Exhibit 10.1


 


SEVENTH AMENDMENT TO CREDIT AGREEMENT


 


This SEVENTH AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) is entered into effective as of June 5, 2017, among ENBRIDGE
ENERGY PARTNERS, L.P., a Delaware limited partnership, as borrower (the “Borrower”), each Lender
named on the signature pages hereto, and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”).


 


WHEREAS, the Borrower,
the Lenders, and the Administrative Agent are parties to that certain Credit Agreement dated as of September 26, 2011 (as amended
by that certain First Amendment to Credit Agreement, effective as of September 30, 2011, that certain Extension Agreement and Second
Amendment to Credit Agreement, effective as of September 26, 2012, that certain Extension Agreement and Third Amendment to Credit
Agreement, effective as of October 28, 2013, that certain Fourth Amendment to Credit Agreement, effective as of December 23, 2013,
that certain Extension Agreement and Fifth Amendment to Credit Agreement, effective as of October 6, 2014, that certain Extension
Agreement and Sixth Amendment to Credit Agreement, effective as of October 23, 2015 and as further amended, restated, or otherwise
modified from time to time, the “Credit Agreement”).


 


WHEREAS, Borrower has requested
certain amendments to the Credit Agreement to facilitate the sale of Midcoast Energy Partners, L.P. (“MEP”)
and MEP’s subsidiaries to a subsidiary of Enbridge Inc. (the “MEP Transaction”).


 


WHEREAS, subject to the
terms and conditions set forth herein, the parties hereto are willing to agree to amend the Credit Agreement as set forth in Section
2 below.


 


NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:


 


SECTION 1.        Definitions.
Unless otherwise defined in this Amendment, terms used in this Amendment which are defined in the Credit Agreement shall have the
meanings assigned to such terms in the Credit Agreement. The interpretive provisions set forth in Section 1.02 of the Credit
Agreement shall apply to this Amendment.


 


SECTION 2.         Amendments
to the Credit Agreement. The Credit Agreement is amended as follows, effective as of the Effective Date (as defined in Section
3 below).


 


(a)         Amendments
to Section 1.01 (Definitions).


 


		(i)	Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions
in the appropriate alphabetical order:



 


“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.


 


“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is
described in the EU Bail-In Legislation Schedule.


 


“EEA Financial
Institution” means, at each relevant time of determination,


 




     


     


    

 


(a) any credit institution or investment
firm established in any EEA Member Country, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary
of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent,
and with respect to each of the preceding clauses (a) through (c), which institution, firm or entity is subject to the supervision
of an EEA Resolution Authority.


 


“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having authority to exercise any Write-Down and Conversion Powers.


 


“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
Person), as in effect from time to time.


 


“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.”


 


		(ii)	The Definition of “Defaulting Lender” in Section 1.01 of the Credit Agreement
is hereby amended and restated in its entirety as follows:



 


“Defaulting Lender”
means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two
Business Days of the date such Loans were required to be funded, or (ii) pay to the Administrative Agent, any L/C Issuer, the Swing
Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation
in Letters of Credit or Swing Line Loans) within two Business Days of the date when required to be paid by it hereunder, (b) has
notified the Borrower, the Administrative Agent, any L/C Issuer or the Swing Line Lender in writing that it does not intend to
comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within two Business
Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the
Borrower that it will comply with its prospective funding obligations hereunder (provided, that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and
the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) in the case of a Lender
or its direct or indirect parent company that is an EEA Financial Institution, become subject to a Bail-In Action; provided, that
a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result
in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender (subject to Section 2.16(b)) upon delivery of written notice of such determination
to the Borrower, each L/C Issuer, the Swing Line Lender and each Lender.”


 




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(b)         Amendment
to Section 2.03(a) (The Letter of Credit Commitment). Section 2.03(a) of the Credit Agreement is amended to delete
each reference to “or the MEP Unrestricted Subsidiaries” therein.


 


(c)         Amendment
to Section 2.16(a)(iv) (Defaulting Lenders). Section 2.16(a)(iv) of the Credit Agreement is hereby amended by
replacing the text “No” at the beginning of the final sentence thereof with the text “Subject to Section 10.23,
no” in lieu thereof.


 


(d)         Amendment
to Section 7.08(a) (Unrestricted Subsidiaries; MEP). Section 7.08(a) of the Credit Agreement is amended and restated
in its entirety as follows:


 


(a)         Neither
the Borrower nor any Restricted Subsidiary may guaranty or otherwise become liable in respect of any Indebtedness or other obligations
of, grant any Lien on any of its property to secure any Indebtedness of or other obligation of, or provide any other form of credit
support to, any Unrestricted Subsidiary, provided however that the Borrower or a Restricted Subsidiary may grant a Lien on the
equity interests of an Unrestricted Subsidiary to secure Indebtedness of such Unrestricted Subsidiary.


 


(e)         Deletion
of Section 7.08(c) (Unrestricted Subsidiaries; MEP). Section 7.08(c) of the Credit Agreement is deleted.


 


(f)          Addition
of New Section 10.23 (Acknowledgment and Consent to Bail-In of EEA Financial Institutions). Article X of the Credit
Agreement is hereby amended by adding a new Section 10.23 to read in its entirety as follows:


 


10.23 Acknowledgement and Consent
to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in this Agreement, in any other Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under this Agreement or in any other Loan Document, to the extent such liability is unsecured,
may be subject to the Write- Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:


 




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(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder or
any other Loan Document which may be payable to it by any party hereto that is an EEA Financial Institution; and


 


(b)          the
effects of any Bail-In Action on any such liability, including, if applicable:


 


(i) a
reduction in full or in part or cancellation of any such liability;


 


(ii) a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
any other Loan Document; or


 


(iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
Authority.


 


SECTION 3.         Conditions
to Effectiveness. This Amendment shall be effective as of the date on which each of the following conditions has been satisfied
(the “Effective Date”):


 


		(a)	the Administrative Agent has received counterparts of this Amendment executed by the Borrower and
Required Lenders (which may be by telecopy or other electronic transmission); and



 


		(b)	the MEP Transaction has been consummated.



 


SECTION 4.         Notice
of MEP Transaction. Borrower will promptly provide written notice (which may be by electronic transmission) to the Administrative
Agent that the Borrower and its Subsidiaries have consummated the MEP Transaction.


 


SECTION 5.         Representations
and Warranties. As a material inducement to the Administrative Agent and the Lenders to execute and deliver this Amendment,
the Borrower represents and warrants to the Lenders that as of the Effective Date, both immediately before and after giving effect
to this Amendment, that:


 


(a)          This
Amendment has been duly authorized, executed, and delivered by the Borrower and the Credit Agreement as amended hereby constitutes
its legal, valid, and binding obligations enforceable against it in accordance with their respective terms (subject, as to the
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium, and similar laws affecting creditors’
rights generally and to general principles of equity).


 


(b)          The
representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects
on and as of the Effective Date, after giving effect to this Amendment, except to the extent such representations and warranties
relate solely to an earlier date, in which case, they shall be true and correct as of such date.


 




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(c)          As
of the date hereof, at the time of and immediately after giving effect to this Amendment, no Default or Event of Default has occurred
and is continuing.


 


(d)         No
approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is required
to be obtained or made by the Borrower by any material statutory law or regulation applicable to it as a condition to the execution,
delivery or performance by, or enforcement against, the Borrower of this Amendment. The execution, delivery, and performance by
the Borrower of this Amendment has been duly authorized by all necessary corporate or other organizational action, and does not
and will not (i) violate the terms of any of the Borrower’s Organization Documents, (ii) result in any breach of, constitute
a default under, or require pursuant to the express provisions thereof, the creation of any consensual Lien on the properties of
the Borrower under, any Contractual Obligation to which the Borrower is a party or any order, injunction, writ or decree of any
Governmental Authority to which the Borrower or its property is subject, or (iii) violate any Law, in each case with respect to
the preceding clauses (i) through (iii), which would reasonably be expected to have a Material Adverse
Effect.


 


SECTION 6.        Effect;
Affirmation and Ratification of Loan Documents. This Amendment (a) except as expressly provided herein, shall not be deemed
to be a consent to the modification or waiver of any other term or condition of the Credit Agreement or of any of the instruments
or agreements referred to therein and does not constitute a waiver of compliance or consent to noncompliance by the Borrower with
respect to the terms, provisions, conditions and covenants of the Credit Agreement and (b) shall not prejudice any right or rights
which the Administrative Agent or the Lenders may now have under or in connection with the Credit Agreement, as amended by this
Amendment. Except as otherwise expressly provided by this Amendment, all of the terms, conditions and provisions of the Credit
Agreement and the other Loan Documents shall remain the same, including, without limitation, all of the Borrower’s obligations
and covenants under each Loan Document. It is declared and agreed by each of the parties hereto that the Credit Agreement,
as amended hereby, and the other Loan Documents, from and after the Effective Date, shall continue in full force and effect and
are hereby ratified and confirmed in all respects, and that this Amendment and such Credit Agreement shall be read and construed
as one instrument. The Borrower represents and acknowledges that it has no claims, counterclaims, offsets, credits or defenses
to the Loan Documents or the performance of its obligations thereunder. From and after the Effective Date, each reference in the
Credit Agreement, including the schedules and exhibits thereto and the other documents delivered in connection therewith, to the
“Credit Agreement,” “this Agreement,” “hereunder,” “hereof,” “herein,”
or words of like import, shall mean and be a reference to the Credit Agreement as amended hereby, respectively.


 


SECTION 7.        Miscellaneous.
This Amendment shall for all purposes be construed in accordance with and governed by the laws of the State of New York and applicable
federal law. The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions
hereof. This Amendment may be executed in separate counterparts, each of which when so executed and delivered shall be an original,
but all of which together shall constitute one instrument. In proving this Amendment, it shall not be necessary to produce or account
for more than one such counterpart. Delivery of an executed counterpart of this Amendment by facsimile or in electronic form shall
be effective as the delivery of a manually executed counterpart. This Amendment shall be a “Loan Document” as defined
in the Credit Agreement.


 


SECTION 8.        Entire
Agreement. THE CREDIT AGREEMENT (AS AMENDED BY THIS AMENDMENT) AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.


 


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IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers effective
as of the date and year first above written.


 


	 	ENBRIDGE ENERGY PARTNERS, L.P., 
	 	a Delaware limited partnership, as Borrower
	 	 	 	 
	 	By:	ENBRIDGE ENERGY MANAGEMENT, 
	 	 	L.L.C., as delegate of Enbridge Energy Company, Inc., its General Partner
	 	 	 	 
	 	 	By:	/s/ Stephen J. Neyland
	 	 	 	Name: Stephen J. Neyland
	 	 	 	Title: Vice President – Finance


 


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	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 	 
	 	By:	/s/ Priscilla Baker
	 	 	Name: Priscilla Baker 
	 	 	Title:  Assistant Vice President


 


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	 	BANK OF AMERICA, N.A., as a Lender, a L/C Issuer and Swing Line Lender
	 	 	 
	 	By:	/s/ James K.G. Campbell
	 	 	Name:  James K.G. Campbell
	 	 	Title:  Director


 


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	 	ROYAL BANK OF CANADA, as a Lender and an L/C Issuer
	 	 	 
	 	By:	/s/ Tim VandeGriend
	 	 	Name: Tim VandeGriend
	 	 	Title: Authorized Signatory


 


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	 	EXPORT DEVELOPMENT CANADA, as a Lender
	 	 	 
	 	By:	/s/ Christopher Wilson
	 	 	Name: Christopher Wilson
	 	 	Title: Financing Manager
	 	 	 
	 	By:	/s/ Sheila Banning
	 	 	Name: Sheila Banning
	 	 	Title: Financing Manager


 


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	 	UBS AG, STAMFORD BRANCH, as a Lender
	 	 	 
	 	By:	/s/ Craig Pearson
	 	 	Name: Craig Pearson
	 	 	Title: Associate Director Banking Product Services, US
	 	 	 
	 	By:	/s/ Darlene Arias
	 	 	Name: Darlene Arias
	 	 	Title: Director


 


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	 	WELLS FARGO BANK, N.A., as a Lender 
	 	 	 
	 	By:	/s/ Borden Tennant
	 	 	Name: Borden Tennant
	 	 	Title:  Assistant Vice President


 


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	 	MORGAN STANLEY BANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Patrick Layton
	 	 	Name: Patrick Layton
	 	 	Title: Authorized Signatory




 


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	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
	 	 	 
	 	By:	/s/ Kevin Sparks
	 	 	Name: Kevin Sparks
	 	 	Title: Director


 


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	 	BNP PARIBAS, as a Lender
	 	 	 
	 	By:	/s/ Michael Gosselin
	 	 	Name: Michael Gosselin
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Zainuddin Ahmed
	 	 	Name: Zainuddin Ahmed
	 	 	Title: Vice President


 


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	 	JPMORGAN CHASE BANK, N.A., as a Lender 
	 	 	 
	 	By:	/s/ Juan J. Javellana
	 	 	Name: Juan J. Javellana
	 	 	Title: Executive Director


 


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	 	MIZUHO BANK, LTD., as a Lender
	 	 	 
	 	By:	/s/ Brad C. Crilly
	 	 	Name: Brad C. Crilly
	 	 	Title: Managing Director


 


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	 	CITIBANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Peter Vardos
	 	 	Name: Peter Vardos
	 	 	Title: Vice President


 


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	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
	 	 	 
	 	By:	/s/ Ming K. Chu
	 	 	Name: Ming K. Chu
	 	 	Title: Director
	 	 	 
	 	By:	/s/ Virginia Cosenza
	 	 	Name: Virginia Cosenza
	 	 	Title: Vice President


 


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