EX-10.1 2 h77115exv10w1.htm EX-10.1 exv10w1
Exhibit 10.1
FIRST AMENDMENT TO
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
     THIS FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “First Amendment”) is made and entered into as of the 22nd day of October, 2010 (the “First Amendment Effective Date”), among ENTERPRISE PRODUCTS OPERATING LLC, a Texas limited liability company (“Borrower”); WELLS FARGO BANK, NATIONAL ASSOCIATION, successor-by-merger to Wachovia Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) for each of the lenders (the “Lenders”) that is a signatory or which becomes a signatory to the hereinafter defined Credit Agreement; and the Lenders party hereto.
R E C I T A L S:
     A. On November 19, 2007, the Borrower, the Lenders and the Administrative Agent entered into a certain Amended and Restated Revolving Credit Agreement (the “Credit Agreement”) whereby, upon the terms and conditions therein stated, the Lenders agreed to make certain Loans (as defined in the Credit Agreement) and extend certain credit to the Borrower.
     B. The parties hereto mutually desire to amend the Credit Agreement as hereinafter set forth.
     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Borrower, the Lenders party hereto and the Administrative Agent hereby agree as follows:
     1. Certain Definitions.
     1.1 Terms Defined Above. As used in this First Amendment, the terms “Administrative Agent”, “Borrower”, “Credit Agreement”, “First Amendment” and “First Amendment Effective Date”, shall have the meanings indicated above.
     1.2 Terms Defined in Agreement. Unless otherwise defined herein, all terms beginning with a capital letter which are defined in the Credit Agreement shall have the same meanings herein as therein unless the context hereof otherwise requires.
     2. Amendments to Credit Agreement.
     2.1 Defined Terms.
     (a) The term “Agreement,” as defined in Section 1.01 of the Credit Agreement, is hereby amended to mean the Credit Agreement, as amended by this First Amendment and as the same may from time to time be further amended or supplemented.
     (b) Clause (x) of the last paragraph of the definition of “Change in Control” in Section 1.01 of the Credit Agreement, is hereby amended by adding the following parenthetical at the end thereof: “(or, if EPE Holdings, LLC is the general partner of EPD, is a member of such board of directors as of the date EPE Holdings, LLC became such general partner)”.

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     (c) The term “GP LLC” as defined in Section 1.01 of the Credit Agreement, is hereby amended in its entirety to read as follows:
     “GP LLC” means, as applicable, (i) Enterprise Products GP, LLC, a Delaware limited liability company, which as of the First Amendment Effective Date is the general partner of EPD or (ii) EPE Holdings, LLC, a Delaware limited liability company, which is to become the general partner of EPD after the First Amendment Effective Date.
     2.2 Notices. Section 9.01(b), (c) and (d) of the Credit Agreement are hereby amended in their entirety to read as follows:
     (b) if to the Administrative Agent, to Wells Fargo Bank, NA, 1525 W WT Harris Blvd., Charlotte, NC 28262, Attention of Syndication Agency Services (Telecopy No. 704/590-2706), with a copy to Wells Fargo Corporate Banking, 301 S. College Street, TW 15, Charlotte, NC 28288, MAC D1053-150, Attention of Shannan Townsend (Telecopy No. 919/742-7482);
     (c) if to the Issuing Bank, to Wells Fargo Bank, NA, 1525 W WT Harris Blvd., Charlotte, NC 28262, Attention of Syndication Agency Services (Telecopy No. 704/590-2706), with a copy to Wells Fargo Corporate Banking, 301 S. College Street, TW 15, Charlotte, NC 28288, MAC D1053-150, Attention of Shannan Townsend (Telecopy No. 919/742-7482);
     (d) if to the Swingline Lender, to Wells Fargo Bank, NA, 1525 W WT Harris Blvd., Charlotte, NC 28262, Attention of Syndication Agency Services (Telecopy No. 704/590-2706), with a copy to Wells Fargo Corporate Banking, 301 S. College Street, TW 15, Charlotte, NC 28288, MAC D1053-150, Attention of Shannan Townsend (Telecopy No. 919/742-7482); and
     2.3 Conditions Precedent. The obligation of the Lenders party hereto and the Administrative Agent to enter into this First Amendment shall be conditioned upon the following conditions precedent:
     (a) The Administrative Agent shall have received a copy of this First Amendment, duly completed and executed by the Borrower and Required Lenders; and acknowledged and ratified by EPD pursuant to a duly executed Acknowledgement and Ratification in the form of Exhibit A attached hereto.
     (b) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced prior to closing, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.
     (c) As of the First Amendment Effective Date, no Material Adverse Change exists.
     (d) The Administrative Agent shall have received such other information, documents or instruments as it or its counsel may reasonably request.

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     2.4 Effectiveness. Subject to the satisfaction of the conditions precedent set forth in Section 2.3 hereof, this First Amendment shall be effective as of the First Amendment Effective Date.
     3. Representations and Warranties. The Borrower represents and warrants that:
     (a) there exists no Default or Event of Default under the Credit Agreement, as hereby amended;
     (b) the Borrower has performed and complied with all covenants, agreements and conditions contained in the Credit Agreement, as hereby amended, required to be performed or complied with by it; and
     (c) the representations and warranties of the Borrower contained in the Credit Agreement, as hereby amended, were true and correct in all material respects when made, and are true and correct in all material respects at and as of the time of delivery of this First Amendment, except, in each case, to the extent such representations and warranties relate to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.
     4. Extent of Amendments. Except as expressly herein set forth, all of the terms, conditions, defined terms, covenants, representations, warranties and all other provisions of the Credit Agreement are herein ratified and confirmed and shall remain in full force and effect.
     5. Counterparts. This First Amendment may be executed in two or more counterparts, and it shall not be necessary that the signatures of all parties hereto be contained on any one counterpart hereof; each counterpart shall be deemed an original, but all of which together shall constitute one and the same instrument.
     6. References. On and after the First Amendment Effective Date, the terms “Agreement”, “hereof”, “herein”, “hereunder”, and terms of like import when used in the Credit Agreement shall, except where the context otherwise requires, refer to the Credit Agreement, as amended by this First Amendment.
     7. Governing Law. This First Amendment shall be governed by and construed in accordance with the laws of the State of New York and applicable federal law.
     THIS FIRST AMENDMENT, THE CREDIT AGREEMENT, AS AMENDED HEREBY, THE NOTES AND THE OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR THEREWITH 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.
     This First Amendment shall benefit and bind the parties hereto, as well as their respective assigns, successors, heirs and legal representatives.

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[Signatures Begin on Next Page]

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     EXECUTED as of the First Amendment Effective Date.
             
    BORROWER:  
 
           
    ENTERPRISE PRODUCTS OPERATING LLC,
    a Texas limited liability company
 
           
 
  By:   Enterprise Products OLPGP, Inc.,    
 
      its sole Manager    
 
           
 
           
 
  By   /s/ Bryan F. Bulawa     
 
           
 
      Bryan F. Bulawa    
 
      Senior Vice President and Treasurer    
         
         
         
    S-1   Enterprise First Amendment

 


 

             
    WELLS FARGO BANK,  
    NATIONAL ASSOCIATION,
    successor-by-merger to Wachovia Bank, National
    Association, individually, as Administrative Agent,
    as Issuing Bank and as Swingline Lender
 
           
 
  By:   /s/ Shannan Townsend    
 
           
 
      Name: Shannan Townsend    
 
      Title:   Managing Director    
 
           
    CITIBANK, N.A.
    as Co-Syndication Agent and a Lender
 
           
 
  By:   /s/ Andrew Sidford     
 
           
 
      Name: Andrew Sidford    
 
      Title: Vice President    
 
           
    JPMORGAN CHASE BANK,
    as Co-Syndication Agent and a Lender
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
           
    MIZUHO CORPORATE BANK, LTD., a Lender
 
           
 
  By:    /s/ Leon Mo    
 
           
 
      Name: Leon Mo    
 
      Title:   Authorized Signatory    
 
           
    SUNTRUST BANK, a Lender
 
           
 
  By:   /s/ Carmen Malizia    
 
           
 
      Name: Carmen Malizia    
 
      Title:   Vice President    
 
           
    THE BANK OF NOVA SCOTIA, a Lender
 
           
 
  By:   /s/ G. George    
 
           
 
      Name: G. George    
 
      Title:   Managing Director    
 
           
    BARCLAYS BANK PLC, a Lender
 
           
 
  By:   /s/ May Huang    
 
           
 
      Name: May Huang    
 
      Title:   Assistant Vice President    
         
         
         
    S-2   Enterprise First Amendment

 


 

             
    BAYERISCHE HYPO-UND VEREINSBANK  
    AG, NEW YORK BRANCH, a Lender
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
           
    THE ROYAL BANK OF SCOTLAND plc,
    a Lender
 
           
 
  By:   /s/ Matthew Main     
 
           
 
      Name: Matthew Main    
 
      Title: Managing Director    
 
           
    BANK OF AMERICA, N.A., a Lender
 
           
 
  By:   /s/ William W. Stevenson     
 
           
 
      Name: William W. Stevenson    
 
      Title: Vice President    
 
           
    THE BANK OF TOKYO-MITSUBISHI UFJ,
    LTD., HOUSTON AGENCY, a Lender
 
           
 
  By:   /s/ William S. Rogers     
 
           
 
      Name: William S. Rogers    
 
      Title: Authorized Signatory    
 
           
    BNP PARIBAS, a Lender
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
    MORGAN STANLEY BANK, a Lender
 
           
 
  By:   /s/ Scott Taylor     
 
           
 
      Name: Scott Taylor    
 
      Title: Authorized Signatory    
         
         
         
    S-3   Enterprise First Amendment

 


 

             
    UBS AG, Stamford Branch, a Lender  
 
           
 
  By:   /s/ Irja R. Otsa   
         
 
      Name:  Irja R. Otsa   
 
      Title:  Associate Director   
 
           
 
  By:   /s/ Mary E. Evans   
 
         
 
      Name:  Mary E. Evans   
 
      Title:  Associate Director   
 
           
    SOCIETE GENERALE, a Lender
 
           
 
  By:   /s/ Stephen W. Warfel   
 
         
 
      Name:  Stephen W. Warfel   
 
      Title:  Managing Diretor   
 
           
    DEUTSCHE BANK AG, a Lender
 
           
 
  By:   /s/ Philippe Sandmeier   
 
         
 
      Name:  Philippe Sandmeier   
 
      Title:  Managing Director   
 
           
 
  By:   /s/ Oliver Schwarz     
 
         
 
      Name:  Oliver Schwarz   
 
      Title:  Director   
 
           
    ING CAPITAL LLC, a Lender
 
           
 
  By:   /s/ Richard Ennis   
 
         
 
      Name:  Richard Ennis   
 
      Title:  Managing Director   
 
           
    SUMITOMO MITSUI BANKING CORPORATION,
    a Lender
 
           
 
  By:   /s/ Masakazu Hasegawa   
 
         
 
      Name:  Masakazu Hasegawa   
 
      Title:  General Manager   
 
           
    BAYERISCHE LANDESBANK,
    NEW YORK BRANCH, a Lender
 
           
 
  By:      
 
         
 
      Name:    
 
      Title:    
 
           
 
  By:      
 
         
 
      Name:    
 
      Title:    
         
         
         
    S-4   Enterprise First Amendment

 


 

             
    DNB NOR BANK ASA, a Lender  
 
           
 
  By:   /s/ Sanjiv Nayar     
 
           
 
      Name: Sanjiv Nayar    
 
      Title: Senior Vice President    
 
           
 
  By:   /s/ Marcus Wendehog     
 
           
 
      Name: Marcus Wendehog    
 
      Title: First Vice President
           Associate General Counsel (Americas)
   
 
           
    ROYAL BANK OF CANADA, a Lender
 
           
 
  By:   /s/ Jason York     
 
           
 
      Name: Jason York    
 
      Title: Authorized Signatory    
 
           
    WILLIAM STREET COMMITMENT
    CORPORATION, a Lender
 
           
 
  By:   /s/ John Makrinos     
 
           
 
      Name: John Makrinos    
 
      Title: Authorized Signatory    
 
           
    CAPITAL ONE, N.A., a Lender
 
           
 
  By:   /s/ Peter Shen     
 
           
 
      Name: Peter Shen    
 
      Title: Vice President    
 
           
    BANK HAPOALIM B.M., a Lender
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
           
    CREDIT SUISSE, CAYMAN ISLANDS
    BRANCH, a Lender
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
 
           
 
  By:        
 
           
 
      Name:    
 
      Title:    
         
         
         
    S-5   Enterprise First Amendment

 


 

EXHIBIT A
ACKNOWLEDGMENT AND RATIFICATION OF GUARANTOR
     The undersigned (“Guarantor”) hereby expressly (i) acknowledges the terms of the foregoing First Amendment to Amended and Restated Revolving Credit Agreement; (ii) ratifies and affirms its obligations under its Amended and Restated Guaranty Agreement dated as of November 19, 2007, in favor of the Administrative Agent; (iii) acknowledges, renews and extends its continued liability under said Guaranty Agreement and Guarantor hereby agrees that its Guaranty Agreement remains in full force and effect; and (iv) guarantees to the Administrative Agent the prompt payment when due of all amounts owing or to be owing by it under its Guaranty Agreement pursuant to the terms and conditions thereof.
     The foregoing acknowledgment and ratification of the undersigned Guarantor shall be evidenced by signing the space provided below, to be effective as of the First Amendment Effective Date.
             
    ENTERPRISE PRODUCTS PARTNERS L.P.,  
    a Delaware limited partnership
 
           
 
  By:        Enterprise Products GP, LLC,    
 
           General Partner    
 
           
 
           
 
  By:        
 
           
 
      Bryan F. Bulawa    
 
      Senior Vice President and Treasurer