Exhibit 10.2

 

Execution Version

 

FIRST AMENDMENT TO CREDIT AGREEMENT AND WAIVER

 

This FIRST AMENDMENT TO CREDIT AGREEMENT AND WAIVER (this “Amendment and
Waiver”), dated effective as of December 23, 2015 (the “Effective Date”), is by
and among EnLink Midstream, LLC a Delaware limited liability company (the
“Borrower”), the Lenders party hereto and Bank of America, N.A., as
Administrative Agent for the Lenders (in such capacity, the “Administrative
Agent”).

 

WHEREAS, the Borrower, the lenders party thereto (the “Lenders”), and the
Administrative Agent are parties to that certain Credit Agreement dated as of
March 7, 2014 (the “Credit Agreement”, the capitalized terms of which are used
herein as therein defined unless otherwise defined herein);

 

WHEREAS, the Borrower has notified the Administrative Agent that pursuant to the
Common Unit Purchase Agreement dated as of October 29, 2015, between EnLink
Midstream, Inc. and EnLink MLP, on October 29, 2015 EnLink Midstream, Inc.
acquired 2,849,100 common units representing limited partnership interests in
EnLink MLP (the “Subject Units”), which are required to be subject to a first
priority, perfected Lien in favor of the Administrative Agent under
Section 6.12(b) of the Credit Agreement and delivered to the Administrative
Agent pursuant to the Pledge Agreement (the “Subject Requirement”).

 

WHEREAS, the Borrower has requested, and the Lenders party hereto have agreed,
subject to the terms and conditions of this Amendment and Waiver, to amend the
Credit Agreement and grant a waiver with respect to the Subject Requirement,
each as more fully set forth in this Amendment and Waiver; and

 

NOW, THEREFORE, in consideration of the mutual covenants, representations and
warranties and agreements herein contained, the parties hereto agree as follows:

 

Section 1.                                           Amendments to the Credit
Agreement.  The Credit Agreement is hereby amended as follows:

 

(a)                                 The following new definitions are added, in
the appropriate alphabetical order, to Section 1.01 of the Credit Agreement to
read as follows:

 

“TOMPC Securities Purchase Agreement” means that certain TOMPC Securities
Purchase Agreement dated as of December 6, 2015, by and among TOMPC LLC, Tall
Oak Midstream, LLC, EnLink TOM Holdings, LP, EnLink MLP and the Borrower,
pursuant to which EnLink TOM Holdings, LP will purchase all of the membership
interests of TOMPC LLC on the terms and conditions set forth therein.

 

“TOM-STACK Securities Purchase Agreement” means that certain TOM-STACK
Securities Purchase Agreement dated as of December 6, 2015, by and among
TOM-STACK, LLC, TOM-STACK Holdings, LLC, Tall Oak Midstream, LLC, FE-STACK, LLC,
EnLink TOM Holdings, LP, EnLink MLP and the Borrower, pursuant to which EnLink
TOM

 

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Holdings, LP will purchase all of the membership interests of TOM-STACK, LLC on
the terms and conditions set forth therein.

 

(b)                                 The definition of Acquisition Period in
Section 1.01 of the Credit Agreement is amended to add the following sentence to
the end thereof:

 

For the avoidance of doubt, there may be no more than one Acquisition Period
with respect to the transactions described in or related to the TOMPC Securities
Purchase Agreement and TOM-STACK Securities Purchase Agreement, collectively.

 

(c)                                  The Credit Agreement is hereby amended by
replacing Section 5.13(a) in its entirety with the following:

 

(a)                                 (i) No Loan Party or any of its Subsidiaries
is engaged nor will engage, principally or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying
margin stock (within the meaning of Regulation U or X issued by the FRB) and
(ii)  no part of the proceeds of any Credit Extension has been or will be used
to purchase or carry any margin stock in violation of said Regulation U or X or
to extend credit to others for the purpose of purchasing or carrying margin
stock in violation of said Regulation U or X.

 

Section 2.                                           Waiver.  The Lenders party
hereto, which constitute the Required Lenders, hereby waive the Subject
Requirement with respect only to the Subject Units, which waiver shall, upon
effectiveness of this Agreement, be effective as of the Effective Date.  This
waiver is limited to the extent described herein and shall not be construed to
be a waiver of any other terms, provisions, covenants, warranties or agreements
contained in the Credit Agreement or any of the Loan Documents.  Without
limiting the foregoing, failure to observe or perform any agreement contained in
Section 6.12(b) of the Credit Agreement or the Pledge Agreement shall constitute
a Default and Event of Default (subject to any grace or cure periods therefor
set forth in the Credit Agreement or the Pledge Agreement, as applicable).  The
Administrative Agent and the Lenders reserve the right to exercise any rights
and remedies available to them in connection with any present or future defaults
under the Credit Agreement or any other provision of any Loan Document.

 

Section 3.                                           Conditions Precedent.  This
Amendment and Waiver shall become effective as of the Effective Date upon the
satisfaction of the following conditions precedent:

 

(a)                                 the Administrative Agent shall have received
this Amendment and Waiver, duly executed by the Borrower, the Required Lenders,
and the Administrative Agent and duly acknowledged by each Guarantor;

 

(b)                                 the representations and warranties set forth
in Section 4 of this Amendment and Waiver shall be true and correct; and

 

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(c)                                  the Borrower shall have paid all costs and
expenses that are payable pursuant to Section 10.04 of the Credit Agreement
(including the reasonable fees and expenses of Bracewell & Giuliani LLP, counsel
to the Administrative Agent) to the extent that the Borrower has received an
invoice therefor at least two Business Days prior to the anticipated Effective
Date.

 

Section 4.                                           Representations and
Warranties.  The Borrower represents and warrants to the Lenders and the
Administrative Agent:

 

(a)                                 The execution, delivery and performance by
the Borrower of this Amendment and Waiver have been duly authorized by all
necessary corporate or other organizational action, and do not and will not
(i) violate (A) the terms of the Borrower’s Organization Documents, (B) any
order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which the Borrower or its property is subject, or (C) any provision of
Law applicable to it, (ii) result in the acceleration of any Indebtedness owed
by it, except as could not reasonably be expected to have a Material Adverse
Effect, (iii) result in any breach of, or a default under, any material
Contractual Obligation to which the Borrower is a party or to which its
properties are bound, except as could not reasonably be expected to have a
Material Adverse Effect or (iv) result in the creation of any consensual Lien
upon any of its material assets except as expressly contemplated in, or
permitted by, the Loan Documents.

 

(b)                                 This Amendment and Waiver has been duly
executed and delivered by the Borrower and constitutes the Borrower’s legal,
valid and binding obligation, enforceable in accordance with its terms, except
as such enforceability may be subject to (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws
affecting creditors’ rights generally and (ii) general principles of equity
(regardless of whether such enforceability is considered in a proceeding at law
or in equity).

 

(c)                                  No material consent, approval,
authorization or order of, or filing, registration or qualification with, any
Governmental Authority or third party that has not been obtained is required to
be made or obtained by the Borrower pursuant to the provisions of any material
Law applicable to it as a condition to its execution, delivery or performance of
this Amendment and Waiver, except those that would ordinarily be made or done in
the ordinary course of business after the Effective Date.

 

(d)                                 After giving effect to this Amendment and
Waiver, the representations and warranties set forth in Article V of the Credit
Agreement and the other Loan Documents are true and correct in all material
respects (except to the extent such representations and warranties are already
qualified as to materiality, in which case such representations and warranties
are true and correct in all respects) on and as of the Effective Date, except to
the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct in all material respects
(except to the extent such representations and warranties are already qualified
as to materiality, in which case such representations and warranties are true
and correct in all respects) as of such earlier date, and except that the
representations and warranties contained in subsections (a) and (b) of

 

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Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent
statements furnished pursuant to subsections (a) and (b), respectively, of
Section 6.01 of the Credit Agreement.

 

(e)                                  After giving effect to this Amendment and
Waiver, no event has occurred and is continuing that constitutes a Default or an
Event of Default.

 

Section 5.                                           Miscellaneous.

 

(a)                                 Modified Terms. On and after the Effective
Date, all references to the Credit Agreement or the other Loan Documents in each
of the Credit Agreement or the other Loan Documents shall hereafter mean the
Credit Agreement or the other Loan Documents as modified by this Amendment and
Waiver.  Except as specifically modified hereby or otherwise agreed, the Credit
Agreement and the other Loan Documents are hereby ratified and confirmed and
shall remain in full force and effect according to their respective terms.

 

(b)                                 Reaffirmation of Obligations.  The Borrower
hereby ratifies the Credit Agreement and acknowledges and reaffirms (i) that it
is bound by all terms of the Credit Agreement (as modified by this Amendment and
Waiver) and the other Loan Documents applicable to it and (ii) that it is
responsible for the observance and full performance of its respective
Obligations.

 

(c)                                  Loan Document.  This Amendment and Waiver
shall constitute a Loan Document under the terms of the Credit Agreement.

 

(d)                                 Expenses.  The Borrower agrees to pay all
reasonable and documented out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, execution and delivery of this
Amendment and Waiver, including the reasonable fees and expenses of Bracewell &
Giuliani LLP, as the Administrative Agent’s legal counsel.

 

(e)                                  Further Assurances.  The Borrower agrees to
promptly take such reasonable action, upon the request of the Administrative
Agent, as is necessary to carry out the intent of this Amendment and Waiver.

 

(f)                                   Entirety.  This Amendment and Waiver and
the other Loan Documents embody the entire agreement among the parties hereto
and supersede all prior agreements and understandings, oral or written, if any,
relating to the subject matter hereof.

 

(g)                                  Counterparts; Telecopy.  This Amendment and
Waiver may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute
one and the same instrument.  Delivery of an executed counterpart of a signature
page of this Amendment and Waiver or any other document required to be delivered
hereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this
Amendment and Waiver.  Without limiting the foregoing, upon the request of any
party, such fax transmission or e-mail transmission shall be promptly followed
by such manually executed counterpart.

 

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(h)                                 GOVERNING LAW.  THIS AMENDMENT AND WAIVER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

(i)                                     Successors and Assigns.  This Amendment
and Waiver shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

 

(j)                                    Consent to Jurisdiction; Service of
Process; Waiver of Jury Trial.  The jurisdiction, service of process and waiver
of jury trial provisions set forth in Sections 10.14 and 10.15 of the Credit
Agreement are hereby incorporated by reference, mutatis mutandis.

 

(k)                                 No Waiver. The execution, delivery and
effectiveness of this Amendment and Waiver shall not operate as a waiver of any
right, power or remedy of any Lender or the Administrative Agent under any of
the Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

 

[Remainder of this page blank; signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to
be duly executed and delivered by their respective duly authorized officers as
of the Effective Date.

 

 

 

 

BORROWER:

 

 

 

 

 

ENLINK MIDSTREAM, LLC

 

 

 

 

 

By:

EnLink Midstream Manager, LLC,

 

 

 

its managing member

 

 

 

 

 

 

 

 

 

 

By:

/s/ Ruben Garcia Espejo

 

 

 

Name:

Ruben Garcia Espejo

 

 

 

Title:

Vice President – Finance and Treasurer

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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Each of the undersigned, as party to certain Security Documents securing and
supporting the Borrower’s obligations under the Loan Documents, represents and
warrants that it has no defenses to the enforcement of the Security Documents
and that according to their terms the Security Documents will continue in full
force and effect to secure the Borrower’s obligations under the Loan Documents,
as the same may be amended, supplemented, or otherwise modified, and
acknowledges, represents, and warrants that the liens and security interests
created by the Security Documents are valid and subsisting and create a
perfected Lien in the Collateral to the extent, and with the priority,
contemplated by the Security Documents to secure the Borrower’s obligations
under the Loan Documents, as the same may be amended, supplemented, or otherwise
modified.

 

Furthermore, each of the undersigned hereby ratifies, confirms, and acknowledges
that its obligations under the Loan Documents are in full force and effect and
that it continues to unconditionally and irrevocably guarantee the full and
punctual payment and performance, when due, whether at stated maturity or
earlier by acceleration or otherwise, of all of the Obligations, as such
Obligations may have been amended by this Amendment and Waiver.  Each of the
undersigned hereby acknowledges that its execution and delivery of this
Amendment and Waiver do not indicate or establish an approval or consent
requirement by it under the Credit Agreement in connection with the execution
and delivery of amendments, modifications or waivers to the Credit Agreement or
any of the other Loan Documents.

 

 

 

ENLINK MIDSTREAM, INC.

 

 

 

 

 

By:

/s/ Ruben Garcia Espejo

 

Name:

Ruben Garcia Espejo

 

Title:

Vice President – Finance and Treasurer

 

 

 

 

 

 

 

ACACIA NATURAL GAS CORP I, INC.

 

 

 

 

 

By:

/s/ Ruben Garcia Espejo

 

Name:

Ruben Garcia Espejo

 

Title:

Vice President – Finance and Treasurer

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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ADMINISTRATIVE AGENT:

 

 

 

BANK OF AMERICA, N.A., as Administrative Agent

 

 

 

 

 

By:

/s/ DeWayne D. Rosse

 

Name:

DeWayne D. Rosse

 

Title:

Assistant Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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LENDERS:

 

 

 

BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

 

 

 

 

 

By:

/s/ Adam H. Fey

 

Name:

Adam H. Fey

 

Title:

Director

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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CITIBANK, N.A., as a Lender and L/C Issuer

 

 

 

 

 

By:

/s/ Eamon Baqui

 

Name:

Eamon Baqui

 

Title:

Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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WELLS FARGO BANK, N.A., as a Lender and L/C Issuer

 

 

 

 

 

By:

/s/ Brandon Kast

 

Name:

Brandon Kast

 

Title:

Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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BANK OF MONTREAL, as a Lender

 

 

 

 

 

By:

/s/ Melissa Guzmann

 

Name:

Melissa Guzmann

 

Title:

Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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ROYAL BANK OF CANADA, as a Lender

 

 

 

 

 

By:

/s/ Jim Allred

 

Name:

Jim Allred

 

Title:

Authorized Signatory

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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

 

 

 

 

 

By:

/s/ Mark Oberreuter

 

Name:

Mark Oberreuter

 

Title:

Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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BARCLAYS BANK PLC, as a Lender

 

 

 

 

 

By:

/s/ Luke Syme

 

Name:

Luke Syme

 

Title:

Assistant Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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COMPASS BANK, as a Lender

 

 

 

 

 

By:

/s/ Blake Kirshman

 

Name:

Blake Kirshman

 

Title:

Senior Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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COMERICA BANK, as a Lender

 

 

 

 

 

By:

/s/ Robert C. Pitcock

 

Name:

Robert C. Pitcock

 

Title:

Relationship Manager

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

 

 

 

 

 

By:

/s/ Nupur Kumar

 

Name:

NUPUR KUMAR

 

Title:

AUTHORIZED SIGNATORY

 

 

 

 

 

 

 

By:

/s/ Stefan Dickenmann

 

Name:

Stefan Dickenmann

 

Title:

Authorized Signatory

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender

 

 

 

 

 

By:

/s/ Ming K. Chu

 

Name:

Ming K. Chu

 

Title:

Vice President

 

 

 

 

 

 

 

By:

/s/ Scott Flieger

 

Name:

Scott Flieger

 

Title:

Managing Director

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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GOLDMAN SACHS BANK USA, as a Lender

 

 

 

 

 

By:

/s/ Jerry Li

 

Name:

JERRY LI

 

Title:

AUTHORIZED SIGNATORY

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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JPMORGAN CHASE BANK, N.A., as a Lender

 

 

 

 

 

By:

/s/ Debra Hrelja

 

Name:

Debra Hrelja

 

Title:

Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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MORGAN STANLEY BANK, N.A., as a Lender

 

 

 

 

 

By:

/s/ Dmitriy Barskiy

 

Name:

Dmitriy Barskiy

 

Title:

Authorized Signatory

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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PNC BANK, NATIONAL ASSOCIATION, as a Lender

 

 

 

 

 

By:

/s/ Tom Byargeon

 

Name:

Tom Byargeon

 

Title:

Managing Director

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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MIZUHO BANK, LTD., as a Lender

 

 

 

 

 

By:

/s/ Donna L. DeMagistris

 

Name:

Donna L. DeMagistris

 

Title:

Authorized Signatory

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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UBS AG, STAMFORD BRANCH, as a Lender

 

 

 

 

 

By:

/s/ Houssem Daly

 

Name:

Houssem Daly

 

Title:

Associate Director

 

 

 

 

 

 

 

By:

/s/ Kenneth Chin

 

Name:

Kenneth Chin

 

Title:

Director

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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U.S. BANK NATIONAL ASSOCIATION, as a Lender

 

 

 

 

 

By:

/s/ Patrick Jeffrey

 

Name:

Patrick Jeffrey

 

Title:

Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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AMEGY BANK NATIONAL ASSOCIATION, as a Lender

 

 

 

 

 

By:

/s/ Jill McSorley

 

Name:

Jill McSorley

 

Title:

Senior Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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THE BANK OF NOVA SCOTIA, as a Lender

 

 

 

 

 

By:

/s/ Mark Sparrow

 

Name:

Mark Sparrow

 

Title:

Director

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

 

 

 

 

 

By:

/s/ Dixon Schultz

 

Name:

Dixon Schultz

 

Title:

Managing Director

 

 

 

 

 

 

 

By:

/s/ Michael Willis

 

Name:

Michael Willis

 

Title:

Managing Director

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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FIFTH THIRD BANK, as a Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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THE HUNTINGTON NATIONAL BANK, as a Lender

 

 

 

 

 

By:

/s/ Margaret Niekrash

 

Name:

Margaret Niekrash

 

Title:

Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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RAYMOND JAMES BANK N.A., as a Lender

 

 

 

 

 

By:

/s/ Scott G. Axelrod

 

Name:

Scott G. Axelrod

 

Title:

Senior Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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REGIONS BANK, as a Lender

 

 

 

 

 

By:

/s/ Richard Kaufman

 

Name:

Richard Kaufman

 

Title:

Senior Vice President

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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SUMITOMO MITSUI BANKING CORPORATION, as a Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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SUNTRUST BANK, as a Lender

 

 

 

 

 

By:

/s/ Shannon Juhan

 

Name:

Shannon Juhan

 

Title:

Director

 

Signature Page to First Amendment and Waiver to Credit Agreement (ENLC)

 

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