Document:

Exhibit

EXHIBIT 10.9

SIXTH AMENDING AGREEMENT TO 
AMENDED AND RESTATED CREDIT AGREEMENT

dated as of December 14, 2018

ALTALINK INVESTMENT MANAGEMENT LTD., 
in its capacity as general partner of 
ALTALINK INVESTMENTS, L.P.,
as Borrower,
 - and -
ALTALINK INVESTMENT MANAGEMENT LTD.,
as General Partner,
- and -
ROYAL BANK OF CANADA,
as Administrative Agent of the Lenders, and as Lender,
- and -
THE LENDERS PARTY HERETO,
as Lenders

 

SIXTH AMENDING AGREEMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 14, 2018, among AltaLink Investment Management Ltd., in its capacity as general partner of AltaLink Investments, L.P., as Borrower, AltaLink Investment Management Ltd., as General Partner, Royal Bank of Canada, as Agent of the Lenders (the “Agent”), and the Lenders party hereto.
RECITALS
WHEREAS AltaLink Investment Management Ltd., in its capacity as general partner of AltaLink Investments, L.P., as Borrower, Royal Bank of Canada, as Agent of the Lenders, and the Lenders are parties to an Amended and Restated Credit Agreement made as of July 30, 2015, as amended by a first amending agreement dated as of November 20, 2015, a second amending agreement dated as of December 14, 2015, a third amending agreement dated as of July 8, 2016, a fourth amending agreement dated as of December 15, 2016 and a fifth amending agreement dated as of December 15, 2017 (collectively, the “Original Credit Agreement”);
AND WHEREAS the Borrower, the General Partner, the Lenders 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
	Amendment to Section 1.1.

The definition of “Maturity Date” in Section 1.1 of the Original Credit Agreement is hereby amended by replacing the date “December 14, 2022” with the date “December 14, 2023” in such definition.
		
	2.2
	Amendment to Section 2.9.

Section 2.9 of the Original Credit Agreement is hereby amended by adding a new subsection 2.9(g) immediately following subsection 2.9(f) as follows:
		
	(g)
	Notwithstanding the foregoing, if the LIBOR Rate is not available for any reason and such circumstances are unlikely to be temporary, then the “LIBOR Rate” for such LIBOR Interest Period shall be (x) a comparable successor or alternative interbank rate for deposits in U.S. Dollars that is, at such time, broadly accepted by the syndicated loan market in lieu of the “LIBOR Rate” and is reasonably acceptable to the Borrower and the Agent or (y) if no such 

broadly accepted comparable successor or alternative interbank rate exists at such time, a successor or alternative index rate as the Agent and the Borrower may determine.
		
	2.3
	Amendment to Section 4.5.

Section 4.5 of the Original Credit Agreement is hereby amended by adding the following paragraph after the first paragraph therein:
The Borrower and the General Partner acknowledge and confirm that this Section 4.5 satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under this Agreement and that each of the Borrower and the General Partner is able to calculate the yearly rate or percentage of interest payable under this Agreement based upon the methodology set out in this Section 4.5. The Borrower and the General Partner each agree not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to this Agreement, that the interest payable hereunder and the calculation of interest herein have not been adequately disclosed to them, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle.
ARTICLE 3 
CONDITIONS PRECEDENT
		
	3.1
	Conditions Precedent

This Sixth Amending Agreement shall become effective when:
		
	(a) 
	the Agent shall have received an executed copy of this Sixth Amending Agreement from each of the Agent, the Lenders, the Borrower and the General Partner; 

		
	(b) 
	the Agent has received an extension fee from the Borrower, which fee shall be in the amount of 4 bps calculated on the Commitment of each Lender party to this Sixth Amending Agreement, and payable to each such Lender; and

		
	(c)
	no Event of Default shall have occurred and be continuing.

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 Sixth 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 Loan 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.
ARTICLE 5 
MISCELLANEOUS
		
	5.1
	No Other Amendments, Waivers or Consents

Except as expressly set forth herein, the Original Credit Agreement and all Loan Documents shall be unmodified and shall continue to be in full force and effect in accordance with their terms.
		
	5.2
	Time

Time is of the essence in the performance of the parties’ respective obligations in this Sixth Amending Agreement.
		
	5.3
	Governing Law

This Sixth 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 Sixth 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 Sixth 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 the Original Credit Agreement, as amended by this Sixth Amending Agreement.
		
	5.5
	Counterparts

This Sixth Amending Agreement may be executed by the parties hereto in counterparts and may be delivered by facsimile or other electronic means (including via electronic mail in portable document format) and all such counterparts shall together constitute one and the same agreement.
[Remainder of page intentionally left blank – signature pages follow]

The parties hereto have duly executed this Sixth Amending Agreement as of the date set forth on the first page of this Agreement.
	
				
	 
	 
	ALTALINK INVESTMENT MANAGEMENT LTD.,
in its capacity as General Partner of ALTALINK INVESTMENTS, L.P.

	By:
	/s/ Jeffrey A. Austin

	 
	Name:   Jeffrey A. Austin

	 
	Title:    Director

	 
	 

	By:
	/s/ Calvin D. Haack

	 
	Name:   Calvin D. Haack

	 
	Title:    Director

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit Agreement

	
				
	 
	 
	ALTALINK INVESTMENT MANAGEMENT LTD.

	By:
	/s/ Jeffrey A. Austin

	 
	Name:   Jeffrey A. Austin

	 
	Title:    Director

	 
	 

	By:
	/s/ Calvin D. Haack

	 
	Name:   Calvin D. Haack

	 
	Title:    Director

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit Agreement

	
				
	 
	 
	ROYAL BANK OF CANADA, 
as Agent

	By:
	/s/ Yvonne Brazier

	 
	Name: Yvonne Brazier

	 
	Title: Manager, Agency Services

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name:

	 
	 
	 
	Title:

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit Agreement

	
				
	 
	 
	ROYAL BANK OF CANADA, 
as Lender

	By:
	/s/ Timothy P Murray

	 
	Name: Timothy P. Murray

	 
	Title: Authorized Signatory

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name:

	 
	 
	 
	Title:

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit Agreement

	
				
	 
	 
	BANK OF MONTREAL, 
as Lender

	By:
	/s/ Carol McDonald

	 
	Name: Carol McDonald

	 
	Title: Managing Director

	 
	 
	 
	 

	 
	 
	By:
	/s/ Lisa Dang

	 
	 
	 
	Name: Lisa Dang

	 
	 
	 
	Title: Associate

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit Agreement

	
				
	 
	 
	ATB FINANCIAL,
as Lender

	By:
	/s/ Trevor Guinard

	 
	Name: Trevor Guinard

	 
	Title: Director

	 
	 
	 
	 

	 
	 
	By:
	/s/ Evan Hahn

	 
	 
	 
	Name: Evan Hahn

	 
	 
	 
	Title: Portfolio Manager

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit Agreement

	
				
	 
	 
	THE BANK OF NOVA SCOTIA, 
as Lender

	By:
	/s/ Jonathan Leach

	 
	Name: Jonathan Leach

	 
	Title: Associate Director

	 
	 
	 
	 

	 
	 
	By:
	/s/ Scarlett Crockatt

	 
	 
	 
	Name: Scarlett Crockatt

	 
	 
	 
	Title: Director

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit Agreement

	
				
	 
	 
	NATIONAL BANK OF CANADA, 
as Lender

	By:
	/s/ James Dexter

	 
	Name: James Dexter

	 
	Title: Authorized Signatory

	 
	 
	 
	 

	 
	 
	By:
	/s/ Mark Williamson

	 
	 
	 
	Name: Mark Williamson

	 
	 
	 
	Title: Authorized Signatory

AILP ($300M) – Sixth Amending Agreement to Amended and Restated Credit AgreementExhibit

EXHIBIT 10.14

FOURTH AMENDING AGREEMENT TO 
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

dated as of December 14, 2018
 
ALTALINK, L.P.
as Borrower
 - and -
ALTALINK MANAGEMENT LTD.
as General Partner
- and -
THE BANK OF NOVA SCOTIA
as Administrative Agent of the Lenders, Co-Lead Arranger and Co-Bookrunner
- and -
ROYAL BANK OF CANADA 
as Syndication Agent, Co-Lead Arranger and Co-Bookrunner
- and -
BANK OF MONTREAL AND NATIONAL BANK OF CANADA 
as Co-Documentation Agents
- and -
THE BANK OF NOVA SCOTIA, ROYAL BANK OF CANADA, BANK OF MONTREAL, NATIONAL BANK OF CANADA, THE TORONTO-DOMINION BANK AND ATB FINANCIAL,
as Lenders

 

FOURTH AMENDING AGREEMENT TO THE FOURTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 14, 2018 among AltaLink, L.P., as Borrower, AltaLink Management Ltd., as General Partner, The Bank of Nova Scotia as Administrative Agent of the Lenders (the “Administrative Agent”), Co-Lead Arranger and Co-Bookrunner, Royal Bank of Canada as Syndication Agent, Co-Lead Arranger and Co-Bookrunner, Bank of Montreal and National Bank of Canada as Co-Documentation Agents and each of The Bank of Nova Scotia, Royal Bank of Canada, Bank of Montreal, National Bank of Canada, The Toronto-Dominion Bank and ATB Financial, as Lenders.
RECITALS
WHEREAS AltaLink Management Ltd., in its capacity as general partner of AltaLink, L.P., as Borrower, the Administrative Agent and the other parties hereto are parties to a Fourth Amended and Restated Credit Agreement made as of December 17, 2015 as amended by a First Amending Agreement dated as of December 15, 2016, a Second Amending Agreement dated as of December 14, 2017 and a Third Amending Agreement dated as of April 19, 2018 (the “Credit Agreement”);
AND WHEREAS the Borrower, the General Partner, the Administrative Agent and the Lenders have agreed to amend certain provisions of the 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:
 
DEFINITIONS
1.1    Definitions
All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.
ARTICLE 2 
AMENDMENTS
2.1    Amendments to Credit Agreement
The Credit Agreement is hereby amended as follows: 
(a)    The definition of “Fee Letter” contained in Section 1.1 of the Credit Agreement is deleted in its entirety and replaced with the following:
“Fee Letter” means the fourth amended and restated fee letter entered into between BNS, the Borrower and the General Partner dated December 14, 2018, as such fee letter may be amended, restated supplemented or otherwise modified from time to time.

(b)    The definition of “Maturity Date” contained in Section 1.1 of the Credit Agreement is deleted in its entirety and replaced with the following:

“Maturity Date” means December 14, 2023, as may be extended pursuant to Subsection 5.2(b).
(c)    Section 3.4 of the Credit Agreement is hereby amended by adding the following paragraph after the first paragraph therein:
The Borrower and the General Partner acknowledge and confirm that this Section 3.4 satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under this Agreement and that each of the Borrower and the General Partner is able to calculate the yearly rate or percentage of interest payable under this Agreement based upon the methodology set out in this Section 3.4. The Borrower and the General Partner each agree not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to this Agreement, that the interest payable hereunder and the calculation of interest herein have not been adequately disclosed to them, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle.
(d)    Subsection 5.2(b) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
		
	(b)
	By notice in writing to the Administrative Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days.  The Lenders agree that they shall give or withhold their consent in a timely manner so that the Administrative Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender.  The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Administrative Agent, such consent not to be unreasonably withheld.  The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.

(e)    Section 13.3 of the Credit Agreement is hereby amended by deleting the notice details with respect to the Administrative Agent and/or Co-Lead Arranger and Co-Bookrunner therein and replacing such notice details with the following:

If to the Administrative Agent and/or Co-Lead Arranger and Co-Bookrunner:
The Bank of Nova Scotia        
 
Corporate Banking    
 
Suite 1700, 225 6th Avenue, S.W. 
Calgary, AB T2P 1N2
Attention:    Director    
 
Facsimile:    403.221.6497
(f)    Schedule 3 of the Credit Agreement is hereby amended by deleting the reference therein to “three hundred and sixty-four (364)” and replacing such reference with “three hundred and sixty-five (365)”. 
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 those set out in the Fee Letter.
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 Administrative 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 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 Credit Agreement) and (ii) no event has occurred and is continuing which constitutes or would constitute a Default or an Event of Default.

ARTICLE 5
MISCELLANEOUS
5.1    No Other Amendments, Waivers or Consents
Except as expressly set forth herein, the 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 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 Administrative 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]

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/ David Koch

	 
	Name:   David Koch

	 
	Title:    Executive Vice President  
   and CFO

	 
	 

	By:
	/s/ Christopher J. Lomore

	 
	Name:    Christopher J. Lomore

	 
	Title:    Vice President, Treasurer

	
				
	 
	 
	ALTALINK MANAGEMENT LTD.

	By:
	/s/ David Koch

	 
	Name:   David Koch

	 
	Title:    Executive Vice President  
   and CFO

	 
	 

	By:
	/s/ Christopher J. Lomore

	 
	Name:    Christopher J. Lomore

	 
	Title:    Vice President, Treasurer

AltaLink – Fourth Amending Agreement to Fourth Amended and Restated Credit Agreement

	
				
	 
	 
	THE BANK OF NOVA SCOTIA, as Administrative Agent, Co-Lead Arranger and Co-Bookrunner

	By:
	/s/ Jonathan Leach

	 
	Name: Jonathan Leach

	 
	Title: Associate Director

	 
	 

	By:
	/s/ Scarlett Crockatt

	 
	Name: Scarlett Crockatt

	 
	Title: Director

	
				
	 
	 
	THE BANK OF NOVA SCOTIA, as Lender

	By:
	/s/ Jonathan Leach

	 
	Name: Jonathan Leach

	 
	Title: Associate Director

	 
	 

	By:
	/s/ Scarlett Crockatt

	 
	Name: Scarlett Crockatt

	 
	Title: Director

AltaLink – Fourth Amending Agreement to Fourth Amended and Restated Credit Agreement

- 2 -

	
				
	 
	 
	ROYAL BANK OF CANADA, as Syndication Agent, Co-Lead Arranger, and Co-Bookrunner

	By:
	/s/ Timothy P Murray

	 
	Name: Timothy P. Murray

	 
	Title: Authorized Signatory

	
				
	 
	 
	ROYAL BANK OF CANADA, as Lender

	By:
	/s/ Timothy P Murray

	 
	Name: Timothy P. Murray

	 
	Title: Authorized Signatory

AltaLink – Fourth Amending Agreement to Fourth Amended and Restated Credit Agreement

- 3 -

	
				
	 
	 
	BANK OF MONTREAL, as Co-Documentation Agent

	By:
	/s/ Carol McDonald

	 
	Name: Carol McDonald

	 
	Title: Managing Director

	 
	 

	By:
	/s/ Lisa Dang

	 
	Name: Lisa Dang

	 
	Title: Associate

	
				
	 
	 
	BANK OF MONTREAL, 
as Lender

	By:
	/s/ Carol McDonald

	 
	Name: Carol McDonald

	 
	Title: Managing Director

	 
	 

	By:
	/s/ Lisa Dang

	 
	Name: Lisa Dang

	 
	Title: Associate

AltaLink – Fourth Amending Agreement to Fourth Amended and Restated Credit Agreement

- 4 -

	
				
	 
	 
	NATIONAL BANK OF CANADA, as Co-Documentation Agent

	By:
	/s/ James Dexter

	 
	Name: James Dexter

	 
	Title: Authorized Signatory

	 
	 

	By:
	/s/ Mark Williamson

	 
	Name: Mark Williamson

	 
	Title: Authorized Signatory

	
				
	 
	 
	NATIONAL BANK OF CANADA, 
as Lender

	By:
	/s/ James Dexter

	 
	Name: James Dexter

	 
	Title: Authorized Signatory

	 
	 

	By:
	/s/ Mark Williamson

	 
	Name: Mark Williamson

	 
	Title: Authorized Signatory

AltaLink – Fourth Amending Agreement to Fourth Amended and Restated Credit Agreement

- 5 -

	
				
	 
	 
	THE TORONTO-DOMINION BANK, as Lender

	By:
	/s/ David Manii

	 
	Name: David Manii

	 
	Title: Director

	 
	 

	By:
	/s/ Matthew Hendel

	 
	Name: Matthew Hendel

	 
	Title: Managing Director

AltaLink – Fourth Amending Agreement to Fourth Amended and Restated Credit Agreement

- 6 -

	
				
	 
	 
	ATB FINANCIAL, as Lender

	By:
	/s/ Trevor Guinard

	 
	Name: Trevor Guinard

	 
	Title: Director

	 
	 

	By:
	/s/ Evan Hahn

	 
	Name: Evan Hahn

	 
	Title: Portfolio Manager

AltaLink – Fourth Amending Agreement to Fourth Amended and Restated Credit Agreement

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