Document:

BHE 12.31.14 EX 10.33

EXHIBIT 10.33

EXECUTION VERSION

SECOND AMENDING AGREEMENT TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

dated as of December 18, 2014

ALTALINK, L.P. 

as Borrower

- and -

ALTALINK  MANAGEMENT  LTD. 

as General Partner

- and -

THE BANK OF NOVA SCOTIA

as Agent of the Lenders and as Lender

LEGAL_1.32803138.3

AMENDING AGREEMENT TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 18, 2014 among AltaLink, L.P., as Borrower, AltaLink Management Ltd., as General Partner, The Bank of Nova Scotia as Agent of the Lenders (the "Agent")and as Lender.

RECITALS

WHEREAS AltaLink Management Ltd., in its capacity as general partner of AltaLink, L.P., as Borrower, the Agent and the Lender are parties to a Second Amended and Restated Credit Agreement made as of December 19, 2013 as amended by a first amending agreement dated as of October 24, 2014 (the "Original Credit Agreement");

AND WHEREAS the Borrower, the General Partner, the Lender and the Agent have agreed to amend certain provisions of the Original 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
Original Credit Agreement.

ARTICLE 2
AMENDMENTS

2.1    Amendments to Original Credit Agreement.

The Original 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 the pricing grid contained in such definition and replacing it with the following:

	
						
	Ratings
	Category I
	Category II
	Category III
	Category IV
	Category V

	Standard & Poor's,
Moody's, and DBRS
	>A /A2 /A
	A /A2 /A
	A- /A3/
A(low)
	BBB+/
Baal/BBB (high)
	<BBB+/
Baal/BBB (high)

	Applicable Margin for Bankers' Acceptances, LIBOR Loans & LC/fees
	70 bps
	80 bps
	100 bps
	120 bps
	145 bps

	Applicable Margin for Prime Rate Loans and US Base Rate Loans
	0 bps
	0 bps
	0 bps
	20 bps
	45 bps

	Standby Fee
	14 bps
	16 bps
	20 bps
	24 bps
	29 bps

	Term-out Fee
	25 bps
	25 bps
	25 bps
	25 bps
	25 bps

LEGAL_1.32803138.3

-2-

		
	(b)
	The definition of "Maturity Date" contained in Section 1.1 of the Credit Agreement is amended by deleting the reference to "December 18, 2015" and replacing it with "December 16, 2016"; and

		
	(c)
	The definition of "Revolving Period" contained in Section 1.1 of the Credit Agreement is amended by deleting the reference to "December 18, 2014" and replacing it with "December 17, 2015".

ARTICLE 3
CONDITIONS PRECEDENT

3.1    Conditions Precedent

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 a Cdn.$30,000 extension fee representing 4bps on Cdn.$75,000,000.

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 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 Original 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 Original Credit Agreement) and (ii) no event has occurred and is continuing which constitutes or would constitute a Default or an Event of Default.

LEGAL_1.32803138.3

-3-

ARTICLE 5
MISCELLANEOUS

5.1    No Other Amendments, Waivers or Consents

Except as expressly set forth herein, the Original 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 be a waiver of compliance in the future or a waiver of any preceding or succeeding breach of any covenant or provision of the Original 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 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]

LEGAL_1.32803138.3

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/ Joe Bronneberg

	 
	 
	 
	Name:
	Joe Bronneberg

	 
	 
	 
	Title:
	Executive Vice President and CFO

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Christopher J. Lomore

	 
	 
	 
	Name:
	Christopher J. Lomore

	 
	 
	 
	Title:
	Vice President, Treasurer

	 
	 
	 
	 
	 

	 
	 
	ALTALINK MANAGEMENT LTD.

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Joe Bronneberg

	 
	 
	 
	Name:
	Joe Bronneberg

	 
	 
	 
	Title:
	Executive Vice President and CFO

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Christopher J. Lomore

	 
	 
	 
	Name:
	Christopher J. Lomore

	 
	 
	 
	Title:
	Vice President, Treasurer

AltaLink - Second Amending Agreement to Second Amended and Restated Credit Agreement

	
					
	 
	 
	THE BANK OF NOVA SCOTIA, as Agent

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Robert Boomhour

	 
	 
	 
	Name:
	Robert Boomhour

	 
	 
	 
	Title:
	Director

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Clement Yu

	 
	 
	 
	Name:
	Clement Yu

	 
	 
	 
	Title:
	Associate Director

	 
	 
	 
	 
	 

	 
	 
	THE BANK OF NOVA SCOTIA, as Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Bradley Walker

	 
	 
	 
	Name:
	Bradley Walker

	 
	 
	 
	Title:
	Director

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Matthew Hartnoll

	 
	 
	 
	Name:
	Matthew Hartnoll

	 
	 
	 
	Title:
	Associate Director

Altalink - Second Amending  Agreement  to Second Amended  and Restated  Credit Agreement2014 10-K Ex 10.17

Exhibit 10.17
Directors’ Compensation Summary Sheet
	
									
	 
	 
	Board
	 
	Chairman of

	 
	 
	Members
	 
	the Board

	Annual Retainer
	 
	$
	100,000
	

	 
	$
	180,000
	

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Committee Chairs
	 
	 
	 
	 

	Audit Committee
	 
	$
	25,000
	

	 
	—
	

	Compensation Committee
	 
	$
	15,000
	

	 
	—
	

	Nominating & Governance Committee
	 
	$
	8,000
	

	 
	—
	

	FIRM Committee
	 
	$
	8,000
	

	 
	—
	

	 
	 
	 
	 
	 

	Stock Grants (1)
	 
	$
	140,000
	

	 
	$
	240,000
	

(1) Number of shares issued based upon FMV on date of grantEx1013rdomnibusamend

Exhibit 10.1

THIRD AMENDMENT TO THE 
OMNIBUS AGREEMENT
This Third Amendment (this “Third Amendment”) to the Omnibus Agreement (as amended, the “Omnibus Agreement”) by and among Phillips 66 Company (“Company”), on behalf of itself and the other Phillips 66 Entities (as defined in the Omnibus Agreement), Phillips 66 Pipeline LLC (“Pipeline”), Phillips 66 Partners LP (the “Partnership”), Phillips 66 Partners Holdings LLC (“Holdings”), Phillips 66 Carrier LLC (“Carrier”) and Philips 66 Partners GP LLC (the “General Partner”) is dated as of the 2nd day of March, 2015. 
WHEREAS, the Parties entered into that certain First Amendment and Second Amendment to the Omnibus Agreement effective as of March 1, 2014, and December 1, 2014, respectively; and
WHEREAS, the Parties seek to amend the Omnibus Agreement to include certain additional assets acquired by the Partnership in the first quarter of 2015.
NOW THEREFORE, for and in consideration of the forgoing, the mutual covenants, terms and conditions of the Agreement, as amended by this Third Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
		
	1.
	Unless otherwise noted, the capitalized terms used herein shall have the definitions set forth in the Omnibus Agreement. 

		
	2.
	Section 4.01(a) of the Omnibus Agreement is hereby amended and restated in its entirety as follows:

“(a)       Company agrees to provide, and agrees to cause its Affiliates to provide, on behalf of the General Partner and for the Partnership Group’s  benefit, the Services (such Services to be provided, to the extent applicable, in connection with the Assets and any other assets acquired or developed by the Partnership Group from time to time). As consideration for the Services, the Partnership will pay Company an operational and administrative support fee of $2,474,166.67 per Month (as adjusted pursuant to Section 4.01(b) and (c), the “Operational and Administrative Support Fee”), payable without discount no later than the 21st Day of the Month in which Services are rendered, provided that if such Day is not a Business Day, then the Partnership shall pay such amount without interest on the next Business Day. If the Effective Date is any day other than the first day of a Month, or if this Agreement is terminated on any day other than the last day of a Month, then the Operational and Administrative Support Fee for the relevant Month shall be prorated based on the ratio of the number of days in the relevant partial Month to the number of days in the relevant full Month.”

		
	3.
	This Third Amendment shall be effective as of March 2, 2015.     

		
	4.
	Except as expressly set forth herein, all other terms and conditions of the Omnibus Agreement shall remain in full force and effect. 

[Signature Pages Follow]

 

IN WITNESS WHEREOF, the duly authorized representatives of the Parties have executed this Third Amendment as of the date first above written.

	
		
	PHILLIPS 66 COMPANY

	By:
	/s/ T. G. Taylor

	 
	T.G. Taylor

	 
	President

 Signature Page to Third Amendment to the Omnibus Agreement

	
		
	PHILLIPS 66 PIPELINE LLC

	By:
	/s/ Todd Denton

	 
	Todd Denton

	 
	President

    

 Signature Page to Third Amendment to the Omnibus Agreement

	
		
	PHILLIPS 66 PARTNERS LP

	By:
	Phillips 66 Partners GP, LLC,
General Partner of Phillips 66 Partners LP

	By:
	/s/ J.T. Liberti

	 
	J.T. Liberti

	 
	Vice President and Chief Operating Officer

	
		
	PHILLIPS 66 PARTNERS GP, LLC

	By:
	/s/ J.T. Liberti

	 
	J.T. Liberti

	 
	Vice President and Chief Operating Officer

	
		
	PHILLIPS 66 PARTNERS HOLDINGS LLC

	By:
	Phillips 66 Partners LP,
Sole Member of Phillips 66 Partners Holdings LLC

	By:
	Phillips 66 Partners GP, LLC,
General Partner of Phillips 66 Partners LP

	By:
	/s/ J.T. Liberti

	 
	J.T. Liberti

	 
	Vice President and Chief Operating Officer

 Signature Page to Third Amendment to the Omnibus Agreement

	
		
	PHILLIPS 66 CARRIER LLC

	By:
	Phillips 66 Partners Holdings LLC,
Sole Member of Phillips 66 Carrier LLC

	By:
	Phillips 66 Partners LP,
Sole Member of Phillips 66 Partners Holdings LLC

	By:
	Phillips 66 Partners GP, LLC,
General Partner of Phillips 66 Partners LP

	By:
	/s/ J.T. Liberti

	 
	J.T. Liberti

	 
	Vice President and Chief Operating Officer

Signature Page to Third Amendment to the Omnibus Agreement

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