Document:

Exhibit

EXHIBIT 10.3

4055 Technology Forest Blvd, Suite 210
The Woodlands, TX 77381

September 7, 2015

Mr. Theodore M. Wright 
796 Stendal Road
Lewistown, MT 59457

Dear Theo:

We want to acknowledge your decision to retire as our Chief Executive Officer and President and thank you for your dedicated service and commitment to Conn’s, Inc. (the “Company”). 

The purpose of this letter is to memorialize certain terms by which you will continue to be employed by the Company as the Company’s Executive Chairman of the Board of Directors (the “Board”) and thereafter serve as its Non-Executive Chairman of the Board and Senior Advisor to the Company following your service as Executive Chairman.  

		
	1.
	Executive Chairman.  Your voluntary retirement as Chief Executive Officer and President shall become effective on September 7, 2015 (the “Transition Date”).  Following the Transition Date, you agree to serve as Executive Chairman through January 31, 2016 (the “Transition Period”); provided, however, that (i) the Company may terminate the Transition Period at any time for Cause, as defined in your Executive Severance Agreement, dated December 5, 2011, as amended by that certain first amendment and second amendment thereto (the “Executive Severance Agreement”), and (ii) the Board may select another individual to serve as Chairman of the Board (in which case you will continue to provide Transition Services (as defined below) during the remainder of the Transition Period and you will continue to serve as a member of the Board until your service ends in accordance with the Company’s bylaws). In addition to the duties normally assigned to an Executive Chairman of a publicly-traded corporation, you agree to provide transition and other related services to the Company (“Transition Services”) during the Transition Period to provide an effective transition of your executive responsibilities to the Company’s incoming Chief Executive Officer and President. During the Transition Period, your compensation and benefits arrangements will continue at the same level as in effect immediately prior to the Transition Date. If you voluntarily resign as Executive Chairman or as a member of the Board, in either case for any reason prior to January 31, 2016, the Transition Period will immediately terminate as of the effective date of such termination. 

		
	2.
	Non-Executive Chairman.  If the Transition Period continues through January 31, 2016, then following the Transition Period, you agree to serve as Non-Executive Chairman; provided that the Board may select another individual to serve as Chairman of the Board (in which case you would continue to serve as a member of the Board until your service ends in accordance with the Company’s bylaws) or you may resign as Chairman of the Board at any time, and your service as Non-Executive Chairman shall automatically cease if you cease to serve on the Board for any reason.  During the period in which you are serving as Non-Executive Chairman, you shall be compensated in accordance with the Company’s nonemployee director compensation policy, as in effect from time to time.  Nothing in this letter shall confer any right or expectation that you will continue to be nominated or serve as a member of the Board for any specified period of time.

		
	3.
	Senior Advisor.   If the Transition Period continues through January 31, 2016, then following the Transition Period, you also agree to serve as Senior Advisor to the Company for a period of 18 months (the “Consulting Period”); provided that (i) you may terminate the Consulting Period earlier than as set forth herein following thirty (30) days’ prior written notice of such termination to the Company, and (ii) the Company may terminate the Consulting Period at any time for Cause, as defined in your Executive Severance Agreement.  During the Consulting Period, you agree to use good faith efforts to make yourself available to, and as requested by, the Company to provide advice and counsel to the Company’s leadership, which may include both senior management and the Board.  There is no set time commitment related to your services as a Senior Advisor.  During the Consulting Period, all awards held by you under the Company’s Amended and Restated 2003 Incentive Stock Option Plan and/or the Company’s 2011 Omnibus 

Incentive Plan (the “Equity Awards”) shall continue to vest and, if applicable, be exercisable, as if you had remained an employee of the Company during the Consulting Period, but you shall not receive any other compensation or benefits for your services as Senior Advisor.

		
	4.
	Executive Severance Agreement.  You and the Company hereby acknowledge and agree that your voluntary retirement as Chief Executive Officer and President of the Company does not entitle you to any benefits under your Executive Severance Agreement.  Accordingly, effective on the Transition Date your Executive Severance Agreement shall terminate; provided, however, you acknowledge that you shall continue to be bound by the covenants set forth in Section 7 of the Executive Severance Agreement including, without limitation, the non-disclosure, non-competition and non-solicitation covenants set forth therein. In consideration for the continued vesting of your Equity Awards during the Consulting Period, as described above, the non-competition and nonsolicitation covenants set forth in Section 7 of your Executive Severance Agreement shall continue for 36 months after the last day of the Transition Period, determined without regard to any early termination thereof by either you or the Company.  

		
	5.
	Additional Covenants.   In addition to the non-disclosure, non-competition and non-solicitation covenants set forth in your Executive Severance Agreement, as amended herein:

(a)You agree on your own behalf and on behalf of, through or in association with any other person or entity, that during the period of your employment with the Company (including the Transition Period), the Consulting Period and for a period of 36 months following the last day of your Transition Period, determined without regard to any early termination thereof by either you or the Company, you will not, in any manner, directly or indirectly, take any of the following actions:  (a) acquire, agree or seek to acquire or make any proposal or offer to acquire, or announce any intention to acquire, any securities, including any debt securities (“Securities”) of the Company, or beneficial ownership thereof, or any Securities convertible or exchangeable into or exercisable for any Securities of the Company, or beneficial ownership thereof (other than Securities issued pursuant to a stock split, stock dividend or similar corporate action initiated by the Company with respect to any Securities beneficially owned by you on the date hereof or Securities issued to you upon the exercise or settlement of any Equity Awards held by you as of the date hereof) if such acquisition would, directly or indirectly, cause you together with your affiliates to have  a beneficial ownership interest, as defined in Rule 13d-3 under the Securities Exchange Act of 1934, of five percent (5%) or more of the issued and outstanding capital stock of the Company, (b) acquire, agree or seek to acquire or make any proposal or offer to acquire, or announce any intention to acquire, any property, asset or business of the Company or any of its affiliates, (c) acquire, agree or seek to acquire or make any proposal or offer to acquire, or announce any intention to acquire, any ownership interest in any joint venture in which the Company or any of its affiliates is a party or any ownership interest in any partner of the Company or any of its affiliates in such a joint venture, (d) propose to any person, or effect or seek to effect, whether alone or in concert with others, any tender or exchange offer, merger, consolidation, acquisition, scheme, business combination, recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company, (e) make, or in any way participate in any “solicitation” of  “proxies” (as such terms are used in the proxy rules of the Securities and Exchange Commission but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv)) to vote in favor of any proposal for which such solicitation is being made (other than any proposal supported by the Board), or seek to advise or influence any person with respect to the voting of, any voting securities of the Company for any purpose, (f) form, join, encourage, influence, advise or in any way participate in a “group” (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934) with respect to any voting securities of the Company or otherwise in any manner agree, attempt, seek or propose to deposit any voting securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities in any voting trust or similar arrangement, (g) otherwise act, alone or in concert with others, other than in your role as an officer or director of the Company, to seek to control, advise, change or influence the management, Board, governing instruments, policies or affairs of the Company, (h) disclose any intention, plan or arrangement inconsistent with the foregoing or (i) encourage, advise, assist or facilitate the taking of any actions by any other person in connection with any of the foregoing.  You further agree that, if at any time during such period, you are approached, directly or indirectly, by any third party concerning your participation in any of the above-mentioned matters, you shall promptly inform the Company of the nature of any such matters and the parties involved.

(b)In addition to, and not in limitation of, any duties that you may already owe to the Company by virtue of your prior service as a director or officer of the Company, you, on your own behalf or on behalf of, through or in association with any other person or entity, agree that you shall not directly or indirectly, for yourself or on behalf of any other person, participate in, invest in, purchase, or otherwise pursue in any 

manner any business opportunity that the Company is currently pursuing or has pursued during your service as a director or officer of, or Senior Advisor to, the Company, or that you have otherwise been made aware of as a result of your service as a director or officer of, or Senior Advisor to, the Company. 

(c)You agree to cooperate fully with the Company and its counsel with respect to any litigation, investigation, government proceedings or general claims which relate to matters with which you were involved during the term of employment or service with the Company, subject to reimbursement of reasonable out-of-pocket travel costs and expenses.  Such cooperation may include appearing from time to time at the offices of the Company or the Company’s counsel, or telephonically, for conferences and interviews and providing truthful testimony in depositions, court proceedings and administrative hearings as necessary for the Company to lawfully defend or prosecute claims, and in general providing the Company and its counsel with the full benefit of your knowledge with respect to any such matter.  You agree to render such cooperation in a timely fashion and at such times as may be mutually agreeable to the parties concerned.

(d)You shall be entitled to indemnification in connection with any claims asserted against you relating to your employment with the Company or your service on the Board, to the maximum extent provided under the terms of the Indemnification Agreement, dated October 22, 2003 between you and the Company, the Company’s charter and by laws or any other applicable documentation, in accordance with the terms and conditions set forth therein.

(e)Furthermore, you will not take any actions that would reasonably be expected to be detrimental to the interests of the Company or make derogatory statements, either written or oral, to any third party, or otherwise publicly disparage the Company or its products, services, or present or former employees, officers or directors, and will not authorize others to make such derogatory or disparaging statements on your behalf. Similarly, the Company will instruct its executive officers and directors not to make derogatory statements, either written or oral, to any third party, or otherwise publicly disparage you, and will not authorize others to make such derogatory or disparaging statements on its behalf.  This provision does not, and is not intended to, preclude you, the Company or any of its employees or directors from providing truthful testimony in response to legal process or governmental inquiry.

(f)Any portion of the payments and benefits provided under this letter agreement, as well as any other payments and benefits which you receive pursuant to a Company plan or other arrangement, shall be subject to clawback to the extent necessary to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, any Securities and Exchange Commission rule or any other applicable law, regulation or stock exchange requirement.

(g)You agree that during the Transition Period and the Consulting Period, you will continue to comply with all Company policies that apply (i) to Company employees and Board members while serving as Executive Chairman, and (ii) Board members while serving in your role as Non-Executive Chairman.

Again, thank you for your dedicated service to the Company and your agreement to assist the Company in its leadership transition. 

Sincerely, 

CONN’S, INC.

By:   _______________________________            
Lead Independent Director, on Behalf of the Board of Directors    

This letter agreement correctly reflects our understanding, and I hereby confirm my agreement to the same as of the date set forth above.

___________________________    
THEODORE M. WRIGHTExhibit 10.1

 

Revised
Execution Version

 

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

AND EXTENSION AGREEMENT

 

This AMENDMENT NO. 2
TO CREDIT AGREEMENT AND EXTENSION AGREEMENT, dated as of September 3, 2015 (this “Amendment”), is by
and among MIDCOAST ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Parent Borrower”), MIDCOAST
OPERATING, L.P., a Texas limited partnership (the “Opco Borrower” and, together with the Parent Borrower,
the “Borrowers”), the Subsidiary Guarantors, the Lenders party hereto and BANK OF AMERICA, N.A., as administrative
agent for the Lenders (in such capacity, the “Administrative Agent”), a Swing Line Lender and an L/C
Issuer.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers,
the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as of November 13, 2013 (as heretofore
amended, supplemented or otherwise modified, the “Credit Agreement”); and

 

WHEREAS, the Parent
Borrower has requested (a) that the Scheduled Maturity Date for each Lender be extended to September  30, 2018 (the “Extension”),
(b) the right to request and receive a release and discharge of a Subsidiary Guarantor from its obligations under the Subsidiary
Guarantee and any other applicable Loan Document if such Subsidiary Guarantor does not then meet the requirements for classification
as a “Material Subsidiary” and no Default or Event of Default then exists, and (c) certain other amendment with
respect to decreasing Commitments of certain Lenders;

 

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, capitalized terms used in this Amendment, which are defined in the Credit Agreement,
as amended hereby (the “Amended 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 Credit Agreement.

 

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

 

“Countersignature
Date” has the meaning set forth in Section 6.12.

 

“Designated
Former Material Subsidiary” means each Subsidiary Guarantor so designated in a certificate substantially in the form
and substance of Exhibit I (a “Designation Certificate”) and signed by a Responsible Officer
of the General Partner on behalf of the Parent Borrower which certifies that, as of the date of such Designation Certificate, (a) such
designated Subsidiary Guarantor (1) is not a Material Subsidiary and (2) was not a Material Subsidiary as of the last
day of each of the three most recently completed fiscal quarters for which the Parent Borrower delivered financial statements to
the Administrative Agent in accordance with Section 6.1 and (b) to the best knowledge of such Responsible Officer,
no Default or Event of Default has occurred and is continuing. For the avoidance of doubt, the Opco Borrower cannot become a Designated
Former Material Subsidiary.

 

     

     

    

 

“Designation
Certificate” has the meaning set forth in the definition of “Designated Former Material Subsidiary”.

 

“Evidence
of Release Requirement” has the meaning set forth in Section 6.12.

 

“Other
Guarantee Obligation” has the meaning set forth in Section 6.12.

 

“Second
Amendment” means that certain Amendment No. 2 to Credit Agreement and Extension agreement dated as of September
3, 2015, by and among the Borrowers, the Subsidiary Guarantors, the Lenders party thereto and the Administrative Agent.

 

“Window
Period” has the meaning set forth in Section 6.12.

 

(b)Section
4.04(f)(iii) of the Credit Agreement is hereby amended by adding the following sentence at the end thereof:

 

For purposes of determining
withholding Taxes imposed under FATCA, from and after the effective date of the Second Amendment, the Borrowers and the Administrative
Agent shall treat (and the Lenders hereby authorize the Administrative Agent and the Borrowers to treat) this Agreement as not
qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

 

    2 

     

    

 

(c)Section
6.12 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

Within
thirty (30) days after the acquisition, designation or formation of any Material Subsidiary organized in the United States or after
the date that any existing Subsidiary organized in the United States (including any Designated Former Material Subsidiary) becomes
a Material Subsidiary (or such longer period as the Administrative Agent may agree in writing), the Parent Borrower shall cause
such Person to (i) become a Subsidiary Guarantor by executing and delivering to the Administrative Agent a joinder agreement substantially
in the form of Exhibit F (a “Subsidiary Guarantee Joinder”) and (ii) deliver to the Administrative Agent
(A) documents of the types (1) referred to in Sections 4.01(a)(iii) and (iv) and (2) if the Collateral Period is
then in effect, referred to in Section 6.13, and (B) favorable opinions of counsel to such Person (which, as to certain
matters as agreed to by the Administrative Agent, may be internal counsel and which shall cover, among other things, the legality,
validity, binding effect and enforceability of the documentation referred to in clause (i)), all in form, content and scope reasonably
satisfactory to the Administrative Agent. Promptly upon its receipt of a Designation Certificate, the Administrative Agent shall
execute and return the Designation Certificate to the Parent Borrower to evidence the release and discharge of each Designated
Former Material Subsidiary specified therein from its obligations under the Subsidiary Guarantee and any other applicable Loan
Document if, to the actual knowledge of the Administrative Agent, no Default or Event of Default then exists, such release and
discharge to be effective on the date of such countersignature (the “Countersignature Date”); provided
that if such Designated Former Material Subsidiary has any other Guarantee Obligation that must be released so as to avoid a breach
of Section 7.12 when it is no longer a Subsidiary Guarantor (each such Guarantee Obligation, an “Other Guarantee
Obligation”), then its release and discharge under the Subsidiary Guarantee and any other applicable Loan Document
shall automatically and without any further action be revoked and become ineffective, retroactive to the Countersignature Date
if the Parent Borrower has not provided evidence to the Administrative Agent of the release and discharge of all Other Guarantee
Obligations (which may consist of copies of necessary documents provided by or to other parties in connection with the release
and discharge thereof, together with a certificate of a Responsible Officer of the Parent Borrower that the same have been delivered
to all necessary parties to effect the same) within three (3) Business Days (the “Window Period”) after
the Business Day on which the Parent Borrower received the corresponding Designation Certificate executed by the Administrative
Agent (the “Evidence of Release Requirement”).

 

(d)Section
7.12(x) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(x)Guarantee Obligations
with respect to Indebtedness permitted pursuant to this Section 7.12 (A) of a Subsidiary that was a Subsidiary Guarantor
and released of its Guarantee Obligations as a Subsidiary Guarantor in accordance with Section 6.12, if the Evidence of
Release Requirement is satisfied within the Window Period, and (B) of Subsidiary Guarantors and the Opco Borrower.

 

 

    3 

     

    

 

(e)Section
9.10(b)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(ii) release and discharge
a Subsidiary Guarantor from its obligations under the Subsidiary Guarantee and any other applicable Loan Document if such Person
(a) ceases to be a Subsidiary as a result of a transaction not prohibited by this Agreement or (b) is designated, pursuant to a
corresponding Designation Certificate, as a Designated Former Material Subsidiary and the Administrative Agent has executed such
Designation Certificate, all as set forth in the last sentence of Section 6.12 (provided that if a Subsidiary becomes
a Designated Former Material Subsidiary and subsequently becomes a Material Subsidiary, the Parent Borrower shall thereupon cause
such Subsidiary to execute and delivery a new Subsidiary Guarantee Joinder and the other documents as required by Section 6.12).

 

(f)Effective
as of September 4, 2015, Schedule 2.01 of the Credit Agreement is hereby amended by replacing such schedule in its entirety
with Schedule 2.01 attached hereto.

 

(g)The
Exhibits to the Credit Agreement are hereby amended to add Annex A attached hereto as a new Exhibit H (Form
of Designation Certificate).

 

SECTION 3. Extension
of Scheduled Maturity Date. Each Lender party hereto, other than each Lender designated in its signature page hereto as a Non-Extending
Lender (a “Non-Extending Lender”), hereby (a) agrees to the Extension and (b) agrees that,
effective as of the date hereof, the Scheduled Maturity Date with respect to such Lender’s Commitment shall be September
30, 2018 (each such extending Lender, an “Extending Lender”). Notwithstanding anything to the contrary
in Section 2.14 of the Credit Agreement, the Extension shall be deemed to have been effected pursuant to Section 2.14
of the Credit Agreement and, after giving effect to this Amendment, the Parent Borrower shall have the right to request additional
one-year extensions of the Scheduled Maturity Date up to an additional two times pursuant to, and in accordance with, Section 2.14
of the Credit Agreement. In addition, the parties hereto hereby agree and acknowledge that for each Non-Extending Lender, the Scheduled
Maturity Date applicable to such Lender immediately prior to this Amendment shall remain the Scheduled Maturity Date for such Lender.

 

SECTION 4. Decreased
Commitments of Certain Extending Lenders. Each Extending Lender whose Commitment amount set forth opposite such Extending Lender’s
name on Schedule 2.01 attached hereto is less than such Extending Lender’s Commitment in effect immediately prior to giving
effect to this Amendment hereby decreases its Commitment such that, on and after September 4, 2015, such Extending Lender has a
Commitment equal to the amount set forth opposite its name on Schedule 2.01 attached hereto.

 

For the avoidance of
doubt, the decrease in the Aggregate Commitments pursuant to this Section 4 shall be effected without the Borrower exercising
its rights under Section 2.15 of the Amended Credit Agreement with respect to Commitment Increases.

 

SECTION 5. Representations
and Warranties.

 

To induce the other parties
hereto to enter into this Amendment, the Borrowers represent and warrant that, as of the date hereof:

 

    4 

     

    

 

(a)both immediately
before and after giving effect to this Amendment, all representations and warranties of the Borrowers contained in Article V
of the Credit Agreement, and which are contained in any Loan Document furnished by any Loan Party at any time under, or in connection
with, this Amendment or the Credit Agreement, are true and correct, except to the extent that such representations and warranties
specifically refer to a different date, in which case they are true and correct as of such date and except that the representations
and warranties contained in clauses (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to
refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01
of the Credit Agreement;

 

(b)both immediately
before and after giving effect to this Amendment, no Default or Event of Default exists;

 

(c)the execution,
delivery and performance by each Loan Party of this Amendment and the performance by such Loan Party of the Amended Credit Agreement
and each Loan Document to which such Loan Party is a party have been duly authorized by all necessary corporate or other organizational
action, and do not and will not (i) violate the terms of any of the Loan Party’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 such Loan Party under, any Contractual Obligation to which such Loan Party is a party or any order, injunction,
writ or decree of any Governmental Authority to which such Loan Party 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;

 

(d)this Amendment
and the Amended Credit Agreement constitute legal, valid and binding obligations of each Loan Party, enforceable against such Loan
Party in accordance with their terms, subject as to enforcement to bankruptcy, insolvency, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and

 

(e)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 any Loan Party by any material statutory law or regulation applicable to it as a condition to the execution, delivery
or performance by, or enforcement against, such Loan Party of this Amendment or the performance by, or enforcement against, such
Loan Party of the Amended Credit Agreement.

 

SECTION 6. Conditions
to Effectiveness. This Amendment shall become effective as of the date first written above (provided that, as set forth therein,
Section 4 shall become effective on September 4, 2015 if all of the following conditions have then been satisfied) when,
and only when,

 

(a)the Administrative Agent shall
have received:

 

		(i)	counterparts of this Amendment duly executed and delivered by the Borrowers, the Subsidiary Guarantors,
the Administrative Agent and the Required Lenders;

 

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		(ii)	such certificates of resolutions or other action, incumbency certificates and/or other certificates
of the secretary or an assistant secretary of each Borrower and the Subsidiary Guarantors, as the Administrative Agent may timely
request to establish the identities of and verify the authority and capacity of each Responsible Officer thereof authorized to
act as a Responsible Officer in connection with this Amendment, including a certificate certifying and attaching the resolutions
adopted by each Borrower approving or consenting to the Extension (or if the Borrowers’ resolutions delivered pursuant to
Section 4.01(a)(iii) of the Credit Agreement provided for the Extension, certifying that such resolutions have not
been amended, modified or rescinded and remain in full force and effect);

 

		(iii)	such evidence as the Administrative Agent may reasonably request to verify that each Loan Party
is duly organized or formed, validly existing and in good standing in the jurisdiction where organized; and

 

		(iv)	a certificate dated as of the date hereof signed by a Responsible Officer of the Parent Borrower
certifying as to the matters set forth in Sections 5(a) and (b) above; and

 

(b)the Parent Borrower shall have
(i) paid all fees it has agreed to pay in connection with this Amendment, including, without limitation, the fees set forth in
that certain letter dated July 21, 2015 from the Parent Borrower to the Administrative Agent, and (ii) reimbursed or paid, to the
extent timely invoiced to, and reviewed by, the Parent Borrower, all out-of-pocket expenses required to be reimbursed or paid by
the Parent Borrower under the Credit Agreement.

 

SECTION 7. Governing Law.

 

THIS AMENDMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW.

 

SECTION 8. Counterparts.

 

This Amendment may be
executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Delivery of a counterpart to this Amendment
may be made by facsimile or other electronic transmission in .pdf format.

    6 

     

    

 

SECTION 9. Effect of Amendment.

 

From and after the effectiveness
of this Amendment, each reference to “hereof”, “hereunder”, “herein” and “hereby”
and each other similar reference and each reference to “this Agreement” and each other similar reference contained
in the Credit Agreement shall refer to the Amended Credit Agreement. Except as expressly set forth herein, this Amendment shall
not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Administrative
Agent or the Lenders under the Credit Agreement or under any other Loan Document, and shall not alter, modify, amend or in any
way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect (including, without
limitation, each Subsidiary Guarantor’s obligations under Article XI of the Amended Credit Agreement). This Amendment
shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

 

SECTION 10. Confirmation of
Loan Documents.

 

The terms, provisions,
conditions and covenants of the Amended Credit Agreement and the other Loan Documents remain in full force and effect and are hereby
ratified and confirmed in all respects, and the execution, delivery and performance of this Amendment shall not, except as expressly
set forth in this Amendment, operate as a waiver of, consent to or amendment of any term, provision, condition or covenant thereof.
Without limiting the generality of the foregoing, nothing contained herein shall be deemed (a) to constitute a waiver of compliance
or consent to noncompliance by any Loan Party with respect to any term, provision, condition or covenant of the Credit Agreement
or any other Loan Document, (b) to prejudice any right or remedy that the Administrative Agent or any Lender may now have or may
have in the future under or in connection with the Amended Credit Agreement or any other Loan Document or (c) to constitute a waiver
of compliance or consent to noncompliance by any Loan Party with respect to the terms, provisions, conditions and covenants of
the Amended Credit Agreement and the other Loan Documents made the subject hereof. Each Loan Party hereby represents and acknowledges
that it has no claims, counterclaims, offsets, credits or defenses to the Loan Documents or the performance of its obligations
thereunder.

 

SECTION 11. Headings.

 

Section and subsection
headings in this Amendment are for convenience of reference only, and are not part of, and are not to be taken into consideration
in interpreting, this Amendment.

 

SECTION 12. Entire Agreement.

 

THIS AMENDMENT, THE AMENDED
CREDIT AGREEMENT 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.

 

[Remainder of Page Intentionally Left
Blank; Signature Pages Follow]

 

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

 

 

 

BORROWERS:

 

MIDCOAST ENERGY
PARTNERS, L.P.

a Delaware limited
partnership,

as Parent Borrower

 

By:Midcoast
Holdings, L.L.C.,

its
General Partner

	 	 
	 	
         

         

	 	By:	/s/ Stephen J. Neyland
	 	 	
        Name: Stephen J. Neyland

        Title: Vice President – Finance

 

 

MIDCOAST OPERATING,
L.P.

a Texas limited
partnership,

as Opco Borrower

 

By:Midcoast
OLP GP, L.L.C., its General Partner

	 	 
	 	
         

         

	 	By:	/s/ Stephen J. Neyland
	 	 	
        Name: Stephen J. Neyland

        Title: Vice President – Finance

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

SUBSIDIARY
GUARANTORS:

 

Enbridge G &
P (East Texas), L.P.

 

Enbridge Pipelines
(East Texas), L.P.

 

Enbridge G &
P (Oklahoma), L.P.

 

Enbridge Pipelines
(North Texas), L.P.

 

Enbridge G &
P (North Texas), L.P.

 

ELTM,
L.P.

 

Enbridge Pipelines
(Texas Gathering), L.P.

 

Enbridge Marketing
(North Texas), L.P.

 

ENBRIDGE GATHERING
(NORTH TEXAS) L.P.

 

eNBRIDGE LIQUIDS
MARKETING (NORTH TEXAS) L.P.

 

ENBRIDGE PIPELINES
(TEXAS LIQUIDS) l.P.

 

		By:	Enbridge Holdings (Texas Systems) L.L.C., the General Partner, and as the General Partner, of each of the foregoing listed
entities

 

 

 

By: /s/ Stephen J. Neyland

Name: Stephen J. Neyland

Title: Vice President – Finance

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

Enbridge Energy
Marketing, L.L.C.

 

 

 

By: /s/ Stephen J. Neyland

Name: Stephen J. Neyland

Title: Vice President – Finance

 

Midcoast OLP
GP, L.L.C.

 

 

 

By: /s/ Stephen J. Neyland

Name: Stephen J. Neyland

Title: Vice President – Finance

 

ENBRIDGE PIPELINES
(LOUISIANA LIQUIDS) L.L.C.

 

 

 

By: /s/ Stephen J. Neyland

Name: Stephen J. Neyland

Title: Vice President – Finance

 

ENBRIDGE PIPELINES
(OKLAHOMA) TRANSMISSION L.L.C.

 

 

 

By: /s/ Stephen J. Neyland

Name: Stephen J. Neyland

Title: Vice President – Finance

 

ENBRIDGE MARKETING
(U.S.) L.P.

 

		By:	Enbridge Marketing (U.S.) L.L.C., its General Partner

 

 

 

By: /s/ Stephen J. Neyland

Name: Stephen J. Neyland

Title: Vice President – Finance

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

	 	BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender, an L/C Issuer and a Lender
	 	 
	 	 
	 	By:	/s/ Marc Ahlers
	 	Name:  	Marc Ahlers
	 	Title:	Vice President
	 	 	 
	 	 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

CITIBANK, N.A.,

as a Lender

 

 

By: /s/ Peter Kardos

Name: Peter Kardos

Title: Vice-President

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

BARCLAYS BANK PLC,

as a Lender

 

 

By:/s/ Marguerite Sutton 

Name: Marguerite Sutton

Title: Vice President

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Lender

 

 

By: /s/ Nupur Kumar

Name: Nupur Kumar

Title: Authorized Signatory

 

 

By:   /s/ Michael Moreno 

Name: Michael Moreno

Title: Authorized Signatory

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Lender

 

 

By: /s/ Yvonne Tilden

Name: Yvonne Tilden

Title:  Director

 

 

By: /s/ Scott Flieger

Name: Scott Flieger

Title: Managing Director

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

GOLDMAN SACHS BANK USA,

as a Lender

 

 

By: /s/ Michelle Latzoni

Name: Michelle Latzoni

Title: Authorized Signatory

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

JPMORGAN CHASE BANK, N.A.,

as a Lender

 

 

By: /s/ Juan J. Javellana

Name: Juan J. Javellana

Title: Executive Director

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

WELLS FARGO BANK, N.A.,

as a Lender

 

 

By: /s/ Jeffrey Cobb

Name: Jeffrey Cobb

Title: Vice President

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

MIZUHO BANK, LTD.,

as a Lender

 

 

By: /s/ Brad C. Crilly

Name: Brad C. Crilly

Title: Senior Vice President

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

SUMITOMO MITSUI BANKING CORPORATION,

as a Lender

 

 

By: /s/ James D. Weinstein

Name: James D. Weinstein

Title: Managing Director

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as a Lender

 

 

By:/s/ Kevin Sparks  

Name: Kevin Sparks

Title: Vice President

 

 

 

 

    Amendment No. 2 to Credit Agreement and Extension Agreement (MEP)

     

    

 

 

SCHEDULE
2.01

 

 

COMMITMENTS AND PRO RATA SHARES

 

 

 

	Lender	 	Commitment	 	 	Pro Rata Share	 
	Bank of America, N.A.	 	$	90,000,000.00	 	 	 	11.11111111	%
	Citibank, N.A.	 	$	90,000,000.00	 	 	 	11.11111111	%
	Barclays Bank PLC	 	$	70,000,000.00	 	 	 	8.641975309	%
	Credit Suisse AG, Cayman Islands Branch	 	$	70,000,000.00	 	 	 	8.641975309	%
	Deutsche Bank AG, New York Branch	 	$	70,000,000.00	 	 	 	8.641975309	%
	Goldman Sachs Bank USA	 	$	70,000,000.00	 	 	 	8.641975309	%
	JPMorgan Chase Bank, N.A.	 	$	70,000,000.00	 	 	 	8.641975309	%
	UBS AG, Stamford Branch	 	$	70,000,000.00	 	 	 	8.641975309	%
	Wells Fargo Bank, N.A.	 	$	70,000,000.00	 	 	 	8.641975309	%
	Mizuho Bank, Ltd.	 	$	50,000,000.00	 	 	 	6.172839505	%
	Sumitomo Mitsui Banking Corporation	 	$	40,000,000.00	 	 	 	4.938271605	%
	Morgan Stanley Bank, N.A	 	$	25,000,000.00	 	 	 	3.086419753	%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.	 	$	25,000,000.00	 	 	 	3.086419753	%
	Total:	 	$	810,000,000.00	 	 	 	100.000000000	%

 

 

 

     

     

    

Annex
A

 

MIDCOAST ENERGY PARTNERS, L.P.

 

Form
of Designation Certificate

 

________, 20__

 

This Designation Certificate
is made by the undersigned, the duly authorized _________ of Midcoast Holdings, L.L.C., a Delaware limited liability company and
the sole general partner (the “General Partner”) of Midcoast Energy Partners, L.P., a Delaware
limited partnership (the “Parent Borrower”), and delivered pursuant to Section 6.12 of that
certain Credit Agreement dated as of November 13, 2013 (as heretofore amended, supplemented or otherwise modified, the “Credit
Agreement”), by and among the Parent Borrower, as borrower, Midcoast Operating, L.P., a Texas limited partnership,
as borrower, the Subsidiary Guarantors, the lenders party thereto, and Bank of America, N.A., as administrative agent to the lenders,
swing line lender, and an L/C issuer. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed
to such terms in the Credit Agreement.

 

The undersigned hereby
certifies that ___ is the ___________ and a Responsible Officer of the General Partner on the date hereof, and that
as such, ___ is authorized to execute and deliver this Designation Certificate on behalf of the Parent Borrower. The undersigned
further certifies, on behalf of the Parent Borrower and not individually, that:

 

1.For purposes
of this Designation Certificate, [each of] ______________ is designated a Designated Former Material Subsidiary on and effective
as of [the date of this Designation Certificate] [_____________, 20__] (the “Designation Date”).

 

2.In connection
with the foregoing designation, and pursuant to the Agreement, as of the date of this Designation Certificate and, if different,
the Designation Date:

 

(a) [each]
such Designated Former Material Subsidiary (1) is not a Material Subsidiary, and (2) was not a Material Subsidiary as
of the last day of each of the three most recently completed fiscal quarters for which the Parent Borrower delivered financial
statements to the Administrative Agent in accordance with Section 6.1; and

 

(b) to
the best knowledge of such Responsible Officer, no Default or Event of Default has occurred and is continuing

 

 

Remainder of Page Intentionally Blank

Signature Page to Follow

 

 

 

 Exhibit H

     

     

    

 

 

If, to the actual knowledge
of the Administrative Agent, no Default or Event of Default exists, please execute this Designation Certificate in the space provided
below and return it to the Parent Borrower promptly to evidence the release and discharge of [each] such Designated Former Material
Subsidiary from its obligations under the Subsidiary Guarantee and any other applicable Loan Document, effective on the date of
such countersignature; provided that if [any] such Designated Former Material Subsidiary has any Other Guarantee Obligation,
then its release and discharge under the Subsidiary Guarantee and any other applicable Loan Document shall automatically and without
any further action be revoked and become ineffective, retroactive to the Countersignature Date if the Parent Borrower has not satisfied
the Evidence of Release Requirement within the Window Period.

 

IN WITNESS WHEREOF,
the undersigned has executed this Designation Certificate as of the date first set forth above.

 

______________________________

__________________

__________________

 

 

 

EXECUTED on                            ,
20          :

 

	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 
	 	 
	 	By:	 
	 	 	
        Name:

        Title:

 

 

 

 

 

 Exhibit H

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