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Exhibit 10.3
Execution Version

AMENDMENT NO. 1
 
THIS AMENDMENT NO. 1 dated as of April 27, 2012 (this “Amendment”) to the
Subordinated Loan Agreement referenced below, is by and between Boardwalk
Pipelines Holding Corp., a Delaware corporation (the “Lender”), and Boardwalk
Pipelines, LP, a Delaware limited partnership (the “Borrower”).
 
RECITALS:
 
WHEREAS, pursuant to the Subordinated Loan Agreement dated as of May 1, 2009
(the “Subordinated Loan Agreement”) by and between the Borrower and the Lender,
the Lender has made a subordinated loan to the Borrower; and
 
WHEREAS, the Borrower has requested and the Lender has agreed, subject to the
terms and conditions hereinafter set forth, to amend the Subordinated Loan
Agreement as set forth below.
 
AGREEMENT
 
NOW THEREFORE, in consideration of the premises and of the mutual agreements
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
 
 
1) Defined Terms.  Capitalized terms used herein but not otherwise defined
herein shall have the meanings provided in the Subordinated Loan Agreement.
 
 
2) Amendment.  Effective as of the date hereof, and subject to the terms and
conditions contained herein, the Subordinated Loan Agreement is hereby amended
as follows:
 

 
a)  
The following definitions in Section 1.1 (Definitions) of the Subordinated Loan
Agreement are hereby amended and restated in their entirety to read as follows:

 
i)  
“‘Maturity Date’ shall mean April 27, 2022.”

 

 

ii)  
“‘Qualifying Indebtedness’ means Indebtedness of the MLP, the Borrower or any
Subsidiary of the Borrower that is incurred after the date hereof and that does
not have any amortization payment due or maturity date occurring sooner than
December 29, 2013.”

 
 
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Exhibit 10.3
iii)  
“‘Senior Agent’ shall mean Wells Fargo Bank, N.A., or such successor
administrative agent as maybe appointed under the terms of the Senior Credit
Agreement.”

 
iv)  
“Senior Credit Agreement” shall mean the Second Amended and Restated Revolving
Credit Agreement, dated as of April 27, 2012, by and among the Borrower, Texas
Gas Transmission, LLC, Gulf South Pipeline Company, L.P., Gulf Crossing Pipeline
Company LLC, Boardwalk HP Storage Company, LLC, Boardwalk Midstream, LP,
Boardwalk Pipeline Partners, LP, the several lenders from time to time party
thereto, and the Senior Agent, as administrative agent, as the same may be
amended, restated, amended and restated, supplemented, modified, refunded,
replaced or refinanced from time to time.

 
b)  
Section 2.5(Prepayment) of the Subordinated Loan Agreement is hereby amended by
adding the following subsections (c) and (d):

 
 
“(c)
Mandatory Prepayment Upon Notice by the Lender.  Subject to the terms and
conditions of the Subordination Agreement, all or a portion of the outstanding
principal of the Subordinated Loans (and accrued interest on the Subordinated
Loans to be so paid) shall be payable by the Borrower upon notice  by the Lender
to the Borrower specifying the principal amount to be paid and date of such
required payment.  The Lender shall deliver such notice in writing to the
Borrower no less than fifteen (15) months prior to the date upon which
the  payment specified in such notice is to be made.

 
 
 (d)
Voluntary Prepayment.  Subject to the terms and conditions of the Subordination
Agreement, upon no less than five (5) Business Days prior written notice to the
Lender specifying the principal amount of  the Subordinated Loans to be prepaid
and the proposed date of such prepayment, the Borrower may voluntarily prepay,
in whole or in part, the principal amount of the Subordinated Loans specified in
such notice together with accrued interest to the date of such prepayment.”

 
 
3) No Other Amendments or Waivers.  The execution and delivery of this Amendment
shall not, except as specifically provided herein, constitute a waiver of
(a) any other provision of the Subordinated Loan Agreement or (b) any right,
power or remedy of the Lender under the Subordinated Loan Agreement, including
rights, powers and remedies arising out of or relating to any existing Defaults
or Events of Default.  The Subordinated Loan Agreement shall remain in full
force and effect and is hereby ratified and confirmed.  No course of dealing and
no failure or delay by the Lender in exercising any right, power or remedy under
the Subordinated Loan Agreement shall operate as a waiver thereof or otherwise
prejudice the Lender’s rights, powers or remedies.
 
 
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Exhibit 10.3
 
4) Effectiveness. This Amendment shall become effective as of the date hereof
upon the execution and delivery hereof by the Borrower and the Lender.
 
 
5) Counterparts.  This Amendment may be executed in any number of counterparts
and by different parties in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.  Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart so that all
signature pages are attached to the same document.  Delivery of an executed
signature page of this Amendment by facsimile transmission or electronic mail
shall be as effective as delivery of a manually executed counterpart hereof.
 
 
6) GOVERNING LAW.  This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with,
the law of the State of New York.
 

 
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Exhibit 10.3

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.
 

 
BOARDWALK PIPELINES, LP,
as Borrower
 
   
By: Boardwalk Operating GP, LLC,
its general partner
 
By: Boardwalk Pipeline Partners, LP,
its managing member
 
By: Boardwalk GP, LP,
its general partner
 
By: Boardwalk GP, LLC,
its general partner
 
 
By:
____________________________________
   
Name:
   
Title:
 
BOARDWALK PIPELINES HOLDING CORP.,
as Lender
 
 
By:
____________________________________
   
Name:
   
Title:

Signature Page to Amendment No. 1

 
 

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