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ARTICLE I DEFINITIONS AND ACCOUNTING TERMS | 1 | |||
1.01 Defined Terms | 1 | |||
1.02 Other Interpretive Provisions | 28 | |||
1.03 Accounting Terms | 28 | |||
1.04 Rounding | 29 | |||
1.05 Times of Day | 29 | |||
1.06 Letter of Credit Amounts | 29 | |||
1.07 Currency Equivalents Generally | 29 | |||
ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS | 30 | |||
2.01 The Loans | 30 | |||
2.02 Borrowings, Conversions and Continuations of Loans | 30 | |||
2.03 Letters of Credit | 31 | |||
2.04 Prepayments | 40 | |||
2.05 Termination or Reduction of Commitments | 40 | |||
2.06 Repayment of Revolving Credit Loans | 41 | |||
2.07 Interest | 41 | |||
2.08 Fees | 41 | |||
2.09 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate | 42 | |||
2.10 Evidence of Debt | 43 | |||
2.11 Payments Generally; Administrative Agent’s Clawback | 43 | |||
2.12 Sharing of Payments by Lenders | 45 | |||
2.13 Increase in Commitments | 46 | |||
2.14 Cash Collateral | 47 | |||
2.15 Defaulting Lenders | 48 | |||
ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY | 50 | |||
3.01 Taxes | 50 | |||
3.02 Illegality | 54 | |||
3.03 Inability to Determine Rates | 54 | |||
3.04 Increased Costs; Reserves on Eurodollar Rate Loans | 55 |
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3.05 Compensation for Losses | 57 | |||
3.06 Mitigation Obligations; Replacement of Lenders | 57 | |||
3.07 Survival | 58 | |||
ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | 58 | |||
4.01 Conditions of Initial Credit Extension | 58 | |||
4.02 Conditions to all Credit Extensions | 62 | |||
ARTICLE V REPRESENTATIONS AND WARRANTIES | 63 | |||
5.01 Existence, Qualification and Power | 63 | |||
5.02 Authorization; No Contravention | 63 | |||
5.03 Governmental Authorization; Other Consents | 63 | |||
5.04 Binding Effect | 64 | |||
5.05 Financial Statements; No Material Adverse Effect | 64 | |||
5.06 Litigation | 64 | |||
5.07 No Default | 65 | |||
5.08 Title; Etc. | 65 | |||
5.09 Environmental Compliance; Permits | 67 | |||
5.10 Insurance | 68 | |||
5.11 Taxes | 68 | |||
5.12 ERISA Compliance | 68 | |||
5.13 Subsidiaries; Equity Interests; Loan Parties | 69 | |||
5.14 Margin Regulations; Investment Company Act | 69 | |||
5.15 Disclosure | 69 | |||
5.16 Compliance with Laws | 70 | |||
5.17 Intellectual Property; Licenses, Etc. | 70 | |||
5.18 Solvency | 70 | |||
5.19 [Intentionally Omitted] | 70 | |||
5.20 Labor Matters | 70 | |||
5.21 Collateral Documents | 70 | |||
5.22 State and Federal Regulation | 71 | |||
5.23 Title to Crude Oil and Refined Products | 73 |
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ARTICLE VI AFFIRMATIVE COVENANTS | 73 | |||
6.01 Financial Statements | 74 | |||
6.02 Certificates; Other Information | 74 | |||
6.03 Notices | 77 | |||
6.04 Payment of Obligations | 77 | |||
6.05 Preservation of Existence, Etc. | 78 | |||
6.06 Maintenance of Properties | 78 | |||
6.07 Maintenance of Insurance; Insurance Proceeds | 79 | |||
6.08 Compliance with Laws | 79 | |||
6.09 Books and Records | 80 | |||
6.10 Inspection Rights | 80 | |||
6.11 Use of Proceeds | 80 | |||
6.12 Covenant to Guarantee Obligations and Give Security | 80 | |||
6.13 Compliance with Environmental Laws | 83 | |||
6.14 Further Assurances | 83 | |||
6.15 Compliance with Terms of Leaseholds | 84 | |||
6.16 Material Contracts | 84 | |||
6.17 Utah FERC Jurisdictional Requirement | 84 | |||
6.18 Post Closing Agreement | 85 | |||
ARTICLE VII NEGATIVE COVENANTS | 85 | |||
7.01 Liens | 85 | |||
7.02 Indebtedness | 86 | |||
7.03 Investments | 88 | |||
7.04 Fundamental Changes | 89 | |||
7.05 Dispositions | 89 | |||
7.06 Restricted Payments | 90 | |||
7.07 Change in Nature of Business | 91 | |||
7.08 Transactions with Affiliates | 91 | |||
7.09 Burdensome Agreements | 91 | |||
7.10 Use of Proceeds | 91 |
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7.11 Financial Covenants | 91 | |||
7.12 [Intentionally Omitted] | 92 | |||
7.13 Amendments of Organization Documents | 92 | |||
7.14 Accounting Changes | 92 | |||
7.15 Prepayments, Etc. | 92 | |||
7.16 Amendment, Etc. | 92 | |||
7.17 Limitation on Speculative Hedging | 92 | |||
ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES | 92 | |||
8.01 Events of Default | 92 | |||
8.02 Remedies upon Event of Default | 95 | |||
8.03 Application of Funds | 95 | |||
ARTICLE IX ADMINISTRATIVE AGENT | 97 | |||
9.01 Appointment and Authority | 97 | |||
9.02 Rights as a Lender | 97 | |||
9.03 Exculpatory Provisions | 97 | |||
9.04 Reliance by Administrative Agent | 98 | |||
9.05 Delegation of Duties | 99 | |||
9.06 Resignation of Administrative Agent | 99 | |||
9.07 Non-Reliance on Administrative Agent and Other Lenders | 100 | |||
9.08 No Other Duties, Etc. | 100 | |||
9.09 Administrative Agent May File Proofs of Claim | 100 | |||
9.10 Collateral and Guaranty Matters | 101 | |||
9.11 Secured Cash Management Agreements and Secured Hedge Agreements | 102 | |||
ARTICLE X MISCELLANEOUS | 102 | |||
10.01 Amendments, Etc. | 102 | |||
10.02 Notices; Effectiveness; Electronic Communications | 104 | |||
10.03 No Waiver; Cumulative Remedies; Enforcement | 106 | |||
10.04 Expenses; Indemnity; Damage Waiver | 106 | |||
10.05 Payments Set Aside | 108 | |||
10.06 Successors and Assigns | 108 |
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(continued)
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10.07 Treatment of Certain Information; Confidentiality | 113 | |||
10.08 Right of Setoff | 113 | |||
10.09 Interest Rate Limitation | 114 | |||
10.10 Counterparts; Integration; Effectiveness | 114 | |||
10.11 Survival of Representations and Warranties | 115 | |||
10.12 Severability | 115 | |||
10.13 Replacement of Lenders | 115 | |||
10.14 Governing Law; Jurisdiction; Etc. | 116 | |||
10.15 Waiver of Jury Trial | 117 | |||
10.16 No Advisory or Fiduciary Responsibility | 117 | |||
10.17 Electronic Execution of Assignments and Certain Other Documents | 117 | |||
10.18 USA PATRIOT Act | 118 | |||
10.19 ENTIRE AGREEMENT | 118 |
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(continued)
2.01 | Commitments and Applicable Percentages | |
4.01(a)(iv) | Leased Real Properties | |
5.06 | Litigation | |
5.09 | Environmental Matters | |
5.11 | Certain Tax Information | |
5.13 | Subsidiaries and Other Equity Investments; Loan Parties | |
5.22(a) | Federal Regulation Matters | |
6.12 | Subsidiary Guarantors | |
7.01 | Existing Liens | |
7.02 | Existing Indebtedness | |
7.03 | Existing Investments | |
7.09 | Burdensome Agreements | |
10.02 | Administrative Agent’s Office, Certain Addresses for Notices | |
Form of | ||
A | Revolving Credit Loan Notice | |
B | Note | |
C | Compliance Certificate | |
D-1 | Assignment and Assumption | |
D-2 | Administrative Questionnaire | |
E | Uniform System of Accounts |
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DEFINITIONS AND ACCOUNTING TERMS
Applicable Rate | ||||||
Eurodollar Rate | ||||||
Pricing Level | Consolidated Leverage Ratio | (Letters of Credit) | Base Rate | |||
1 | < 2.25:1 | 2.50% | 1.50% | |||
2 | ≥ 2.25:1 but < 3.00:1 | 2.75% | 1.75% | |||
3 | ≥ 3.00:1 but < 3.75:1 | 3.00% | 2.00% | |||
4 | ≥ 3.75:1 | 3.25% | 2.25% |
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THE COMMITMENTS AND CREDIT EXTENSIONS
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TAXES, YIELD PROTECTION AND ILLEGALITY
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CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
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REPRESENTATIONS AND WARRANTIES
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AFFIRMATIVE COVENANTS
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NEGATIVE COVENANTS
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EVENTS OF DEFAULT AND REMEDIES
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ADMINISTRATIVE AGENT
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MISCELLANEOUS
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TESORO LOGISTICS LP By:TESORO LOGISTICS GP, LLC, its general partner | ||||
By: | /s/ G. Scott Spendlove | |||
Name: | G. Scott Spendlove | |||
Title: | Vice President and Chief Financial Officer | |||
BANK OF AMERICA, N.A., as Administrative Agent | ||||
By: | /s/ Alan Tapley | |||
Name: | Alan Tapley | |||
Title: | Assistant Vice President | |||
BANK OF AMERICA, N.A., as a Lender and L/C Issuer | ||||
By: | /s/ Ronald E. McKaig | |||
Name: | Ronald E. McKaig | |||
Title: | Managing Director | |||
WELLS FARGO BANK, NATIONAL ASSOCIATION | ||||
By: | /s/ Shiloh Davila | |||
Name: | Shiloh Davila | |||
Title: | Assistant Vice President | |||
CITIBANK, N.A. | ||||
By: | /s/ Todd Mogil | |||
Name: | Todd Mogil | |||
Title: | Vice President | |||
DEUTSCHE BANK TRUST COMPANY AMERICAS | ||||
By: | /s/ Michael Getz | |||
Name: | Michael Getz | |||
Title: | Vice President | |||
By: | /s/ Enrique Landaeta | |||
Name: | Enrique Landaeta | |||
Title: | Vice President | |||
ROYAL BANK OF CANADA | ||||
By: | /s/ Jason S. York | |||
Name: | Jason S. York | |||
Title: | Authorized Signatory | |||
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH | ||||
By: | /s/ Mikhail Faybusovich | |||
Name: | Mikhail Faybusovich | |||
Title: | Director | |||
By: | /s/ Rahul Parmar | |||
Name: | Rahul Parmar | |||
Title: | Associate | |||
JPMORGAN CHASE BANK, N.A. | ||||
By: | /s/ Thomas Okamoto | |||
Name: | Thomas Okamoto | |||
Title: | Authorized Officer | |||
SUNTRUST BANK | ||||
By: | /s/ Carmen Malizia | |||
Name: | Carmen Malizia | |||
Title: | Vice President | |||
THE ROYAL BANK OF SCOTLAND PLC | ||||
By: | /s/ Brian D. Williams | |||
Name: | Brian D. Williams | |||
Title: | Vice President | |||
RAYMOND JAMES BANK, FSB | ||||
By: | /s/ Garrett McKinnon | |||
Name: | Garrett McKinnon | |||
Title: | Senior Vice President | |||
BARCLAYS BANK PLC | ||||
By: | /s/ Michael J. Mozer | |||
Name: | Michael J. Mozer | |||
Title: | Vice President | |||
AMEGY BANK, N.A. | ||||
By: | /s/ Mark Serice | |||
Name: | Mark Serice | |||
Title: | Senior Vice President | |||
REGIONS BANK | ||||
By: | /s/ William W. Brown | |||
Name: | William W. Brown | |||
Title: | Senior Vice President | |||
COMMITMENTS
AND APPLICABLE PERCENTAGES
Lender | Commitment | Applicable Percentage | ||||||
Bank of America, N.A. | $ | 15,000,000.00 | 10.000000000 | % | ||||
Wells Fargo Bank, National Association | $ | 13,000,000.00 | 8.666666667 | % | ||||
Citibank, N.A. | $ | 13,000,000.00 | 8.666666667 | % | ||||
Deutsche Bank Trust Company Americas | $ | 13,000,000.00 | 8.666666667 | % | ||||
Royal Bank of Canada | $ | 13,000,000.00 | 8.666666667 | % | ||||
Credit Suisse AG, Cayman Islands Branch | $ | 13,000,000.00 | 8.666666667 | % | ||||
JPMorgan Chase Bank, N.A. | $ | 13,000,000.00 | 8.666666667 | % | ||||
SunTrust Bank | $ | 13,000,000.00 | 8.666666667 | % | ||||
The Royal Bank of Scotland PLC | $ | 10,000,000.00 | 6.666666667 | % | ||||
Raymond James Bank, FSB | $ | 10,000,000.00 | 6.666666667 | % | ||||
Barclays Bank PLC | $ | 8,000,000.00 | 5.333333333 | % | ||||
Amegy Bank, N.A. | $ | 8,000,000.00 | 5.333333333 | % | ||||
Regions Bank | $ | 8,000,000.00 | 5.333333333 | % | ||||
TOTAL | $ | 150,000,000.00 | 100.000000000 | % |
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(a) | Subsidiaries | |
Tesoro Logistics Operations LLC, wholly-owned by Tesoro Logistics LP | ||
Tesoro High Plains Pipeline Company LLC, wholly-owned by Tesoro Logistics Operations LLC |
(b) | Equity Investments of Loan Parties |
Number & Type | Percentage | |||||||||
Certificate | of Equity | of Equity | ||||||||
Loan Party | Equity Interest | # | Interest | Interest | ||||||
Tesoro Logistics LP | Tesoro Logistics Operations LLC | N/A | Membership Interests | 100 | % | |||||
Tesoro Logistics Operations LLC | Tesoro High Plains Pipeline Company LLC | N/A | Membership Interests | 100 | % |
(c) | Loan Parties |
Chief Executive Office | ||||||
Address | ||||||
Organizational | and | |||||
Jurisdiction | ID # | Mailing Address (if | ||||
of | and | different than CEO | ||||
Full Legal Name | Organization | Federal Tax ID # | Address) | |||
Tesoro Logistics LP | Delaware | 4901711 27-4151603 | 19100 Ridgewood Parkway San Antonio, TX 78259 | |||
Tesoro Logistics Operations LLC | Delaware | 4890313 27-4151836 | 19100 Ridgewood Parkway San Antonio, TX 78259 | |||
Tesoro High Plains Pipeline Company LLC | Delaware | 3416709 27-4152862 | 19100 Ridgewood Parkway San Antonio, TX 78259 |
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Account Owner | Bank | Account Number | ||
Tesoro Logistics LP | Bank of America, N.A. | #004427149883 | ||
Tesoro Logistics LP | Bank of America, N.A. | #3359484493 |
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19100 Ridgewood Parkway
San Antonio, Texas 78259
Attention: Brian Randecker
Telephone: 210-626-4757
Telecopier: (210) 745-4673
Electronic Mail: brian.e.randecker@tsocorp.com
Website Address: www.tsocorp.com
U.S. Taxpayer Identification Number: 27-4151603
(for payments and Requests for Credit Extensions):
Bank of America, N.A.
901 Main Street
Mail Code: TX1-492-14-04
Dallas, Texas 75202-3714
Attention: Betty Coleman
Telephone: 214-209-0993
Telecopier: 214-290-9419
Electronic Mail:betty.coleman@baml.com
Account No.: 1292000883
Ref: Tesoro Logistics LP
ABA# 026-009-593
Agency Management
901 Main Street
Mail Code: TX1-492-14-11
Dallas, Texas 75202-3714
Attention: Alan Tapley
Telephone: 214-209-4125
Telecopier: 214-290-9507
Electronic Mail:alan.tapley@baml.com
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Trade Operations
1 Fleet Way
Mail Code: PA6-580-02-30
Scranton, PA 18507
Attention: Mary J. Cooper
Telephone: 570-330-4235
Telecopier: 570-330-4186
Electronic Mail:mary.j.cooper@baml.com
901 Main Street
Mail Code: TX1-492-14-04
Dallas, Texas 75202-3714
Attention: Betty Coleman
Telephone: 214-209-0993
Telecopier: 214-290-9419
Electronic Mail:betty.coleman@baml.com
Account No.: 1292000883
Ref: Tesoro Logistics LP
ABA# 026-009-593
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