Document:

EXHIBIT
4.11

 

REDACTED

 

INVESTOR
AGREEMENT 

 

THIS
AGREEMENT made as of the 21st day of December, 2017

 

BETWEEN:

 

CANADIAN
ZINC CORPORATION, a corporation organized and existing under the laws of British Columbia

 

(hereinafter
referred to as the “Company”)

 

AND:

 

RESOURCE
CAPITAL FUND VI L.P.

 

(hereinafter
referred to as the “Investor”)

 

WHEREAS
the Investor holds 51,630,000 common shares of the Company, representing approximately

19.4%
of its issued and outstanding shares.

 

AND
WHEREAS the Investor has agreed to establish a U.S. $10,000,000 senior secured bridge credit facility pursuant to a credit
agreement dated on or about the date of this Agreement between the Company as borrower and the Investor as lender (the “Credit
Agreement”).

 

AND
WHEREAS the Investor has requested the exclusive right, in priority to any other potential financiers, to propose a preferential
offer of financing in respect of the construction and development of the Project and the Company has agreed to grant the Investor
certain rights in respect of potential financings of the Company and certain oversight rights in respect of the management and
affairs of the Company, on the terms and conditions herein set forth.

 

NOW
THEREFORE THIS AGREEMENT WITNESSES that for good and valuable consideration, the receipt and sufficiency of which are acknowledged
by each of the parties, the parties agree as follows:

 

		1.	Definitions
                                         and Interpretation

 

In
this Agreement, unless there is something in the subject matter or context inconsistent therewith:

 

“Affiliate”
has the meaning given thereto in the Securities Act;

 

“Applicable
Law” means, at any time, with respect to any Person, property, transaction, event or other matter, as applicable, all
laws, rules, statutes, regulations, treaties, orders, judgments and decrees, and all official requests, directives, rules, guidelines,
orders, policies, practices and other requirements of any Governmental Authority relating or applicable at such time to such Person,
property, transaction, event or other matter, and also includes any interpretation thereof by any Person having jurisdiction over
it or charged with its administration or interpretation;

 

“Board”
means the board of directors of the Company, as duly appointed from time to time;

 

“Business
Day” means any day other than Saturday, Sunday or a statutory holiday when banks are not open in Denver, Colorado or
Vancouver, British Columbia;

 

    	 		 

     

    

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“Director”
means a director of the Company for the time being and reference to action by the Directors means action by the directors as a
board or action by a committee of the Board as a committee;

 

“Equity
Financing” means any proposed issuance of Equity Securities, directly or indirectly, for cash or cash equivalents, by
the Company after the date of this Agreement;

 

“Equity
Securities” means, with respect to the Company, any and all shares, interests, participations, rights in, or other equivalents
(however designated and whether voting and non- voting) of, the Company’s capital, whether outstanding on the date hereof
or issued after the date hereof, including any rights, warrants, options or other rights exchangeable for or convertible into
any of the foregoing;

 

“Exchange”
means the Toronto Stock Exchange and each successor thereto;

 

“Governmental
Authority” means each national, state, provincial, county, municipal or other such governmental or public authority,
including their authorized administrative bodies, courts, tribunals, commissions and agents, which have legal jurisdiction over
a Person or a matter relevant to this Agreement;

 

“Investor’s
Percentage” means the percentage calculated by multiplying 100 by a fraction, the numerator of which is the total amount
of the outstanding common shares of the Company held by the Investor, its Affiliates and its Related Parties, and the denominator
of which is the total outstanding common shares of the Company;

 

“Person”
means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, or corporation with or
without share capital, body corporate, unincorporated association, trust, trustee, executor, administrator or other legal personal
representative, government or Governmental Authority or entity, however designated or constituted;

 

“Project”
means the Prairie Creek advanced-staged zinc-lead-silver mine of the Company located in the Northwest Territories of Canada;

 

“Project
Financing” means indebtedness or other financing in respect of the construction, development or improvement of the Project;

 

“Related
Party” means, with respect to the Investor, any fund or Person that is a direct or indirect investor in the Investor
or its Affiliates, any Person that is managed by the same investment advisor(s) as the Investor or its Affiliates, any trust of
which the Investor or any of its Affiliates is a trustee, any partnership of which the Investor or any of its Affiliates is a
partner and any trust, fund or other entity which is managed by, or is under the control of, the Investor or any of its Affiliates;

 

“Securities
Act” means the Securities Act (British Columbia); and

 

“Subsidiary”
has the meaning attributed to such term in the Business Corporations Act (British Columbia).

 

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REDACTED

 

		2.	Headings

 

The
division of this Agreement into articles, sections, subsections and paragraphs, the provision of a table of contents and the insertion
of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

 

		3.	Representations
                                         and Warranties of the Company

 

The
Company hereby represents and warrants to the Investor as of the date hereof that:

 

		(a)	Power
                                         and Capacity: it has full power and capacity to enter into this Agreement and to
                                         do all acts and things and execute and deliver all documents as are required hereunder
                                         to be done, observed, performed or executed and delivered by it in accordance with the
                                         terms hereof, and it has taken all necessary corporate action to duly authorize the creation,
                                         execution, delivery and performance of this Agreement and to observe and perform the
                                         provisions of this Agreement in accordance with the provisions hereof;

 

		(b)	Enforceability:
                                         this Agreement will create valid and legally binding obligations of the Company, enforceable
                                         against the Company in accordance with its terms;

 

		(c)	Due
                                         Performance: the entry into and the performance of its obligations under this Agreement
                                         is in its best interests and for a proper purpose; and

 

		(d)	Non-Conflict:
                                         none of the execution and delivery of this Agreement, the compliance by the Company with
                                         the provisions of this Agreement or the consummation of the transactions contemplated
                                         herein, does or will:

 

		(i)	require
                                         the consent, approval, authorization, order or agreement of, or registration or qualification
                                         with, any Governmental Authority, court, stock exchange, securities regulatory authority
                                         or other Person;

 

		(ii)	conflict
                                         with or result in any breach or violation of any of the provisions of, or constitute
                                         a default under, any indenture, mortgage, deed of trust, lease or other agreement or
                                         instrument to which the Company is a party or by which it or any of the properties or
                                         assets thereof is bound; or

 

		(iii)	conflict
                                         with or result in any breach or violation of any provisions of, or constitute a default
                                         under the articles or by-laws of the Company or any resolution passed by the directors
                                         (or any committee thereof) or shareholders of the Company, or any statute or any judgment,
                                         decree, order, rule, policy or regulation of any court, Governmental Authority, any arbitrator,
                                         stock exchange or securities regulatory authority applicable to the Company or any of
                                         the properties or assets thereof.

 

		4.	Exclusivity

 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXXXXXXX1;

 

 

1Deleted
specific Exclusivity provisions deemed private and confidential for competitive reasons.

 

    	 	-3-	 

     

    

 

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		5.	Participation
                                         by the Investor in Equity Financing

 

Subject
to compliance with Applicable Law, including, if required, the approval of the Exchange, from and after the date of this Agreement
and for so long as the Investor’s Percentage is at least 10%, the Investor shall have the following rights in respect of
any Equity Financing:

 

		(a)	the
                                         right, but not the obligation, to participate, on a pro rata basis, in such Equity Financing
                                         to the extent required to allow the Investor to maintain the same Investor’s Percentage
                                         that it possessed immediately prior to the announcement of such Equity Financing such
                                         that the Investor does not suffer any equity dilution (the “Participation Right”);
                                         and

 

		(b)	the
                                         right, but not the obligation, to subscribe for any Equity Securities issued in connection
                                         with such Equity Financing not taken up by other investors or subscribers to enable the
                                         Investor to increase its equity ownership percentage in the Company (the “Top-up
                                         Right”).

 

If
the Company intends or proposes to, or enters into documentation purporting to issue or authorize an Equity Financing, then in
each case:

 

		(i)	Notice
                                         of Financing: the Company shall first provide written notice of such Equity Financing
                                         to the Investor, as soon as possible, but in any event on or prior to the earlier of
                                         10 Business Days prior to the expected completion date of such Equity Financing, and
                                         the date on which the Company files a preliminary prospectus or other offering document
                                         in connection with such Equity Financing, including a detailed summary of the material
                                         terms and conditions of such Equity Financing, together with any other information that
                                         the Investor may thereafter reasonably request in respect of the same;

 

		(ii)	Election
                                         Right of Investor: if the Investor wishes to exercise its Participation Right or
                                         Top-up Right, as the case may be, the Investor must provide the Company with written
                                         notice that it is exercising its Participation Right or its Top-up Right, as the case
                                         may be, before the earlier of (A) five (5) Business Days after the date of receipt by
                                         the Investor of notice of such Equity Financing from the Company pursuant to paragraph
                                         (i) above, and (B) 48 hours after public announcement of such Equity Financing if such
                                         Equity Financing is a “bought deal” public offering (or 24 hours in the event
                                         that the Investor elects to exercise its Top-up Right and such exercise would require
                                         shareholder approval under Applicable Law); failing which, the Investor shall be deemed
                                         to have elected not to exercise its rights under this paragraph 5;

 

		(iii)	Flow-Through
                                         Shares: to the extent that such Equity Financing involves the issuance of common
                                         shares in the Company that will be issued as “flow-through shares” (as defined
                                         in subsection 66(15) of the Income Tax Act (Canada)), at a price per share that
                                         reflects a premium associated with a flow-through designation, and the Investor elects
                                         to participate in such offering, the Company agrees to negotiate in good faith the price
                                         at which such flow-through shares will be issued to the Investor, taking into consideration
                                         that any benefits received by a purchaser of flow-through shares will not be received
                                         by the Investor;

 

    	 	-4-	 

     

    

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		(iv)	Completion
                                         of Equity Financing: if the Investor notifies the Company of its election to exercise
                                         its Participation Right or Top-up Right pursuant to paragraph (ii) above, the Company
                                         shall use all commercially reasonable efforts, including, but not limited to, promptly
                                         making all required filings with the Exchange or any other applicable securities regulator,
                                         commission or authority and paying all fees in connection therewith, to obtain any Exchange
                                         or regulatory approvals required in respect of the issuance of Equity Securities to the
                                         Investor in respect of such Equity Financing and, subject to Applicable Law, the Company
                                         and the Investor shall proceed to complete the purchase and sale of the Equity Securities
                                         that are the subject of such Equity Financing, which completion may take place concurrently
                                         with and subject to the closing of the issuance of other Equity Securities forming part
                                         of the same Equity Financing, provided that the issue price offered to the Investor shall,
                                         subject to Applicable Law, be equivalent to the issue price under the Equity Financing.
                                         In the case of an Equity Financing that is a “bought deal” public offering,
                                         the Equity Securities that the Investor elects to purchase shall be issued to the Investor
                                         by the Company in a concurrent private placement with the Investor on the same terms
                                         as such wider Equity Financing, subject to Applicable Law;

 

		(v)	Prospectus
                                         Offering: without limitation to any of the rights of the Investors under paragraphs
                                         (i) to (iv) above, the Company shall use commercially reasonable efforts to include the
                                         Investor’s pro rata entitlement in any such Equity Financing that is a prospectus
                                         offering, provided that if the Investor’s pro rata share is not included in such
                                         prospectus offering, the Company shall ensure that the Investor is provided with the
                                         opportunity to subscribe for such Equity Securities on a private placement basis as soon
                                         as reasonably possible thereafter, and in no case later than fifteen (15) Business Days
                                         after the closing of the prospectus offering on terms no less favourable as those provided
                                         to investors under such Equity Financing. Notwithstanding the foregoing, any Equity Securities
                                         subscribed for by the Investor in the case of a public offering that is a “bought
                                         deal” shall be issued on a private placement basis on terms no less favourable
                                         as those provided to investors under such Equity Financing;

 

		(vi)	Shareholder
                                         Approval: if the Company is required by the Exchange or otherwise to seek shareholder
                                         approval for the issuance of Equity Securities to the Investor under such Equity Financing,
                                         then the Company may complete that portion of such Equity Financing that the Exchange
                                         will then permit without shareholder approval, provided that the Investor subscribes
                                         for and is issued at that time the lesser of:

 

		(A)	a
                                         pro rata portion of the maximum number of Equity Securities that the Investor wishes
                                         to purchase as part of such Equity Financing based on the size of the issuance that the
                                         Company is entitled to complete without obtaining shareholder approval; and

 

		(B)	the
                                         maximum number of Equity Securities that the Exchange will permit the Company to issue
                                         to the Investor as part of such Equity Financing without obtaining shareholder approval,

 

    	 	-5-	 

     

    

 

REDACTED

and
the Company shall call and hold a meeting of its shareholders to consider the subscription and issuance of the balance of the
Equity Securities in such Equity Financing as soon as reasonably practicable and in any event within sixty (60) days after the
date that the Company is advised that it will require shareholder approval. In connection with such meeting of shareholders (or
any adjournment or postponement thereof), unless inconsistent with the fiduciary duties of the Board, management of the Company
shall recommend in writing that shareholders vote in favour of such equity issuance to the Investor and shall vote their common
shares in the Company in respect of which management is granted a discretionary proxy in favour of such equity issuance to the
Investor. If shareholder approval for such issuance is obtained, the Company will issue to the Investor the remaining Equity Securities
in such Equity Financing on the Business Day following receipt of such shareholder approval. If, however, shareholder approval
for the issuance of Equity Securities in such Equity Financing is not obtained at such meeting, the Company shall not issue any
such Equity Securities to the Investor; and

 

		(vii)	Continuing
                                         Right of the Company: if the Investor elects or is deemed to have elected not to
                                         exercise its Participation Right or Top-up Right in respect of such Equity Financing
                                         then the Company may, at any time within forty-five (45) days of such election (or deemed
                                         election), complete such Equity Financing on substantially the same terms and conditions
                                         as initially indicated to the Investor by the Company.

 

For
greater certainty and notwithstanding anything to the contrary contained in this Agreement, the participation rights of the Investor
under this paragraph 5 or otherwise will not apply to the issuance by the Company of Equity Securities (A) pursuant to the Company’s
stock option plan or other compensation plans for employees, consultants, officers or directors of the Company and its Affiliates
(including the issuance of options, restricted stock, restricted share units, restricted stock units, performance share units,
deferred share units and any securities issued on exercise, vesting or settlement thereof), (B) in respect of securities issued
or made issuable in connection with bona fide acquisitions by the Company, (C) the conversion or exchange of any Equity Securities
of the Company into common shares of the Company, or the exercise of any warrants or other rights to acquire common shares of
the Company, or (D) in respect of securities issued or made issuable pursuant to or in connection with a rights offering or similar
transaction, in all cases subject to the terms of the Credit Agreement.

 

		6.	Participation
                                         by the Investor in Debt or Royalty Financing

 

Without
limiting the rights of the Investor under paragraph 4 above, if, at any time while any obligations are outstanding or remains
available under the Credit Agreement or while the Investor’s Percentage is at least 10%, the Company intends or proposes
to issue any convertible debt securities, or enters into documentation purporting to create, incur or assume any Indebtedness
(as defined in the Credit Agreement or, if the Credit Agreement is of no force and effect, as imported into this Agreement from
the Credit Agreement with the same meaning as set out in the Credit Agreement immediately prior to its termination), including
in respect of any Project Financing, or establish, sell, or create any royalty, metal stream or similar arrangement (in each case,
other than Permitted Indebtedness (as defined in the Credit Agreement or, if the Credit Agreement is of no force and effect, as
imported into this Agreement from the Credit Agreement with the same meaning as set out in the Credit Agreement immediately prior
to its termination)) to any Person other than the Investor (any such transaction, a “Debt or Royalty Financing”),
then in each case:

 

		(a)	Notice
                                         of Financing: the Company shall promptly provide written notice of such Debt or Royalty
                                         Financing, as the case may be, to the Investor, including a detailed summary of the material
                                         terms and conditions of such Debt or Royalty Financing, together with any other information
                                         that the Investor may thereafter reasonably request in respect of the same;

 

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REDACTED

 

		(b)	Election
                                         Right of Investor: within twenty (20) Business Days of receipt of the notice of the
                                         Company contemplated in paragraph (a) above, the Investor may notify the Company that
                                         it has elected to participate in such Debt or Royalty Financing, up to an amount equal
                                         to the Investor’s Percentage in respect of such Debt or Royalty Financing on a
                                         pro rata basis, at its sole discretion, and thereafter the Company and the Investor will
                                         (and, if applicable, the Company will cause any other applicable Persons to) take steps
                                         to promptly complete such Debt or Royalty Financing on terms and conditions acceptable
                                         to the Investor but which substantially match the terms of the Debt or Royalty Financing
                                         proposed to be entered into by the Company with the other Person, if applicable; failing
                                         which, the Investor shall be deemed to have elected not to exercise its rights under
                                         this paragraph 6; and

 

		(c)	Continuing
                                         Right of the Company: if the Investor does not elect (or is deemed to have not elected)
                                         to exercise its right of participation pursuant to paragraph (b) above then the Company
                                         may, at any time within sixty (60) days of such election (or such deemed election at
                                         the end of the above twenty (20) Business Day period), take steps to complete such Debt
                                         or Royalty Financing on substantially the same terms and conditions as initially indicated
                                         to the Investor.

 

		7.	No
                                         Consent or Waiver

 

For
the avoidance of doubt, in no way shall the determination by the Investor of any offer or right of participation in any Debt or
Royalty Financing, or the Investor’s rejection or acceptance of the same, constitute a consent by the Investor to the entry
into such financing by the Company under or in connection with the Credit Agreement (or any successor agreement thereto or any
other financing arrangement involving the Investor and the Company), which consent shall, if required under the Credit Agreement
(or any successor agreement thereto or any other financing arrangement involving the Investor and the Company), require a separate
process between the Company and the Investor pursuant to the terms thereof, including in respect of any subordination, postponement,
priority or inter-creditor terms that may be required with any other Person.

 

		8.	Corporate
                                         Oversight by the Investor

 

The
Company covenants with the Investor as follows:

 

		(a)	Board
                                         Nomination: the Company agrees that, for so long as the Investor’s Percentage
                                         is at least 10%, the Investor may, at any time and from time to time, at its sole discretion,
                                         nominate a Director to the Board (“Investor’s Nominee”) and
                                         upon the Investor exercising such nomination right by way of written notice to the Company,
                                         provided that such Investor’s Nominee is eligible under Applicable Law to serve
                                         as a Director and consents in writing to serve as a Director, the Company (including
                                         its then-current Directors and officers) shall take all such actions and steps to promptly
                                         appoint the Investor’s Nominee to the Board, including convening a meeting of the
                                         shareholders or directors of the Company, as the case may be, in order to so effect such
                                         nomination and appointment. The parties acknowledge that appointees to the Company’s
                                         Board (including the Investor’s Nominee) must be ratified annually by a shareholder
                                         vote at the Company’s annual general meeting of shareholders, and the Company agrees
                                         that its management shall recommend in writing that shareholders vote in favour of the
                                         Investor’s Nominee and that its management shall vote their common shares in the
                                         Company (and their common shares in the Company in respect of which they are granted
                                         a discretionary proxy) in favour of the Investor’s Nominee in each annual general
                                         meeting or special meeting at which directors are proposed to be elected during which
                                         the Investor’s Percentage is at least 10%;

 

    	 	-7-	 

     

    

 

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		(b)	Technical
                                         Committee: the Company shall, within sixty (60) days of the date of this Agreement,
                                         establish a project technical committee consisting of five (5) members, comprising Directors
                                         and other individuals and including at least one appointee of the Investor, subject to
                                         a committee charter that is acceptable to the Company and the Investor, whose role will
                                         be to monitor, at the cost and expense of the Company, permitting, environmental and
                                         social matters in respect of the Project as well as review the technical and operational
                                         development of the Project and its construction (including pursuant to site visits to
                                         the Project from time to time and upon appropriate access to management and management
                                         information of the Company, as required), which committee will report to the Board and
                                         will provide updated, written reports to the Board in respect of the technical and operational
                                         development of the Project and its construction, which reports shall be delivered by
                                         such technical committee to the Board no less than once per month, unless otherwise agreed
                                         by the Company and the Investor;

 

		(c)	Other
                                         Committees: the Company shall, within sixty (60) days of the date of this Agreement,
                                         establish both a compensation committee and a nomination committee, each consisting of
                                         five (5) members, comprising Directors and including the Investor’s Nominee and
                                         each subject to a committee charter that is acceptable to the Company and the Investor;

 

		(d)	Observer
                                         Rights: in addition to the Director nomination rights of the Investor set out in
                                         paragraph (a) above, the Company agrees that, for so long as the Investor’s Percentage
                                         is at least 10%, the Investor may, from time to time, at its sole discretion, nominate
                                         one or more observers to sit in on the general Board meetings of the Company and on any
                                         meetings of any technical, social, financial and other committees established by the
                                         Board, and such observer(s) shall receive all information and committee documentation
                                         provided to the other members of each such committees, provided that if any such observation
                                         or disclosure of information or documentation creates a conflict of interest, in the
                                         reasonable opinion of the Company or the Investor, then such observer(s) may be excluded
                                         from any such meetings or such information or documentation may be withheld from such
                                         observer(s), as the case may be. To the extent reasonably considered necessary by the
                                         Company, any such observer(s) designated by the Investor shall enter into a confidentiality
                                         agreement (in form and substance acceptable to the Company and the Investor, each acting
                                         reasonably) and agree to be bound by the Company’s disclosure and insider trading
                                         policies; and

 

		(e)	Board
                                         Information: without limiting or impairing (and in addition to) any other rights
                                         of the Investor under this paragraph 8 generally, the Company shall ensure that all information,
                                         materials and documentation provided to the Board are concurrently provided to the Investor,
                                         provided that the Investor shall hold all such information, including, but not limited
                                         to, all of the Company’s technical data, work plans and programs, permitting, environmental
                                         and social information, and results of the Company’s operations, in the strictest
                                         confidence and shall protect and safeguard the confidential and proprietary nature thereof
                                         by exercising the same degree of care that the Investor exercises over its own confidential
                                         information.

 

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REDACTED

		9.	Further
                                         Assurances

 

The
Company shall (and shall ensure that its Subsidiaries shall) from time to time, as may be reasonably required by the Investor,
execute and deliver such further and other documents and do all matters and things which are necessary to carry out the intention
and provisions of this Agreement.

 

		10.	Events
                                         of Default

 

To
the extent that the Credit Agreement then remains in force and effect, the Company acknowledges and agrees that a breach of any
of the terms of this Agreement shall constitute an Event of Default under (and as defined in) the Credit Agreement, entitling
the Investor to all of its rights and remedies thereafter pursuant to the terms of the Credit Agreement. Without limiting the
foregoing sentence, upon any breach by the Company of any of its obligations under this Agreement, the Investor may enforce all
rights and remedies then available to it under Applicable Law.

 

		11.	Notice
                                         to the Company

 

Any
notice to the Company under the provisions of this Agreement shall be valid and effective if delivered personally, by courier
or by email to or, if given by registered mail, postage prepaid, addressed to, the Company at:

 

Suite
1710, 650 West Georgia Street

PO
Box 11644

Vancouver,
British Columbia

Canada
V6B 4N9

Fax:
604 688 2043

 

and
shall be deemed to have been given on the date of personal delivery, when sent by email or when sent by facsimile transmission
if so delivered or sent prior to 5:00 pm (Vancouver time) on a Business Day and otherwise on the next Business Day, or on the
fifth (5th) Business Day after such letter has been mailed, as the case may be. The Company
may from time to time notify the Investor of a change in address which thereafter, until changed by further notice, shall be the
address of the Company for all purposes of this Agreement.

 

		12.	Notice
                                         to the Investor

 

Any
notice to the Investor under the provisions of this Agreement shall be valid and effective if delivered personally, by courier
or by facsimile transmission to or, if given by registered mail, postage prepaid, addressed to the Investor at its principal office
at:

 

1400
Sixteenth Street, Suite 200

Denver,
Colorado

80202
United States of America

Fax:
720 946 1450

 

    	 	-9-	 

     

    

 

REDACTED

and
shall be deemed to have been given on the date of delivery personally or by facsimile transmission if so delivered prior to 5:00
p.m. (Denver time) on a Business Day and otherwise on the next Business Day or on the fifth (5th)
Business Day after such letter has been mailed, as the case may be. The Investor may from time to time notify the Company of a
change in address which thereafter, until changed by further notice, shall be the address of the Investor for all purposes of
this Agreement.

 

		13.	Waiver
                                         of Right to Counsel

 

Each
of the parties hereto acknowledges, agrees and declares that it:

 

		(a)	has
                                         had the assistance of legal counsel in preparing, negotiating and entering into this
                                         Agreement;

 

		(b)	has
                                         made its own, separate and independent decisions as to how and when to avail itself of
                                         such legal assistance; and

 

		(c)	understands
                                         the nature and effect of this Agreement and that it has no obligation to execute this
                                         Agreement and hereby acknowledges and declares that it does so freely and voluntarily,

 

and
hereby waives all claims, demands, losses, actions, causes of action, costs, charges, expenses, damages and liabilities whatsoever
arising in connection with such party’s decision to engage or not to engage the assistance of its legal counsel at any time
in preparing, negotiating or entering into this Agreement.

 

		14.	Amendments
                                         and Waivers

 

No
amendment to any provision of this Agreement shall be effective unless it is in writing and has been signed by the Investor and
the Company, and no waiver of any provision of this Agreement, or consent to any departure by the Company therefrom, shall be
effective unless it is in writing and has been signed by the Investor. Any such amendment, waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given.

 

		15.	No
                                         Waiver; Remedies Cumulative

 

No
failure on the part of the Investor to exercise, and no delay in exercising, any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

		16.	Termination

 

This
Agreement shall continue in full force and effect until the later of:

 

		(a)	the
                                         date of the discharge in full of all obligations owing to the Investor under the Credit
                                         Agreement; and

 

		(b)	the
                                         first date on which the Investor’s Percentage is less than 10%.

 

    	 	-10-	 

     

    

 

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		17.	Binding
                                         Effect; Assignment; Syndication

 

This
Agreement shall become effective when it shall have been executed by the parties hereto and thereafter shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns. The Company
shall not have the right to assign its rights and obligations hereunder or any interest herein without the prior written consent
of the Investor, which may be withheld in the Investor’s sole discretion. The Investor shall not have the right to sell,
assign or transfer all or any portion of the Investor’s interests, rights and obligations hereunder or any interest herein
without the prior written consent of the Company, save that the Investor may sell, assign or transfer all or any portion of its
interests, rights and obligations hereunder at any time to any Affiliate or Related Party of the Investor, upon notice to, but
without the consent of, the Company; the Company shall, from time to time upon request of the Investor, enter into such amendments
to this Agreement and execute and deliver such other documents as shall be necessary to effect any such assignment and the Company
acknowledges and agrees that the Investor is authorized to disclose to any permitted assignee or prospective permitted assignee
hereunder any and all financial and other information concerning the Company and its assets and any other transactions contemplated
herein, whether received by the Investor or derivative thereof, in connection with this Agreement, so long as the recipient thereof
agrees not to disclose any confidential, non-public information to any person other than its employees, accountants, legal counsel
or other representatives, unless required by Applicable Law.

 

		18.	Governing
                                         Law

 

This
Agreement shall be governed by, construed and enforced in accordance with the laws of the Province of British Columbia and the
federal laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract. The Company hereby
irrevocably attorns to the non-exclusive jurisdiction of the Courts of the Province  of British Columbia
in the City of Vancouver and hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement in any Court of the Province of British Columbia.

 

		19.	Enurement

 

This
Agreement shall be binding upon and shall enure to the benefit of the Company and the Investor and their respective permitted
successors and assigns.

 

		20.	Entire
                                         Agreement

 

This
Agreement reflect the entire agreement between the parties hereto with respect to the matters set forth herein and therein and
supersede any prior agreements, commitments, drafts, communication, discussions and understandings, oral or written, with respect
thereto, including but not limited to any term sheet entered into between any of the parties thereto.

 

		21.	Severability

 

Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under all Applicable
Laws. If, however, any provision of this Agreement shall be prohibited by or invalid under any such law in any jurisdiction, it
shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law, or, if for any reason it
is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting
the remaining provisions of this Agreement, or the validity or effectiveness of such provision in any other jurisdiction.

 

    	 	-11-	 

     

    

 

REDACTED

 

		22.	Counterparts
                                         and facsimile

 

This
Agreement may be executed in counterparts and by electronic transmission of an authorized signature and each such counterpart
shall be deemed to form part of one and the same document.

 

[remainder
of page intentionally left blank]

 

    	 	-12-	 

     

    

 

REDACTED

IN
WITNESS WHEREOF the parties hereto have executed this Agreement under the hands of their proper
officers duly authorized in that behalf.

 

resource
capital fund vi L.P.

By RESOURCE CAPITAL ASSOCIATES VI L.P.,

its General Partner,

By RCA VI GP LTD.,

its General Partner

	By:	“SIGNED”
	 	Name:
	 	Title:

 

The undersigned
hereby acknowledges and agrees to the above terms.

 

CANADIAN
ZINC CORPORATION 

 

	Per:	“SIGNED”
	 	Authorized
    Signatory

 

[signature
page to the Investor Agreement}

 

    	 	-13-EX-4.2

 Exhibit 4.2 

VALERO ENERGY PARTNERS LP 

4.500% Senior Notes due 2028 
 A
single series of Securities is hereby established pursuant to Section 301 of the Indenture dated as of November 30, 2016 (the “Indenture”), between Valero Energy Partners LP, a Delaware limited partnership (the
“Partnership”), and U.S. Bank National Association, as Trustee (in such capacity, the “Trustee”), as follows (capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture,
and all references herein to a Section shall refer to the corresponding Section in the Indenture): 
 1.    The title of
the 4.500% Senior Notes due 2028 shall be “4.500% Notes due 2028” (the “Notes”). 
 2.    The
initial limit upon the aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Sections 304, 305, 306, 906 or 1207) is $500,000,000, provided, however, that the authorized aggregate principal amount of the Notes may be increased above such amount by a Board Resolution to such effect. 

3.    The Notes shall be initially issued as Registered Securities in the form of one or more global Securities under the
Indenture. The Depository Trust Company is hereby designated as the Depository for these global Securities under the Indenture. 
 As long
as any Note is in global form, then, notwithstanding clause (11) of Section 301 and the provisions of Section 302, any such global Note shall represent such of the outstanding Notes as shall be specified therein and may provide that
it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced to reflect exchanges or redemptions. Any
endorsement of a global Note to reflect the amount, or any increase or decrease in the amount, of outstanding Notes represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be
specified in such Note or in a Partnership Order to be delivered to the Trustee pursuant to Section 303. Subject to the provisions of Section 303 and, if applicable Section 304, the Trustee shall deliver and redeliver any Note in
permanent global form in the manner and upon instructions given by the Person or Persons specified in such Note or in the applicable Partnership Order. With respect to Notes that are represented by a global Note, the Partnership authorizes the
execution and delivery by the Trustee of a letter of representations or other similar agreement or instrument in the form customarily provided for by the Depository appointed with respect to such global Note. Any global Note may be deposited with
the Depository or its nominee, or may remain in the custody of the Trustee pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee and the Depository. If a Partnership Order has been, or simultaneously is,
delivered, any instructions by the Partnership with respect to endorsement or delivery or redelivery of a Note in global form shall be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 

Members of, or participants in, the Depository (“Agent Members”) shall have no rights under the Indenture with respect to any
global Note held on their behalf by the Depository, or the Trustee as its custodian, or under such global Note and the Depository may be treated by the Partnership, the Trustee and any agent of the Partnership or the Trustee as the absolute owner of
such global Note for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through an
Agent Member, to take any action that a Holder is entitled to take under the Indenture or the Notes and (ii) nothing herein shall prevent the Partnership, the Trustee or any agent of the Partnership or the Trustee, from giving effect to any
written certification, proxy or other authorization furnished by the Depository or shall impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a beneficial owner of any
Note. 
 Notwithstanding Section 305, and except as otherwise provided pursuant to Section 301, transfers of a global Note shall
be limited to transfers of such global Note in whole but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in a global Note may be transferred in accordance with the rules and procedures of
the Depository. In all other respects, Notes shall be transferred to all beneficial owners in exchange for their beneficial interest in a global Security solely as expressly provided in Section 305. 

  
 1 

 In connection with any transfer of a portion of the beneficial interest in a global Note to
beneficial owners pursuant hereto and Section 305, the Security Registrar shall reflect on its books and records the date and a decrease in the principal amount of the global Note in an amount equal to the principal amount of the beneficial
interest in the global Note to be transferred, and the Partnership shall execute, and the Trustee upon receipt of a Partnership Order for the authentication and delivery of Notes shall authenticate and deliver, one or more Notes of like tenor and
amount. 
 In connection with the transfer of an entire global Note to beneficial owners pursuant hereto and Section 305, the global
Security shall be deemed to be surrendered to the Trustee for cancellation, and the Partnership shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial
interest in the global Note, an equal aggregate principal amount of Notes of authorized denominations. 
 Neither the Partnership nor the
Trustee will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, Notes by the Depository, or for maintaining, supervising or reviewing any records of the Depository relating to the Notes.
Neither the Partnership nor the Trustee shall be liable for any delay by the related global Note Holder or the Depository in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on,
instructions from such global Note Holder or the Depository for all purposes (including with respect to the registration and delivery, and the principal amount, of the Notes to be issued). 

Notwithstanding the provisions of Sections 201 and 307, unless otherwise specified as contemplated by Section 301, payment of principal
of, premium (if any) or interest on any global Note shall be made to the Person or Persons specified in such global Note. 

4.    The date on which the principal of the Notes are payable shall be March 15, 2028. 

5.    The rate at which the Notes shall bear interest shall be 4.500% per annum. Interest will be computed on the basis of
a 360-day year of twelve 30-day months. The date from which interest shall accrue for the Notes shall be March 29, 2018. The Interest Payment Dates on which
interest on the Notes shall be payable are March 15 and September 15, commencing September 15, 2018. Interest on the Notes shall be payable to the persons in whose name the Notes are registered at the close of business on the Regular
Record Date for such interest payment, except in the case of Default Interest, which will be payable as provided in the Indenture. The Regular Record Date for the interest payable on the Notes on any Interest Payment Date shall be the March 1
and September 1, as the case may be, immediately preceding such Interest Payment Date. No Additional Amounts shall be payable with respect to the Notes. 

6.    The place or places where the principal of, premium (if any) on and interest on the Notes shall be payable is at the
office or agency of the Paying Agent and Security Registrar in New York, New York or such other offices or agencies maintained for such purpose as the Partnership may from time to time and in accordance with the Indenture designate. If appropriate
wire transfer instructions have been received by the Trustee, not later than five Business Days prior to the record date for an applicable Interest Payment Date, then payments in respect of the Notes evidenced by a global Security (including
principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Holder of such global Note. In all other cases, payment of interest on the Notes may be made at the option of
the Partnership by check mailed to the address of the person entitled thereto as such address shall appear in the Security Register. 

7.    The Notes will be redeemable at any time and from time to time prior to December 15, 2027, in whole or in part,
at the option of the Partnership, at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Notes, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not
including any portion of such payments of interest accrued as of the Redemption Date) calculated as if the maturity date of the Notes was December 15, 2027, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate 

  
 2 

 
(as defined below) plus 30 basis points, as calculated by an Independent Investment Banker (as defined below) plus, in each case, accrued and unpaid interest thereon to the Redemption Date;
provided that the principal amount of a Note outstanding after redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. 

On or after December 15, 2027, the Notes will be redeemable at any time, in whole or in part, at the option of the Partnership, at a
Redemption Price equal to 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Adjusted Treasury
Rate shall be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the
U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes (assuming, for this purpose, that the Notes matured on December 15, 2027) that would be utilized, at the time
of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming, for this purpose, that the Notes matured on December 15,
2027). 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of five Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations,
the average of all such Reference Treasury Dealer Quotations. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Partnership to act as the Independent Investment Banker from time to time. 
 “Reference Treasury
Dealers” means Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC and a primary treasury dealer selected by MUFG Securities Americas Inc. or their respective successors, provided that, if any of the
foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Partnership shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of any redemption will
be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed. Unless the Partnership defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to
accrue on the Notes or portions thereof called for redemption. 
 8.    The Notes shall not be entitled to the benefit
of any sinking fund, any optional repurchase or redemption right in favor of any Holder thereof or other mandatory repurchase or redemption provisions. 

9.    As of the date of original issuance of the Notes (the “Issue Date”), the Notes shall not be
Guaranteed by any of the Partnership’s existing Subsidiaries. If, after the Issue Date, any of the Partnership’s Subsidiaries becomes a borrower or guarantor under, or grants any Mortgage to secure any Obligations pursuant to, the
Revolving Credit Agreement, then the Partnership shall cause such Subsidiary to become a Guarantor by executing a supplement to the Indenture and delivering such supplement to the Trustee promptly (but in any event, within 30 days of the date on
which it guaranteed or incurred such Obligations or granted such Mortgage, as the case may be). 

  
 3 

 “Debt” of any Person means, without duplication, (i) all indebtedness of
such Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), (ii) all Obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments, (iii) all Obligations of such Person in respect of letters of credit or other similar instruments (or reimbursement obligations with respect thereto), other than trade letters of credit and documentary letters of credit,
performance bonds and other obligations issued by or for the account of such Person in the ordinary course of business, to the extent not drawn or, to the extent drawn, if such drawing is not reimbursed by the third Business Day following demand for
reimbursement, (iv) all Obligations of such Person to pay the deferred and unpaid purchase price of property or services, except trade payables and accrued expenses incurred in the ordinary course of business, (v) all capitalized lease
Obligations of such Person, (vi) all Debt of others secured by a Mortgage on any asset of such Person, whether or not such Debt is assumed by such Person (provided that if the Obligations so secured have not been assumed in full by such Person
or are not otherwise such Person’s legal liability in full, then such Obligations shall be deemed to be in an amount equal to the greater of (A) the lesser of (1) the full amount of such Obligations and (2) the fair market value
of such assets, as determined in good faith by the board of directors of such Person, which determination shall be evidenced by resolutions of the board of directors of the General Partner, and (B) the amount of Obligations as have been assumed
by such Person or which are otherwise such Person’s legal liability), and (vii) all Debt of others (other than endorsements in the ordinary course of business) guaranteed by such Person to the extent of such guarantee. 

“Guarantee” means any Obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or other
Obligation of any other Person and any Obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other Obligation of such other Person
(whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain
financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other Obligation of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part); provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantors” means any Subsidiary of the Partnership that Guarantees the Notes in accordance with the provisions hereof and of
the Indenture, and their respective successors and assigns, in each case, until the Guarantee of such Person has been released in accordance with the provisions hereof and of the Indenture. 

“Obligations” means any principal, premium, if any, interest (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees, and other liabilities
or amounts payable under the documentation governing any Debt or in respect thereto. 
 “Revolving Credit Agreement” means
that certain Amended and Restated Credit Agreement, dated as of November 12, 2015, among the Partnership, as borrower, JPMorgan Chase Bank, N.A. as administrative agent, and the lenders named therein, as amended, restated, refinanced, replaced
or refunded from time to time. 
 10.    Unconditional Guarantee. 

(a)    Notwithstanding any provision to the contrary herein, the provisions of this Section 10 shall
be applicable only if the Partnership is required to cause one of its Subsidiaries to deliver a supplemental indenture pursuant to Section 9 hereof. 

  
 4 

 (b)    For value received, each Guarantor shall, jointly and
severally, fully, unconditionally and absolutely guarantee to the Holders and to the Trustee the due and punctual payment of the principal of and interest on the Notes and all other amounts due and payable under the Indenture and the Notes by the
Partnership, when and as such principal and interest shall become due and payable, whether on the Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of such Notes and the Indenture, subject to the
limitations set forth in Section 11 hereof. 
 (c)    Failing payment when due of any amount
guaranteed pursuant to the Guarantee, for whatever reason, each of the Guarantors will be jointly and severally obligated to pay the same immediately. Each of the Guarantors shall agree that its Obligations hereunder shall be full, unconditional and
absolute, irrespective of the validity, regularity or enforceability of the Notes, the Guarantee (including the Guarantee of any other Guarantor) or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Partnership or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or
equitable discharge or defense of any of the Guarantors. Each Guarantor shall agree that, in the event of a default in payment of the principal of or interest on the Notes entitled to the Guarantee of such Guarantor, whether on the Maturity or by
declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 507 of the Indenture, by the Holders, on the terms and conditions set forth in the
Indenture, directly against such Guarantor to enforce the Guarantee without first proceeding against the Partnership or any other Guarantor. 

(d)    Each Guarantor shall (i) waive diligence, presentment, demand of payment, filing of claims with
a court in the event of the merger, insolvency or bankruptcy of the Partnership or any of the Guarantors, and all demands whatsoever and (ii) acknowledge that any agreement, instrument or document evidencing the Guarantee may be transferred and
that the benefit of its Obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it. Each Guarantor shall further agree that, if at any time all or any part of any payment
theretofore applied by any person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including, without limitation, the insolvency, bankruptcy or reorganization of the Partnership or any of the Guarantors, the
Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the case may be,
as though such application had not been made. 
 (e)    Each Guarantor shall be subrogated to all rights
of the Holders and the Trustee against the Partnership in respect of any amounts paid by such Guarantor pursuant to the provisions hereof and of the Indenture and the Guarantee; provided, however, that such Guarantor shall not be entitled to enforce
or to receive any payments arising out of, or based upon, such right of subrogation until all of the Notes entitled to the Guarantee of such Guarantor and the Guarantee shall have been paid in full or discharged. 

11.    Limitation on Guarantors’ Liability. Each Guarantor by its acceptance hereof, and by its delivery of a
supplemental indenture pursuant to Section 9, and each Holder of a Note entitled to the benefits of the Guarantee confirms that it is the intention of all such parties that the Guarantee by such Guarantor pursuant to the Guarantee does not
constitute a fraudulent transfer or conveyance for purposes of any federal or state law. To effectuate the foregoing intention, each Holder of a Note entitled to the benefits of the Guarantee and each Guarantor shall irrevocably agree that the
Obligations of each Guarantor under the Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of any
other Guarantor in respect of the Obligations of such other Guarantor under the Guarantee, not result in the Obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent transfer under federal or state law.

 12.    Release of Guarantors from Guarantee. 

(a)    Notwithstanding any other provisions hereof or of the Indenture, the Guarantee of any Guarantor may
be released upon the terms and subject to the conditions set forth in Sections 401 and 

  
 5 

 
402 of the Indenture and in this Section 12. Provided that no Event of Default shall have occurred and shall be continuing under the Indenture, the Guarantee incurred by a Guarantor pursuant
to Section 9 hereof shall be unconditionally released and discharged: 
 (1)    in connection with
any sale or other disposition of all or substantially all of the properties or assets of, or all of the Partnership’s direct or indirect limited partnership, limited liability company or other equity interests in, that Guarantor (including by
way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) an Affiliate of the Partnership; 

(2)    upon the merger of the Guarantor into the Partnership or any other Guarantor or the liquidation or
dissolution of the Guarantor; or 
 (3)    upon delivery of written notice to the Trustee of the release
of all Guarantees or other Obligations of the Guarantor under the Revolving Credit Agreement. 

(b)    Upon receipt of a written request of the Partnership accompanied by an Officers’ Certificate
and an Opinion of Counsel to the effect that any Guarantor is entitled to be released from the Guarantee in accordance with the provisions hereof and of the Indenture, the Trustee shall sign an appropriate instrument delivered to it evidencing the
release of such Guarantor from the Guarantee. Any Guarantor not so released shall remain liable for the full amount of principal of and interest on the Notes entitled to the benefits of the Guarantee as provided herein and in the Indenture, subject
to the limitations of Section 11 hereof. 
 (c)    If at any time following any release of a
Guarantor from its guarantee of the Notes pursuant to Section 12(a)(3) hereof, such entity again Guarantees Obligations under the Revolving Credit Agreement, then the Partnership shall cause such entity to again Guarantee the Notes in
accordance with the provisions hereof and of the Indenture. 
 13.    The Notes shall be in substantially the form of
Attachment A hereto (the “Form of Note”). 
 14.    Each Note that is a global Security shall
bear the legend set forth on the face of the Form of Note. 

  
 6 

 Attachment A – Form of Note 

[FORM OF FACE OF SECURITY] 

[THIS SECURITY IS A GLOBAL SECURITY AS PROVIDED FOR IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY
(OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]* 
 [Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]* 

VALERO ENERGY PARTNERS LP 
 4.500%
NOTES DUE 2028 
  

			
	No. [     ]	  	$[             ]
	REGISTERED	  	CUSIP No. 91914JAB8  
		  	ISIN No. US91914JAB89

 VALERO ENERGY PARTNERS LP, a Delaware limited partnership (the “Partnership,” which term
includes any successor Person under the Indenture hereinafter referred to), for value received promises to pay to Cede & Co. or registered assigns, the principal sum of
[             ] Dollars [or such lesser amount as indicated on the schedule of exchanges of Securities,]* on March 15, 2028. 

Interest Payment Dates: March 15 and September 15 

Regular Record Dates: March 1 and September 1 

Reference is hereby made to the further provisions of this Security set forth in the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
  

	* 	To be included only if the Security is a global Security. 

  
 A-1 

 IN WITNESS WHEREOF, the Partnership has caused this Security to be signed manually or by
facsimile by its duly authorized officers. 
 Dated:             ,     

 

			
	VALERO ENERGY PARTNERS LP
		
	By:	 	  

		 	[             ]

  

			
	ATTEST:	 	

			
		
	By:	 	  

		 	[             ]

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

							
		 		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
				
	Dated:             ,    	 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-2 

 [FORM OF REVERSE OF SECURITY] 

VALERO ENERGY PARTNERS LP 
 4.500%
NOTES DUE 2028 
 This Security is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of
VALERO ENERGY PARTNERS LP, a Delaware limited partnership (the “Partnership”), issued under the Indenture hereinafter referred to and is one of a series of such debentures, notes
or other evidences of indebtedness designated pursuant thereto as 4.500% Notes due 2028 (the “Securities”) of the Partnership. 

1.    Interest. The Partnership promises to pay interest on the principal amount of this Security at 4.500% per
annum from March 29, 2018 until March 15, 2028 (“Maturity”). The Partnership will pay interest semi-annually on March 15 and September 15 of each year (each an “Interest Payment Date”) and
on the Maturity of the Securities, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Securities will accrue from the most recent Interest Payment Date on which interest has been paid or, if no interest
has been paid, from March 29, 2018; provided that if there is no existing default in the payment of, or provisions for, interest, and if this Security is authenticated between a Regular Record Date referred to on the face hereof (whether or not
a Business Day) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be September 15, 2018. The interest so payable,
and punctually paid or provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest as set forth on the face hereof; provided, however, that interest payable at Maturity of this Security will be payable to the Person to whom the principal hereof shall be payable. Any such interest which is so payable,
but is not punctually paid or duly provided for on any Interest Payment Date, shall forthwith cease to be payable to the registered Holder on such Regular Record Date, and may be paid as more fully provided in the Indenture. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. 

2.    Method of Payment. Payment of the principal of (and premium, if any) and interest on this Security will be
made at the office or agency of the Partnership maintained for that purpose in New York, New York, or at such other offices or agencies maintained for such purpose as the Partnership may from time to time and in accordance with the Indenture
designate, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (i) payment of interest may, at the option of the Partnership, be
made (subject to collection) by check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or, with respect to Securities evidenced by a global Security, if appropriate wire transfer instructions
have been received in writing by the Trustee, not later than five Business Days prior to the record date for an applicable Interest Payment Date, be made by wire transfer of immediately available funds in accordance with such wire transfer
instructions; and (ii) payment of available funds upon surrender of this Security will be made at the office or agency of the Partnership maintained for that purpose in New York, New York or at such additional offices or agencies maintained for
such purpose as the Partnership may from time to time and in accordance with the Indenture designate. 

3.    Certain Office. Initially, U.S. Bank National Association (in such capacities, the “Paying
Agent” and the “Security Registrar”) will, at its offices located at 100 Wall Street, Suite 1600, New York, New York 10005, act as the Partnership’s office or agency solely for purposes of where the Securities may be
presented or surrendered for payment and where the Securities may be surrendered for registration of transfer or exchange. For all other purposes, including where notices and demands to or upon the Partnership in respect of the Securities and the
Indenture may be served, U.S. Bank National Association, the Trustee under the Indenture, will act at its offices located at 100 Wall Street, Suite 1600, New York, New York 10005. 

4.    Indenture. The Partnership issued the Securities under an Indenture dated as of November 30, 2016 (the
“Indenture”) between the Partnership and the Trustee. The terms of the Securities include those stated in the Indenture (including terms defined therein, which terms when used herein, unless the context requires otherwise, shall
have the meanings assigned to such terms in the Indenture) and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”), as in effect on the date of execution of the Indenture.

  
 A-3 

 
The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. The Securities are unsecured general obligations of the
Partnership initially limited to $500,000,000 in aggregate principal amount and will rank on a parity with all other unsecured and unsubordinated indebtedness of the Partnership; provided, however, that the authorized aggregate principal amount of
the Securities may be increased above such amount by a Board Resolution to such effect. The Indenture provides for the issuance of other series of debentures, notes and other evidences of indebtedness (including the Securities, the “Debt
Securities”) thereunder. 
 5.    Denominations, Transfer, Exchange. The Securities are in registered
form without coupons and, if not in global form, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Security
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not exchange or
register the transfer of any Securities during the period beginning on the opening of business 15 days before the day of mailing of a notice of redemption of the Securities and ending at the close of business on the day of such mailing or of any
Securities selected for redemption, except the unredeemed portion of any Securities being redeemed in part. 

6.    Persons Deemed Owners. The registered Holder of a Security shall be treated as its owner for all purposes.

 7.    Redemption. The Securities will be redeemable at any time and from time to time prior to
December 15, 2027, in whole or in part, at the option of the Partnership, at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities, and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the Redemption Date), calculated as if the Maturity of the Securities was December 15, 2027 discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 30
basis points, as calculated by an Independent Investment Banker (as defined below) plus, in each case, accrued and unpaid interest thereon to the Redemption Date; provided that the principal amount of a Security outstanding after redemption in part
shall be $2,000 or an integral multiple of $1,000 in excess thereof. 
 On or after December 15, 2027, the Securities will be
redeemable at any time, in whole or in part, at the option of the Partnership, at a Redemption Price equal to 100% of the principal amount of such Securities, plus accrued and unpaid interest to, but not including, the Redemption Date. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Adjusted Treasury
Rate shall be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the
U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Securities (assuming, for this purpose, that the Securities matured on December 15, 2027) that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities (assuming, for this purpose, that the Securities matured
on December 15, 2027). 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average
of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury
Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

  
 A-4 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Partnership to act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealers”
means Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC and a primary treasury dealer selected by MUFG Securities Americas Inc. or their respective successors, provided that, if any of the foregoing shall cease to
be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Partnership shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of any redemption will
be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed. Unless the Partnership defaults in payment of the Redemption Price, on and after the Redemption Date, interest will
cease to accrue on the Securities or portions thereof called for redemption. 
 8.    Amendments and Waivers.
Subject to certain exceptions and limitations, the Indenture or the Securities may be supplemented with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities, and any past default under
the Indenture with respect to the Securities, and its consequences, may be waived (other than a default in the payment of the principal of (or premium, if any) or interest on the Securities or in respect of a covenant or provision of the Indenture
which under Article 9 thereof cannot be modified or amended without the consent of the Holder of each outstanding Security) by the Holders of not less than a majority in principal amount of the outstanding Securities in accordance with the terms of
the Indenture. Without the consent of any Holder, the Partnership and the Trustee may supplement the Indenture or the Securities (i) to cure any ambiguity, omission, defect or inconsistency, in each case which shall not be inconsistent with the
provisions of the Indenture and which shall not adversely affect the interest of the Holders of the Securities in any material respect; (ii) to evidence the assumption by a successor Person of the obligations of the Partnership under the
Indenture and this Security; (iii) to change or eliminate any restrictions on the payment of principal (or premium, if any) on Registered Securities, to permit Registered Securities to be exchanged for Bearer Securities or to permit the
issuance of Securities in uncertificated form, provided any such action shall not adversely affect the interest of the Holders of the Securities in any material respect; (iv) to add to the covenants of the Partnership for the benefit of the
Holders of the Securities or Holders of other series of Debt Securities, or to surrender any right or power conferred by the Indenture upon the Partnership; (v) to add to, delete from or revise the conditions, limitations and restrictions on
the authorized amount, terms or purpose of issue, authentication and delivery of the Securities as set forth in the Indenture; (vi) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee with
respect to the Securities and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder by more than one Trustee, pursuant to the requirements of the
Indenture; or (vii) to provide any security for, or to add any guarantees of, the Securities or any other series of Debt Securities. 

The right of any Holder to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the
Partnership to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities with respect to which consent is required or sought as of a date
fixed in accordance with the terms of the Indenture. 
 Subject to certain exceptions and limitations set forth in the Indenture, without
the consent of each Holder affected, the Partnership may not (i) change the Stated Maturity of the principal of or any installment of interest on any Security, (ii) reduce the principal amount of, or any premium or interest on, any
Security, (iii) change any Place of Payment where, or the currency in which, any Security or any premium or interest thereon is payable, (iv) impair the right to institute suit for the enforcement of any payment with respect to any
Security after the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date), (v) reduce the 

  
 A-5 

 
percentage in principal amount of the outstanding Securities whose Holders must consent to a supplement or waiver, or reduce the requirements in Section 1504 of the Indenture for quorum or
voting, or make any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions of the Indenture or (vi) waive a continuing default or Event of Default in the payment of principal of or
premium (if any) or interest on the Securities. 
 A supplemental indenture that changes or eliminates any covenant or other provision of
the Indenture which has expressly been included solely for the benefit of one or more particular series of Debt Securities under the Indenture, or which modifies the rights of the Holders of Debt Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under the Indenture of the Holders of Debt Securities of any other series. 

9.    Defaults and Remedies. Events of Default are defined in the Indenture and generally include: (i) failure
to pay principal of or any premium on any Security when due and payable; (ii) failure to pay any interest on any Security when due and payable, and the continuation of the default for 30 days; (iii) failure to perform any other covenant,
or breach of any warranty, of the Partnership in the Indenture, continued for 60 days after written notice is given or received as provided in the Indenture; and (iv) certain events of bankruptcy, insolvency or reorganization. If any Event of
Default at any time outstanding occurs and is continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Securities may declare the principal amount of all Securities to be due and payable
immediately. At any time after a declaration or occurrence of acceleration with respect to the Securities has been made, but before a judgment or decree based on acceleration has been obtained, the Event of Default giving rise to such declaration of
acceleration shall, under certain circumstances, be deemed to have been waived, and such declaration and its consequences shall be deemed to have been rescinded and annulled. 

Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity reasonably
satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power with
respect to the Securities. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium (if any) or interest) if in good faith it determines that withholding notice is in their interests.
The Partnership must furnish an annual compliance certificate to the Trustee. 
 10.    Discharge Prior to
Maturity. The Indenture with respect to the Securities shall be discharged and canceled upon the payment of all Securities and, as provided in the Indenture, shall be discharged except for certain obligations upon the irrevocable deposit with
the Trustee of funds sufficient for such payment. 
 11.    Trustee Dealings with Partnership. The Trustee, in
its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Partnership or its Affiliates, and may otherwise deal with the Partnership or its Affiliates, as if it were not Trustee. 

12.    Authentication. This Security shall not be valid until authenticated by the manual signature of an
authorized signer of the Trustee. 
 13.    CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Partnership has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness of such numbers as
printed on the Securities and reliance may be placed only on the other identification numbers printed thereon. 

14.    Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform gifts to Minors Act). 

  
 A-6 

 The Partnership will furnish to any Holder upon written request and without charge a copy of
the Indenture. Request may be made to: 
  

	
	 Valero Energy Partners LP

	 One Valero Way

	 San Antonio, Texas 78249

	 Telephone: (210) 345-2000

	 Attention: General Counsel

  
 A-7 

 SCHEDULE OF EXCHANGES OF SECURITY * 

The following exchanges of a part of this global Security for definitive Securities have been made: 

 

									
	 Date of exchange
	  	 Amount of decrease in
principal amount of
this global
Security
	  	 Amount of increase in
principal amount of

this global Security
	  	 Principal amount of

this global Security
 following
such
 decrease (or increase)
	  	 Signature of

authorized officer of
 Trustee or
Security
 Registrar

		  		  		  		  	
		  		  		  		  	

  
  

	* 	This schedule to be included only if the Security is a global Security. 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to
                                        
(Insert assignee’s social security or tax I.D. number) 
  
  

 
  
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
         as agent to transfer this Security on the books of the Partnership. The agent may substitute another to act for him.  

 
  
  

 

							
	Date:                                     
           	 		 	Your Signature:                                
                
	 	 	 	 	(Sign exactly as your name appears on the
face of this Security)
	Signature
Guarantee:                                       
                                         
                                         
                                         
                  
	(Participant in a Recognized Signature Guaranty Medallion Program)

  
 A-9

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