Document:

exv10w2

Exhibit 10.2

AMENDMENT NO. 1 TO CREDIT AGREEMENT

     THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is made and entered into
as of March 21, 2011 by and among PIEDMONT NATURAL GAS COMPANY, INC., a North Carolina corporation
(the “Borrower”), BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”) and, Swing Line Lender and L/C Issuer, and the Lenders (as defined
in the Credit Agreement described below).

W I T N E S S E T H:

     WHEREAS, the Borrower, the Administrative Agent and Lenders party thereto have entered into
that certain Credit Agreement dated as of January 25, 2011 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”; all
capitalized terms not otherwise defined herein shall have the meaning given thereto in the Credit
Agreement); and

     WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders agree to,
among other things, amend the definition of “Guarantors” and amend Section 6.12 of the
Credit Agreement, which the Administrative Agent and the Lenders party hereto are willing to do on
the terms and conditions contained in this Amendment; and

     WHEREAS, in connection with the funding and maintenance of the Credit Agreement, the
Administrative Agent has required the Borrower to execute and deliver this Amendment, and the
Borrower is willing to execute and deliver this Amendment;

     NOW, THEREFORE, in consideration of the premises and the terms hereof, the parties hereto
agree as follows:

     1. Amendment to Credit Agreement. Subject to the terms and conditions set forth
herein, the Credit Agreement is hereby amended as follows:

     (a) Section 1.01 of the Credit Agreement is hereby amended by replacing the definition
of “Guarantors” with the following definition:

     ““Guarantors” means, collectively, each wholly owned Subsidiary of the Borrower
that is a Regulated Entity and becomes a guarantor with respect to the Obligations in
accordance with Section 6.12.”

     (b) Section 1.01 of the Credit Agreement is hereby further amended by adding the
following definitions to such Section, in alphabetical order:

     ““Note Purchase Agreement” means that certain note purchase agreement between
the Borrower, as the borrower thereunder, and the purchasers of the Note

 

 

Purchase Agreement Notes named on Schedule A thereto, currently expected to be executed
and delivered in April, 2011 and to fund on or about May 31, 2011, with respect to which
Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been hired as placement agent to
sell the Note Purchase Agreement Notes on behalf of the Borrower.”

     ““Note Purchase Agreement Notes” means the promissory notes issued pursuant to
the Note Purchase Agreement.”

     ““Note Purchase Guaranty” has the meaning ascribed thereto in Section
6.12.”

     (c) Section 6.12 of the Credit Agreement is hereby amended by deleting such Section in
its entirety and replacing it with the following:

     “6.12 Guarantors. Notify the Administrative Agent at the time that any wholly owned
Subsidiary of the Borrower becomes a Regulated Entity, and, subject to the proviso following
Section 6.12(c), promptly thereafter (and in any event within 60 days after a
Guaranty or Guaranty Joinder Agreement, as applicable, has been approved by all necessary
action of all applicable Governmental Authorities), cause such Subsidiary to:

     (a) in the case of the first Regulated Entity becoming a Guarantor, a Guaranty
and thereafter for each additional Regulated Entity, a Guaranty Joinder Agreement
duly executed by such Regulated Entity;

     (b) an opinion of counsel to each Person executing the Guaranty or Guaranty
Joinder Agreement pursuant to this Section 6.12 dated as of the date of
delivery of such applicable agreements and other Loan Documents provided for in this
Section 6.12 and addressed to the Administrative Agent and the Lenders, in
form and substance reasonably acceptable to the Administrative Agent, each of which
opinions may be in form and substance, including assumptions and qualifications
contained therein, substantially similar to those opinions of counsel delivered
pursuant to Section 4.01(a); and

     (c) with respect to each Person executing any Guaranty or Guaranty Joinder
Agreement pursuant to this Section 6.12, current copies of the Organization
Documents of each such Person, minutes of duly called and conducted meetings (or
duly effected consent actions) of the board of directors, partners, or appropriate
committees thereof (and, if required by such Organization Documents or applicable
law, of the shareholders, members or partners) of such Person authorizing the
actions and the execution and delivery of documents described in this Section
6.12, all certified by the applicable Governmental Authority or appropriate
officer as the Administrative Agent may elect;

provided, notwithstanding the foregoing provisions of this Section 6.12,
there shall be no obligation for any such Subsidiary to become a Guarantor and such
Subsidiary shall not become a Guarantor unless (x) such Subsidiary, in accordance with all
applicable Laws, may provide (i) such Guaranty or such Guaranty Joinder Agreement, as
applicable, and (ii) a guarantee of the obligations of the Borrower pursuant to the Note
Purchase Agreement and the Note Purchase Agreement Notes, in accordance with the terms of
the

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Note Purchase Agreement (the “Note Purchase Guaranty”), (y) all necessary action of
all applicable Governmental Authorities has occurred and is effective for such Subsidiary to
provide (i) such Guaranty or such Guaranty Joinder Agreement, as applicable, and (ii) the
Note Purchase Guaranty, and (z) substantially concurrent with such Subsidiary becoming a
Guarantor, such Subsidiary shall also become a guarantor of the obligations of the Borrower
pursuant to the Note Purchase Agreement and the Note Purchase Agreement Notes, pursuant to
the execution and delivery of the Note Purchase Guaranty.”

     2. Effectiveness; Conditions Precedent.

     The effectiveness of this Amendment and the amendments to the Credit Agreement provided in
Section 1 hereof are subject to the satisfaction of the following conditions precedent:

     (a) The Administrative Agent shall have received counterparts of this Amendment, duly
executed by the Borrower, the Administrative Agent, and the Required Lenders, which
counterparts may be delivered by telefacsimile or other electronic means (including .pdf),
but such delivery will be promptly followed by the delivery of original signature pages by
each Person party hereto unless waived by the Administrative Agent; and

     (b) All other fees and expenses payable to the Administrative Agent and the Lenders
(including the fees and expenses of counsel to the Administrative Agent to the extent due
and payable under Section 10.04(a) of the Credit Agreement) estimated to date and
for which invoices have been presented a reasonable period of time prior to the
effectiveness hereof shall have been paid in full (without prejudice to final settling of
accounts for such fees and expenses).

     3. Representations and Warranties.

     In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the
Borrower represents and warrants to the Administrative Agent and the Lenders as follows:

     (a) The representations and warranties made by the Borrower in Article V of the
Credit Agreement (except for Sections 5.05(b), 5.06, 5.09,
5.11, 5.12 and 5.16) are, in each case, true and correct in all
material respects on and as of the date hereof, except to the extent that such
representations and warranties expressly relate to an earlier date;

     (b) This Amendment has been duly authorized, executed and delivered by the Borrower and
constitutes a legal, valid and binding obligation of the Borrower; and

     (c) No Default or Event of Default has occurred and is continuing.

     4. Full Force and Effect of Credit Agreement. Except as hereby specifically amended,
modified or supplemented, the Credit Agreement is hereby confirmed and ratified in all respects and
shall be and remain in full force and effect according to its respective terms.

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     5. Governing Law. This Amendment shall in all respects be governed by, and construed
in accordance with, the laws of the State of North Carolina applicable to contracts executed and to
be performed entirely within such State, and shall be further subject to the provisions of
Sections 10.14 and 10.15 of the Credit Agreement.

     6. Enforceability. Should any one or more of the provisions of this Amendment be
determined to be illegal or unenforceable as to one or more of the parties hereto, all other
provisions nevertheless shall remain effective and binding on the parties hereto.

     7. References. All references in any of the Loan Documents to the “Credit Agreement”
shall mean the Credit Agreement, as amended hereby.

     8. Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the Borrower, each Loan Party, the Administrative Agent and each of the Lenders, and
their respective successors, legal representatives, and assignees to the extent such assignees are
permitted assignees as provided in Section 10.06 of the Credit Agreement.

     9. No Novation. Neither the execution and delivery of this Amendment nor the
consummation of any other transaction contemplated hereunder is intended to constitute a novation
of the Credit Agreement or of any of the other Loan Documents or any obligations thereunder.

[Remainder of page is intentionally left blank; signature pages follow]

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

	 	 	 	 	 
	 	PIEDMONT NATURAL GAS COMPANY, INC.

 	 
	 	By:  	/s/ David J. Dzuricky
 	 
	 	 	Name:  	David J. Dzuricky 	 
	 	 	Title:  	Senior Vice President and
 Chief Financial Officer
	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	 	By:  	/s/ Anne Zesche
 	 
	 	 	Name:  	Anne Zesche 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

 	 
	 	By:  	/s/ Scott K. Mitchell
 	 
	 	 	Name:  	Scott K. Mitchell 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	BRANCH BANKING AND TRUST COMPANY

 	 
	 	By:  	/s/ Wright Uzzell
 	 
	 	 	Name:  	Wright Uzzell 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Helen D. Davis
 	 
	 	 	Name:  	Helen D. Davis 	 
	 	 	Title:  	Authorized Officer 	 
	 
	 	
PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Jessica L. Fabrizi
 	 
	 	 	Name:  	Jessica L. Fabrizi 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Piedmont Natural Gas Co., Inc.

AMENDMENT NO. 1 TO CREDIT AGREEMENT

Signature Page

 

 

	 	 	 	 	 
	 	

U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Eric J. Cosgrove
 	 
	 	 	Name:  	Eric J. Cosgrove 	 
	 	 	Title:  	Vice President 	 
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Lawrence P. Sullivan
 	 
	 	 	Name:  	Lawrence P. Sullivan 	 
	 	 	Title:  	Managing Director 	 
	 

Piedmont Natural Gas Co., Inc.

AMENDMENT NO. 1 TO CREDIT AGREEMENT

Signature Pageexv10w3

Exhibit 10.3

AMENDMENT TO SEPTEMBER 1992 NOTE AGREEMENT

     THIS AMENDMENT TO SEPTEMBER 1992 NOTE AGREEMENT (this “Amendment”) is entered into
this 15th day of April, 2011, by and between Piedmont Natural Gas Company, Inc., a North Carolina
corporation (the “Company”) and the undersigned holder of all of the senior promissory
notes issued pursuant to that certain Note Agreement dated as of September 21, 1992 (as amended,
modified, extended, supplemented, restated and/or replaced from time to time, the “Note
Agreement”), between the Company and Provident Life and Accident Insurance Company
(“Provident”).

     Capitalized terms used herein and not otherwise defined herein shall have the meanings
ascribed to such terms in the Note Agreement or the Amendment.

W I T N E S S E T H:

     WHEREAS, since the date of the Note Agreement, the Electronic Data-Gathering, Analysis, and
Retrieval system (together with any successor system, “EDGAR”) was created and has become a
common method for disseminating certain information from companies required by law to file forms
with the U.S. Securities and Exchange Commission or any successor thereto; and

     WHEREAS, the Company desires to amend the Note Agreement to include distribution by EDGAR as
an acceptable method for delivery of information that is filed with the U.S. Securities and
Exchange Commission or any governmental body or agency succeeding to the functions of the
Securities and Exchange Commission (the “SEC”), and is required to be delivered to the
holders of any Note pursuant to the Note Agreement;

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound hereby, do agree as follows:

SECTION 1.

AMENDMENT TO THE NOTE AGREEMENT

     The Note Agreement shall be and hereby is amended as follows:

     1.1. Section 5A of the Note Agreement is hereby amended by replacing the phrase “it will
deliver to you in duplicate” with the following: “it will either deliver to you in duplicate or
post to EDGAR in accordance with Section 11I hereof”.

 

 

     1.2. Section 10 of the Note Agreement is hereby amended by adding the following definitions in
the appropriate alphabetical order in Section 10 of the Note Agreement:

     “EDGAR” shall mean the Electronic Data-Gathering, Analysis, and
Retrieval system (together with any successor system that is used to file documents
or information with the SEC).

     “SEC” shall mean the U.S. Securities and Exchange Commission or any
governmental body or agency succeeding to the functions of the U.S. Securities and
Exchange Commission.

     1.3. Section 11 of the Note Agreement is hereby amended by replacing the first word, “All” in
Section 11 of the Note Agreement with the following: “Except as otherwise permitted by this Section
11, all” and adding the following at the end of the text currently in Section 11 of the Note
Agreement:

     In addition to the foregoing, any notices or deliveries (or portions thereof)
required pursuant to this Agreement, including without limitation those contemplated
in Section 5A of this Agreement, may be given to you by the Company posting or
causing the posting of such notice information on EDGAR. For the avoidance of
doubt, such posting or the causing such posting shall be an acceptable method of
delivery in compliance with the notice requirements of this Agreement for future
notices required to be delivered pursuant thereto, in addition to any other method
of delivery provided in this Agreement or sufficient in law or equity.

SECTION 2.

ACKNOWLEDGMENT REGARDING PRIOR DELIVERIES

     The Company’s prior delivery of certain notices required by the Note Agreement, including
without limitation those contemplated in Section 5A of the Note Agreement, by posting or causing
the posting of such notice information on EDGAR is hereby agreed to be an acceptable method of
delivery for compliance with the Company’s delivery requirements pursuant to the Note Agreement as
of the date of each such notice.

SECTION 3.

WARRANTIES AND REPRESENTATIONS

     To induce Provident to enter into this Amendment and to consent to the modifications to the
Note Agreement set forth herein, the Company warrants and represents, on the date of this
Amendment, as follows (it being agreed, however, that nothing in this Section 3 shall affect any of
the warranties and representations previously made by the Company in or pursuant to the Note
Agreement, and that all of such other warranties and representations, as well as the warranties

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and representations in this Section 3, shall survive the effectiveness of this Amendment and the
modifications to the Note Agreement as forth herein):

     3.1. Organization; Power and Authority. The Company is a public company duly
incorporated and validly existing under the laws of the State of North Carolina and is duly
qualified as a corporation and is in good standing in each other jurisdiction in which such
qualifications are required by law, other than those jurisdictions as to which the failure to be so
qualified or in good standing would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect. The Company has the corporate power and authority to own its
properties and to conduct its business and to execute and deliver this Amendment.

     3.2. Authorization, Etc. This Amendment has been duly authorized by all necessary
corporate action on the part of the Company.

SECTION 4.

MISCELLANEOUS

     4.1 Except as hereinabove specifically amended, all other provisions of the Note Agreement
shall remain in full force and effect.

     4.2 THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE
PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NORTH CAROLINA.

     4.3 This Amendment and all of the provisions hereof shall be binding upon and inure to the
benefit of the parties hereto and their respective permitted successors and assigns.

     4.4 This Amendment may be executed in one or more counterparts, each of which shall be deemed
an original and all of which taken together shall be deemed to constitute one and the same
instrument, and it shall not be necessary in making proof of this Amendment to produce or account
for more than one of such counterparts.

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed and delivered
on the day and year first written above.

	 	 	 	 	 
	 	PIEDMONT NATURAL GAS COMPANY, INC.,

a North Carolina corporation.

 	 
	 	By:  	/s/ Robert O. Pritchard
 	 
	 	 	Name:  	Robert O. Pritchard 	 
	 	 	Title:  	V.P., Treasurer & CRO 	 
	 
	 	PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY

 	 
	 	By:  	/s/ Ben Vance
 	 
	 	 	Name:  	Ben Vance 	 
	 	 	Title:  	Vice President

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