THIRD AMENDING AGREEMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
EXHIBIT 10.30
EXECUTION VERSION
THIRD AMENDING AGREEMENT TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
dated as of December 18, 2014
ALTALINK, L.P.
as Borrower
- and -
ALTALINK MANAGEMENT LTD.
as General Partner
- and -
THE BANK OF NOVA SCOTIA
as Administrative Agent of the Lenders, Co-Lead Arranger and Co-Bookrunner
- and -
ROYAL BANK OF CANADA
as Syndication Agent, Co-Lead Arranger and Co-Bookrunner
- and -
THE BANK OF MONTREAL AND NATIONAL BANK OF CANADA
as Co-Documentation Agents
- and -
THE BANK OF NOVA SCOTIA, ROYAL BANK OF CANADA, THE BANK OF
MONTREAL, NATIONAL BANK OF CANADA, THE TORONTO-DOMINION
BANK AND XXXXXX A TREASURY BRANCHES,
as Lenders
LEGAL_1327982573
AMENDING AGREEMENT TO THE THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 18, 2014 among AltaLink, L.P., as Borrower, AltaLink Management Ltd., as General Partner, The Bank of Nova Scotia as Administrative Agent of the Lenders (the "Administrative Agent"), Co-Lead Arranger and Co-Bookrunner, Royal Bank of Canada as Syndication Agent, Co-Lead Arranger and Co-Bookrunner, The Bank of Montreal and National Bank of Canada as Co-Documentation Agents and each of The Bank of Nova Scotia, Royal Bank of Canada, The Bank of Montreal, National Bank of Canada, The Toronto• Dominion Bank and Alberta Treasury Branches, as Lenders.
RECITALS
WHEREAS AltaLink Management Ltd., in its capacity as general partner of AltaLink, L.P., as Borrower, the Administrative Agent and the other parties hereto are parties to a Third Amended and Restated Credit Agreement made as of December 19, 2013 as amended by a first amending agreement dated as of October 24, 2014 and as further amended by a second amending agreement dated as of October 24, 2014 (the "Original Credit Agreement");
AND WHEREAS the Borrower, the General Partner, the Administrative Agent and the Lenders have agreed to amend certain provisions of the Original Credit Agreement in the manner and on the terms and conditions provided for herein.
NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
ARTICLE 1
DEFINITIONS
1.1 Definitions
All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the
Original Credit Agreement.
ARTICLE 2
AMENDMENTS
2.1 Amendments to Original Credit Agreement
The Original Credit Agreement is hereby amended as follows:
(a) | The definition of "Applicable Margin" contained in Section 1.1 of the Credit Agreement is hereby amended by deleting the pricing grid contained in such definition and replacing it with the following: |
Rating Standard & Poor's, Moody's and DBRS | B/A Margin | Prime Margin | Standby Fee | Term-Out Fee |
> A /A2 / A | 70 bps | 0 bps | 14.0 bps | 25 bps |
A / A2 / A | 80 bps | 0 bps | 16.0 bps | 25 bps |
A- / A3 / A (low) | 100 bps | 0 bps | 20.0 bps | 25 bps |
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Rating Standard & Poor's, Moody's and DBRS | B/A Margin | Prime Margin | Standby Fee | Term-Out Fee |
BBB+ / Baal / BBB (high) | 120 bps | 20 bps | 24.0 bps | 25 bps |
< BBB+ / Baal / BBB (high) | 145 bps | 45 bps | 29.0 bps | 25 bps |
(b) | The definition of "Fee Letter" contained in Section 1.1 of the Credit Agreement is amended by deleting the words "on or about the date hereof' and replacing them with the words "December 18, 2014"; |
(c) | The definition of "Maturity Date" contained in Section 1.1 of the Credit Agreement is amended by deleting the reference to "December 18, 2015" and replacing it with "December 16, 2016"; |
(d) | The definition of "Revolving Period" contained in Section 1.1 of the Credit Agreement is amended by deleting the reference to "December 18, 2014" and replacing it with "December 17, 2015"; |
(e) | Section 2.1 is amended by deleting "One Billion Two Hundred Twenty Five Million Canadian Dollars ($1,225,000,000)" and replacing it with "Nine Hundred Twenty Five Million Canadian Dollars ($925,000,000)"; |
(f) | Section 13.3 is amended by adding the following under the address for The Toronto-Dominion Bank: "Attention: Xxxx Xxxxx; Facsimile: (000) 000-0000"; and |
(g) | Schedule 5 is amended by deleting the table set out therein in its entirety and replacing it with the following: |
Lender | Amount of Commitment |
The Bank of Nova Scotia | $220,700,000 |
Royal Bank of Canada | $220,700,000 |
The Bank of Montreal | $181,800,800 |
The Toronto Dominion Bank | $142,700,000 |
National Bank of Canada | $97,400,000 |
Alberta Treasury Branches | $61,700,000 |
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ARTICLE 3
CONDITIONS PRECEDENT
3.1 Conditions Precedent
This Amending Agreement shall become effective if and when:
(a) | the Administrative Agent shall have received this Amending Agreement duly executed and delivered by the Administrative Agent, the Lenders, the Borrower and the General Partner; |
(b) | no Event of Default shall have occurred and be continuing; and |
(c) | the Borrower shall have paid all fees and expenses in connection with this Amending Agreement including those set out in the Fee Letter. |
The conditions set forth above are inserted for the sole benefit of the Lenders and may be waived by the Lenders in whole or in part, with or without terms or conditions.
ARTICLE 4
REPRESENTATIONS AND WARRANTIES
4.1 Representations and Warranties True and Correct; No Default or Event of Default
The Borrower and General Partner each hereby represents and warrants to the Administrative Agent and the Lenders that after giving effect to this Amending Agreement, (i) each of the representations and warranties of the Borrower and the General Partner, as the case may be, contained in the Original Credit Agreement and each of the other Credit Documents is true and correct on, and as of the date hereof as if made on such date (except to the extent that such representation or warranty expressly relates to an earlier date and except for changes therein expressly permitted or expressly contemplated by the Original Credit Agreement) and (ii) no event has occurred and is continuing which constitutes or would constitute a Default or an Event of Default.
ARTICLE 5
MISCELLANEOUS
5.1 No Other Amendments, Waivers or Consents
Except as expressly set forth herein, the Original Credit Agreement and all Credit Documents shall be unmodified and shall continue to be in full force and effect in accordance with their terms. The execution, delivery and effectiveness of the waiver and amendments in this Amending Agreement shall not be deemed to be a waiver of compliance in the future or a waiver of any preceding or succeeding breach of any covenant or provision of the Original Credit Agreement.
5.2 Time
Time is of the essence in the performance of the parties' respective obligations in this Amending Agreement.
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5.3 Governing Law
This Amending Agreement is a contract made under and shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.
5.4 Successors and Assigns
This Amending Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and any assigns, transferees and endorsees of the Administrative Agent or any Lender. Nothing in this Amending Agreement, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Amending Agreement.
5.5 Counterparts
This Amending Agreement may be executed by the parties hereto in counterparts and may be executed and delivered by facsimile or other electronic means and all such counterparts and facsimiles shall together constitute one and the same agreement.
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LEGAL_1327982573
IN WITNESS OF WHICH the parties hereto have duly executed this Amending Agreement as of the date set forth on the first page of this Agreement.
ALTALINK MANAGEMENT LTD., | |||
in its capacity as General Partner of | |||
ALTALINK, L.P. | |||
By: | /s/ Xxx Xxxxxxxxxx | ||
Name: | Xxx Xxxxxxxxxx | ||
Title: | Executive Vice President and CFO | ||
By: | /s/ Xxxxxxxxxxx X. Lomore | ||
Name: | Xxxxxxxxxxx X. Lomore | ||
Title: | Vice President, Treasurer | ||
ALTALINK MANAGEMENT LTD., | |||
By: | /s/ Xxx Xxxxxxxxxx | ||
Name: | Xxx Xxxxxxxxxx | ||
Title: | Executive Vice President and CFO | ||
By: | /s/ Xxxxxxxxxxx X. Lomore | ||
Name: | Xxxxxxxxxxx X. Lomore | ||
Title: | Vice President, Treasurer |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement
THE BANK OF NOVA SCOTIA, as | |||
Administrative Agent, Co-Lead Arranger and | |||
Co-Bookrunner | |||
By: | /s/ Xxxxxx Xxxxxxxx | ||
Name: | Xxxxxx Xxxxxxxx | ||
Title: | Director | ||
By: | /s/ Xxxxxxx Xx | ||
Name: | Xxxxxxx Xx | ||
Title: | Associate Director | ||
THE BANK OF NOVA SCOTIA, as Lender | |||
By: | |||
Name: | |||
Title: | |||
By: | |||
Name: | |||
Title: |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement
THE BANK OF NOVA SCOTIA, as | |||
Administrative Agent, Co-Lead Arranger and | |||
Co-Bookrunner | |||
By: | |||
Name: | |||
Title: | |||
By: | |||
Name: | |||
Title: | |||
THE BANK OF NOVA SCOTIA, as Lender | |||
By: | /s/ Xxxxxxx Xxxxxx | ||
Name: | Xxxxxxx Xxxxxx | ||
Title: | Director | ||
By: | /s/ Xxxxxxx Xxxxxxxx | ||
Name: | Xxxxxxx Xxxxxxxx | ||
Title: | Associate Director |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement
ROYAL BANK OF CANADA, as Syndication | |||
Agent, Co-Lead Arranger, and Co-Bookrunner | |||
By: | /s/ Xxxxxxx X. Xxxxxx | ||
Name: | Xxxxxxx X. Xxxxxx | ||
Title: | Authorized Signatory | ||
ROYAL BANK OF CANADA, as Lender | |||
By: | /s/ Xxxxxxx X. Xxxxxx | ||
Name: | Xxxxxxx X. Xxxxxx | ||
Title: | Authorized Signatory |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement
THE BANK OF MONTREAL, as Co- | |||
Documentation Agent | |||
By: | /s/ Jiayue Guo | ||
Name: | Jiayue Guo | ||
Title: | Associate | ||
By: | /s/ Xxxxx XxXxxxxx | ||
Name: | Xxxxx XxXxxxxx | ||
Title: | Vice President | ||
THE BANK OF MONTREAL, as Lender | |||
By: | /s/ Jiayue Guo | ||
Name: | Jiayue Guo | ||
Title: | Associate | ||
By: | /s/ Xxxxx XxXxxxxx | ||
Name: | Xxxxx XxXxxxxx | ||
Title: | Vice President |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement
NATIONAL BANK OF CANADA, as Co- | |||
Documentation Agent | |||
By: | /s/ Xxxx Xxxxxxxxxx | ||
Name: | Xxxx Xxxxxxxxxx | ||
Title: | Authorized Signatory | ||
By: | /s/ Xxxx Xxxxxxxxxx | ||
Name: | Xxxx Xxxxxxxxxx | ||
Title: | Authorized Signatory | ||
NATIONAL BANK OF CANADA, as Lender | |||
By: | /s/ Xxxx Xxxxxxxxxx | ||
Name: | Xxxx Xxxxxxxxxx | ||
Title: | Authorized Signatory | ||
By: | /s/ Xxxx Xxxxxxxxxx | ||
Name: | Xxxx Xxxxxxxxxx | ||
Title: | Authorized Signatory |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement
THE TORONTO-DOMINION BANK, as | |||
Lender | |||
By: | /s/ Xxxxxxx Xxxxxx | ||
Name: | Xxxxxxx Xxxxxx | ||
Title: | Managing Director | ||
By: | /s/ Xxxxxxx X'Xxxx | ||
Name: | Xxxxxxx X'Xxxx | ||
Title: | Vice President |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement
ALBERTA TREASURY BRANCHES, as | |||
Lender | |||
By: | /s/ Xxx Xxxxx | ||
Name: | Xxx Xxxxx | ||
Title: | Senior Director | ||
By: | /s/ Xxxxxx Xxxxxxx | ||
Name: | Xxxxxx Xxxxxxx | ||
Title: | Senior Associate Director |
AltaLink - Third Amending Agreement to Third Amended and Credit Agreement