Exhibit 10.2


 


Execution Version


AMENDMENT NO. 1


 


AMENDMENT NO. 1, dated as of February 21, 2017
(this “Amendment No. 1”), to the Amended and Restated Credit Agreement, dated as of February 10, 2016 (as may
be further amended, modified, restated and supplemented from time to time, the “TGC Credit Agreement”), among
The Gas Company, LLC, a Hawaii limited liability company (the “Borrower”), the several lenders from time to
time parties thereto (the “Lenders”) and Wells Fargo Bank, National Association, as administrative agent (the
“Administrative Agent”).


 


WITNESSET H:


 


WHEREAS, the Borrower, the Lenders and the Administrative
Agent are parties to the TGC Credit Agreement;


 


WHEREAS, the Borrower has requested that (i) certain
provisions of the TGC Credit Agreement be amended and waived as set forth herein and (ii) pursuant to Section 2.7 of the TGC Credit
Agreement, each Lender extend its Revolving Credit Maturity Date for one additional year from the Revolving Credit Maturity Date
in effect under the TGC Credit Agreement immediately prior to this Amendment No. 1;


 


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


 


SECTION 1.   Defined Terms.
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the TGC Credit Agreement.


 


SECTION 2.   Amendments to the
TGC Credit Agreement.


 


(a)Additional Defined Terms.
The following definitions are hereby added in the appropriate alphabetical order to Section 1.1 of the TGC Credit Agreement:


 


“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 (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(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 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;


 


“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 responsibility for the resolution of any EEA Financial Institution.


 


“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.


 


“First Amendment Effective
Date” means the date on which all conditions precedent to the first amendment to this Agreement are satisfied.


 


“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.


 


(b) Revised Defined Term. The
definition of “Defaulting Lender” set forth in Section 1.1 of the TGC Credit Agreement, is hereby amended by adding
the words “or a Bail-In Action” immediately following the words “Debtor Relief Law” in clause (d)(i) thereof.


 


(c) Additional Representation.
The following representation is hereby added to the TGC Credit Agreement as a new Section 6.31:


 


“ SECTION 6.31. EEA Financial Institutions.
No Credit Party is an EEA Financial Institution.


 


(d) Acknowledgement of Bail-In Provisions.
The following provision is hereby added to the TGC Credit Agreement as a new Section 11.24:


 


“SECTION 11.24. Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any 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 any Loan Document 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:


 


(a) the application of any Write-Down
and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder 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.”


 




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(e) Amendments to Section 2.7.
Each occurrence of the term “Business Days” in Section 2.7(a) and Section 2.7(b), and the first occurrence of the term
“Business Days” in Section 2.7(c) is hereby replaced with the word “days”.


 


(f)Amendments to Section 6.18 and Schedule
6.18. (i) Section 6.18 is hereby amended by replacing the term “Signing Date” in Section 6.18 with the term
“First Amendment Effective Date” and (ii) Schedule 6.18 to the TGC Credit Agreement is hereby amended and restated
in its entirety as set forth in Exhibit A hereto.


 


(g)Amendments to Section 8.17.
Section 8.17 is hereby amended by deleting the word “and” before “(ii)” and adding the following clause
at the end of the sentence “and (iii) any bank accounts and securities accounts which are (a) pension, 401(k) or payroll
accounts or other accounts used for employee benefits, (b) accounts with Cash Management Banks in connection with purchase cards
(including so called “procurement cards” or “P-cards”), credit or debit cards or similar products, (c)
petty cash accounts, amounts on deposit in which do not exceed $250,000 in the aggregate at any one time, (d) zero balance or daily
sweep accounts, (e) withholding tax accounts or (f) escrow, trust or fiduciary accounts.”


 


SECTION 3.   Extension.
Pursuant to Section 2.7 of the TGC Credit Agreement, the Borrower has notified the Administrative Agent of its request to extend
the Revolving Credit Maturity Date set forth in clause (a) of the definition thereof for an additional year from February 10, 2021
to February 10, 2022. As of the date hereof, Lenders (the “Extending Lenders”) holding more than 50% of the
Commitments (who, for the avoidance of doubt, constitute the Required Lenders) (i) waive the notice requirement set forth in Section
2.7(a) of the TGC Credit Agreement and (ii) have approved the Borrower’s request to extend their Commitments and, subject
to the satisfaction of the conditions precedent set forth in Section 4 herein (and the other terms and conditions set forth in
the TGC Credit Agreement), the Revolving Credit Maturity Date as to the Extending Lenders shall be extended for an additional year
from the then-applicable Revolving Credit Maturity Date. The Revolving Credit Maturity Date as to any Non-Extending Lender remains
unchanged. In connection with the foregoing, the Borrower waives the notice requirement set forth in Section 2.7(c) of the TGC
Credit Agreement.


 


SECTION 4.   Waiver. The
Lenders party hereto constituting the Required Lenders hereby waive any Default or Event of Default arising from the Borrower’s
failure to enter into a control agreement with respect to the Borrower’s deposit account, with account number 4093206506,
established at Wells Fargo Bank, N.A. (the “Subject Account”), pursuant to Section 8.17 of the TGC Credit Agreement.


 


SECTION 5.   Effective Date.
This Amendment No. 1 shall become effective on the date (the “Effective Date”) on which conditions set forth
in this Section 5 have been satisfied:


 


(a)the Administrative Agent shall have received
(i) a counterpart of this Amendment No. 1, executed and delivered by a Responsible Officer of the Borrower and (ii) counterparts
of this Amendment No. 1, executed and delivered by each Extending Lender, which Lenders shall constitute the Required Lenders;


 


(b)no Default shall have occurred and be continuing
on the Effective Date;


 




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(c)the representations and warranties contained
in the TGC Credit Agreement that are qualified by materiality shall be true and correct on and as of the date of such extension
and after giving effect thereto, and such representations and warranties that are not qualified by materiality shall be true and
correct in all material respects on and as of the date of such extension and after giving effect thereto, in each case as though
made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific
date, true and correct in all material respects as of such specific date (provided, that such materiality qualifier shall
not be applicable to any representation or warranty that already is qualified or modified by materiality in the text thereof) and,
the representations and warranties contained in Section 6.15 of the TGC Credit Agreement shall be deemed to refer to the most recent
statements delivered pursuant to clauses (a) and (b) of Section 7.1 of the TGC Credit Agreement)


 


(d)the Administrative Agent shall have received
a certificate executed and delivered by a Responsible Officer of the Borrower certifying as to the matters set forth in clauses
(b) and (c) above; and


 


(e)the Borrower shall have paid (i) to the
Administrative Agent, for the account of each Extending Lender, an extension fee in an amount equal to 0.06% of such Extending
Lender’s Commitment as of the Effective Date, which extension fee once paid shall be fully earned and nonrefundable and (ii)
all other fees and reasonable expenses of the Administrative Agent and the Lenders required under the TGC Credit Agreement and
any other Loan Document to be paid on or prior to the Effective Date (including reasonable fees and expenses of counsel) in connection
with this Agreement.


 


SECTION 6.   Acknowledgment and
Confirmation of the Credit Parties. Each of the Credit Parties hereby confirms and agrees that after giving effect to this
Amendment No. 1, the TGC Credit Agreement and the other Loan Documents remain in full force and effect and enforceable against
each Credit Party in accordance with their respective terms and shall not be discharged, diminished, limited or otherwise affected
in any respect. Each of the Credit Parties represents and warrants to the Lenders that it has no knowledge of any claims, counterclaims,
offsets, or defenses to or with respect to its obligations under the Loan Documents, or if a Credit Party has any such claims,
counterclaims, offsets, or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are hereby
waived, relinquished, and released in consideration of the execution of this Amendment No. 1. This acknowledgment and confirmation
by the Credit Parties is made and delivered to induce the Administrative Agent and the Lenders to enter into this Amendment No.
1.


 


SECTION 7.   GOVERNING LAW; WAIVER
OF JURY TRIAL. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTION
11.6 OF THE TGC CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN.


 


SECTION 8.   Miscellaneous.


 


(a)Except as expressly modified hereby, the
TGC Credit Agreement and the other Loan Documents shall continue in full force and effect in accordance with the provisions thereof
on the date hereof. As used in the TGC Credit Agreement, “hereinafter,” “hereto,” “hereof,”
and words of similar import shall, unless the context otherwise requires, mean the TGC Credit Agreement after giving effect to
this Amendment No. 1. Any reference to the TGC Credit Agreement or any of the other Loan Documents herein or in any such documents
shall refer to the TGC Credit Agreement and Loan Documents as modified hereby. This Amendment No. 1 is limited as specified and
shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except
as expressly set forth herein. This Amendment No. 1 shall constitute a Loan Document under the terms of the TGC Credit Agreement.


 




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(b)This Amendment No. 1 may be executed in
any number of counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same document


 


(c)With respect to successors and assigns,
each party hereto hereby agrees as set forth in Section 11.10 of the TGC Credit Agreement as if such section were set forth in
full herein.


 


(d)Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition
or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or affecting the validity
or enforceability of such provision in any other jurisdiction.


 


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IN WITNESS WHEREOF, the parties hereto have caused
this Amendment No. 1 to be duly executed and delivered by their respective proper and duly authorized officers as of the day and
year first above written.


 


	 	THE GAS COMPANY, LLC
	 	 
	 	By:	/s/ Dan Reinheimer
	 	Name:	Dan Reinheimer
	 	Title:	CFO


 


[Signature Page to A&R TGC Credit Agreement
Amendment No. 1]


 




     

     


    

 


	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, as Administrative
	 	Agent and Lender
	 	 	 
	 	By:	/s/ Keith Luettel
	 	Name:	Keith Luettel
	 	Title:	Director


 


[Signature Page to A&R TGC Credit Agreement
Amendment No. 1]


 




     

     


    

 





	 	AMERICAN SAVINGS BANK, F.S.B.,
	 	as a Lender
	 	 	 
	 	By:	/s/ Edward Chin
	 	Name:	Edward Chin
	 	Title:	First Vice President


 


[Signature Page to A&R TGC Credit Agreement Amendment
No. 1]


 




     

     


    

 


	 	BANK OF HAWAII,
	 	as a Lender
	 	 	 
	 	By:	/s/ John McKenna
	 	Name:	John McKenna
	 	Title:	Senior Vice President


 


[Signature Page to A&R TGC Credit
Agreement Amendment No. 1]


 




     

     


    

 


	 	Central Pacific Bank,
	 	as a Lender
	 	 	 
	 	By:	/s/ Carl A. Morita
	 	Name:	Carl A. Morita
	 	Title:	Vice President


 


[Signature Page to A&R TGC Credit Agreement
Amendment No. 1]


 




     

     


    

 


	 	CoBank, ACB,
	 	as a Lender
	 	 	 
	 	By:	/s/ Josh Batchelder
	 	Name:	Josh Batchelder
	 	Title:	Vice President


 


[Signature Page to A&R TGC Credit
Agreement Amendment No. 1]


 




     

     


    

 


	 	First Commercial Bank, Ltd., New York Branch
	 	as a Lender
	 	 	 
	 	By:	/s/ Bill Wang
	 	Name:	Bill Wang
	 	Title:	Senior Vice President & General Manager


 


[Signature Page to A&R TGC Credit Agreement
Amendment No. 1]


 




     

     


    

 


	 	Hua Nan Commercial Bank, Ltd., Los Angeles Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/ Howard Hung
	 	Name:	Howard Hung
	 	Title:	Assistant General Manager


 


[Signature Page to A&R TGC Credit
Agreement Amendment No. 1]


 




     

     


    

 


	 	Regions Bank,
	 	as a Lender
	 	 	 
	 	By:	/s/ Jerry Wells
	 	Name:	Jerry Wells
	 	Title:	Director


 


[Signature Page to A&R TGC Credit Agreement
Amendment No. 1]


 




     

     


    

 


	 	Taiwan Business Bank, Los Angeles Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/ Sam Chiu
	 	Name:	Sam Chiu
	 	Title:	General Manager


 


[Signature Page to A&R TGC Credit Agreement
Amendment No. 1]


 




     

     


    

 


	 	Taiwan Cooperative Bank, Los Angeles Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/ Li Yin Wang
	 	Name:	Li Yin Wang
	 	Title:	AVP & Assistant General Manager


 


[Signature Page to A&R TGC Credit Agreement
Amendment No. 1]