Document:

nbr_Ex10_7_b

		
			EXHIBIT 10.7(b)
		

		
			 
		

		
			 
		

		
			
		

		
			 
		

		
			AMENDMENT  NO. 2 TO CREDIT  AGREEMENT
		

		
			 
		

		
			dated as  of March 23, 2016 among
		

		
			NABORS INDUSTRIES, INC.,
		

		
			 
		

		
			as US Borrower,
		

		
			 
		

		
			NABORS  DRILLING  CANADA  LIMITED,
		

		
			 
		

		
			as Canadian Borrower, NABORS INDUSTRIES LTD.,
		

		
			as Guarantor, HSBC BANK CANADA,
		

		
			as Canadian Lender,
		

		
			THE OTHER LENDERS  PARTY HERETO, MIZUHO BANK,  LTD., HSBC BANK USA,  N.A., and
		

		
			WELLS FARGO BANK, N.A.
		

		
			 
		

		
			as Documentation Agents, HSBC BANK USA,  N.A.,
		

		
			as Syndication Agent, and
		

		
			CITIBANK N.A.,
		

		
			 
		

		
			as Administrative Agent for the  US  Lenders
		

		
			 
		

		
			 
		

		
			Arranged By:
		

		
			 
		

		
			CITIGROUP GLOBAL MARKETS INC., MIZUHO BANK,  LTD., HSBC BANK USA,  N.A., and WELLS FARGO SECURITIES, LLC
		

		
			 
		

		
			as Joint Lead Arrangers and Book Runners
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			 
		

		
			 
		

		
			AMENDMENT NO. 2 TO CREDIT AGREEMENT
		

		
			This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment No. 2”) is dated as of March 23, 2016 (the “Amendment No. 2 Effective Date”), among NABORS INDUSTRIES, INC., a Delaware corporation (“US Borrower”), NABORS DRILLING CANADA LIMITED, an Alberta corporation, as successor in interest to NABORS CANADA, an ordinary partnership formed under the laws of the Province of Alberta (“Canadian Borrower”), NABORS INDUSTRIES LTD., a Bermuda exempted company (“Holdings”), HSBC BANK CANADA, as the Canadian Lender (“Canadian Lender”), the other Lenders party hereto, and CITIBANK, N.A., as Administrative Agent solely for the US Lenders (in such capacity, “Administrative Agent”).
		

		
			 
		

		
			WITNESSETH:
		

		
			 
		

		
			WHEREAS, US Borrower, Canadian Borrower, Holdings, Canadian Lender, the US Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of November 29, 2012 (as amended or modified prior to the date hereof, the “Credit Agreement”);
		

		
			 
		

		
			WHEREAS, the US Borrower has requested that the Administrative Agent and the US Lenders amend, so as to clarify, certain terms of the Credit Agreement to, among other things, exclude C&J Energy Services Ltd., a Bermuda exempt company, from the definition of “Subsidiary”;
		

		
			 
		

		
			WHEREAS, the US Lenders, the Canadian Lender and the Administrative Agent are willing to enter into this Amendment No. 2 on the terms and conditions contained herein;
		

		
			 
		

		
			NOW, THEREFORE, the parties hereto agree as follows:
		

		
			 
		

		
			Section 1.01Defined  Terms.Capitalized terms used but not otherwise defined in this Amendment No. 2 shall have the meaning given to such terms in the Credit Agreement.
		

		
			 
		

		
			Section 1.02Amendments.In reliance on the representations, warranties, covenants and agreements contained in this Amendment No. 2, and subject to the satisfaction of the conditions precedent set forth in Section 1.03 hereof, the Credit Agreement is hereby amended as follows effective as of the Amendment No. 2 Effective Date:
		

		
			 
		

		
			(a)Section 1.01  of  the  Credit  Agreement  is  hereby  amended  to  add  thereto,  in alphabetical order, the following definitions which shall read in full as follows:
		

		
			 
		

		
			“Amendment No. 2” shall mean that certain Amendment No. 2 to Credit Agreement dated as of March 23, 2016, among US Borrower, Canadian Borrower, Holdings, Administrative Agent , the US Lenders party thereto and Canadian Lender.
		

		
			 
		

		
			“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
		

		
			 
		

		
			“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA
		

		
			

		 

 

		

		
			Member  Country  from  time  to  time  which  is  described  in  the  EU  Bail-In Legislation Schedule.
		

		
			 
		

		
			“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
		

		
			 
		

		
			“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
		

		
			 
		

		
			“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
		

		
			 
		

		
			“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
		

		
			 
		

		
			“Excluded Company” shall mean C&J Energy Services Ltd., a Bermuda exempt company and its subsidiaries.
		

		
			 
		

		
			“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
		

		
			 
		

		
			(b)The definitions of “Canadian Defaulting Lender”, “Loan Documents”, “Subsidiary” and “US Defaulting Lender” contained in Section 1.01 of the Credit Agreement are hereby amended and restated to read in full as follows:
		

		
			 
		

		
			“Canadian Defaulting Lender” shall mean the Canadian Lender if it (a) has failed to fund any portion of its Canadian Loans required to be funded by it hereunder within three Banking Days of the date required to be funded by it hereunder, unless it has notified Canadian Borrower in writing of its good faith determination that one or more conditions to its obligation to fund Canadian Loans has not been satisfied, (b) has notified Canadian Borrower in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it is unable to or does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) has failed, within three Banking Days after written request by Canadian Borrower (based on the reasonable belief that it may not fulfill its funding obligation), to confirm that it will timely and fully comply with the terms of this Agreement relating to its obligations to fund prospective Canadian Loans, or (d) is, or whose parent has become, the subject of (i) any action or proceeding of a type described in Section 12.02(g) (or any comparable proceeding initiated by a regulatory authority having jurisdiction over the Canadian Lender or its parent) or (ii) a Bail-in Action; 

		 

 

provided that Canadian Lender shall not be Canadian Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in the Canadian Lender or any direct or indirect company thereof by a Governmental Authority.
		

		
			 
		

		
			“Loan Documents” shall mean this Agreement, Amendment No. 1, Amendment No. 2 and the US Notes (if any).
		

		
			 
		

		
			“Subsidiary”  shall mean, with respect to any person (the “parent”) at any date, (i) any person the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, (ii) any other corporation, limited liability company, association or other business entity of which securities or other ownership interests representing more than 50% of the voting power of all Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof are, as of such date, owned, controlled or held by the parent and/or one or more subsidiaries of the parent, (iii) any partnership (a) the sole general partner or the managing general partner of which is the parent and/or one or more subsidiaries of the parent or (b) the only general partners of which are the parent and/or one or more subsidiaries of the parent and (iv) any other person that is otherwise Controlled by the parent and/or one or more subsidiaries of the parent. Unless the context requires otherwise, “Subsidiary” refers to a Subsidiary of Holdings. Notwithstanding anything to the contrary contained herein, for all purposes under the Loan Documents, in no event shall the Excluded Company constitute, or be deemed or considered to be a “Subsidiary” of Holdings, US Borrower or Canadian Borrower, or of any subsidiary of any of the foregoing.
		

		
			 
		

		
			“US Defaulting Lender” shall mean any US Lender, as reasonably determined by the Administrative Agent, that (a) has failed to fund any portion of its US Loans or participations in Swingline Loans required to be funded by it hereunder within three Business Days of the date required to be funded by it hereunder, unless such US Lender has notified the Administrative Agent in writing of its good faith determination that one or more conditions to its obligation to fund US Loans or participations in Swingline Loans has not been satisfied, (b) has notified the Administrative Agent, any Swingline Lender, any Lender and/or US Borrower in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it is unable to or does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a US Loan hereunder and states that such position is based on such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
		

		
			 
		

		
			(c)has failed, within three Business Days after written request by the Administrative Agent (based on the reasonable belief that it may not fulfill its funding obligation), to confirm that it will timely and fully comply with the terms of this Agreement relating to its obligations to fund prospective US Loans and participations in then outstanding Swingline Loans, (d) has otherwise failed to pay over to the Administrative Agent or any other US Lender any amount (other than amounts referenced in clause (a) above) required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith 

		 

 

dispute, or (e) is, or whose parent has become, the subject of (i) any action or proceeding of a type described in Section 12.01(d) (or any comparable proceeding initiated by a regulatory authority having jurisdiction over such US Lender or parent of US Lender) or (ii) a Bail-in Action; provided that a US Lender shall not be a US Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in such US Lender or any direct or indirect company thereof by a Governmental Authority.
		

		
			 
		

		
			(c)Section 1.04 to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:
		

		
			 
		

		
			Section 1.04Accounting Terms; GAAP.
		

		
			 
		

		
			Except as otherwise expressly provided herein, all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time and all terms of an accounting or financial nature shall be construed and interpreted in accordance with GAAP, as in effect on the date hereof unless otherwise agreed to by US Borrower and the US Required Lenders. Notwithstanding anything herein to the contrary, and notwithstanding that GAAP may require different accounting treatment at such time, for the purposes of (a) calculating the ratios tested under Sections 7.02 and 10.06  and   (b) determining   Consolidated   Net   Tangible   Assets,   Holdings’ investment in the Excluded Company shall be accounted for under the equity method of accounting.
		

		
			 
		

		
			(d)A new Section 7.10 is hereby added to the Credit Agreement, such new Section 7.10 to read in its entirety as follows:
		

		
			 
		

		
			Section 7.10Excluded Company.
		

		
			 
		

		
			(a)Holdings will cause the management, business and affairs of each of Holdings and its Subsidiaries to be conducted in such a manner (including, without limitation, by keeping separate books of account, and by not permitting properties of Holdings and its Subsidiaries to be commingled with the properties of the Excluded Company and its subsidiaries) so that Holdings does not cause the Excluded Company and each of its subsidiaries to fail to be treated as a corporate entity separate and distinct from Holdings and its Subsidiaries.
		

		
			 
		

		
			(b)None of Holdings, US Borrower or any Subsidiary will incur, assume, guarantee or be or become liable for repayment of any Indebtedness of the Excluded Company or any of its subsidiaries.
		

		
			 
		

		
			(c)Holdings and US Borrower will vote the Capital Stock issued by the Excluded Company and owned by Holdings or US Borrower so as to try to prevent the Excluded Company and its subsidiaries from (i) holding any Capital Stock in, or any Indebtedness of, Holdings, US Borrower or any Subsidiary or (ii)  furnishing  financial  statements  to  its  and  their  creditors  and  potential creditors that are not separate from the financial statements of Holdings and its Subsidiaries.
		

		
			 
		

		
			(e)A new Section 8.07 is hereby added to the Credit Agreement, such new Section 8.07 to read in its entirety as follows:
		

		
			 
		

		
			Section 8.07Excluded Company.
		

		
			 
		

		
			

		 

 

		

		
			The  covenants  and  obligations  of  Holdings  and  U.S.  Borrower  contained in Section 7.10 shall apply, mutatis mutandis, to Canadian Borrower.
		

		
			 
		

		
			(f)A new Section 14.18 is hereby added to the Credit Agreement, such new Section 14.18 to read in its entirety as follows:
		

		
			 
		

		
			Section 14.18Acknowledgement  and  Consent  to  Bail-In  of  EEA Financial Institutions.
		

		
			Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
		

		
			 
		

		
			(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
		

		
			 
		

		
			(b)the effects of any Bail-in Action on any such liability, including, if applicable:
		

		
			 
		

		
			(i)a reduction in full or in part or cancellation of any such liability;
		

		
			 
		

		
			(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
		

		
			 
		

		
			(iii)the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
		

		
			 
		

		
			Section 1.03Conditions Precedent.  This Amendment No. 2 shall become effective upon the satisfaction of the following conditions precedent:
		

		
			 
		

		
			(a)Documents.The Administrative Agent and the Canadian Lender shall have received the following:
		

		
			 
		

		
			(i)counterparts of this Amendment No. 2 duly executed by US Borrower, Canadian Borrower, Holdings, the Canadian Lender and the US Required Lenders; and
		

		
			 
		

		
			(ii)such  other  documents  as  the  Administrative  Agent  may  reasonably request.
		

		
			 
		

		
			(b)Payment of Fees. The US Borrower and Canadian Borrower shall have paid the fees required to be paid to the Administrative Agent, the Canadian Lender and the US Lenders, as applicable, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses (including the legal fees and expense of Vinson & Elkins L.L.P., special counsel to the Administrative Agent) required to be reimbursed or paid by the Loan Parties hereunder or under any other Loan Document.
		

		
			 
		

		
			Section 1.04Representation  and  Warranties.The US Borrower represents and warrants to the Administrative Agent, and the Canadian Borrower represents to the Canadian Lender, that, as of the date 

		 

 

hereof (a) all of its representations and warranties set forth in the Loan Documents are true and correct, except that any representation or warranty which by its terms is made as of a specified date shall be true and correct only as of such specified dates, (b) the execution, delivery and performance of this Amendment No. 2 by it are within its corporate power and authority and has been duly authorized by appropriate corporate action, (c) this Amendment No. 2 constitutes the legal, valid and binding obligation of it enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditor generally and general principles of equity, and (d) there are no governmental or other third party consents, licenses and approvals required in connection with the execution, delivery, performance validity and enforceability of this Amendment No. 2.
		

		
			 
		

		
			Section 1.05Reaffirmation  of  Guarantee.Holdings hereby ratifies, confirms, acknowledges and agrees that its obligations under Article XI of the Credit Agreement are and remain in full force and effect and that Holdings continues to guarantee, in accordance with the terms of such Article XI, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the US Guaranteed Obligations and the Canadian Guaranteed Obligations, and its execution and delivery of this Amendment No. 2 does not indicate or establish an approval or consent requirement by Holdings in connection with the execution and delivery of any amendments, consents or modifications of or waivers to, any of the Loan Documents.
		

		
			 
		

		
			Section 1.06Miscellaneous.
		

		
			 
		

		
			(a)This Amendment No. 2 may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Headings, subheadings and captions used herein are for the convenience of the parties only and shall not be used to construe the meaning or intent of any provision hereof.
		

		
			 
		

		
			(b)This Amendment No. 2 shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Amendment No. 2 by email (in .pdf or similar format) or telecopy shall be effective as delivery of a manually executed counterpart of this Amendment No. 2.
		

		
			 
		

		
			(c)Any provision of this Amendment No. 2 held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
		

		
			 
		

		
			(d)This Amendment No. 2 and the transactions contemplated hereby, and all disputes between the parties under or relating to this Amendment No. 2 or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment No. 2.
		

		
			 
		

		
			(e)EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT NO. 2.
		

		
			[Signature Pages Follow]
		

		
			

		 

 

		

		
			 
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly executed by their respective authorized officers as of the day and year first above written.
		

		
			 
		

		
			NABORS INDUSTRIES, INC.
		

		
			 
		

		
			 
		

		
			 
		

		
			By:  /s/Popin Su
		

		
			Name:
		

		
			Title:
		

		
			 
		

		
			 
		

		
			NABORS DRILLING CANADA LIMITED
		

		
			 
		

		
			 
		

		
			By:  /s/George McHardy 
		

		
			Name:
		

		
			Title:
		

		
			 
		

		
			 
		

		
			NABORS INDUSTRIES LTD.
		

		
			 
		

		
			 
		

		
			By:  /s/Mark D. Andrews
		

		
			Name:  Mark D. Andrews
		

		
			Title:  Corporate Secretary
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			[SIGNATURE PAGE TO AMENDMENT No.2- NABORS INDUSTRIES, INC.]
		

		
			 
		

		
			

		 

 

		

		
			 
		

		
			 
		

		
			 
		

		
			CITIBANK N.A., as Administrative Agent
		

		
			 
		

		
			 
		

		
			By: /s/Peter Kardos
		

		
			Name: Peter Kardos
		

		
			Title: Vice President___________________________________
		

		
			 
		

		
			 
		

		
			By: /s/Peter Kardo
		

		
			Name: Peter Kardos
		

		
			Title: Vice President
		

		
			
		

		
			

		 

 

		

		
			HSBC BANK CANADA, as Canadian Lender
		

		
			 
		

		
			 
		

		
			By: /s/Stephen Chuang_________________________________
		

		
			Name: Stephen Chuang
		

		
			Title: Assistant Vice President Commercial Banking
		

		
			 
		

		
			 
		

		
			By: /s/Kam Thind
		

		
			Name: Kam Thind
		

		
			Title: Head of International_____________________________
		

		
			 
		

		
			 
		

		
			HSBC BANK USA, N.A., as US Lender
		

		
			
		

		
			 
		

		
			By: /s/Michael Bustios
		

		
			Name: Michael Bustios
		

		
			Title: Vice President
		

		
			 
		

		
			 
		

		
			By: _______________________________________
		

		
			Name: _______________________________________
		

		
			Title: _______________________________________
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			MIZUHO BANK, LTD., as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Leon Mo
		

		
			Name: Leon Mo
		

		
			Title: Authorized Lender
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			MORGAN STANLEY BANK, N.A., as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Patrick Layton
		

		
			Name: Patrick Layton
		

		
			Title: Authorized Signatory
		

		
			 
		

		
			 
		

		
			
		

		
			
		

		
			

		 

 

		

		
			PNC BANK, NATIONAL ASSOCIATION, as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Jonathan Luchansky
		

		
			Name: Jonathan Luchansky
		

		
			Title: Vice President
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			BANK OF AMERICA, N.A., as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Michael Clayborne
		

		
			Name: Michael Clayborne
		

		
			Title: Director
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			BANK OF TOKYO-MITSUBISHI UFJ, LTD., as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Stephen W. Warfel
		

		
			Name: Stephen W. Warfel
		

		
			Title: Managing Director
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			WELLS FARGO BANK, N.A., as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Shannon Cunningham
		

		
			Name: Shannon Cunningham
		

		
			Title: Vice President
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			COMPASS BANK, as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Michael Song
		

		
			Name: Michael Song
		

		
			Title: Senior Vice President
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			US BANK NATIONAL ASSOCIATION, as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/John Prigge
		

		
			Name: John Prigge
		

		
			Title: Vice President___________________
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			SUMITOMO MITSUI BANKING CORPORATION, as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/James D. Weinstein
		

		
			Name: James D. Weinstein
		

		
			Title: Managing Director
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			ARAB BANKING CORPORATION, GRAND CAYMAN BRANCH, as US Lender
		

		
			 
		

		
			 
		

		
			By:_______________________________________
		

		
			Name:_______________________________________
		

		
			Title:_______________________________________
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Robert Grillo
		

		
			Name: Robert Grillo
		

		
			Title: Director
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			RIYAD BANK, HOUSTON AGENCY, as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Michael Meiss
		

		
			Name: Michael Meiss
		

		
			Title: /s/General Manager
		

		
			 
		

		
			 
		

		
			By: /s/Paul N. Travis
		

		
			Name: Paul N. Travis
		

		
			Title: Vice President & Head of Corporate Finance
		

		
			
		

		
			

		 

 

		

		
			
		

		
			 
		

		
			GOLDMAN SACHS BANK USA, as US Lender
		

		
			 
		

		
			 
		

		
			By:_______________________________________
		

		
			Name:_______________________________________
		

		
			Title:_______________________________________
		

		
			
		

		
			

		 

 

		

		
			DEUTSCHE BANK AG NEW YORK BRANCH, as US Lender
		

		
			 
		

		
			 
		

		
			By: /s/Virginia Cosenza
		

		
			Name: Virginia Cosenza
		

		
			Title: Vice President
		

		
			 
		

		
			By: /s/Ming K. Chu
		

		
			Name: Ming K. Chu
		

		
			Title: Directortrtc_ex1001.htm

EXHIBIT 10.01
  
 SECURITIES PURCHASE AGREEMENT
  
 THIS SECURITIES PURCHASE AGREEMENT (this "Agreement") is made effective as of the 26th day of February 2019 (the “Effective Date”) by and between FOREVER GREEN NV, a Nevada limited liability company (“FG-NV”), FOREVER YOUNG INVESTMENTS, L.L.C., a Nevada limited liability company (“FYI” along with FG-NV, collectively, the “Seller”) and TERRA TECH CORP., a Nevada corporation (“Purchaser”) with respect to the following facts and circumstances: (i) FG-NV owns a 50% Percentage Interest in Medifarm I, LLC, a Nevada limited liability company (“Medifarm I”) and a 15% Percentage Interest in Medifarm II, LLC, a Nevada limited liability company (“Medifarm II”); and FYI owns a 50% Percentage Interest (the “Medifarm RE Securities”)in Medifarm I Real Estate, LLC, a Nevada limited liability company (“Medifarm RE”); (ii) the Seller’s ownership in Medifarm I and Medifarm II shall be referred to as the “Subject Securities”); (iii) Seller has agreed to sell to the Purchaser and Purchaser has agreed to purchase all of Seller’s right, title, and interest in and to the Subject Securities along with Seller’s ownership in Medifarm RE (Medifarm I and Medifarm II and are collectively referred to as the “Operating Entities”); (iv) the Subject Securities and Medifarm RE Securities are uncertificated; (v) this Agreement is the Medifarm Entities Securities Purchase Agreements as set forth in that certain Settlement Agreement and Release (the “Settlement Agreement”) dated February 26, 2019 by several parties, including the Seller, Purchaser, the Operating Entities and Medifarm RE; and (vi) the sale of the Subject Securities and Medifarm RE Securities are each subject to the Operating Agreements of Medifarm I dated August 12, 2014, Medifarm II dated August 12, 2014 and Medifarm RE dated October 6, 2015 (collectively, the “Operating Agreements”). 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:
  
 1. Sale. Seller hereby sells, assigns, transfers, and delivers to Purchaser, and Purchaser hereby purchases from Seller, all of Seller's right, title, and interest in and to the Subject Securities and Medifarm RE Securities under the terms and subject to the conditions set forth in this Agreement. An express condition to the Sale of the Subject Securities and Medifarm RE Securities is: (i) that when the Seller executes and delivers this Agreement, it will also sign (and notarize as required) and deliver for each of the Operating Entities, a Notice of Transfer of Interest and Nevada Business Registration Form, copies of which are attached hereto as Exhibit A (the “State of Nevada Transfer and Notice Filings”) and incorporated by reference herein; (ii) execute such consents or minutes as is required to satisfy the provisions of Section 11.3 of the Operating Agreements (Permitted Transfers); and (iii) execute all documentation required by the Operating Agreement of Medifarm RE with respect to certain transactions and agreements by the members of Medifarm RE expected to take effect simultaneously with the Effective Date, including, the approval and consent to a disproportionate distribution that will be delivered to the Seller on or before the Effective Date with a catch-up distribution to the Buyer equal to the amount Seller receives (collectively, the “Pre-Effective Date Distribution”. In addition to the State of Nevada Transfer and Notice Filings, Seller agrees that it will timely and diligently execute and deliver all and all further documentation that each Operating Entity or Purchaser is required to executed by the Nevada Department of Taxation (“NV–DOT”) or the governmental agencies having jurisdiction over the business operations for each of the Operating Entities or Medifarm RE. Each party to this Agreement shall be fully responsible for any and all taxes (income or otherwise) that may result from this Agreement and the Purchase Price. The Company will report the terms of this Agreement, to the extent required, and the payments hereunder for taxes and all other purposes that may require the reporting of such transaction.
  
  	 
	-1-
	 
 
	 

  
 2. Purchase Price. The purchase price to be paid by Purchaser to Seller for the Subject Securities and Medifarm RE Securities (the “Purchase Price”) is SIX MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS AND NO/100 CENTS ($6,250,000.00), which shall be allocated as follows: (i) $5,650,000 for Seller’s Percentage Interests in the Operating Entities; and; (ii) $600,000.00 for Seller’s Percentage Interest in Medifarm RE, which amount shall be offset by the amount of the Pre-Effective Date Distribution delivered by Medifarm RE to Seller. At the Closing (defined below), the balance of the Purchase Price will be delivered to the Seller. It is agreed and acknowledged by Seller and Purchaser that the Settlement Agreement has additional obligations (financial or otherwise) and are not part of or subject to the terms of this Agreement. To the extent this a conflict between the Settlement Agreement and this Agreement regarding the purchase of the Subject Securities or Medifarm RE Securities, this Agreement shall control. 
  
 3. Closing. The closing for the sale of the Subject Securities and Medifarm RE Securities (the "Closing") shall take place no later than two (2) business days after the Operating Entities receives written approval from the NV-DOT approving the transfer of the Subject Securities to the Purchaser. The Closing shall take place at the offices of the Purchaser or such other place and at a time as the parties mutually agree. Once the relevant terms and conditions outlined in this Agreement are satisfied and the Purchase Price has been received by the Seller and given the Subject Securities and Medifarm RE Securities are uncertificated, the Subject Securities and Medifarm RE Securities shall each be deemed transferred in full at the Closing and the Seller shall have no ownership rights of any kind in each of the Operating Entities or Medifarm RE. 
  
 4. Administrative Matters and Ongoing Cooperation.
  
 (a) Administrative Matters. Simultaneously with the Closing, Medifarm I and Medifarm RE shall file with the Nevada Secretary of State an amendment to their respective annual list to remove in full I. Heidi Loeb Hegerich as a Manager. 
  
 (b) Ongoing Cooperation. In addition to the Seller’s obligations with respect to the sale of the Subject Securities and Medifarm RE Securities and obligation to deliver fully executed State of Nevada Transfer and Notice Filings, Seller agrees to cooperate with the Purchaser and each Operating Entity and Medifarm RE in any manner regarding its business and related licensing matters, including, without limitation any internal investigation, any administrative, regulatory, or judicial proceeding or any dispute with a third party. In addition, Seller understands and agrees that the cooperation of some or all of their agents may include, but not be limited to, being available to the Purchaser, the Operating Entity or Medifarm RE upon reasonable notice to perform such services as well as to provide interviews and factual investigations; appearing at the request of the Purchaser, Operating Entities or Medifarm RE to give testimony without requiring service of a subpoena or other legal process; volunteering to the Purchaser, each Operating Entity or Medifarm RE pertinent information and turning over to the Purchaser, each Operating Entity or Medifarm RE all relevant documents which are or may come into the Seller’s possession at all times and on schedules that are mutually agreed upon. 
  
  	 
	-2-
	 
 
	 

  
 5. Representations and Warranties. Seller represents and warrants to Purchaser that: (i) Seller owns the Subject Securities and Medifarm RE Securities beneficially and of record, free and clear of all liens, charges, equities, restrictions, and encumbrances (collectively, “Claims”), and Seller has all requisite authority to sell, transfer, and deliver the Subject Securities and Medifarm Securities RE to Purchaser, in accordance with this Agreement, free and clear of all Claims; and (ii) the sale by Seller of the Subject Securities and Medifarm RE Securities will not constitute a breach or violation of, or default under, under any agreement or other instrument by which Seller is bound. 
  
 6. Miscellaneous. Capitalized terms used but not otherwise defined herein shall have those meanings ascribed to them in the Operating Agreements. This Agreement shall be interpreted and governed by the laws of the State of Nevada, without regard to its principles of conflicts of laws, and the exclusive jurisdiction for resolution of any dispute hereunder shall be binding arbitration proceedings conducted in Clark County, Nevada by a one-member arbitration panel of the American Arbitration Association in accordance with its rules and regulations. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one agreement. Delivery of this Agreement may be accomplished by facsimile or electronic transmission of this Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter contained herein, and supersedes any prior written or oral agreements between them with respect thereto, and there are no representations, agreements, arrangements, or understandings, oral or written, between the parties hereto relating to the subject matter contained herein which are not fully expressed herein.
  
  
  
 [SIGNATURE PAGE TO FOLLOW]
  
  	 
	-3-
	 
 
	 

  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth above.
  
  	SELLER:	 	 	 PURCHASER:
	 
	  
	  
	  
	  
	  

	 FOREVER GREEN NV,
 a Nevada limited liability company
	  
	  
	 TERRA TECH CORP., 
 a Nevada limited liability company
	  

	  
	  
	  
	  
	  

	/s/ I. Heidi Loeb Hegerich 	 	 	/s/ Derek Peterson 	 
	 I. Heidi Loeb Hegerich, Manager 
	 	 	Derek Peterson, President	 
		 	 	 	 
	 FOREVER YOUNG INVESTMENTS, L.L.C., 
 a Nevada limited liability company
	  
	  
	  
	  

	   
	  
	  
	   
	  

	 /s/ I. Heidi Loeb Hegerich
	  
	  
	  
	  

	 I. Heidi Loeb Hegerich, Manager
	  
	  
	  
	  

   
 OPERATING ENTITY CONSENTS
  
 In accordance with the Operating Agreement for each Operating Entity and Medifarm RE, the undersigned hereby consents to the transfer of the Subject Securities and/or Medifarm RE Securities as provided for under this Agreement and confirms that the provisions of Section 11.3 of the Operating Agreement for each Operating Entity and/or Medifarm RE have been satisfied.
  
  	MEDIFARM I, LLC,	 	 	MEDIFARM I REAL ESTATE, LLC	 
	 a Nevada limited liability company
	  
	  
	 a Nevada limited liability company
	  

	  
	  
	  
	  
	  

	/s/ Derek Peterson	 	 	/s/ Derek Peterson	 
	 Derek Peterson, Manager 
	 	 	Derek Peterson, Manager	 
	  
	  
	  
	  
	  

	 MEDIFARM II, LLC, 
 a Nevada limited liability company 
	  
	  
	  
	  

		 	 		 
	 /s/ Derek Peterson
	  
	  
	  
	  

	 Derek Peterson, Manager
	  
	  
	  
	  

   
  
 *****************
  
 The undersigned hereby joins in the execution of this Agreement to consent to and approve the provisions of Section 4(a) and with respect to the Pre-Effective Date Distribution and offset right to the Purchase Price as set forth in Section 2 of this Agreement. 
  
  	 	 
	/s/ I. Heidi Loeb Hegerich	
	 I. HEIDI LOEB HEGERICH, Personally 
	 
	 	 

  
  	 
	-4-
	 
 
	 

  
 EXHIBIT A
  
 STATE OF NEVADA TRANSFER AND NOTICE FILINGS FOR EACH OPERATING ENTITY
  
  
  
  	 -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]