Exhibit 10.4

 

EXECUTION COPY

 

AMENDMENT NO. 3 TO

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS AMENDMENT NO. 3 (this “Amendment”) is made as of February 12, 2016 (the
“Effective Date”) by and among BLACK HILLS CORPORATION, a South Dakota
corporation (the “Borrower”), the financial institutions listed on the signature
pages hereto (the “Banks”) and U.S. BANK NATIONAL ASSOCIATION, as Administrative
Agent (in such capacity, the “Administrative Agent”), under that certain Amended
and Restated Credit Agreement, dated as of May 29, 2014 (as amended,
supplemented or otherwise modified from time to time prior to the date hereof,
the “Credit Agreement”), by and among the Borrower, the Banks party thereto and
the Administrative Agent.  Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Credit
Agreement, as amended by this Amendment (the “Amended Credit Agreement”).

 

WHEREAS, the Borrower has requested that the Banks and the Administrative Agent
agree to make certain modifications to the Credit Agreement; and

 

WHEREAS, the Borrower, the Banks and the Administrative Agent have so agreed on
the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Banks and the Administrative Agent hereby agree as follows.

 

ARTICLE I- AMENDMENT

 

Effective as of the Effective Date but subject to the satisfaction of the
conditions precedent set forth in Article III below, the Credit Agreement is
hereby amended as follows:

 

1.1                               The definition of “Guarantee” in Section 1.1
of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:

 

“Guarantee” means, in respect of any Person, any obligation, contingent or
otherwise, of such Person directly or indirectly guaranteeing any Indebtedness
of another Person, including, without limitation, by means of an agreement to
purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or to maintain financial covenants, or to assure the payment of
such Indebtedness by an agreement to make payments in respect of goods or
services regardless of whether delivered, or otherwise, provided, that the term
“Guarantee” shall not include endorsements for deposit or collection in the
ordinary course of business; and such term when used as a verb shall have a
correlative meaning.

 

ARTICLE II- REPRESENTATIONS AND WARRANTIES

 

The Borrower hereby represents and warrants as follows:

 

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2.1                               This Amendment and the Amended Credit
Agreement constitute legal, valid and binding obligations of the Borrower and
are enforceable against the Borrower in accordance with their terms, except as
enforceability may be limited by bankruptcy, insolvency, or similar laws
affecting the enforcement of creditors’ rights generally.

 

2.2                               As of the date hereof and after giving effect
to the terms of this Amendment, (i) the Borrower shall be in full compliance
with all of the terms and conditions of the Amended Credit Agreement, and no
Default or Event of Default shall have occurred and be continuing and (ii) each
of the representations and warranties of the Borrower set forth in the Amended
Credit Agreement are true and correct in all material respects (unless such
representation or warranty is already qualified with respect to materiality, in
which case it shall be and remain true and correct in all respects) as of the
date hereof, except that if any such representation or warranty relates solely
to an earlier date it need only remain true in all material respects (unless
such representation or warranty is already qualified with respect to
materiality, in which case it shall be and remain true and correct in all
respects) as of such date.

 

ARTICLE III- CONDITIONS PRECEDENT

 

This Amendment shall become effective on the Effective Date, provided, however,
that the effectiveness of this Amendment is subject to the satisfaction of each
of the following conditions precedent:

 

3.1                               The Administrative Agent shall have received:

 

a.                                      Counterparts of this Amendment duly
executed by the Borrower, the Administrative Agent and the Required Banks; and

 

b.                                      Such other documents and information as
the Administrative Agent may reasonably request.

 

3.2                               All legal matters incident to the execution
and delivery of this Amendment shall be satisfactory to the Required Banks.

 

3.3                               There has been no material adverse change in
the business, assets, operations, performance or condition, financial or
otherwise, of the Borrower and its subsidiaries taken as a whole, since the last
day of the most recently audited financial year of the Borrower.

 

ARTICLE IV- GENERAL

 

4.1                               Expenses.  The Borrower agrees to reimburse
the Administrative Agent upon demand for all reasonable out-of-pocket expenses
paid or incurred by the Administrative Agent, including, without limitation,
reasonable fees, charges and disbursements of outside counsel to the
Administrative Agent incurred in connection with preparation, negotiation and
execution of this Amendment and any other document required to be furnished
herewith.

 

4.2                               Counterparts.  This Amendment may be executed
in any number of counterpart signature pages, and by the different parties on
different counterparts, each of which when executed shall be deemed an original
but all such counterparts taken together shall constitute one

 

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and the same instrument.  Delivery of an executed counterpart hereof via
facsimile or electronic means shall for all purposes be as effective as delivery
of an original counterpart.

 

4.3                               Severability of Provisions.  Any provision in
this Amendment that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or
invalid without affecting the remaining provisions in that jurisdiction or the
operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of this Amendment are declared to
be severable.

 

4.4                               Governing Law.  This Amendment, and the rights
and duties of the parties hereto, shall be construed and determined in
accordance with the internal laws of the State of New York.

 

4.5                               Successors; Enforceability.  The terms and
provisions of this Amendment shall be binding upon the Borrower, the
Administrative Agent and the Banks and their respective successors and assigns,
and shall inure to the benefit of the Borrower, the Administrative Agent and the
Banks and the successors and assigns of the Administrative Agent and the Banks.

 

4.6                               Reference to and Effect on the Credit
Agreement.

 

a.                                      Upon the effectiveness of this
Amendment, on and after the date hereof, each reference in the Amended Credit
Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like
import shall mean and be a reference to the Credit Agreement, as amended and
modified hereby.

 

b.                                      Except as specifically amended above,
the Credit Agreement and all other documents, instruments and agreements
executed and/or delivered in connection therewith (including, without
limitation, all of the Loan Documents) shall remain in full force and effect and
are hereby ratified and confirmed.

 

c.                                       The execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent or the Banks, nor constitute a
waiver of any provision of the Amended Credit Agreement or any other documents,
instruments and agreements executed and/or delivered in connection therewith.

 

d.                                      This Amendment shall constitute a Credit
Document.

 

4.7                               Headings.  Section headings used in this
Amendment are for reference only and shall not affect the construction of 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 date first
written above.

 

 

BLACK HILLS CORPORATION, as the Borrower

 

 

 

 

 

 

 

By:

/s/ Richard W. Kinzley

 

Name:

Richard W. Kinzley

 

Title:

Senior Vice President and Chief Financial Officer

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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U.S. BANK NATIONAL ASSOCIATION,

 

as a Bank and as Administrative Agent

 

 

 

 

By:

/s/ John M. Eyerman

 

Name:

John M. Eyerman

 

Title:

Vice President

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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THE BANK OF NOVA SCOTIA,

 

as a Bank

 

 

 

 

By:

/s/ David Dewar

 

Name:

David Dewar

 

Title:

Director

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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MUFG UNION BANK, N.A.,

 

as a Bank

 

 

 

 

By:

/s/ Maria Ferradas

 

Name:

Maria Ferradas

 

Title:

Vice President

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as a Bank

 

 

 

 

By:

/s/ Keith Luettel

 

Name:

Keith Luettel

 

Title:

Director

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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ROYAL BANK OF CANADA,

 

as a Bank

 

 

 

 

By:

/s/ Frank Lambrinos

 

Name:

Frank Lambrinos

 

Title:

Authorized Signatory

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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COBANK, ACB,

 

as a Bank

 

 

 

 

By:

/s/ John H. Kemper

 

Name:

John H. Kemper

 

Title:

Vice President

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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JPMORGAN CHASE BANK, N.A.,

 

as a Bank

 

 

 

 

By:

/s/ Justin Martin

 

Name:

Justin Martin

 

Title:

Authorized Officer

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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BMO HARRIS FINANCING, INC.,

 

as a Bank

 

 

 

 

By:

/s/ Kevin Utsey

 

Name:

Kevin Utsey

 

Title:

Director

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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Credit Suisse AG, CAYMAN ISLANDS BRANCH,

 

as a Bank

 

 

 

 

By:

/s/ Mikhail Faybusovich

 

Name:

Mikhail Faybusovich

 

Title:

Authorized Signatory

 

 

 

 

 

 

 

By:

/s/ Gregory Fantoni

 

Name:

Gregory Fantoni

 

Title:

Authorized Signatory

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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BANK OF AMERICA, N.A.,

 

as a Bank

 

 

 

 

By:

/s/ Carlos Morales

 

Name:

Carlos Morales

 

Title:

SVP

 

Signature Page to

Amendment No. 3 to

Black Hills Amended and Restated Credit Agreement

 

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