Document:

NS 2014 11 03 8-K Exhibit103-AmendmentNo1BankofTokyo

Exhibit 10.3

AMENDMENT NO. 1 TO LETTER OF CREDIT AGREEMENT AND SUBSIDIARY GUARANTY AGREEMENT
This Amendment No. 1 to Letter of Credit Agreement and Subsidiary Guaranty Agreement (this “Agreement”) dated as of November 3, 2014 is made by and among NUSTAR LOGISTICS, L.P., a Delaware limited partnership (the “Borrower”), NUSTAR ENERGY L.P. (the (“MLP”), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. (“BTMU”), in its capacity as issuing bank (in such capacity, the Issuing Bank) and as administrative agent for the Lenders (as defined in the Letter of Credit Agreement (as defined below)) (in such capacity, the “Administrative Agent”), and each of the Lenders signatory hereto.
W I T N E S S E T H:
WHEREAS, the Borrower, the MLP, the Issuing Bank, the Administrative Agent and the Lenders have entered into that certain Letter Credit Agreement dated as of September 3, 2014 (as hereby amended and as from time to time hereafter further amended, modified, supplemented, restated, or amended and restated, the “Credit Agreement”; capitalized terms used in this Agreement not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have made available certain letters of credit to the Borrower; and
WHEREAS, the Borrower and the MLP have advised the Issuing Bank, the Administrative Agent and the Lenders that they desire to amend certain provisions of the Credit Agreement as set forth below and the terms and conditions contained in this Agreement;
NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
		
	1.
	Amendments to Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows:

		
	(a)
	Section 1.01 of the Credit Agreement is amended by adding the following definitions in their proper alphabetical order:

		
	(i)
	“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the MLP, the Borrower or any of their respective Subsidiaries from time to time concerning or relating to bribery, money laundering or corruption.”

		
	(i)
	“Covered Material Indebtedness” means Indebtedness of the MLP or any Subsidiary of the MLP in an aggregate principal amount exceeding $200,000,000.”

		
	(ii)
	 “Sanctioned Country” means, at  any  time,  a  country  or  territory which is  itself, or  whose government is, the subject or target of any Sanctions broadly restricting or prohibiting dealing with such country, territory or government (at the time of this Agreement, Cuba, Iran, North Korea, Sudan and Syria).

		
	(iii)
	“Sanctioned Person” means, at  any  time, any  Person with whom dealings are  restricted or prohibited under Sanctions, including (a) any Person listed in any Sanctions-related list of designated Persons maintained by the United States (including by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or the U.S. Department of Commerce), or by the United Nations Security Council, the European Union or any EU member state, or Her Majesty’s Treasury, (b) any Person located, operating, organized or resident in a Sanctioned Country or (c) any Person directly or indirectly owned or controlled by any such Person or Persons.”

		
	(iv)
	“Securitization Entity” means any Person engaged solely in the business of effecting Securitization Transactions and related activities.

		
	(v)
	“Securitization Obligations” has the meaning given such term in the definition of Securitization Transaction.

		
	(vi)
	“Securitization Transaction” means any transaction in which the Borrower or a Restricted Subsidiary sells or otherwise transfers accounts receivable or other rights to payment (whether existing or arising in the future) and assets related thereto (a) to one or more purchasers or (b) to a special purpose entity that (i) borrows under a loan secured by or issues securities payable from such accounts receivable or other rights to payment (or undivided interests therein) and related assets or (ii) sells or otherwise transfers such accounts receivable or other rights to payment (or undivided interests therein) and related assets to one or more purchasers, whether or not amounts received in connection with the sale or other transfer of such accounts receivable or other rights to payment and related assets to an entity referred to in clause (a) or (b) above would under GAAP be accounted for as liabilities on a consolidated balance sheet of the Borrower. The amount of any Securitization Transaction (“Securitization Obligations”) shall be deemed at any time to be (1) the aggregate outstanding principal or stated amount of the borrowings or securities in connection with the transactions referred to in clause (b)(i) of the preceding sentence; (2) the outstanding amount of capital invested in or unrecovered outstanding purchase price paid in connection with a transaction referred to in clause (b)(ii) of the preceding sentence; or (3) if there shall be no such principal or stated amount or outstanding capital invested or unrecovered purchase price, the uncollected amount of the accounts receivable transferred to such purchaser(s) pursuant to such Securitization Transaction net of any such accounts receivable that have been written off as uncollectible and any discount in the purchase price thereof.”

		
	(b)
	Section 1.01 of the Credit Agreement is amended by deleting the definitions “NPOP Indenture” and “UK Credit Agreement” in their entirety and all references thereto in the Credit Agreement.

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	(c)
	Section 1.01 of the Credit Agreement is amended by deleting the definitions “Consolidated Debt”, “Indebtedness”, “NuStar Logistics Indenture”, “Revolving Credit Agreement”, and “Sanctions” in their entirety and substituting in lieu thereof the following:

		
	(i)
	“Consolidated Debt”     means, for any day, all Indebtedness of the MLP and its Restricted Subsidiaries (excluding (a) the principal amount of Hybrid Equity Securities in an aggregate amount not to exceed 15% of Total Capitalization and (b) the Excluded Go-Zone Bond Proceeds in an aggregate amount not to exceed $350,000,000), on a consolidated basis, as of such day.”

		
	(ii)
	“Indebtedness”   of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments or by any other securities providing for the mandatory payment of money (including, without limitation, preferred stock subject to mandatory redemption or sinking fund provisions), (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all non-contingent obligations of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) all obligations of such Person with respect to any arrangement, directly or indirectly, whereby such Person or its Subsidiaries shall sell or transfer any material asset, and whereby such Person or any of its Subsidiaries shall then or immediately thereafter rent or lease as lessee such asset or any part thereof, and (l) all Securitization Obligations. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.” 

		
	(iii)
	“NuStar Logistics Indenture” means that certain Indenture dated as of July 15, 2002 among the MLP, the Borrower and Wells Fargo Bank, National Association (the “NuStar Logistics Trustee”), as amended and supplemented 

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by a First Supplemental Indenture thereto dated as of July 15, 2002, a Second Supplemental Indenture thereto dated as of March 18, 2003, a Third Supplemental Indenture dated as of July 1, 2005, a Fourth Supplemental Indenture thereto dated as of April 4, 2008, a Fifth Supplemental Indenture thereto dated as of August 12, 2010, a Sixth Supplemental Indenture thereto dated as of February 2, 2012, and a Seventh Supplemental Indenture thereto dated as of August 19, 2013, by and among the Borrower, the MLP as guarantor, NPOP, as affiliate guarantor and the NuStar Logistics Trustee.”
		
	(iv)
	“Revolving Credit Agreement” means that certain Amended and Restated Credit Agreement dated as of October 29, 2014 among the Borrower, the MLP, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as amended, modified, supplemented or restated.”

		
	(v)
	“Sanctions” means economic or financial sanctions or trade embargoes or restricted measures imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.”    

		
	(d)
	Section 5.07 of the Credit Agreement is amended by adding the following sentence at the end of such Section:

“Each of the MLP and the Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the MLP and the Borrower, their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.”
		
	(e)
	Section 5.08 of the Credit Agreement is amended by adding the following sentence at the end of such Section:

“The Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, directly or indirectly, the proceeds of any Letter of Credit, or lend, contribute or otherwise make available such proceeds to any Subsidiary, other Affiliate, joint venture partner or other Person, (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or involving any goods originating in or with a Sanctioned Person or Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.”
		
	(f)
	Section 5.11 of the Credit Agreement is amended by deleting such Section in its entirety and substituting in lieu thereof the following:

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“Section 5.11 Subsidiary Guaranty.  It will cause each of its Subsidiaries that guarantees any Covered Material Indebtedness of the MLP or any Subsidiary of the MLP (including, without limitation, any debt issued pursuant to the Note Indenture), to guarantee the Borrower Obligations, by executing and delivering to the Administrative Agent, for the benefit of the Lenders, on or prior to the Effective Date with respect to any Subsidiary that guarantees any such Covered Material Indebtedness as of the Effective Date, and thereafter, within five (5) Business Days after any Subsidiary guarantees any such Covered Material Indebtedness, (a) a Subsidiary Guaranty (or a supplement thereto as may be requested by the Administrative Agent) and (b) such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. For the avoidance of doubt, if at any time any Subsidiary referenced above does not guarantee any obligations of the MLP or any of its Subsidiaries under any Covered Material Indebtedness (including the Note Indenture) or any such Subsidiary is to be released from such guarantee of such Covered Material Indebtedness immediately following such Subsidiary’s release from the Subsidiary Guaranty, then such Subsidiary shall be released from the Subsidiary Guaranty in accordance with Section 6.15 of the Subsidiary Guaranty; provided that if such Subsidiary is not released from such guarantee of such Covered Material Indebtedness within five (5) days of such Subsidiary’s release from the Subsidiary Guaranty, then such Subsidiary shall immediately become a party to the Subsidiary Guaranty.”
		
	(g)
	Section 6.01 of the Credit Agreement is amended by deleting in its entirety clause (c) thereof and substituting in lieu thereof the following:

“(c)    Securitization Obligations in respect of Securitization Transactions in an aggregate amount not to exceed $300,000,000 at any one time outstanding;”
		
	(h)
	Section 6.02 of the Credit Agreement is amended by deleting the phrase “clause (f) of Section 6.01,” and substituting in lieu thereof the following:

“clause (g) of Section 6.01,”
		
	(i)
	Section 6.02 of the Credit Agreement is amended by deleting clause (e) thereof and substituting in lieu thereof the following:

“(e)    other Liens securing Indebtedness (including Liens granted on accounts receivable or other rights to payment and related assets in connection with Securitization Transactions permitted by Section 6.01(c)) in an amount that does not at anytime exceed 15% of Consolidated Net Worth; and”
		
	(j)
	Section 6.04 of the Credit Agreement is amended by deleting clause (e) thereof and substituting in lieu thereof the following:

“(e) the Borrower’s interest in ST Linden Terminal, LLC;”

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	(k)
	Section 6.08 of the Credit Agreement is amended by deleting such Section in its entirety and substituting in lieu thereof the following:

“Section 6.08    Restrictive Agreements. It will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of it or any of its Restricted Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the MLP or any other Restricted Subsidiary or to Guarantee Indebtedness of the Borrower or any other Restricted Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) clause (b) of the foregoing shall not apply to restrictions and conditions imposed by any Hybrid Equity Securities that by their terms are expressly subordinated in right of payment to any MLP Obligations during any period in which the issuer thereof has elected to defer interest thereon in accordance with the terms of such Hybrid Equity Securities, provided that in no event shall any such agreement or arrangement prohibit or restrict or impose any condition upon the ability of (A) any Restricted Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests directly owned by the MLP, the Borrower or any of their respective Wholly-Owned Subsidiaries, (B) any Restricted Subsidiary to make or repay loans or advances to the MLP, the Borrower or any of their respective Wholly-Owned Subsidiaries or (C) the Borrower or any Guarantor from making any payments of principal, interest or other amounts owing hereunder or under any other Loan Document (including the MLP Obligations) or guaranteeing any of the MLP Obligations, (iii) the foregoing shall not apply to restrictions and conditions (x) existing on the date of this Agreement identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition so as to cause such restriction or condition to be more restrictive than the restriction or condition in existence on the date of this Agreement) or (y) arising or agreed to after the date of this Agreement; provided that such restrictions or conditions arising or agreed to after the date of this Agreement are not more restrictive than the restrictions and conditions existing on the date of this Agreement, (iv) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Restricted Subsidiary pending such sale; provided such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder, (v) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (vi) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof and (vii) clause (a) of the foregoing shall not apply to any prohibitions or restrictions on the Borrower, any Restricted Subsidiary or any Securitization Entity pursuant to a Securitization Transaction permitted hereunder.

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	(l)
	Section 6.11 of the Credit Agreement is amended by deleting such Section in its entirety and substituting in lieu thereof the following:

“Section 6.11 Financial Condition Covenant. The MLP will not permit as of the last day of any fiscal quarter (each a “Calculation Date”) its Consolidated Debt Coverage Ratio to be in excess of 5.00 to 1.00 (the “Standard Ratio”) for any Rolling Period; provided that if at any time the MLP or any of its Restricted Subsidiaries has consummated one or more acquisitions within the two most recently completed fiscal quarters prior to such Calculation Date for which the MLP or any of its Restricted Subsidiaries has paid aggregate net consideration of at least $50,000,000, then, for the two Rolling Periods the last day of which immediately follow the date on which such acquisition is consummated, the numerator of the maximum Consolidated Debt Coverage Ratio otherwise permitted above shall be increased by 0.5; thereafter, compliance shall be determined by reverting back to the Standard Ratio; provided further that, notwithstanding the foregoing, or anything to the contrary contained in this Section 6.11, in no event shall the MLP permit at any time its Consolidated Debt Coverage Ratio to exceed 5.50 to 1.00 for any Rolling Period.”
		
	(m)
	Section 10.01 of the Credit Agreement is amended by deleting the phrase “Executive Vice President, Chief Financial Officer and Treasurer (Telecopy No. (210) 918-5055)” in clause (a)(i) and substituting in lieu thereof the following:

“Executive Vice President and Chief Financial Officer, Telecopy No. 210- 918-5596”
		
	(n)
	Section 10.01 of the Credit Agreement is amended by deleting the phrase “(Fax No. 212-__________;” in clause (a)(ii) and substituting in lieu thereof the following:

“Telecopy No. 212-782-4934;”
		
	(o)
	Section 10.02 of the Credit Agreement is amended by deleting the penultimate sentence Section 10.02(b) and substituting in lieu thereof the following:

“In the event that (i) the Revolving Credit Agreement is amended, supplemented or otherwise modified or (ii) a consent or waiver with respect to the Revolving Credit Agreement is entered into with respect to the affirmative covenants, the negative covenants and the definitions related thereto,  this Agreement will be deemed automatically amended to conform to the changes in the Revolving Credit Agreement so long as all the Lenders are party to the Revolving Credit Agreement at the time such amendment, supplement or modification or consent or waiver becomes effective.”
		
	(p)
	Schedules 3.12, 6.01 and 6.08 of the Credit Agreement are deleted in their entirety and the Schedules set forth in Exhibit A to this Agreement are substituted in lieu thereof.

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	2.
	Amendment to the Subsidiary Guaranty.  Subject to the terms and conditions set forth herein, the Subsidiary Guaranty is hereby amended by deleting Section 6.15 in its entirety and substituting in lieu thereof the following:

“6.15    Release of Guarantors.  At the request and sole expense of the Borrower and the MLP: any Subsidiary of the MLP that is a Guarantor shall be released from its obligations hereunder in the event that (a) all of the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Reimbursement Agreement or (b) such Subsidiary does not guarantee any obligations of the MLP or any of its Subsidiaries under any Covered Material Indebtedness (including the Note Indentures), or any such Subsidiary is to be released from such guarantee of such Covered Material Indebtedness immediately following such Subsidiary’s release from its obligations hereunder, provided that the Borrower and the MLP shall have delivered to the Administrative Agent, at least ten Business Days prior to the date of the proposed release, a written request of a Responsible Officer of each of the Borrower and the MLP for release identifying the relevant Guarantor and the terms of the sale or other disposition or release from such guaranty, as the case may be, in reasonable detail, together with a certification by the Borrower and the MLP that such transaction is in compliance with the Reimbursement Agreement and the other Loan Documents and that at the time of such release, after giving effect to any other Subsidiary of the MLP becoming a party hereto, the Borrower and the MLP are in compliance with Section 5.11 of the Reimbursement Agreement and no Event of Default exists or would exist as a result of such release; provided further that if such Subsidiary is not released from such guarantee of such Covered Material Indebtedness within five (5) days of such Subsidiary’s release from the Subsidiary Guaranty, then such Subsidiary shall immediately become a party to the Subsidiary Guaranty.
		
	3.
	Effectiveness; Conditions Precedent.  The effectiveness of this Agreement and the amendments to the Credit Agreement herein provided are subject to the satisfaction of the following conditions precedent:

		
	(a)
	the Administrative Agent shall have received each of the following documents or instruments in form and substance reasonably acceptable to the Administrative Agent:

		
	(i)
	counterparts of this Agreement, duly executed by the Borrower, the MLP, each Guarantor, the Issuing Bank, the Administrative Agent and all the Lenders;

		
	(ii)
	such other documents, instruments, certifications, undertakings, further assurances and other matters as the Administrative Agent shall reasonably request; and

		
	(b)
	all fees and expenses payable to the Administrative Agent and the Lenders (including the fees and expenses of counsel to the Administrative Agent) estimated to date shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).

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	4.
	Consent of the Guarantors.  Each Guarantor hereby consents, acknowledges and agrees to the amendments set forth herein, including without limitation the amendment to the Subsidiary Guaranty, and hereby confirms and ratifies in all respects the Subsidiary Guaranty to which such Guarantor is a party  (including without limitation the continuation of such Guarantor’s payment and performance obligations thereunder upon and after the effectiveness of this Agreement and the amendments contemplated hereby) and the enforceability of such Subsidiary Guaranty against such Guarantor in accordance with its terms.

		
	5.
	Representations and Warranties.  In order to induce the Issuing Bank, the Administrative Agent and the Lenders to enter into this Agreement, the Loan Parties represent and warrant to the Issuing Bank, the Administrative Agent and the Lenders as follows:

		
	(a)
	The representations and warranties made by each Loan Party in Article      III of the Credit Agreement and in each of the other Loan Documents to which such Loan Party is a party are true and correct on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date;

		
	(b)
	Since the date of the most recent financial reports of the Borrower and the MLP delivered pursuant to Section 5.01 of the Credit Agreement, no act, event, condition or circumstance has occurred or arisen which, singly or in the aggregate with one or more other acts, events, occurrences or conditions (whenever occurring or arising), has had or could reasonably be expected to have a Material Adverse Effect; 

		
	(c)
	The Persons appearing as Guarantors on the signature pages to this Agreement constitute all Persons who are required to be Guarantors pursuant to the terms of the Credit Agreement and the other Loan Documents, including without limitation all Persons who became Subsidiaries or were otherwise required to become Guarantors after the Closing Date, and each of such Persons has become and remains a party to a Subsidiary Guaranty as a Guarantor;

		
	(d)
	This Agreement has been duly authorized, executed and delivered by the Loan Parties and constitute a legal, valid and binding obligation of such parties, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and

		
	(e)
	No Default or Event of Default has occurred and is continuing. 

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	6.
	Entire Agreement.  This Agreement, together with all the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Agreement may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.02 of the Credit Agreement.

		
	7.
	Full Force and Effect of Agreement.  Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. 

		
	8.
	Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or e-mail transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

		
	9.
	Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and shall be further subject to the provisions of Section 10.09 of the Credit Agreement.

		
	10.
	Enforceability.  Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

		
	11.
	References.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.

		
	12.
	Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Borrower, the MLP, each Guarantor, the Issuing Bank, the Administrative Agent and Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees are permitted assignees as provided in Section 10.04 of the Credit Agreement.

[Signature pages follow]

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

NUSTAR LOGISTICS, L.P.

By: NuStar GP, Inc., its General
Partner    

By:    /s/ Thomas R. Shoaf    
Name: Thomas R. Shoaf 
Title: Executive Vice President and Chief
Financial Officer

NUSTAR ENERGY L.P.

By: Riverwalk Logistics, L.P., its General
Partner    

By: NuStar GP, LLC, its General
Partner

By:    /s/ Thomas R. Shoaf    
Name: Thomas R. Shoaf 
Title: Executive Vice President and Chief
          Financial Officer
                        
GUARANTORS:

NUSTAR PIPELINE OPERATING     
PARTNERSHIP L.P.

By: NuStar Pipeline Company, LLC, its General
Partner    

By:    /s/ Thomas R. Shoaf    
Name: Thomas R. Shoaf 
Title: Executive Vice President and Chief
          Financial Officer                             

Signature Page 1 of 2    

ADMINISTRATIVE AGENT:

THE BANK OF TOKYO-MITSUBISHI UFJ,     
LTD., as Administrative Agent 

By:    /s/ Lawrence Blat    
Name: Lawrence Blat
Title: Authorized Signatory

    
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Issuing Bank and a Lender

By:     /s/ Andrew Oram    
Name: Andrew Oram
Title:  Managing Director

SUMITOMO MITSUI BANKING
CORPORATION, as Lender

By:     /s/ James D. Weinstein            
Name:    James D. Weinstein
Title:  Managing Director

Signature Page 2 of 2    

Exhibit A

SCHEDULE 3.12 
 
Subsidiaries

	
				
	Subsidiary
	Jurisdiction of 
Formation
	Restricted/Unrestricted/Material
	Ownership 
Percentage

	Bicen Development Corporation N.V.
	Sint Eustatius
	Restricted
	100%

	Cooperatie NuStar Holdings U.A.
	Netherlands
	Restricted
	100%

	Diamond K Limited
	Bermuda
	Restricted
	100%

	LegacyStar, Inc.
	Delaware
	Restricted
	100%

	LegacyStarInvestment, LLC
	Delaware
	Restricted
	100%

	LegacyStar, LLC
	Delaware
	Restricted
	100%

	Kaneb Management, LLC
	Delaware
	Restricted
	100%

	Kaneb Management Company LLC
	Delaware
	Restricted
	100%

	NuStar Pipeline Company, LLC
	Delaware
	Restricted
	100%

	NuStar Pipeline Holding Company, LLC
	Delaware
	Restricted
	100%

	NuStar Pipeline Operating Partnership L.P.
	Delaware
	Restricted - Material
	100%

	NuStar Pipeline Partners L.P.
	Delaware
	Restricted
	100%

	LegacyStarServices, LLC
	Delaware
	Restricted
	100%

	NS Security Services, LLC
	Delaware
	Restricted
	100%

	NuStar Asphalt Chickasaw, LLC
	Texas
	Restricted
	100%

	NuStar Asphalt Holdings, Inc.
	Delaware
	Restricted
	100%

	NuStar Asphalt Holdings, LLC
	Delaware
	Restricted
	100%

	NuStar Refining, LLC
	Delaware
	Restricted
	100%

	
				
	Subsidiary
	Jurisdiction of 
Formation
	Restricted/Unrestricted/Material
	Ownership 
Percentage

	NuStar Terminals B.V.
	Netherlands
	Restricted
	100%

	NuStar Eastham Limited
	England
	Restricted
	100%

	NuStar Terminals Limited
	England
	Restricted
	100%

	NuStar Energy Services, Inc.
	Delaware
	Restricted
	100%

	NuStar Burgos, LLC
	Delaware
	Restricted
	100%

	NuStar GP, Inc.
	Delaware
	Restricted
	100%

	NuStar Holdings B.V.
	Netherlands
	Restricted
	100%

	NuStar Internacioncal, S. deR.L. de C.V.
	Mexico
	Restricted
	100%

	NuStar Logistics, L.P.
	Delaware
	Restricted - Material
	100%

	NuStar Supply & Trading LLC
	Delaware
	Restricted
	100%

	Petroburgos, S. de R.L. de C.V.
	Mexico
	Restricted
	100%

	Point Tupper Marine Services Co.
	Nova Scotia
	Restricted
	100%

	NuStar Grangemouth Limited
	England
	Restricted
	100%

	Saba Company N.V.
	Sint Eustatius
	Restricted
	100%

	Seven Seas Steamship Company (Sint Eustatius) N.V.
	Sint Eustatius
	Restricted
	100%

	Shore Terminals LLC
	Delaware
	Restricted
	100%

	NuStar Texas Holding, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals Texas, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals Partners TX L.P.
	Delaware
	Restricted
	100%

	NuStar Technology, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals Antilles N.V.
	Curacao
	Restricted
	100%

	NuStar Terminals Canada Co.
	Nova Scotia
	Restricted
	100%

	NuStar Terminals Canada Holdings Co
	Nova Scotia
	Restricted
	100%

	
				
	Subsidiary
	Jurisdiction of 
Formation
	Restricted/Unrestricted/Material
	Ownership 
Percentage

	NuStar Terminals Canada Partnership
	Nova Scotia
	Restricted
	100%

	NuStar Terminals Corporation N.V.
	Curacao / Netherlands
	Restricted
	100%

	NuStar Terminals Delaware, Inc.
	Delaware
	Restricted
	100%

	NuStar Caribe Terminals, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals International N.V.
	Curacao
	Restricted
	100%

	NuStar Terminals Marine Services N.V.
	Sint Eustatius
	Restricted
	100%

	NuStar Terminals New Jersey, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals N.V.
	Sint Eustatius
	Restricted - Material
	100%

	NuStar Terminals Operations Partnership L.P.
	Delaware
	Restricted
	100%

	NuStar Terminals Services, Inc.
	Delaware
	Restricted
	100%

	Texas Energy Services LLC
	Delaware
	Restricted
	100%

SCHEDULE 6.01
Existing Indebtedness

None.

SCHEDULE 6.08
Existing Restrictions

Restrictions and conditions set forth in (i) the Note Indentures, (ii) the Revolving Credit Agreement, (iii) the Letter of Credit Agreement, dated as of June 5, 2012, among the Borrower, the MLP, the Lenders party thereto and Mizuho Corporate Bank, Ltd., as Issuing Bank and Administrative Agent, as amended, and (iv) the Letter of Credit Agreement, dated as of June 5, 2013, among the Borrower, the MLP, the Lenders party thereto and The Bank of Nova Scotia, as Issuing Bank and Administrative Agent, as amended.Exhibit 10.1

FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Fifth Amendment" or this "Amendment") is entered into as of August 8, 2014, by and among HERCULES FUNDING II LLC, a Delaware limited liability company ("Borrower"), the lenders identified on the signature page hereof (such lenders, together with their respective successors and assigns, are referred to hereinafter each individually as a "Lender" and collectively as the "Lenders"), and WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity, "Agent"), with reference to the following facts, which shall be construed as part of this Fifth Amendment:

RECITALS 

A.Borrower, Lenders and Agent have entered into that certain Loan and Security Agreement dated as of August 25, 2008, as amended by that certain First Amendment to Loan and Security Agreement dated as of April 30, 2009, that certain Second Amendment to Loan and Security Agreement dated as of June 20, 2011, that certain Third Amendment to Loan and Security Agreement dated as of August 1, 2012, and that certain Fourth Amendment to Loan and Security Agreement dated as of December 17, 2012 (as amended or modified from time to time, the "Loan Agreement"), pursuant to which Lenders and Agent are providing financial accommodations to or for the benefit of Borrower upon the terms and conditions contained therein_ Unless otherwise defined herein, capitalized terms or matters of construction defined or established in the Loan Agreement shall be applied herein as defined or established therein.

B.As of the date hereof, Wells Fargo Capital Finance, LLC is the sole Lender under the Loan Agreement.

C.Borrower has requested that Lenders and Agent agree to amend certain provisions of the Loan Agreement, and Lenders and Agent are willing to do so to the extent provided in, and subject to the terms and conditions of, this Fifth Amendment.

AGREEMENT 

NOW, THEREFORE, in consideration of the continued performance by Borrower of its promises and obligations under the Loan Agreement and the other Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, Lenders and Agent hereby agree as follows:

1.Ratification of Existing Loan Documents. Each of the parties acknowledges,

confirms, and ratifies the provisions of the Loan Agreement and the other Loan Documents, which shall be unmodified and shall continue to be in full force and effect in accordance with their terms except as expressly provided under this Fifth Amendment.

2.Amendments to the Loan Agreement. The Loan Agreement is hereby amended as follows:

2.1Addition of New Definitions. Section 1.1 of the Loan Agreement is

amended by adding in appropriate alphabetical order the following new definitions:

"Fifth Amendment" means the Fifth Amendment to Loan and Security Agreement, dated as of August 8, 2014, by and among Lenders, Agent and Borrower.

"Fifth Amendment Closing Date" means August 8, 2014.

"Fifth Amendment Closing Fee" has the meaning given to such term in the Fee Letter.

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2.2Amendment to Definition of Fee Letter. Section 1.1 of the Loan

Agreement is amended by deleting the existing definition of the term "Fee Letter" and replacing it with the following amended and restated version thereof:

"Fee Letter" means that certain Third Amended and Restated Fee Letter, dated as of the Fifth Amendment Closing Date, between Borrower and Agent, in form and substance satisfactory to Agent.

2.3Amendment to Definition of Revolving Credit Availability Period.

Section 1.1 of the Loan Agreement is amended by deleting the existing definition of the term "Revolving Credit Availability Period" and replacing it with the following amended and restated version thereof:

"Revolving Credit Availability Period" means the period commencing on the Closing Date and ending on the earlier of (a) August 1, 2017, and (b) termination pursuant to Section 9.1.

2.4Amendment to Interest Rates. Section 2.5 of the Loan Agreement is

amended by deleting the existing text of Section 2.5(a) and replacing it with the following amended and restated version thereof:

(a)Interest Rates. Except as provided in Section 2.5(b) 

below, all Obligations (except for Bank Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof as follows:

(i)if the relevant Obligation is a LIBOR Rate

Loan, at a per annum rate equal to (A) the LIBOR Rate plus (B) the LIBOR Rate Margin (provided, however, that in no case shall such per annum rate be less than four percent (4.00%) at any time), and

(ii)otherwise, at a per annum rate equal to

(A) the Base Rate plus (B) the Base Rate Margin (provided, however, that in no case shall such per annum rate be less than four percent (4.00%) at any time).

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2.5Amendment to Early Termination by Borrower. Section 3.6 of the Loan

Agreement is amended by deleting the existing text thereof and replacing it with the following amended and restated version thereof:

3.6Early Termination by Borrower. Borrower has the option, at any time upon ninety (90) days prior written notice to Agent, to terminate this Agreement by repaying to Agent all of the Obligations in full. If Borrower has sent a notice of termination pursuant to the provisions of this Section 3.6, then the Commitments shall terminate and Borrower shall be obligated to repay the Obligations in full, on the date set forth as the date of termination of this Agreement in such notice. In the event of the termination of this Agreement and repayment of the Obligations at any time prior to the Maturity Date, for any other reason, including (a) termination upon the election of the Required Lenders to terminate after the occurrence and during the continuation of an Event of Default, (b) foreclosure by Agent or Lenders and sale of Collateral, (c) sale of the Collateral in any Insolvency Proceeding of Borrower, or (d) restructure, reorganization, or compromise of the Obligations by the confirmation of a plan of reorganization or any other plan of compromise, restructure, or arrangement in any Insolvency Proceeding of Borrower, then, in view of the impracticability and extreme difficulty of ascertaining the actual amount of damages to the Lender Group or profits lost by the Lender Group as a result of such early termination, and by mutual agreement of the parties as to a reasonable estimation and calculation of the lost profits or damages of the Lender Group, Borrower shall pay to Agent, in cash, for the ratable benefit of Lenders, the Applicable Prepayment Premium, if any, determined as of such date. For purposes of this Agreement, "Applicable Prepayment Premium" means, as of any date of determination, an amount equal to (a) during the period starting on the Fifth Amendment Closing Date and ending on July 31, 2015, three percent (3.00%) multiplied by the Maximum Revolver Amount on such date, (b) during the period starting on August 1, 2015 and ending on July 31, 2016, two percent (2.00%) multiplied by the Maximum Revolver Amount on such date, (c) during the period starting on August 1, 2016 and ending on January 31, 2017, one percent (1.00%) multiplied the Maximum Revolver Amount on such date, and (d) thereafter, zero dollars ($0.00).

2.6Amendment to Financial Covenant Regarding Minimum Tangible Net

Worth of HTGC. Section 7.16 of the Loan Agreement is amended by deleting the existing text of Section 7.16(c) and replacing it with the following amended and restated version thereof:

(c)Minimum Tangible Net Worth of HTGC. Permit

HTGC, on a consolidated basis with its Subsidiaries, to fail to maintain as of the end of each of its fiscal quarters a sum of (i) Tangible Net Worth, plus (ii) Subordinated Debt, that is greater than or equal to the sum of (A) $500,000,000, plus (B) ninety percent (90%) of the cumulative amount of equity raised by HTGC after June 30, 2014.

3.Conditions Precedent. Notwithstanding any other provision of this Fifth Amendment, this Fifth Amendment shall be of no force or effect, and Lenders and Agent shall not have any obligations hereunder, unless and until each of the following conditions have been satisfied:

3.1Receipt of Executed Fifth Amendment. Agent shall have received this

Fifth Amendment, duly executed by Borrower, each Lender, and Agent;

3.2Receipt of Executed Third Amended and Restated Fee Letter. Agent shall

have received the Fee Letter, duly executed by Borrower and Agent;

3.3Payment of Fifth Amendment Closing Fee. Agent shall have received

from Borrower payment of the Fifth Amendment Closing Fee;

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3.4Secretary's Certificate. Agent shall have received a certificate from the

Secretary of Borrower attesting to (a) the resolutions of Borrower's Board of Directors (i) authorizing Borrower's execution, delivery, and performance of this Fifth Amendment, the Fee Letter, and all other Loan Documents executed in connection therewith to which Borrower is a party, and (ii) authorizing specific officers of Borrower to execute the same, and (b) the incumbency and signatures of such specific officers of Borrower; and

3.5Closing Certificate. Agent shall have received a certificate from the chief

financial officer and chief executive officer of Borrower, certifying as to (a) the truth and accuracy of the representations and warranties of Borrower contained in Section 5 of the Loan Agreement as amended by this Fifth Amendment, (b) the absence of any Defaults or Events of Default, and (c) that after giving effect to the incurrence of Indebtedness under the Loan Agreement and the other transactions contemplated by the Loan Agreement as amended by this Fifth Amendment, Borrower is Solvent.

4.Representations and Warranties regarding Loan Agreement. Borrower hereby represents and warrants that the representations and warranties contained in the Loan Agreement were true and correct in all material respects when made and, except to the extent that (a) a particular representation or warranty by its terms expressly applies only to an earlier date, or (b) Borrower has previously advised Agent in writing as contemplated under the Loan Agreement, are true and correct in all material respects as of the date hereof. Borrower hereby further represents and warrants that no event has occurred and is continuing, or would result from the transactions contemplated under this Fifth Amendment, that constitutes or would constitute a Default or an Event of Default.

5.Miscellaneous.

5.1Headings. The various headings of this Fifth Amendment are inserted for

convenience of reference only and shall not affect the meaning or interpretation of this Fifth Amendment or any provisions hereof.

5.2Counterparts. This Fifth Amendment may be executed by the parties

hereto in several counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. Delivery of an executed counterpart of a signature page to this Fifth Amendment by either (i) facsimile transmission or (ii) electronic transmission in either Tagged Image Format Files (TIFF) or Portable Document Format (PDF), shall be effective as delivery of a manually executed counterpart thereof.

5.3Interpretation. No provision of this Fifth Amendment shall be construed

against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party's having or being deemed to have structured, drafted or dictated such provision.

5.4Complete Agreement. This Fifth Amendment constitutes the complete

agreement between the parties with respect to the subject matter hereof, and supersedes any prior written or oral agreements, writings, communications or understandings of the parties with respect thereto.

- 4 - 

 

5.5GOVERNING LAW. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICT OF LAWS.

5.6Effect. Upon the effectiveness of this Fifth Amendment, each reference in

the Loan Agreement to "this Agreement," "hereunder," "hereof' or words of like import shall mean and be a reference to the Loan Agreement as amended hereby and each reference in the other Loan Documents to the Loan Agreement, "thereunder," "thereof," or words of like import shall mean and be a reference to the Loan Agreement as amended hereby.

5.7Conflict of Terms. In the event of any inconsistency between the provisions of this Fifth Amendment and any provision of the Loan Agreement, the terms and provisions of this Fifth Amendment shall govern and control.

5.8No Novation or Waiver. Except as specifically set forth in this Fifth

Amendment, the execution, delivery and effectiveness of this Fifth Amendment shall not (a) limit, impair, constitute a waiver by, or otherwise affect any right, power or remedy of, Agent or Lenders under the Loan Agreement or any other Loan Document, (b) constitute a waiver of any provision in the Loan Agreement or in any of the other Loan Documents or of any Default or Event of Default that may have occurred and be continuing, or (c) alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or in any of the other Loan Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

[SIGNATURE PAGE FOLLOWS] 

- 5 - 

 

IN WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment to Loan and Security Agreement as of the day and year first above written.

HERCULES FUNDING II LLC,

a Delaware limited liability company, as Borrower

By: /s/ Jessica Baron              

Name: Jessica Baron

Title: Chief Financial Officer

WELLS FARGO CAPITAL FINANCE, LLC,

formerly known as Wells Fargo Foothill, LLC,

a Delaware limited liability company,

as Agent and a Lender

By: /s/ Aharon Tamavsky       

Name: Aharon Tarnavsky Title: Vice President

 

- 6 -

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