Exhibit 10.2

Execution Version

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “
Amendment”), effective as of the 17th day of May, 2019 (the “Effective Date”),
is entered into by and among MAGELLAN MIDSTREAM PARTNERS, L.P., a Delaware
limited partnership (the “Borrower”), the Lenders (as hereinafter defined) party
hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for
the Lenders (the “Administrative Agent”).

RECITALS

WHEREAS, the Borrower, the lenders party thereto (the “Lenders”) and the
Administrative Agent entered into that certain Second Amended and Restated
Credit Agreement dated as of October 26, 2017 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders amend certain provisions of the Credit Agreement; and

WHEREAS, said parties are willing to so amend the Credit Agreement subject to
the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set
forth in this Amendment, the Borrower, the Lenders and the Administrative Agent
agree as follows:

1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein
have the meanings assigned to them in the Credit Agreement.

2. Amendment to Section 1.01.

(a) Section 1.01 of the Credit Agreement is hereby amended to restate the
pricing grid contained in the definition of “Applicable Rate” in its entirety as
follows:

 

Index Debt Ratings

   ABR Spread   Eurodollar
Spread and
LMIR Spread   Commitment Fee
Rate

Category 1 ³ A/A2

   0.000%   0.875%   0.075%

Category 2 A-/A3

   0.000%   1.000%   0.100%

Category 3 BBB+/Baa1

   0.125%   1.125%   0.125%

Category 4 BBB/Baa2

   0.250%   1.250%   0.150%

Category 5 £ BBB-/Baa3

   0.500%   1.500%   0.200%

(b) Section 1.01 of the Credit Agreement is hereby amended to restate the
definitions of “Joint Bookrunners and Lead Arrangers” and “Maturity Date” in its
entirety as follows:

“Joint Bookrunners and Lead Arrangers” means Wells Fargo Securities, LLC, and
JPMorgan Chase Bank, N.A., in their capacity as Joint Bookrunners and Lead
Arrangers hereunder.

“Maturity Date” means the earlier of (x) the later of (i) May 17, 2024 and
(ii) the then current Extended Maturity Date, if applicable, and (y) the date
which is the effective date of any other termination, cancellation or
acceleration of all Commitments hereunder in accordance with the terms hereof.

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(c) Section 1.01 of the Credit Agreement is hereby amended to add the following
new definitions in proper alphabetical order:

“364-Day Credit Agreement” means that certain 364-Day Credit Agreement dated as
of May 17, 2019, among the Borrower, Wells Fargo Bank, National Association, as
administrative agent and the lenders party thereto, together with any and all
amendments and supplements thereto.

“Beneficial Ownership Certification ” means a certification regarding beneficial
ownership as required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation” means 31 CFR § 1010.230.

“First Amendment Effective Date” means May 17, 2019.

“Replacement Rate” has the meaning assigned to such term in Section 2.13(b).

3. Amendment to Section 1.04. Section 1.04 of the Credit Agreement is hereby
amended to delete the last sentence and add the following sentence to the end of
said Section:

“Notwithstanding anything to the contrary contained herein, any lease that would
have been characterized as an operating lease in accordance with GAAP prior to
the date of the Borrower’s adoption of ASC 842 (whether or not such lease was in
effect on such date) shall not be treated as a Capital Lease, and any such lease
shall be, for all purposes of this Agreement, treated as though it were
reflected on the Borrower’s financial statements in the same manner as an
operating lease would have been reflected prior to Borrower’s adoption of ASC
842.”

4. Amendment to Article I. Article I of the Credit Agreement is hereby amended
to add the following Section 1.05 to the Credit Agreement immediately following
Section 1.04:

“Section 1.05. Divisions. For all purposes under the Loan Documents, in
connection with any division or plan of division under Delaware law (or any
comparable event under a different jurisdiction’s laws): (a) if any asset,
right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have
been transferred from the original Person to the subsequent Person, and (b) if
any new Person comes into existence, such new Person shall be deemed to have
been organized on the first date of its existence by the holders of its Equity
Interests at such time.”

 

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5. Amendment to Section 2.05(b)(ii). Section 2.05(b)(ii) of the Credit Agreement
is hereby amended and restated in its entirety as follows:

“(ii) the aggregate LC Exposure shall not exceed $173,333,333.32”

6. Amendment to Section 2.13. Section 2.13 of the Credit Agreement is hereby
amended and restated in its entirety as follows:

“Section 2.13. Alternative Rate of Interest. (a) If prior to the commencement of
any Interest Period for a Eurodollar Borrowing:

(i) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that adequate and reasonable means do not exist for
ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such
Interest Period; or

(ii) the Administrative Agent is advised by the Required Lenders that the
Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period
will not adequately and fairly reflect the cost to such Lenders (or Lender) of
making or maintaining their Loans (or its Loan) included in such Borrowing for
such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone, e-mail or facsimile as promptly as practicable thereafter
and, until the Administrative Agent notifies the Borrower and the Lenders that
the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be
ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving
Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if
the circumstances giving rise to such notice affect only one Type of Borrowings,
then the other Type of Borrowings shall be permitted.

(b) Notwithstanding anything to the contrary in Section 2.13(a) above, if the
Administrative Agent has made the determination (such determination to be
conclusive absent manifest error) that (i) the circumstances described in
Section 2.13(a)(i) or (a)(ii) have arisen and that such circumstances are
unlikely to be temporary, (ii) any applicable interest rate specified herein is
no longer a widely recognized benchmark rate for newly originated loans in the
U.S. syndicated loan market in the applicable currency or (iii) the applicable
supervisor or administrator (if any) of any applicable interest rate specified
herein or any Governmental Authority having, or purporting to have, jurisdiction
over the Administrative Agent has made a public statement identifying a specific
date after which any applicable interest rate specified herein shall no longer
be used for determining interest rates for loans in the U.S. syndicated loan
market in the applicable currency, then the Administrative Agent may, to the
extent practicable (in consultation with the Borrower and as determined by the
Administrative Agent to be generally in accordance with similar situations in
other transactions in which it is serving as administrative agent or otherwise
consistent with market practice generally), establish a replacement interest
rate (the

 

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“Replacement Rate”), in which case, the Replacement Rate shall, subject to the
next two sentences, replace such applicable interest rate for all purposes under
the Loan Documents unless and until (A) an event described in
Section 2.13(a)(i), (a)(ii), (b)(i), (b)(ii) or (b)(iii) occurs with respect to
the Replacement Rate or (B) the Required Lenders (directly, or through the
Administrative Agent) notify the Borrower that the Replacement Rate does not
adequately and fairly reflect the cost to the Lenders of funding the Loans
bearing interest at the Replacement Rate; provided that, if such Replacement
Rate of interest as so determined would be less than zero, such rate shall be
deemed to be zero for the purposes of this Agreement. In connection with the
establishment and application of the Replacement Rate, this Agreement and the
other Loan Documents shall be amended solely with the consent of the
Administrative Agent and the Borrower, as may be necessary or appropriate, in
the opinion of the Administrative Agent, to effect the provisions of this
Section 2.13. Notwithstanding anything to the contrary in this Agreement or the
other Loan Documents (including, without limitation, Section 9.02), such
amendment shall become effective without any further action or consent of any
other party to this Agreement so long as the Administrative Agent shall not have
received, within five (5) Business Days of the delivery of such amendment to the
Lenders, written notices from such Lenders that in the aggregate constitute
Required Lenders, with each such notice stating that such Lender objects to such
amendment (which such notice shall note with specificity the particular
provisions of the amendment to which such Lender objects). To the extent the
Replacement Rate is approved by the Administrative Agent in connection with this
clause (b), the Replacement Rate shall be applied in a manner consistent with
market practice; provided that, in each case, to the extent such market practice
is not administratively feasible for the Administrative Agent, such Replacement
Rate shall be applied as otherwise reasonably determined by the Administrative
Agent (it being understood that any such modification by the Administrative
Agent shall not require the consent of, or consultation with, any of the
Lenders).”

7. Amendment to Section 3.10. Section 3.10 of the Credit Agreement is hereby
amended to add the following sentence immediately following the last sentence of
said Section 3.10:

“As of the First Amendment Effective Date, all of the information included in
the Beneficial Ownership Certification is true and correct in all material
respects.”

8. Amendment to Section 5.01. Section 5.01 of the Credit Agreement is hereby
amended to (a) delete the word “and” at the end of clause (f) thereof, (b)
delete the period at the end of clause (g) thereof and substitute in its place a
semicolon, (c) delete clause (d) and substitute in its place the following
“[reserved];” and (d) add the following new clause (h) at the end of said
Section 5.01:

“(h) promptly upon the request thereof, information and documentation reasonably
requested by the Administrative Agent or any Lender for purposes of compliance
with applicable “know your customer” and anti-money laundering rules and
regulations, including the PATRIOT Act and the Beneficial Ownership Regulation.”

 

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9. Amendment to Section 6.01. Section 6.01 of the Credit Agreement is hereby
amended to (a) delete the word “and” at the end of clause (i) thereof, (b)
delete the period at the end of clause (j) and substitute in its place the
following “; and”, and (c) add the following new clause (k) at the end of said
Section 6.01:

“(k) Indebtedness arising under the 364-Day Credit Agreement.”

10. Amendment to Article VII. Article VII of the Credit Agreement is hereby
amended as follows (a) delete the word “or” at the end of clause (l) thereof,
(b) add the word “or” at the end of clause (m) thereof, and (c) add the
following new clause (n):

“(n) an “Event of Default” (as defined in the 364-Day Credit Agreement) shall
occur and be continuing.”

11. Amendment to Schedule 2.01. Schedule 2.01 of the Credit Agreement is hereby
deleted in its entirety and the attached Schedule 2.01 is hereby substituted
therefor.

12. Representations and Warranties. The Borrower hereby represents and warrants
to the Administrative Agent and the Lenders that (a) this Amendment has been
duly executed and delivered on behalf of each of the Borrower, (b) this
Amendment constitutes a valid and legally binding agreement enforceable against
the Borrower in accordance with its terms, subject to applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law,
(c) the representations and warranties contained in the Credit Agreement and the
Loan Documents are true and correct on and as of the date hereof in all material
respects as though made as of the date hereof (except for any such
representation and warranty that by its terms is made only as of an earlier
date, which representation and warranty shall remain true and correct as of such
earlier date); provided, that each of the aforementioned materiality qualifiers
shall not apply to the extent any representations and warranties contain a
materiality qualifier within such representation and warranty, (d) no Default or
Event of Default exists under the Credit Agreement or under any Loan Document
and (e) the execution, delivery and performance of this Amendment has been duly
authorized by the Borrower.

13. Conditions to Effectiveness. This Amendment shall be effective on the
Effective Date upon satisfaction of the following conditions:

(a) no Default or Event of Default shall exist;

(b) no Material Adverse Change shall have occurred since December 31, 2018;

(c) receipt by the Administrative Agent of counterparts of this Amendment
executed by the Borrower and the Lenders;

(d) receipt by the Administrative Agent and the Lenders (at least seven (7) days
prior to the Effective Date or such later as the Administrative Agent shall
determine in its reasonably discretion) of all documentation and other
information required by any Governmental Authority with respect to the Borrower
under applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation the PATRIOT Act and, if applicable, a

 

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Beneficial Ownership Certification in relation to the Borrower, which such
certification shall be in a form satisfactory to the Administrative Agent and
the Lenders; provided that such documentation and other information has been
reasonably requested by the Administrative Agent a reasonable period in advance
of the date that is seven (7) days prior to the Effective Date (including, if
applicable, a completed Beneficial Ownership Certificate); and

(e) payment of all reasonable fees, charges and disbursements of counsel to the
Administrative Agent (directly to such counsel if requested by the
Administrative Agent) to the extent invoiced at least two Business Days prior to
the Effective Date.

14. Counterparts. This Amendment may be signed in any number of counterparts,
which may be delivered in original, electronic or facsimile form each of which
shall be construed as an original, but all of which together shall constitute
one and the same instrument.

15. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the law of the State of New York.

16. Final Agreement of the Parties. Any previous agreement among the parties
with respect to the subject matter hereof is superseded by the Credit Agreement,
as modified by this Amendment. Nothing in this Amendment, express or implied is
intended to confer upon any party other than the parties hereto any rights,
remedies, obligations or liabilities under or by reason of this Amendment.

17. Amendment is a Loan Document; References to Credit Agreement. This Amendment
is a Loan Document, as defined in the Credit Agreement. All references in the
Credit Agreement to “this Agreement” shall mean the Credit Agreement as amended
by this Amendment.

[Signature Pages Follow]

 

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

 

BORROWER:

MAGELLAN MIDSTREAM PARTNERS, L.P.,

a Delaware limited partnership

By:   Magellan GP, LLC,   a Delaware limited liability company   By:  

/s/ Jeff Holman

  Name: Jeff Holman   Title: Senior Vice President, Chief Financial Officer and
Treasuer

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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ADMINISTRATIVE AGENT,   WELLS FARGO BANK, NATIONAL ISSUING BANK, SWINGLINE  
ASSOCIATION LENDER AND LENDER:       By:  

/s/ Nathan Starr

  Name:   Nathan Starr   Title:   Director

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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SYNDICATION AGENT, ISSUING   JPMORGAN CHASE BANK, N.A. BANK AND LENDER:      
By:  

/s/ Anca Loghin

  Name:   Anca Loghin   Title:   Authorized Officer

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:   BARCLAYS BANK PLC   By:  

/s/ Sydney G. Dennis

  Name:   Sydney G. Dennis   Title:   Director

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:   MIZUHO BANK, LTD.   By:  

/s/ Donna DeMagistris

  Name:   Donna DeMagistris   Title:   Authorized Signatory

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:   PNC BANK, NATIONAL ASSOCIATION   By:  

/s/ Daniel Scherling

  Name:   Daniel Scherling   Title:   Assistant Vice President

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:   ROYAL BANK OF CANADA   By:  

/s/ Jason York

  Name:   Jason York   Title:   Authorized Signatory

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:   SUMITOMO MITSUI BANKING   CORPORATION   By:  

/s/ Richard Eisenberg

  Name:   Richard Eisenberg   Title:   Managing Director

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:   SUNTRUST BANK   By:  

/s/ Benjamin L. Brown

  Name:   Benjamin L. Brown   Title:   Director

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:  

THE TORONTO-DOMINION BANK, NEW

YORK BRANCH

  By:  

/s/ Peter Kuo

  Name:   Peter Kuo   Title:   Authorized Signatory

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDER:   U.S. BANK NATIONAL ASSOCIATION   By:  

/s/ Mark Salierno

  Name:   Mark Salierno   Title:   Vice President

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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SCHEDULE 2.01

COMMITMENTS

 

Lender    Commitment  

Wells Fargo Bank, National Association

   $ 113,333,333.32  

JPMorgan Chase Bank, N.A.

   $ 113,333,333.32  

Barclays Bank PLC

   $ 96,666,666.67  

Mizuho Bank, Ltd.

   $ 96,666,666.67  

PNC Bank, National Association

   $ 96,666,666.67  

Royal Bank of Canada

   $ 96,666,666.67  

Sumitomo Mitsui Banking Corporation

   $ 96,666,666.67  

SunTrust Bank

   $ 96,666,666.67  

The Toronto-Dominion Bank, New York Branch

   $ 96,666,666.67  

U.S. Bank National Association

   $ 96,666,666.67     

 

 

 

TOTAL

   $ 1,000,000,000.00  

LETTER OF CREDIT COMMITMENTS

 

Issuing Bank    Letter of Credit Commitment  

Wells Fargo Bank, National Association

   $ 113,333,333.32  

JPMorgan Chase Bank, N.A.

   $ 60,000,000.00     

 

 

 

TOTAL

   $ 173,333,333.32  

SWINGLINE COMMITMENTS

 

Swingline Lender    Swingline Commitment  

Wells Fargo Bank, National Association

   $ 100,000,000.00     

 

 

 

TOTAL

   $ 100,000,000.00  

 

Schedule 2.01