<SEC-DOCUMENT>0001193125-18-168558.txt : 20180724
<SEC-HEADER>0001193125-18-168558.hdr.sgml : 20180724
<ACCEPTANCE-DATETIME>20180521063002
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-168558
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NuStar Energy L.P.
		CENTRAL INDEX KEY:			0001110805
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				742956831
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		19003 IH-10 WEST
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257
		BUSINESS PHONE:		(210) 918-2000

	MAIL ADDRESS:	
		STREET 1:		19003 IH-10 WEST
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALERO L P
		DATE OF NAME CHANGE:	20020110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHAMROCK LOGISTICS LP
		DATE OF NAME CHANGE:	20000331
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">May&nbsp;21, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>VIA EDGAR AND HAND DELIVERY </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: John Reynolds </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>NuStar Energy L.P. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.</B><B></B><B>&nbsp;1 to Registration Statement on
Form <FONT STYLE="white-space:nowrap">S-4</FONT></B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed May</B><B></B><B>&nbsp;3, 2018</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File No. <FONT STYLE="white-space:nowrap">333-223671</FONT></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December</B><B></B><B>&nbsp;31, 2017</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed February</B><B></B><B>&nbsp;28, 2018</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File No.</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;001-1641</FONT></B>7 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Reynolds: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the
responses of NuStar Energy L.P., a Delaware limited partnership (the &#147;<U>Partnership</U>&#148;), to comments of the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) by letter dated
May&nbsp;11, 2018 (the &#147;<U>Comment Letter</U>&#148;) with respect to Amendment No.&nbsp;1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed by the Partnership on May&nbsp;3, 2018 (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-223671)</FONT> (the &#147;<U>Registration Statement</U>&#148;) and Form <FONT STYLE="white-space:nowrap">10-K</FONT> for fiscal year ended December&nbsp;31, 2017 filed by the Partnership on February&nbsp;28,
2018 (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-16417)</FONT> (the &#147;<U>Form <FONT STYLE="white-space:nowrap">10-K</FONT></U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff&#146;s review, the Partnership has set forth below the comments contained in the Comment Letter, followed by
the Partnership&#146;s responses. The numbered paragraphs below correspond to the numbered comments in the Comment Letter. Concurrently with this letter, the Partnership is filing Amendment No.&nbsp;2 to the Registration Statement
(&#147;<U>Amendment No.</U><U></U><U>&nbsp;2</U>&#148;), which includes revisions to the Registration Statement in response to the Staff&#146;s comments thereto. The Partnership is also mailing to the Staff&#146;s attention for its convenience a
copy of this letter, together with a marked copy of Amendment No.&nbsp;2 showing changes to the Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19003 <FONT
STYLE="white-space:nowrap">IH-10</FONT> West &#9679; San Antonio, Texas 78257 &#9679; Telephone (210) <FONT STYLE="white-space:nowrap">918-2000</FONT> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 21, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>General </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note that you have proposed to address various concerns raised in prior comments on your annual report by revising disclosures in future filings. Please ensure that any corresponding disclosures in your
registration statement are similarly revised.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Partnership has revised the Unaudited Pro Forma Condensed Combined Consolidated Statement of
Income for the year ended December&nbsp;31, 2017, on page <FONT STYLE="white-space:nowrap">F-4</FONT> of Amendment No. 2, to include a subtotal of expense labeled &#147;Total costs associated with service revenues.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>The Merger, page 30 </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Subsequent Events, page
36 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note that Baird presented an updated financial analysis of the proposed merger to the NSH Conflicts Committee on April</I><I></I><I>&nbsp;26, 2018. Please disclose the substance of such analysis, including
discounted cash flow analysis, discounted distribution analysis and selected public company comparables analysis, and discuss any material differences with the financial analysis presented to the NSH Conflicts Committee on
February</I><I></I><I>&nbsp;7, 2018.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Partnership has revised the disclosure on page&nbsp;38 of Amendment No.&nbsp;2. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Opinion of the NSH Conflicts Committee&#146;s Financial Advisor, page 47 </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Discounted Cash Flow Analysis, page 50 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><I>Please revise your disclosure to define and quantify the unlevered free cash flows used in this analysis.</I> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to
the Staff&#146;s comment, the Partnership has revised the disclosure on page&nbsp;52 of Amendment No.&nbsp;2. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Where You Can Find More Information,
page 138 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><I>Please amend your registration statement to incorporate by reference the Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed on May</I><I></I><I>&nbsp;8, 2018. In addition, please ensure you incorporate by
reference each specific filing made pursuant to the Exchange Act prior to requesting acceleration of the effectiveness of this registration statement or state that all such filings filed after &#147;the date of the initial registration statement and
prior to effectiveness&#148; will be incorporated by reference. For guidance, please refer to Securities Act Forms Compliance and Disclosure Interpretation 123.05.</I> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 21, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Partnership has revised the disclosure on page 140 of Amendment No.&nbsp;2 to specifically
incorporate by reference the Partnership&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed on May&nbsp;8, 2018 and NSH&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed on May&nbsp;8, 2018 and all other reports filed by the
Partnership and NSH pursuant to the Exchange Act after the date of the initial registration statement and prior to effectiveness. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Exhibit 8.1
</U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note your revisions in response to prior comment 10. Please have counsel revise the tax opinion filed as Exhibit 8.2 to opine on the material tax consequences of the offering. For guidance, see Section III.C.2 of
Staff Legal Bulletin 19.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Partnership has filed as Exhibit 8.2 a revised form of tax opinion of counsel that opines on the
material tax consequences of the offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2017
</U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Management&#146;s Discussion and Analysis, page 41 </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Trends and Outlook, page 52 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note your response to prior comment 13, explaining that your accounting for hurricane damage in the third quarter of 2017 relates to assets you identified as being destroyed or damaged beyond repair, and that a
$79</I><I></I><I>&nbsp;million gain for insurance proceeds received during the first quarter of 2018 was recognized in advance of remaining repairs because it is nonrefundable and is not contingent.</I> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>We note that you have not indicated any accrual was made for assets which had damage that would be repaired, although you have disclosed
that you expect repairs of such assets to continue into 2020. Tell us how you considered the nature, extent and cost of these repairs in evaluating the need for an accrual of probable loss in accordance with FASB ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">450-20-25-2.</FONT></FONT></FONT> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Please describe and quantify the repairs that you have completed or expect to complete to fully repair hurricane damage to the assets
underlying your insurance claims and recoveries that were not destroyed or damaged beyond repair. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pursuant to FASB ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">450-20-25-2,</FONT></FONT></FONT> an estimated loss from a loss contingency shall be accrued by a charge to income if the following two conditions
exist: (a)&nbsp;information available before the financial statements are issued or are available to be issued (as discussed in <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Section&nbsp;855-10-25)</FONT></FONT> indicates that it
is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements; and (b)&nbsp;the amount of loss can be reasonably estimated. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 21, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In evaluating the need for an accrual of probable loss, the Partnership considered:
(a)&nbsp;the nature of the ongoing activities and the appropriate classification of those amounts (i.e., capital versus expense); and (b)&nbsp;the probability that an asset had been impaired or that a liability had been incurred. Based on the
Partnership&#146;s evaluation of the nature of the expenditures to be incurred, which is discussed further below, it concluded that such expenditures would be classified as reliability capital expenditures rather than repair expenses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This conclusion is consistent with the descriptions of such categories contained in the Form <FONT STYLE="white-space:nowrap">10-K.</FONT> Note
2 of the Notes to Consolidated Financial Statements in Item 8. &#147;Financial Statements and Supplementary Data&#148; of the Form <FONT STYLE="white-space:nowrap">10-K</FONT> provides that, &#147;[w]e record additions to property, plant and
equipment, including reliability and strategic capital expenditures, at cost. Repair and maintenance costs associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating
expenses as incurred.&#148; In addition, &#147;Liquidity and Capital Resources&#151;Capital Requirements&#148; of the Form <FONT STYLE="white-space:nowrap">10-K</FONT> notes that reliability capital expenditures are those expenditures &#147;required
to maintain the existing operating capacity of existing assets or extend their useful lives, as well as those required to maintain equipment reliability and safety.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the Form <FONT STYLE="white-space:nowrap">10-K,</FONT> the Partnership projected reliability capital expenditures for 2018 to be between
$80.0&nbsp;million and $100.0&nbsp;million, an amount that significantly exceeds the reliability capital expenditures incurred in each of the years 2015 &#150; 2017, and the <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> provides that this
increase is due to &#147;a significant portion of reliability capital spending . . . relat[ing] to hurricane damage repairs at our St. Eustatius facility.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As noted in the Partnership&#146;s previous response, all cleanup costs, minor repairs and write-offs of assets destroyed or damaged beyond
repair at the Partnership&#146;s St. Eustatius facility were expensed as incurred in the third and fourth quarters of 2017. The remaining damage, although widespread, does not prohibit the Partnership from operating the facility in the ordinary
course. As a result, the Partnership concluded it was not probable that other assets were impaired. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The receipt of the insurance proceeds
does not obligate the Partnership to perform the repairs, and the Partnership may utilize the insurance proceeds for other purposes while continuing to operate the St. Eustatius facility in its current state. That fact, coupled with the fact that
the facility remains operational, gives the Partnership flexibility in both the timing and extent of the expected reliability capital expenditures. The Partnership intends to make those expenditures to restore, and in some respects improve, the
facility&#146;s operating capability in a way that minimally disrupts its operations. Therefore, these remaining reliability capital expenditures are discretionary, and, as of the balance sheet date, the Partnership concluded that it was not
probable that it had incurred a liability. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 21, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In summary, the Partnership concluded that the requirements of paragraph a. of FASB ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">450-20-25-2</FONT></FONT></FONT> were not met. With regard to paragraph a., the Partnership determined it was not probable that an asset had been impaired
or a liability had been incurred at the balance sheet date (thus not requiring an accrual under FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">450-20-25-2).</FONT></FONT></FONT> The
Partnership believes its analysis is consistent with FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">450-20-25-2,</FONT></FONT></FONT> paragraph b., which states, in part, &#147;even losses
that are reasonably estimable shall not be accrued if it is not probable that an asset has been impaired or a liability has been incurred at the date of an entity&#146;s financial statements because those losses relate to a future period rather than
the current or a prior period.&#148; Furthermore, as discussed, the Partnership determined the expenditures will be classified as reliability capital, not repair expense, and are, therefore, outside the scope of FASB ASC 450-20-25-2, which requires
accruals to be recorded as expenses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With respect to the $100&nbsp;million of insurance proceeds received by the Partnership, the
Partnership initially notified its property insurance carriers of the damage. On several occasions, the insurance carriers&#146; designated adjuster, and experts retained by the designated adjuster, inspected the facility to review the damage and
discuss anticipated repairs.&nbsp;Ultimately, the adjuster prepared an actual cash value estimate of the damage in the amount of $108&nbsp;million, which exceeded the $100&nbsp;million named windstorm limit on the policy.&nbsp;The insurance carriers
offered to fund the $100&nbsp;million policy limit, and the Partnership accepted the $100&nbsp;million actual cash value settlement.</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Currently, the Partnership estimates the total reliability capital expenditures required to repair the damage at the facility to be
approximately $79&nbsp;million, consisting primarily of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">$38&nbsp;million related to 31 partially damaged tanks, consisting of the estimated cost to empty and clean the tanks, inspect the tanks, and repair damage, including complete or partial replacement of insulation on
certain heated tanks; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">$41&nbsp;million related to repairing facility infrastructure, including jetty and dock assets, hillside erosion, pipeline supports, road paving, administrative buildings, fencing, the single-point mooring buoy and
electrical and instrumentation items. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The damage sustained at the St. Eustatius facility accumulated to an aggregate amount
that is significant, relative to the total value of the facility; however, the damage sustained does not directly impede the facility&#146;s operations. The damage is covered by insurance, but, much like an automobile owner whose insured vehicle has
sustained hail damage, the day-to-day operation of the facility continues and the owner, in this case, the Partnership, can control the timing and extent of its repairs and associated expenditures to minimize, as much as possible, downtime or
disruption. Because when made, these reliability capital expenditures will extend the useful life of existing assets and/or maintain the facility&#146;s existing operating capacity, reliability and safety, the Partnership plans to capitalize those
expenditures consistent with its accounting policy. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 21, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Critical Accounting Policies, page 61 </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"><I>We have read your response to prior comment 14 and believe that you should further revise your disclosure about the critical accounting aspects of your impairment testing to address specific material implications of
uncertainties associated with the methods, assumptions and estimates, as reflected in your financial statements.</I> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With regard to
the Partnership&#146;s critical accounting policy for the Impairment of Long-Lived Assets, the Partnership proposed in its previous response to expand its disclosure to encompass the material implications of uncertainties associated with the
methods, assumptions and estimates underlying its critical accounting measurements. The Partnership proposes to add the following in subsequent Form <FONT STYLE="white-space:nowrap">10-K</FONT> filings, with the underlined portion added to address
comment 7 above: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In determining the existence of an impairment of the carrying value of an asset, the Partnership makes a number of
subjective assumptions as to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">whether there is an event or circumstance that may indicate that the carrying amount of an asset may not be recoverable; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the grouping of assets; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the intention of holding, abandoning or selling an asset; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the forecast of undiscounted expected future cash flows with respect to an asset or asset group; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">if an impairment exists, the fair value of the asset or asset group. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Partnership&#146;s
estimates of undiscounted future cash flows include: (i)&nbsp;discrete financial forecasts, which rely on management&#146;s estimates of revenue and operating expenses; (ii)&nbsp;long-term growth rates; and (iii)&nbsp;estimates of useful lives of
the assets. The identification of impairment indicators and the estimates of future undiscounted cash flows are highly subjective and are based on numerous assumptions about future operations and market conditions, which the Partnership believes to
be reasonable but are inherently uncertain. <U>The uncertainties underlying the Partnership&#146;s assumptions and estimates could differ significantly from actual results and could cause a different conclusion about the recoverability of the
Partnership&#146;s assets. If that were to occur, and the Partnership determined an asset was impaired, the amount of impairment could be material to the Partnership&#146;s results of operations.</U> </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 21, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the responses to the comments of the Staff, or require
additional information, please contact the undersigned at (210) <FONT STYLE="white-space:nowrap">918-2512</FONT> or Jorge A. del Alamo, Senior Vice President and Controller at (210) <FONT STYLE="white-space:nowrap">918-2796.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Amy L. Perry</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Amy L. Perry</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Senior Vice President, General Counsel &#150; Corporate&nbsp;&amp; Commercial Law and Corporate Secretary</I></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">George J. Vlahakos, Sidley Austin LLP </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark V. Purpura, Richards, Layton&nbsp;&amp; Finger,
P.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Igor Kirman, Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
