Exhibit 10.2

 

EXECUTION VERSION

 

SECOND AMENDMENT TO CREDIT AGREEMENT AND LIMITED CONSENT

 

This SECOND AMENDMENT TO CREDIT AGREEMENT AND LIMITED CONSENT (this “Amendment
and Consent”), dated effective as of June 20, 2018 (the “Effective Date”), is by
and among EnLink Midstream Partners, LP, a Delaware limited partnership (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
February 20, 2014 (as modified by that certain Commitment Increase and Extension
Agreement, dated effective as of February 5, 2015, and as amended by that
certain First Amendment to Credit Agreement, dated effective as of December 23,
2015, by and among the Borrower, the Lenders party thereto and the
Administrative Agent, 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
Purchase Agreement, dated as of June 5, 2018 (as publicly available on the
Effective Date, including any amendments, supplements or other modifications
thereto after the Effective Date that, taken as a whole, are not materially
adverse to the interests of the Administrative Agent or the Lenders, the
“Purchase Agreement”), by and among Devon Gas Services, L.P. (“DGS”) and
Southwestern Gas Pipeline, L.L.C. (“Southwestern”), as sellers; EnLink Midstream
Manager, LLC, acting solely in its individual capacity and not in its capacity
as managing member of EnLink Midstream, LLC (the “Manager”); Devon Energy
Corporation, solely for the purposes specified therein; and GIP III Stetson I,
L.P. (the “ENLK Acquiror”) and GIP III Stetson II, L.P., as acquirors, among
other things, the ENLK Acquiror has agreed to acquire from DGS all of the Equity
Interests in the Manager, which transaction would result in the acquisition by
ENLK Acquiror of “beneficial ownership” of more than 50% of Crosstex GP; and

 

WHEREAS, the Borrower has requested, and the Lenders party hereto have agreed,
subject to the terms and conditions of this Amendment and Consent, to amend the
Credit Agreement and grant a limited consent with respect to the transactions
contemplated by the Purchase Agreement, each as more fully set forth in this
Amendment and Consent.

 

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:

 

“GIP” means Global Infrastructure Partners III-A/B, L.P., Global Infrastructure
Partners III-C Intermediate, L.P., Global Infrastructure Partners III-C2
Intermediate, L.P., Global Infrastructure Partners III-C Stetson AIV, L.P. and
each of their Affiliates, and any funds, partnerships or other

 

--------------------------------------------------------------------------------

 

investment vehicles Controlled by them or their Affiliates (excluding in each
case, any portfolio companies).

 

“GIP Purchase Agreement” means the Purchase Agreement dated as of June 5, 2018
(as publicly available on the Second Amendment Effective Date, including any
amendments, supplements or other modifications thereto that, taken as a whole,
are not materially adverse to the interests of the Administrative Agent or the
Lenders), by and among Devon Gas Services, L.P. and Southwestern Gas Pipeline,
L.L.C., as sellers; EnLink Midstream Manager, LLC, acting solely in its
individual capacity and not in its capacity as managing member of EnLink
Midstream, LLC; Devon Energy Corporation, solely for the purposes specified
therein; and GIP III Stetson I, L.P. and GIP III Stetson II, L.P., as acquirors.

 

“GIP Transaction” means the transactions contemplated by the GIP Purchase
Agreement.

 

“Second Amendment Effective Date” means June 20, 2018.

 

(b)           The definition of Qualifying Owners in Section 1.01 of the Credit
Agreement is amended and restated in its entirety with the following:

 

“Qualifying Owners” means (i) prior to the closing of the GIP Transaction, Devon
and its Subsidiaries, and (ii) from and after the closing of the GIP
Transaction, GIP and its Subsidiaries.

 

(c)           The reference to “Devon or any of its Subsidiaries” in the proviso
in Section 5.14 of the Credit Agreement is hereby replaced with a reference to
“Devon, GIP or any of their respective Subsidiaries”.

 

Section 2.              Consent.  The Lenders party hereto, which constitute the
Required Lenders, hereby consent to the acquisition by the ENLK Acquiror from
DGS of all of the Equity Interests in the Manager pursuant to the Purchase
Agreement, which transaction would result in the acquisition by ENLK Acquiror of
“beneficial ownership” of more than 50% of Crosstex GP, which consent shall,
upon effectiveness of this Agreement, be effective as of the Effective Date. 
This consent 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. 
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 Consent shall
become effective as of the Effective Date upon the satisfaction of the following
conditions precedent:

 

2

--------------------------------------------------------------------------------

 

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

 

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

 

(c)           the Borrower shall have paid all fees, costs and expenses that are
payable pursuant to Section 10.04 of the Credit Agreement (including the
reasonable fees and expenses of Bracewell 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 Consent 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 Consent 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
Consent, 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 Consent, 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

 

3

--------------------------------------------------------------------------------

 

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 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 Consent, 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 Consent.  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 Consent) 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 Consent shall constitute a Loan
Document under the terms of the Credit Agreement.

 

(d)           Fees and Expenses.  The Borrower agrees to pay (i) the fees set
forth in the fee letter dated as of the date hereof by and among the Borrower,
the Administrative Agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated
and (ii) 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 Consent, including the reasonable fees and expenses of
Bracewell 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 Consent.

 

(f)            Entirety.  This Amendment and Consent 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.

 

4

--------------------------------------------------------------------------------

 

(g)           Counterparts; Telecopy.  This Amendment and Consent 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 Consent 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 Consent.  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.

 

(h)           GOVERNING LAW.  THIS AMENDMENT AND CONSENT 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 Consent 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 Consent 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]

 

5

--------------------------------------------------------------------------------

 

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

 

 

BORROWER:

 

 

 

ENLINK MIDSTREAM PARTNERS, LP

 

 

 

By:

EnLink Midstream GP, LLC,

 

 

its general partner

 

 

 

 

 

By:

/s/ Ruben Garcia Espejo

 

 

Name:

Ruben Garcia Espejo

 

 

Title:

Vice President — Finance and Treasurer

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

ADMINISTRATIVE AGENT:

 

 

 

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

 

 

 

By:

/s/ Don B. Pinzon

 

Name:

Don B. Pinzon

 

Title:

Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

LENDERS:

 

 

 

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

 

 

 

By:

/s/ Christopher DiBiase

 

Name:

Christopher DiBiase

 

Title:

Director

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

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

 

 

 

By:

/s/ Michael Zeller

 

Name:

Michael Zeller

 

Title:

Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

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

 

 

 

By:

/s/ Brandon Kast

 

Name:

Brandon Kast

 

Title:

Director

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

BANK OF MONTREAL, as a Lender

 

 

 

By:

/s/ Wynette Chan

 

Name:

Wynette Chan

 

Title:

Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

ROYAL BANK OF CANADA, as a Lender

 

 

 

By:

/s/ Jay T. Sartain

 

Name:

Jay T. Sartain

 

Title:

Authorized Signatory

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

BARCLAYS BANK PLC, as a Lender

 

 

 

 

By:

/s/ Martin Corrigan

 

Name:

Martin Corrigan

 

Title:

Associate

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

COMPASS BANK, as a Lender

 

 

 

By:

/s/ Mark H. Wolf

 

Name:

Mark H. Wolf

 

Title:

Senior Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

COMERICA BANK, as a Lender

 

 

 

 

By:

/s/ Jeffrey M. LaBauve

 

Name:

Jeffrey M. LaBauve

 

Title:

Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

 

 

 

By:

/s/ Nupur Kumar

 

Name:

Nupur Kumar

 

Title:

Authorized Signatory

 

 

 

By:

/s/ Sophie Bulliard

 

Name:

Sophie Bulliard

 

Title:

Authorized Signatory

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

GOLDMAN SACHS BANK USA, as a Lender

 

 

 

By:

/s/ Chris Lam

 

Name:

Chris Lam

 

Title:

Authorized Signatory

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

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

 

 

 

 

By:

/s/ Debra Hrelja

 

Name:

Debra Hrelja

 

Title:

Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

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

 

 

 

 

By:

/s/ Jake Dowden

 

Name:

Jake Dowden

 

Title:

Authorized Signatory

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

PNC BANK, NATIONAL ASSOCIATION, as a Lender

 

 

 

 

By:

/s/ Sean Piper

 

Name:

Sean Piper

 

Title:

AVP

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

MIZUHO BANK, LTD., as a Lender

 

 

 

 

By:

/s/ Donna DeMagistris

 

Name:

Donna DeMagistris

 

Title:

Authorized Signatory

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

MUFG BANK, LTD., as a Lender

 

 

 

 

By:

/s/ Mark Oberreuter

 

Name:

Mark Oberreuter

 

Title:

Authorized Signatory

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

U.S. BANK NATIONAL ASSOCIATION, as a Lender

 

 

 

 

By:

/s/ Patrick Jeffrey

 

Name:

Patrick Jeffrey

 

Title:

Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

SUNTRUST BANK, as a Lender

 

 

 

 

By:

/s/ Benjamin L. Brown

 

Name:

Benjamin L. Brown

 

Title:

Director

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

BRANCH BANKING AND TRUST COMPANY, as a Lender

 

 

 

 

By:

/s/ Lincoln LaCour

 

Name:

Lincoln LaCour

 

Title:

Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

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 Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

SCOTIABANC INC., as a Lender

 

 

 

 

By:

/s/ J. Lima

 

Name:

J. Lima

 

Title:

Director

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

THE HUNTINGTON NATIONAL BANK, as a Lender

 

 

 

 

By:

/s/ Christopher Renyi

 

Name:

Christopher Renyi

 

Title:

Senior Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

REGIONS BANK, as a Lender

 

 

 

 

By:

/s/ David Valentine

 

Name:

David Valentine

 

Title:

Managing Director

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

ZB, N.A. dba AMEGY BANK, as a Lender

 

 

 

 

By:

/s/ Jill McSorley

 

Name:

Jill McSorley

 

Title:

Senior Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

FIFTH THIRD BANK, as a Lender

 

 

 

 

By:

/s/ Larry Hayes

 

Name:

Larry Hayes

 

Title:

Director

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

RAYMOND JAMES BANK N.A., as a Lender

 

 

 

 

By:

/s/ Scott G. Axelrod

 

Name:

Scott G. Axelrod

 

Title:

Senior Vice President

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------

 

 

SUMITOMO MITSUI BANKING CORPORATION, as a Lender

 

 

 

 

By:

/s/ James D. Weinstein

 

Name:

James D Weinstein

 

Title:

Managing Director

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

--------------------------------------------------------------------------------