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

EXHIBIT 10.2
EXECUTION VERSION

THIRD AMENDING AGREEMENT TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

dated as of April 19, 2018

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 -
BANK OF MONTREAL AND NATIONAL BANK OF CANADA
as Co-Documentation Agents
- and -
THE BANK OF NOVA SCOTIA, ROYAL BANK OF CANADA, BANK OF MONTREAL, NATIONAL BANK
OF CANADA, THE TORONTO-DOMINION BANK AND ALBERTA TREASURY BRANCHES,
as Lenders

 

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

THIRD AMENDING AGREEMENT TO THE FOURTH AMENDED AND RESTATED CREDIT AGREEMENT,
dated as of April 19, 2018 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, Bank of Montreal and National Bank of Canada as Co-Documentation
Agents and each of The Bank of Nova Scotia, Royal Bank of Canada, 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 Fourth Amended and Restated Credit Agreement made as of
December 17, 2015 as amended by a First Amending Agreement dated as of December
15, 2016 and a Second Amending Agreement dated as of December 14, 2017 (the
“Credit Agreement”);
AND WHEREAS the Borrower, the General Partner, the Administrative Agent and the
Lenders have agreed to amend certain provisions of the 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 Credit Agreement.
ARTICLE 2
AMENDMENTS
2.1    Amendments to Credit Agreement
The 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 (i) the “Term-Out Fee” column in the
grid contained in such definition and (ii) the last paragraph of such definition
that includes the reference to the “Term-Out Fee”.

(b)
The definition of “Fee Letter” contained in Section 1.1 of the Credit Agreement
is deleted in its entirety and replaced with the following:

“Fee Letter” means the third amended and restated fee letter entered into
between BNS, the Borrower and the General Partner dated April 19, 2018, as such
fee letter may be amended, restated supplemented or otherwise modified from time
to time.

(c)
The definition of “Maturity Date” contained in Section 1.1 of the Credit
Agreement is deleted in its entirety and replaced with the following:

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

- 2 -

“Maturity Date” means December 13, 2022, as may be extended pursuant to
Subsection 5.2(b).
(d)
The definition of “Revolving Period” contained in Section 1.1 of the Credit
Agreement is deleted in its entirety.

(e)
Section 2.1 of the Credit Agreement is hereby amended by adding the following at
the end of the last sentence in such Section:

“prior to and including December 13, 2018 and shall not exceed Five Hundred
Million Canadian Dollars (Cdn$ 500,000,000) from and after December 13, 2018”

(f)
Subsection 5.2(b) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

(b)    If, no earlier than one hundred and eighty (180) and no later than ninety
(90) days prior to December 13th of each year during the term of the Credit
Facility, with the consent of the Lenders pursuant to this Subsection 5.2(b),
the Borrower delivers to the Administrative Agent a notice in the form of
Schedule 3 (a “Notice of Extension”) requesting that the Maturity Date be
extended for a further three hundred and sixty-four (364) day period and if the
Administrative Agent, with the consent of the Lenders, gives notice to the
Borrower within thirty (30) days from the date of receipt of such Notice of
Extension by the Administrative Agent, that the Lenders agree to the request of
the Borrower for such extension, then the Maturity Date shall be extended for a
three hundred and sixty-four (364) day period commencing on the date stipulated
in the Administrative Agent’s notice to the Borrower. The Lenders agree that
they shall give or withhold their consent in a timely manner so that the
Administrative Agent may provide a response to the Notice of Extension within
thirty (30) days from the date of such receipt. If a Lender does not provide a
response to the Administrative Agent within such thirty (30) day period from the
date of such receipt of the Notice of Extension, such Lender shall be deemed to
have withheld its consent to the Borrower’s extension request. The Borrower
shall be entitled to replace any Lender which dissents in response to the Notice
of Extension (a “Dissenting Lender”) with another existing Lender or Lenders
without the consent of any of the remaining Lenders; or to replace a Dissenting
Lender with any financial institution which is not an existing Lender without
the consent of any of the remaining Lenders, provided that the Administrative
Agent has first consented in writing to such replacement of the Dissenting
Lender. The Borrower shall be entitled, with the unanimous consent of the
Lenders who have agreed to extend, to cancel the Commitment of any Dissenting
Lender and repay such Dissenting Lender. Any Notice of Extension delivered by
the Borrower shall be accompanied by a Borrower’s Certificate of Compliance.
(g)
Subsection 5.2(c) of the Credit Agreement is hereby deleted in its entirety,

(h)
Schedule 5 of the Credit Agreement is hereby deleted in its entirety and
replaced with Exhibit A hereof.

ARTICLE 3
CONDITIONS PRECEDENT
3.1
Conditions Precedent

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

- 3 -

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 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 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 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

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

- 4 -

be a waiver of compliance in the future or a waiver of any preceding or
succeeding breach of any covenant or provision of the Credit Agreement.
5.2
Time

Time is of the essence in the performance of the parties’ respective obligations
in this Amending Agreement.
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.
[Remainder of page intentionally left blank – signature pages follow]

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

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/ David Koch
 
Name: David Koch
 
Title: Executive Vice President  
               and CFO
 
 
By:
/s/ Christopher J. Lomore
 
Name: Christopher J. Lomore
 
Title: Vice President, Treasurer

 
 
ALTALINK MANAGEMENT LTD.

By:
/s/ David Koch
 
Name: David Koch
 
Title: Executive Vice President  
               and CFO
 
 
By:
/s/ Christopher J. Lomore
 
Name: Christopher J. Lomore
 
Title: Vice President, Treasurer

AltaLink – Third Amending Agreement to Fourth Amended and Restated Credit
Agreement

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

 
 
THE BANK OF NOVA SCOTIA, as Administrative Agent, Co-Lead Arranger and
Co-Bookrunner

By:
/s/ Rob King
 
Name: Rob King
 
Title: Managing Director
 
 
By:
/s/ Ryan Moonilal
 
Name: Ryan Moonilal
 
Title: Analyst

 
 
THE BANK OF NOVA SCOTIA, as Lender

By:
/s/ Bradley Walker
 
Name: Bradley Walker
 
Title: Director
 
 
By:
/s/ Mathieu Leroux
 
Name: Mathieu Leroux
 
Title: Associate Director

AltaLink – Third Amending Agreement to Fourth Amended and Restated Credit
Agreement

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

 
 
ROYAL BANK OF CANADA, as Syndication Agent, Co-Lead Arranger, and Co-Bookrunner

By:
/s/ Timothy P. Murray
 
Name: Timothy P. Murray
 
Title: Authorized Signatory

 
 
ROYAL BANK OF CANADA, as Lender

By:
/s/ Timothy P. Murray
 
Name: Timothy P. Murray
 
Title: Authorized Signatory

AltaLink – Third Amending Agreement to Fourth Amended and Restated Credit
Agreement

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

 
 
BANK OF MONTREAL, as Co-Documentation Agent

By:
/s/ Carol McDonald
 
Name: Carol McDonald
 
Title: Managing Director
 
 
By:
/s/ Lisa Dang
 
Name: Lisa Dang
 
Title: Associate

 
 
BANK OF MONTREAL,
as Lender

By:
/s/ Carol McDonald
 
Name: Carol McDonald
 
Title: Managing Director
 
 
By:
/s/ Lisa Dang
 
Name: Lisa Dang
 
Title: Associate

AltaLink – Third Amending Agreement to Fourth Amended and Restated Credit
Agreement

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

 
 
NATIONAL BANK OF CANADA, as Co-Documentation Agent

By:
/s/ Erin R. Welte
 
Name: Erin R. Welte
 
Title: Authorized Signatory
 
 
By:
/s/ Mark Williamson
 
Name: Mark Williamson
 
Title: Authorized Signatory

 
 
NATIONAL BANK OF CANADA,
as Lender

By:
/s/ Erin R. Welte
 
Name: Erin R. Welte
 
Title: Authorized Signatory
 
 
By:
/s/ Mark Williamson
 
Name: Mark Williamson
 
Title: Authorized Signatory

AltaLink – Third Amending Agreement to Fourth Amended and Restated Credit
Agreement

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

 
 
THE TORONTO-DOMINION BANK, as Lender

By:
/s/ David Manii
 
Name: David Manii
 
Title: Director
 
 
By:
/s/ Brendon D'Mello
 
Name: Brendon D'Mello
 
Title: Director

AltaLink – Third Amending Agreement to Fourth Amended and Restated Credit
Agreement

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

 
 
ALBERTA TREASURY BRANCHES, as Lender

By:
/s/ Trevor Guinard
 
Name: Trevor Guinard
 
Title: Director
 
 
By:
/s/ Evan Hahn
 
Name: Evan Hahn
 
Title: Portfolio Manager

AltaLink – Third Amending Agreement to Fourth Amended and Restated Credit
Agreement

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

EXHIBIT A TO THIRD AMENDING AGREEMENT

SCHEDULE 5
LENDERS’ COMMITMENTS

Lender
Amount of Commitment Prior to and Including December 13, 2018

Amount of Commitment after December 13, 2018

The Bank of Nova Scotia

$179,000,000

$119,000,000

Royal Bank of Canada

$179,000,000

$119,000,000

The Bank of Montreal

$147,000,000

$98,000,000

The Toronto-Dominion Bank

$116,000,000

$77,000,000

National Bank of Canada

$79,000,000

$53,000,000

Alberta Treasury Branches

$50,000,000

$34,000,000