be subject to the provisions of Section 2.09(b).

 

(c)                                  The definition
of “Combined EBITDA” contained in Section 1.1 of the Credit Agreement is
hereby amended by deleting such definition in its entirety and restating it as
follows:

 

“Combined EBITDA” means
for any period, for each Applicable Loan Party and its Subsidiaries on a
combined basis, an amount equal to Combined Net Income for such period plus
(a) the following to the extent deducted in calculating such Combined Net
Income: (i) Combined Total  Interest
Expense for such period, (ii) the provision for Federal, state, local and
foreign income taxes payable by such Applicable Loan Party and its Subsidiaries
for such period, (iii) depreciation and amortization expense, (iv) other
non-recurring expenses of the Applicable Loan Parties and their Subsidiaries
reducing such Combined Net Income which do not represent a cash item in such
period or any future period, and (v) without duplication for any
adjustments made in connection with pro forma 

 

5

 

calculations made as a result of the XOM
Acquisition, solely as it relates to the XOM Acquisition, and solely with
respect to the fiscal quarter ending immediately after the fiscal quarter in
which the XOM Acquisition occurs, cash transaction expenses relating to the XOM
Acquisition approved by the Administrative Agent and in an aggregate amount not
to exceed $3,000,000 and regardless of whether such expenses were actually taken
in the quarter in which the XOM Acquisition occurred or the subsequent fiscal
quarter and minus (b) the following to the extent included in
calculating such Combined Net Income: (i) Federal, state, local and
foreign income tax credits of the Applicable Loan Parties and their
Subsidiaries for such period, and (ii) all nonrecurring non-cash items
increasing Combined Net Income for such period, provided,  however,
notwithstanding anything to the contrary contained herein, any gains or losses
from any Dispositions shall be excluded from the calculation of Combined
EBITDA.  For purposes of calculating
Combined EBITDA for purposes of calculating the minimum Combined EBITDA
covenant, the Combined Interest Coverage Ratio, the Combined Total Leverage
Ratio or the Combined Senior Secured Leverage Ratio for any period in which the
Warex Acquisition, the XOM Acquisition or a Permitted Acquisition has occurred,
Combined EBITDA shall be adjusted in a manner which is satisfactory to the
Administrative Agent in all respects to give effect to the consummation of the
Warex Acquisition, the XOM Acquisition or such Permitted Acquisition, as the
case may be, on a pro forma basis as if the Warex Acquisition, the XOM
Acquisition or such Permitted Acquisition, as the case may be, had occurred on
the first date of the test period.

 

(d)                                 Section 1.1
of the Credit Agreement is further amended by inserting the following
definitions in the appropriate alphabetical order:

 

“Company Stations” has the meaning set forth in the definition
of XOM Acquisition.

 

“Dealer Stations” has the meaning set forth in the definition of
XOM Acquisition.

 

“First Amendment” means that certain First Amendment to Amended
and Restated Credit Agreement dated as of August 18, 2010 by and among the
Loan Parties, the Lenders party thereto, the Administrative Agent and the L/C
Issuer.

 

“First Amendment Effective Date” has the meaning given such term
in the First Amendment.

 

“First Closing” has the meaning set forth in the definition of
XOM Acquisition.

 

6

 

“First Payment” has the meaning set forth in the definition of
XOM Acquisition.

 

“Reduction Date” means the last day of the fiscal quarter which
occurs in the first quarter in which any Loan Party receives proceeds of not
less than $75,000,000 from any Equity Issuance of a Loan Party or the issuance
of the Senior Unsecured Notes or unsecured Subordinated Debt, provided,
to the extent the Loan Parties have not received such proceeds on or prior to June 30,
2011, then the Reduction Date shall mean June 30, 2011.

 

“Subsequent Company Station Closing” has the meaning set forth
in the definition of XOM Acquisition.

 

“Subsequent Company Station Payment” has the meaning set forth
in the definition of XOM Acquisition.

 

“XOM Acquisition” means the acquisition by Global from the XOM
Sellers of certain service station properties and related assets in
Massachusetts, New Hampshire and Rhode Island for an aggregate purchase price
of not more than $205,000,000 (and the assumption of certain environmental
liabilities), subject to customary adjustments in the ordinary course as
contemplated by the XOM Purchase Agreement pursuant to the terms of the XOM
Purchase Agreement and, in connection therewith, the subsequent transfer by
Global of certain of the assets acquired from such XOM Sellers to
Montello.  For the avoidance of doubt,
pursuant to the terms of the XOM Purchase Agreement, the XOM Acquisition will
be consummated in two or more stages, with Global initially purchasing all
those properties and related assets which are not operated by the XOM Seller
(such stations and related assets being hereinafter referred to as the “Dealer
Stations”) for a purchase price of approximately $155,000,000 of the
$205,000,000 contemplated total purchase price (such initial purchase being
hereinafter referred to as the “First  Closing”; and the purchase
price to be paid in connection with the First Closing being hereinafter
referred to as the “First  Payment”) and with Global then
purchasing the remaining forty two (42) properties and related assets which are
operated by the XOM Seller (such stations and related assets being hereinafter
referred to as the “Company  Stations”) in one or more closings
for the remaining portion of the purchase price (each such subsequent purchase
being hereinafter referred to as a “Subsequent  Company  Station
Closing” and the purchase price to be paid in connection with each
Subsequent Company Station Closing being hereinafter referred to as a “Subsequent
Company  Station  Payment” and the aggregate purchase price
to be paid in connection with all Subsequent Company Station Closings being
hereinafter referred to as the “Subsequent  Company  Station
Payments”).

 

7

 

“XOM Purchase Agreement” means that certain Sale and Purchase
Agreement dated as of May 24, 2010 by and between the XOM Sellers and
Global, as the same may be amended.

 

“XOM Seller” means, collectively, ExxonMobil Oil Corporation, a
New York corporation and Exxon Mobil Corporation, a New Jersey corporation.

 

§3.  Amendment  to  Section 2  of
the  Credit  Agreement.  Section 2
of the Credit Agreement is hereby amended as follows:

 

(a)                                  Section 2.03(a)(i) of
the Credit Agreement is hereby amended by deleting the words “the Outstanding
Amount of the L/C Obligations for Product Under Contract LCs shall not exceed
$20,000,000” which appear in such section and substituting in place thereof the
words “the Outstanding Amount of the L/C Obligations for Product Under Contract
LCs shall not exceed $40,000,000”.

 

(b)                                 Section 2.03(h) of
the Credit Agreement is hereby amended by deleting Section 2.03(h) in
its entirety and restating it as follows:

 

(h)                                 Letter of
Credit Fees.  The
Borrowers shall pay to the Administrative Agent for the account of each Lender
in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter
of Credit Fee”)  for each
Letter of Credit equal to the Applicable WC Rate times the daily amount
available to be drawn under such Letter of Credit; provided, however,
any Letter of Credit Fees otherwise payable for the account of a Defaulting
Lender with respect to any Letter of Credit as to which such Defaulting Lender
has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to
this Section 2.03 shall be payable, to the maximum extent permitted
by applicable Law, to the other Lenders in accordance with the upward
adjustments in their respective Applicable Percentages allocable to such Letter
of Credit pursuant to Section 2.15(a)(iv), with the balance of such
fee, if any, payable to the L/C Issuer for its own account.  For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of
Credit shall be determined in accordance with Section 1.06.  Letter of Credit Fees shall be (i) due
and payable on the first Business Day after the end of each calendar month,
commencing with the first such date to occur after the issuance of such Letter
of Credit, on the Letter of Credit Expiration Date and thereafter on demand and
(ii) computed on a monthly basis in arrears.  If there is any change in the Applicable WC
Rate during any calendar month, the daily amount available to be drawn under
each Letter of Credit shall be computed and multiplied by the Applicable WR
Rate separately for each period during such month that such Applicable WC Rate
was in effect.  Notwithstanding anything
to the contrary contained herein, upon the request of the Required Lenders,
while any Event of Default exists, all Letter of Credit Fees shall accrue at
the Default Rate.

 

8

 

(c)                                  Section 2.03(i) of
the Credit Agreement is hereby amended by deleting Section 2.03(i) in
its entirety and restating it as follows:

 

(i)                                     Fronting Fee
and Documentary and Processing Charges Payable to L/C Issuer.  The Borrowers shall
pay directly to the L/C Issuer for its own account a fronting fee (i) with respect to each commercial
Letter of Credit, at the rate specified in the Fee Letter, computed on the
amount of such Letter of Credit, and payable upon the issuance thereof, (ii) with
respect to any amendment of a commercial Letter of Credit increasing the amount
of such Letter of Credit, at a rate separately agreed between the Borrowers and
the L/C Issuer, computed on the amount of such increase, and payable upon the
effectiveness of such amendment, and (iii) with respect to each
standby Letter of Credit, at the
rate per annum specified in the Fee Letter, computed on the daily amount
available to be drawn under such Letter of Credit on a monthly basis in
arrears.  Such fronting fee shall be due
and payable on the tenth Business Day after the end of each calendar month in respect of the most recently-ended monthly
period (or portion thereof, in the case of the first payment),
commencing with the first such date to occur after the issuance of such Letter
of Credit, on the Letter of Credit Expiration Date and thereafter on
demand.  For purposes of computing the
daily amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.06.  In addition, the Borrowers shall pay directly
to the L/C Issuer for its own account the customary issuance, presentation,
amendment and other processing fees, and other standard costs and charges, of
the L/C Issuer relating to letters of credit as from time to time in
effect.  Such customary fees and standard
costs and charges are due and payable on demand and are nonrefundable.

 

(d)                                 Section 2.13(a) of
the Credit Agreement is hereby amended by deleting Section 2.13(a) in
its entirety and restating it as follows:

 

(a)                                  Request for
Increase.  Provided
there exists no Default, upon notice to the Administrative Agent (which shall
promptly notify the Lenders), the Borrowers may from time to time from and
after the First Amendment Effective Date, request an increase in the Aggregate
WC Commitments or the Aggregate Revolver Commitments, or both, by an amount
(for all such requests) not exceeding $200,000,000; provided that (i) any
such request shall specify whether such request is for an increase in the
Aggregate WC Commitment, the Aggregate Revolver Commitment or both (and, if
both, the allocation between the two); (ii) any such request for an
increase shall be in a minimum amount of $5,000,000; and (iii) the
Aggregate Revolver Commitment may not be increased by more than
$50,000,000.  At the time of sending such
notice, the Borrowers (in consultation with the Administrative Agent) shall
specify the time period within which each Lender is requested to respond (which
shall in no event 

 

9

 

be less than ten Business
Days from the date of delivery of such notice to the Lenders).

 

§4.  Amendment  to  Section 6  of
the  Credit  Agreement.  Section 6
of the Credit Agreement is hereby amended as follows:

 

(a)                                  Section 6.01(a) of
the Credit Agreement is hereby amended by deleting Section 6.01(a) in
its entirety and restating it as follows:

 

(a)                                  as soon as
available, but in any event 90 days after the end of each fiscal year of MLP
(or, if earlier, fifteen (15) days after the date required to be filed with the
SEC (without giving effect to any extension permitted by the SEC)), a copy of
the MLP’s Form 10-K, which report shall include the MLP’s complete combined
financial statements together with all notes thereto, all in reasonable detail
and prepared in accordance with GAAP, audited and accompanied by a report and
opinion of an independent certified public accountant of nationally recognized
standing reasonably acceptable to the Required Lenders, which report and
opinion shall be prepared in accordance with generally accepted auditing
standards and applicable Securities Laws and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception
as to the scope of such audit.  These
financial statements shall contain a combined balance sheet of MLP and its
Subsidiaries as at the end of such fiscal year, and the related combined
statements of income or operations, shareholders’ or members’ equity and cash
flows for such fiscal year, setting forth, in the case of the income statement
and cash flows, in comparative form the figures for the previous fiscal year
and, in the case of the balance sheet, in comparative form for the most recent
year end;

 

(b)                                 Section 6.01(b) of
the Credit Agreement is hereby amended by deleting Section 6.01(b) in
its entirety and restating it as follows:

 

(b)                                 as soon as
available, but in any event (i) 45 days after the end of each of the first
three fiscal quarters of each fiscal year of MLP (or, if earlier, five (5) days
after the date (if required) to be filed with the SEC (without giving effect to
any extension permitted by the SEC)), a copy of the MLP’s Form 10-Q, which
report shall include MLP’s unaudited combined balance sheet of MLP and its
Subsidiaries as at the end of such fiscal quarter, and the related combined
statements of income or operations, shareholders’ equity and cash flows for
such fiscal quarter and for the portion of MLP’s fiscal year then ended, and (ii) 45
days after the end of the fourth fiscal quarter of each fiscal year of MLP, a
combined balance sheet of MLP and its Subsidiaries as at the end of such fiscal
quarter, and the related combined statements of income or operations,
shareholders’ equity and cash flows for such fiscal quarter and for the portion
of MLP’s fiscal year then ended, each such report referred to in (i) and (ii) above
to be calculated on a FIFO basis and setting forth, in the case

 

10

 

 

of the income statement, in comparative form the
figures for the corresponding fiscal quarter of the previous fiscal year, in
the case of the cash flow statement, the year-to-date figures in comparative
form for the figures for the same period of the prior fiscal year, and, in the
case of the balance sheet, in comparative form for the most recent year end,
all in reasonable detail, certified by a Responsible Officer of the Loan
Parties as fairly presenting the financial condition, results of operations, shareholders’
equity and cash flows of MLP and each of its Subsidiaries in accordance with
GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes;

 

(c)                                  Section 6.01(c) of
the Credit Agreement is hereby amended by deleting Section 6.01(c) in
its entirety and restating it as follows:

 

(c)                                  as soon as practicable, but in any event 45 days after the end of each
month of MLP, unaudited monthly combined financial reports of MLP and its
Subsidiaries for such month and the portion of the fiscal year then ended
(including balance sheet and income reports), each calculated on a FIFO basis
and prepared in accordance with GAAP, together with a certification by a
Responsible Officer that the information contained in such financial reports
fairly presents the combined financial condition of MLP on the date thereof
(subject to year-end adjustments);

 

(d)                                 Section 6.13(b) of
the Credit Agreement is hereby amended by deleting Section 6.13(b) in
its entirety and restating it as follows:

 

(b)  Each Loan Party has granted to the Administrative Agent,
for the benefit of the Administrative Agent and the other Secured Parties, a
lien on substantially all of such Loan Party’s assets as set forth in the
Security Documents.  In furtherance of
the foregoing, in connection with property that becomes property owned by a
Loan Party after the Closing Date for which a Lien on such property is required
by the terms
of the Security Documents, or if any Loan Property acquires any fee or
leasehold interest in any Real Estate after the Closing Date, other than any
leasehold interests in any property acquired in the XOM Acquisition for which
the Loan Parties have used commercially reasonable efforts to obtain but for
which the owner of such property will not consent to such leasehold mortgage
(in which case such leasehold mortgage will not be required), the applicable
Loan Party shall deliver (A) such documentation as the
Administrative Agent may reasonably deem necessary or desirable in order to
create and perfect and obtain the full benefits of such Lien, including
mortgages, deeds of trust, security agreements, UCC-1 financing statements,
surveys, real estate title insurance policies, certified resolutions and other
organizational and authorizing documents of the grantor of liens, favorable
opinions of the general counsel of the applicable Loan Party (which shall
cover, among other things, the legality, validity, binding effect and
enforceability of the documentation referred to above and the 

 

11

 

perfection
of the Administrative Agent’s Liens thereunder) and other items of the types
required to be delivered pursuant to Section 4.01, all in form, content and
scope reasonably satisfactory to the Administrative Agent, and (B) such
other documentation as the Required Lenders may reasonably deem necessary or
desirable in order to create and perfect and obtain the full benefits of such
Lien.

 

(e)                                  Section 6
of the Credit Agreement is hereby amended by inserting immediately following
the end of Section 6.14 the following new section:

 

6.15.                     Certificates
of Compliance in Connection with XOM Acquisition.  In connection with the XOM Acquisition and
the fee properties acquired in connection therewith, to the extent any fee
property has a recorded order of conditions applicable thereto without a
corresponding certificate of compliance relating thereto and such order of
conditions was recorded not earlier than August 18, 2005, the Borrowers
shall use commercially reasonable efforts to obtain, within ninety (90) days
from the date the Borrowers obtain title to each such location, an applicable
certificate of compliance with respect to each applicable location.

 

§5.  Amendment  to  Section 7  of
the  Credit  Agreement.  Section 7
of the Credit Agreement is hereby amended as follows:

 

(a)                                  Section 7.02(j) of
the Credit Agreement is hereby amended by (i) inserting immediately after
the words “the Warex Acquisition” which appears in Section 7.02(j) a
comma and the words “the XOM Acquisition” and (ii) deleting the word “and”
which appears at the end of the text of Section 7.02(j).

 

(b)                                 Section 7.02
of the Credit Agreement is further amended by (i) deleting the period
which appears at the end of the text of Section 7.02(k) and
substituting in place thereof a semicolon and the word “and”; and (ii) inserting
immediately after the end of Section 7.02(k) the following new
paragraph 7.02(l):

 

(l)  Investments by a Loan Party in (i) Persons who operate
service stations on sites which are neither owned nor leased by a Loan Party,
the proceeds of which are expected to be used by such Persons to make
improvements at such locations and in connection with supply contracts entered
into or to be entered into between a Loan Party and such Person, so long as the
aggregate amount of all such Investments made under this Section 7.02(l)(i) in
any fiscal year, when taken together with all other Capital Expenditures made
in such year, does not exceed the Capital Expenditure limits set forth in Section 7.19
hereof; and (ii) Persons with which distributor and/or subdistributor
arrangements are in place or expect to be in place, so long as the aggregate
amount of all such Investments made under this Section 7.02(l)(ii) does
not exceed the amount permitted to be made in connection with a Permitted
Acquisition pursuant to Section 7.06(c) hereof.

 

12

 

(c)                                  Section 7.03(b) of
the Credit Agreement is hereby amended by deleting the words “Subordinated
Notes” which appear in Section 7.03(b) and substituting in place
thereof the words “Subordinated Debt”.

 

(d)                                 Section 7.03(f) of
the Credit Agreement is hereby amended by inserting immediately after the words
“in respect of capital leases” which appear in Section 7.03(f) the
words “(which, for the avoidance of doubt, do not include any sale-leaseback
transactions otherwise permitted pursuant to Section 7.05(g) hereof)”.

 

(e)                                  Section 7.05(c) of
the Credit Agreement is hereby amended by deleting Section 7.05(c) in
its entirety and restating it as follows:

 

(c)                                  Dispositions of
equipment or real property (other than in connection with any sale-leaseback
transactions permitted pursuant to Section 7.05(g) hereof) to the
extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property, (ii) the proceeds of such
Disposition are reasonably promptly applied to the purchase price of
replacement property or (iii) the aggregate value of all the equipment or
real property disposed of pursuant to this Section 7.05(c)(iii) does
not exceed $50,000,000 over the life of this Agreement and, to the extent the
aggregate value of any equipment or real property disposed of in any one
Disposition exceeds $2,000,000 or the aggregate value of all equipment or real
property disposed of pursuant to this Section 7.05(c)(iii) exceeds
$25,000,000, then, to the extent the proceeds received in connection thereof
are not reinvested in a Loan Party’s business or committed to being reinvested
in such business within 180 days after receipt thereof, then 181 days after
receipt of such proceeds the Borrowers shall repay any outstanding Revolver
Loans in the amount of such proceeds not so reinvested;

 

(f)                                    Section 7.05
of the Credit Agreement is further amended by (i) deleting the word “and”
which appears at the end of Section 7.05(e); (ii) inserting the word “and”
after the end of the text of Section 7.05(f) and inserting the new Section 7.05(g):

 

(g)                                 Dispositions
consisting of arrangements whereby a Loan Party sells or transfers any property
owned by it in order then or thereafter to lease such property or lease other
property that a Loan Party intends to use for substantially the same purpose as
the property being sold or transferred, provided the aggregate value of all
such property disposed of in such manner shall not exceed $75,000,000 over the
life of this Agreement.

 

(g)                                 Section 7.06(b) of
the Credit Agreement is hereby amended by deleting Section 7.06(b) in
its entirety and restating it as follows:

 

(b)                                 (i) Mergers
and consolidations permitted by Section 7.04; (ii) the Warex
Acquisition, provided, in the case of the Warex Acquisition, 

 

13

 

only so long as (1) no Default or Event of
Default has occurred and is continuing or would exist as a result thereof; (2) the
board of directors and (if required by applicable law) the shareholders, or the
equivalent thereof of the Loan Parties and of the Warex Seller has approved
such acquisition; (3) the Warex Acquisition is consummated on
substantially the terms set forth in the Warex Purchase Agreement; (4) the
Borrowers have provided the Administrative Agent with prior written notice of
the date of consummation of such Warex Acquisition; (5) the Administrative
Agent shall have ordered, or arranged for the ordering of, an appraisal of the
assets to be acquired in connection with the Warex Acquisition; and (6) the
Warex Acquisition would not subject the Administrative Agent or any Lender to
any additional regulatory or third party approvals in connection with the
exercise of any of its rights or remedies under this Agreement or any other
Loan Document; and (iii) the XOM Acquisition, provided, in the case
of the XOM Acquisition, only so long as (1) no Default or Event of Default
has occurred and is continuing or would exist as a result thereof (including,
without limitation both before and after each of the First Closing and the
Second Closing); (2) the board of directors and (if required by applicable
law) the shareholders, or the equivalent thereof of the Loan Parties and of the
XOM Seller has approved such acquisition; (3) the XOM Acquisition is
consummated on substantially the terms set forth in the XOM Purchase Agreement
(including, without limitation, that the Loan Parties do not make any
Subsequent Company Station Payment until the occurrence of the Subsequent
Company Station Closing applicable thereto); (4) the Borrowers have
provided the Administrative Agent with prior written notice of the date of
consummation of each of the First Closing and each Subsequent Company Station
Closing under the XOM Acquisition and, in connection with the Subsequent
Company Station Closings, the Borrowers shall request the entire amount
necessary to fund such closings in one borrowing; (5) the Administrative
Agent shall have ordered, or arranged for the ordering of, an appraisal of the
assets to be acquired in connection with the XOM Acquisition (other than assets
consisting of leased properties); (6) the Loan Parties have complied with
all provisions of the Agreement relating to the granting of security interests
in the property to be acquired; (7) the XOM Acquisition would not subject
the Administrative Agent or any Lender to any additional regulatory or third
party approvals in connection with the exercise of any of its rights or
remedies under this Agreement or any other Loan Document; and (8) to the
extent all stations and assets to be acquired in the Subsequent Company Station
Closings are not consummated on or prior to November 1, 2010, then on the
date which is the earlier to occur of November 1, 2010 and the date on
which the Loan Parties determine that additional Subsequent Company Stations
Closings will not occur, the Loan Parties shall repay the Revolver Loans in an
amount equal to the Subsequent Company Station Payments associated with the
Subsequent Company Station Closings that are not to occur and shall permanently
reduce the Aggregate Revolver Commitment by such amount;

 

14

 

(h)                                 Section 7.06(c) of
the Credit Agreement is hereby amended by inserting after the words “other than
the Warex Acquisition” which appear in Section 7.06(c) the words “and
the XOM Acquisition”.

 

(i)                                     Section 7.09
of the Credit Agreement is hereby amended by inserting at the end of the text
of Section 7.09 the following sentence: 
“For the avoidance of doubt, the parties hereto hereby acknowledge that
the Loan Parties have informed the Administrative Agent and the Lenders that in
connection with the stations to be acquired in connection with the XOM
Acquisition the Loan Parties anticipate entering into a management agreement
with Alliance in respect of such stations (and any other stations covered by
such management agreement) and the Loan Parties have informed the
Administrative Agent and the Lenders that the terms of such management
agreement constitute an arm’s length transaction on fair and reasonable terms
substantially as favorable to the applicable Loan Party as would be obtainable
by such Loan Party from a non-Affiliated third party, and the applicable Loan
Parties have obtained all necessary internal approvals (including, without
limitation, any internal approvals deemed necessary by the Loan Parties’
conflicts committee) as such Loan Party’s deem advisable prior to entering into
such agreement.”

 

(j)                                     Section 7.13
of the Credit Agreement is hereby amended by deleting the words “of not more
than 500,000 barrels” which appear in Section 7.13 and substituting in
place thereof the words “of not more than 600,000 barrels”.

 

(k)                                  Section 7.15
of the Credit Agreement is hereby amended by deleting the words “Subordinated
Notes” which appear in Section 7.15 and substituting in place thereof the
words “Subordinated Debt”.

 

(l)                                     Section 7.18(ii) of
the Credit Agreement is hereby amended by deleting the amount “$50,000,000”
which appears in Section 7.18(ii) and substituting in place thereof
the amount “$75,000,000”.

 

(m)                               Section 7.18(iv) of
the Credit Agreement is hereby amended by deleting Section 7.18(iv) in
its entirety and restating it as follows:

 

(iv)                              Combined Senior
Secured Leverage Ratio. 
Permit the Combined Senior Secured Leverage Ratio as at the end of any
fiscal quarter to be greater than (a) 3.25:1.00 as at the end of each
fiscal quarter to occur prior to the Reduction Date; and (b) 2.50:1.00 on
the Reduction Date and for each fiscal quarter ending thereafter.

 

(n)                                 Section 7.19
of the Credit Agreement is hereby amended by deleting Section 7.19 in its
entirety and restating it as follows:

 

7.19                        Capital
Expenditures.  Make or become
legally obligated to make any Capital Expenditures in any fiscal year that
exceed, in the aggregate for all Loan Parties, (a) $25,000,000 for the
fiscal year ending 

 

15

 

December 31, 2010; and (b) $30,000,000 for
any fiscal year ending December 31, 2011 and thereafter.

 

§6.  Amendment  to  Section 10
of  the  Credit  Agreement.  Section 10.06(b)(ii) of
the Credit Agreement is hereby amended by deleting Section 10.06(b)(ii) in
its entirety and restating it as follows:

 

(ii)  Non  Pro  Rata  Assignments.  Notwithstanding anything to the contrary
contained herein, any Lender shall be permitted to make a non-pro rata
assignment of any portion of the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned
hereunder (i.e. there shall be permitted non-pro rata assignment of the WC
Commitment and the Revolver Commitment).

 

§7.  Amendment  to  Exhibit E  of
the  Credit  Agreement.  Exhibit E
to the Credit Agreement (the Compliance Certificate) is hereby amended by
deleting Exhibit E in its entirety and replacing it with the
Exhibit E attached hereto.

 

§8.  Conditions to Amendment Closing; Conditions
to First Amendment Effective Date.This First Amendment will
close on, and be binding on the parties, as of the date hereof, including the
modification contemplated by Section 1 hereof, but no modification or
amendments contemplated by Sections 2 through 7 hereof will be effective until
the First Amendment Effective Date (as hereinafter defined), upon receipt by
the Administrative Agent of the fully-executed original counterparts of this
First Amendment executed by the Loan Parties, the Administrative Agent, the L/C
Issuer and the required Lenders.  The
Borrowers shall be permitted to request Loans under the Credit Agreement on the
Escrow Funding Date in order to fund the Escrow Amount, and the provisions of Section 1
hereof shall be applicable thereto, so long as the following conditions have
been satisfied as of such Escrow Funding Date: 
(a)  no Default or Event of Default has occurred and is continuing
or would exist as a result thereof; and (b) the Administrative Agent is
satisfied with the terms and conditions of the escrow arrangements described in
this First Amendment.  The modifications
and amendments contemplated by Sections 2 through 7 hereof will be effective
upon the satisfaction of the following conditions (such date being hereinafter
referred to as the “First  Amendment  Effective  Date”)
and the Administrative Agent will promptly notify each Lender of the occurrence
of the First Amendment Effective Date:

 

(a)                                  the Initial
Closing of the Proposed Acquisition has been consummated and, at the time of
such consummation (1) no Default or Event of Default has occurred and is
continuing or would exist as a result thereof; (2) the board of directors
and (if required by applicable law) the shareholders, or the equivalent thereof
of the Loan Parties and of the Exxon Sellers has approved such acquisition; (3) the
Initial Closing of the Proposed Acquisition is consummated on substantially the
terms set forth in the Purchase Agreement; (4) the Borrowers had provided
the Administrative Agent with prior written notice of the date of consummation
of the Initial Closing of such Proposed Acquisition; (5) the Administrative
Agent ordered, or arranged for the ordering of, an appraisal of the fee assets
(and not any leasehold 

 

16

 

interests)
to be acquired in connection with the Proposed Acquisition; (6) the Loan
Parties complied with all provisions of the Credit Agreement relating to the
granting of security interests in the property to be acquired; and (7) the
Proposed Acquisition does not subject the Administrative Agent or any Lender to
any additional regulatory or third party approvals in connection with the
exercise of any of its rights or remedies under the Credit Agreement or any
other Loan Document;

 

(b)                                 receipt by the
Administrative Agent for the respective accounts of each Lender who consented
to the First Amendment on or prior to August 18, 2010 of an amendment fee
of five basis points on such Lender’s WC Commitment and Revolver Commitment;

 

(c)                                  to the extent
applicable, receipt by the Administrative Agent for the pro rata accounts of
any Increasing Lender, the applicable ticking fee as contemplated by Section 1
hereof; and

 

(d)                                 payment to the
Administrative Agent for the accounts of the Administrative Agent and each
Increasing Lender of the fees contemplated by the Fee Letter.

 

§9.                               Representations  and
Warranties.  Each of the
Loan Parties hereby repeats, on and as of the date hereof, each of the
representations and warranties made by it in Article V of the Credit
Agreement, provided, that all references therein to the Credit Agreement
shall refer to such Credit Agreement as amended hereby.  In addition, each of the Loan Parties hereby
represents and warrants that the execution and delivery by such Loan Party of
this First Amendment and the performance by each such Loan Party of all of its
agreements and obligations under the Credit Agreement as amended hereby and the
other Loan Documents to which it is a party are within the corporate,
partnership and/or limited liability company authority of each of the Loan
Parties and have been duly authorized by all necessary corporate, partnership
and/or membership action on the part of each of the Loan Parties.

 

§10.                        Ratification, Etc.  Except as expressly amended hereby, the
Credit Agreement and all documents, instruments and agreements related thereto,
including, but not limited to the Security Documents, are hereby ratified and
confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this First Amendment
shall be read and construed as a single agreement.  All references in the Credit Agreement or any
related agreement or instrument to the Credit Agreement shall hereafter refer
to the Credit Agreement as amended hereby. 
This First Amendment shall constitute a Loan Document.

 

§11.                        No  Waiver.  Nothing contained herein shall constitute a
waiver of, impair or otherwise affect any Obligations, any other obligation of
the Loan Parties or any rights of the Administrative Agent, the L/C Issuer, the
Syndication Agent, the Co-Documentation Agents or the Lenders consequent
thereon.

 

17

 

§12.                        Counterparts.  This First Amendment may be executed in one
or more counterparts, each of which shall be deemed an original but which
together shall constitute one and the same instrument.

 

§13.                        Governing  Law.  THIS FIRST AMENDMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).

 

18

 

IN WITNESS WHEREOF, the parties hereto have
executed this First Amendment as a document under seal as of the date first
above written.

 

	
   

  	
  GLOBAL
  OPERATING LLC

  
	
   

  	
  By:

  	
  Global
  Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global
  GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  COMPANIES LLC

  
	
   

  	
  By:

  	
  Global
  Operating LLC, its sole member

  
	
   

  	
  By:

  	
  Global
  Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global
  GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  MONTELLO GROUP CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHELSEA
  SANDWICH LLC

  
	
   

  	
  By:

  	
  Global
  Operating LLC, its sole member

  
	
   

  	
  By:

  	
  Global
  Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global
  GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLEN
  HES CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  

 

19

 

	
   

  	
  GLP
  FINANCE CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  ENERGY MARKETING LLC

  
	
   

  	
  By:

  	
  Global
  Operating LLC, its sole member

  
	
   

  	
  By:

  	
  Global
  Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global
  GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  PARTNERS LP

  
	
   

  	
  By:

  	
  Global
  GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  

 

20

 

 

	
   

  	
  BANK
  OF AMERICA, N.A., as

  
	
   

  	
  Administrative
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alan Tapley

  
	
   

  	
  Name:

  	
  Alan
  Tapley

  
	
   

  	
  Title:

  	
  Assistant
  Vice President

  

 

21

 

	
   

  	
  BANK
  OF AMERICA, N.A., as a Lender and 

  
	
   

  	
  L/C
  Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Christen A. Lacey

  
	
   

  	
  Name:

  	
  Christen
  A. Lacey

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

22

 

	
   

  	
  JPMORGAN
  CHASE BANK, N.A., as a 

  
	
   

  	
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas G. Williams

  
	
   

  	
  Name:

  	
  Thomas
  G. Williams

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

23

 

	
   

  	
  WELLS
  FARGO BANK, N.A., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Daniel M. Grondin

  
	
   

  	
  Name:

  	
  Daniel
  M. Grondin

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

24

 

	
   

  	
  SOCIETE
  GENERALE, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Anson Williams

  
	
   

  	
  Name:

  	
  Anson
  Williams

  
	
   

  	
  Title:

  	
  Director

  

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

25

 

	
   

  	
  STANDARD
  CHARTERED BANK, as a 

  
	
   

  	
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Patricia Doyle

  
	
   

  	
  Name:

  	
  Patricia
  Doyle

  
	
   

  	
  Title:

  	
  Director

  

 

 

	
   

  	
  By:

  	
  /s/
  Robert K. Reddington

  
	
   

  	
  Name:

  	
  Robert
  K. Reddington

  
	
   

  	
  Title:

  	
  Assistant
  Vice President

  

 

26

 

	
   

  	
  RBS
  CITIZENS, NATIONAL 

  
	
   

  	
  ASSOCIATION,
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marina E. Grossi

  
	
   

  	
  Name:

  	
  Marina
  E. Grossi

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

27

 

	
   

  	
  BNP PARIBAS, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Matthew L. Rosetti

  
	
   

  	
  Name:

  	
  Matthew
  L. Rosetti

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

 

	
   

  	
  By:

  	
  /s/
  A-C Mathlot

  
	
   

  	
  Name:

  	
  A-C
  Mathlot

  
	
   

  	
  Title:

  	
  Managing
  Director

  

 

28

 

	
   

  	
  COOPERATIEVE
  CENTRALE 

  
	
   

  	
  RAIFFEISEN-BOERENLEENBANK
  B.A., 

  
	
   

  	
  “RABOBANK
  NEDERLAND” NEW YORK 

  
	
   

  	
  BRANCH,
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew Sherman

  
	
   

  	
  Name:

  	
  Andrew
  Sherman

  
	
   

  	
  Title:

  	
  Executive
  Director

  

 

 

	
   

  	
  By:

  	
  /s/
  Eva Rushkevich

  
	
   

  	
  Name:

  	
  Eva
  Rushkevich

  
	
   

  	
  Title:

  	
  Executive
  Director

  

 

29

 

	
   

  	
  SOVEREIGN
  BANK, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert D. Lanigan

  
	
   

  	
  Name:

  	
  Robert
  D. Lanigan

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

30

 

 

	
   

  	
  CREDIT
  AGRICOLE CORPORATE AND

  
	
   

  	
  INVESTMENT
  BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Zali Win

  
	
   

  	
  Name:

  	
  Zali
  Win

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Kermarrec

  
	
   

  	
  Name:

  	
  Michael
  Kermarrec

  
	
   

  	
  Title:

  	
  Vice President

  

 

31

 

	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION, as

  
	
   

  	
  a
  Lender

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Keven D. Smith

  
	
   

  	
  Name:

  	
  Keven
  D. Smith

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

32

 

	
   

  	
  TORONTO
  DOMINION (NEW YORK)

  
	
   

  	
  LLC, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Debbi L. Brito

  
	
   

  	
  Name:

  	
  Debbi
  L. Brito

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

33

 

	
   

  	
  RZB
  FINANCE LLC, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Astrid Wilke

  
	
   

  	
  Name:

  	
  Astrid
  Wilke

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Joyce Marie Gapay

  
	
   

  	
  Name:

  	
  Joyce
  Marie Gapay

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

34

 

	
   

  	
  ROYAL
  BANK OF CANADA, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Don J. McKinnerny

  
	
   

  	
  Name:

  	
  Don
  J. McKinnerny

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

35

 

	
   

  	
  RAYMOND
  JAMES BANK, FSB, as a

  
	
   

  	
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Garrett McKinnon

  
	
   

  	
  Name:

  	
  Garrett
  McKinnon

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

36

 

	
   

  	
  BARCLAYS
  BANK PLC, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Ann E. Sutton

  
	
   

  	
  Name:

  	
  Ann
  E. Sutton

  
	
   

  	
  Title:

  	
  Director

  

 

37

 

	
   

  	
  WEBSTER
  BANK NATIONAL 

  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Richard A. O’Brien

  
	
   

  	
  Name:

  	
  Richard
  A. O’Brien

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

38

 

	
   

  	
  NATIXIS,
  NEW YORK BRANCH, as a

  
	
   

  	
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  David Pershad

  
	
   

  	
  Name:

  	
  David
  Pershad

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Severine Pardo

  
	
   

  	
  Name:

  	
  Severine
  Pardo

  
	
   

  	
  Title:

  	
  Director

  

 

39

 

	
   

  	
  DZ
  BANK AG DEUTSCHE ZENTRAL-

  GENOSSENSCHAFTSBANK FRANKFURT 

  AM MAIN, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Wolfgang H. Haugk

  
	
   

  	
  Name:

  	
  Wolfgang
  H. Haugk

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  John Coussa

  
	
   

  	
  Name:

  	
  John
  Coussa

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

40

 

	
   

  	
  BRANCH
  BANKING & TRUST 

  COMPANY, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Roger Eric Searls

  
	
   

  	
  Name:

  	
  Roger
  Eric Searls

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

41

 

	
   

  	
  SUMITOMO
  MITSUI BANKING 

  CORPORATION, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

42

 

RATIFICATION OF GUARANTY

 

Each
of the undersigned guarantors (each a “Guarantor”) hereby acknowledges
and consents to the foregoing First Amendment as of August 18, 2010, and
agrees that the Amended and Restated Guaranty dated as of May 14, 2010 (as
amended and in effect from time to time, the “Guaranty”) from each of
the undersigned Guarantors remains in full force and effect, and each of the
Guarantors confirms and ratifies all of its obligations thereunder and under
each of the other Loan Documents to which such Guarantor is a party.
Notwithstanding anything to the contrary contained herein, the parties thereto
hereby acknowledge, agree and confirm that as of the date hereof, the Guaranty
remains in full force and effect.

 

 

	
   

  	
  GLOBAL
  PARTNERS LP

  
	
   

  	
  By: 

  	
  Global
  GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  

 

43

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]