Exhibit 10.1

 

FIRST AMENDMENT TO

CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is among
MAGELLAN MIDSTREAM PARTNERS, L.P., a Delaware limited partnership (the
“Borrower”), the banks and other financial institutions listed on the signature
pages hereto (together with each other person who becomes a Lender, collectively
the “Lenders”), JPMORGAN CHASE BANK, a New York banking corporation,
individually as a Lender and as Administrative Agent (the “Agent”), and J.P.
MORGAN SECURITIES INC. and LEHMAN BROTHERS INC, as Joint Bookrunners and Lead
Arrangers.

 

Preliminary Statement

 

WHEREAS, Borrower, Agent and the Lenders are parties to that certain Credit
Agreement dated as of May 25, 2004 (as same may be further amended, restated,
increased and extended, the “Credit Agreement”), under and subject to the terms
of which the Lenders have committed to make Revolving Loans and issue Letters of
Credit to Borrower; and

 

WHEREAS, Borrower has now requested that the Agent and Lenders modify the Credit
Agreement and change certain terms thereof, and the Agent and Lenders have
agreed to do so; and

 

WHEREAS, Borrower, Agent and the Lenders wish to execute this First Amendment to
evidence such agreement;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Borrower, Agent and the Lenders
hereby agree as follows (all capitalized terms used herein and not otherwise
defined shall have the meanings as defined in the Credit Agreement):

 

Section 1. Amendment to Section 1.01. Section 1.01 of the Credit Agreement is
hereby amended by deleting sub-section (b) of the defined term “Permitted
Investments” in its entirety and is replaced by the following:

 

“(b) investments in commercial paper, asset backed securities, auction rate
securities or similar instruments maturing or resetting within 270 days from the
date of acquisition thereof and having, at such date, a credit rating of at
least A-2 or AA from S&P or P-2 or Aa2 from Moody’s;”

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Section 2. Amendment to Section 6.08. Section 6.08 of the Credit Agreement is
hereby deleted in its entirety and replaced by the following:

 

“SECTION 6.08. Restrictive Agreements. The Borrower 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 the ability of any Restricted
Subsidiary to (a) make Restricted Payments, including, without limitation, to
pay dividends or other distributions in respect of any Equity Interests of such
Restricted Subsidiary, (b) make or repay loans or advances to the Borrower or
any other Restricted Subsidiary, or (c) 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)
the foregoing shall not apply to restrictions and conditions existing on the
date hereof 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), (iii) 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, and (iv) the foregoing shall not apply to
restrictions and conditions contained in that certain Credit Agreement (the
“Bridge Loan Agreement”) to be entered into on or before November 15, 2004,
among the Borrower, Lehman Brothers Inc., as sole lead arranger and sole
bookrunner, Lehman Commercial Paper Inc., as syndication agent, and the several
banks and other financial institutions or entities parties thereto, providing
for borrowings of up to $300,000.000 by the Borrower (but shall apply to any
extension or renewal of, or any amendment or modification expanding the scope
of, any restrictions or conditions contained in the Bridge Loan Agreement or any
other documents entered into in connection therewith); provided that in no event
shall such restrictions and conditions contained in the Bridge Loan Agreement be
more restrictive than the restrictions and conditions set forth in Section 6.06
of this Agreement and in this Section 6.08.”

 

Section 3. Amendment to Section 6.14. Section 6.14 is hereby deleted in its
entirety and replaced by the following:

 

“SECTION 6.14. Intentionally Deleted.”

 

Section 4. Representations True; No Default. Borrower represents and warrants
that:

 

(i) this First Amendment has been duly authorized, executed and delivered on its
behalf; the Credit Agreement, as amended hereby, together with the other Loan
Documents to which Borrower is a party, constitute valid and legally binding
agreements of Borrower enforceable in accordance with their terms;

 

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(ii) the representations and warranties of Borrower contained in Article III of
the Credit Agreement are true and correct in all material respects on and as of
the date hereof as though made on and as of the date hereof; and

 

(iii) after giving effect to this First Amendment, no Default or Event of
Default under the Credit Agreement has occurred and is continuing.

 

Section 5. Expenses, Additional Information. Borrower shall pay to the Agent all
reasonable expenses incurred in connection with the execution of this First
Amendment, including all reasonable expenses incurred in connection with any
previous negotiation and loan documentation. Borrower shall furnish to the Agent
and Lenders all such other documents, consents and information relating to
Borrower as the Agent or any Lender may reasonably require to accomplish the
purposes hereof.

 

Section 6. Effectiveness. This First Amendment shall become effective when, and
only when Borrower, Agent and the Required Lenders shall have executed and
delivered to the Agent a counterpart of this First Amendment.

 

Section 7. Miscellaneous Provisions.

 

(a) From and after the execution and delivery of this First Amendment, the
Credit Agreement shall be deemed to be amended and modified as herein provided,
and except as so amended and modified the Credit Agreement shall continue in
full force and effect.

 

(b) The Credit Agreement and this First Amendment shall be read and construed as
one and the same instrument.

 

(c) Any reference in any of the Loan Documents to the Credit Agreement shall be
a reference to the Credit Agreement as amended by this First Amendment.

 

(d) This First Amendment shall be construed in accordance with and governed by
the laws of the State of New York and of the United States of America.

 

(e) This First Amendment may be signed in any number of counterparts and by
different parties in separate counterparts and may be in original or facsimile
form, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

 

(f) The headings herein shall be accorded no significance in interpreting this
First Amendment.

 

Section 8. Binding Effect. This First Amendment shall be binding upon and inure
to the benefit of Borrower, Lenders and the Agent and their respective
successors and assigns, except that Borrower shall not have the right to assign
its rights hereunder or any interest herein.

 

Section 9. Final Agreement of the Parties. THIS FIRST AMENDMENT, THE CREDIT
AGREEMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE

 

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A “LOAN AGREEMENT” AS DEFINED IN SECTION 26.02(a) OF THE TEXAS BUSINESS AND
COMMERCE CODE AND REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

 

Section 10. This First Amendment may be executed by the parties on separate
counterparts, and each counterpart when so executed and delivered shall
constitute an original instrument, and all such separate counterparts shall
constitute but one and the same instrument.

 

[The remainder of this page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed
by their respective duly authorized officers on the 9th day of September, 2004,
to be effective as of May 25, 2004.

 

MAGELLAN MIDSTREAM PARTNERS, L.P.,

a Delaware limited partnership

By:

 

Magellan GP, LLC,

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a Delaware limited liability company

   

By:

 

/s/ John D. Chandler

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Name:

 

John D. Chandler

   

Title:

 

Chief Financial Officer

   

JPMORGAN CHASE BANK,

a New York banking corporation,

individually and as Administrative Agent,

   

By:

 

/s/ Beth Lawrence

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Name:

 

Beth Lawrence

   

Title:

 

Managing Director

 

[Signature Page to First Amendment to Credit Agreement]

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LEHMAN COMMERCIAL PAPER, INC.

By:

 

/s/ Janine M. Shugan

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Name:

 

Janine M. Shugan

Title:

 

Authorized Signatory

 

[Signature Page to First Amendment to Credit Agreement]

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CITIBANK, N.A.

By:

 

/s/ Todd J. Mogil

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Name:

 

Todd J. Mogil

Title:

 

Attorney-in-Fact

 

[Signature Page to First Amendment to Credit Agreement]

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SUNTRUST BANK

By:

 

/s/ David Edge

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Name:

 

David Edge

Title:

 

Managing Director

 

[Signature Page to First Amendment to Credit Agreement]

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THE BANK OF NOVA SCOTIA

By:

 

/s/ V. Gibson

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Name:

 

V. Gibson

Title:

 

Assistant Agent

 

[Signature Page to First Amendment to Credit Agreement]

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UBS LOAN FINANCE LLC

By:

 

/s/ Joseline Fernandes

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Name:

 

Joesline Fernandes

Title:

  Associate Director, Banking Products Services, US

By:

 

/s/ Doris Mesa

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Name:

 

Doris Mesa

Title:

  Associate Director, Banking Products Services, US

 

[Signature Page to First Amendment to Credit Agreement]

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UFJ BANK LIMITED

By

 

 

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Name:

 

 

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Title:

 

 

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[Signature Page to First Amendment to Credit Agreement]

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ROYAL BANK OF CANADA

By:

 

/s/ David McCluskey

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Name:

 

David McCluskey

Title:

 

Authorized Signatory

 

[Signature Page to First Amendment to Credit Agreement]

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GOLDMAN SACHS CREDIT PARTNERS L.P.

By:

 

/s/ Bruce H. Mendalula

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Name:

 

Bruce H. Mendalula

Title:

 

Authorized Signatory

 

[Signature Page to First Amendment to Credit Agreement]