Document:

Exhibit

EXHIBIT 4.16

CONSENT AND CONVERSION AGREEMENT
This CONSENT AND CONVERSION AGREEMENT, dated as of February 22, 2017 (this “Agreement”), is entered into by and among Western Gas Partners, LP, a Delaware limited partnership (the “Partnership”), and the holders of the outstanding Series A Preferred Units (as defined in the Partnership Agreement) in the Partnership set forth on Schedule A hereto (each, a “Holder” and, collectively, the “Holders”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of March 14, 2016 (as amended, restated or supplemented, the “Partnership Agreement”).
WHEREAS, pursuant to Section 5.13(b)(vi) of the Partnership Agreement, the Series A Preferred Units may be converted into Common Units on a one-for-one basis, subject to anti-dilution adjustments and certain conditions, (i) at the option of the holders of such Series A Preferred Units, at any time on or after the second anniversary of the Series A Issuance Date, and (ii) at the Partnership’s option, at any time after the third anniversary of the Series A Issuance Date, subject to the satisfaction or waiver of the requirements set forth in Section 5.13(b)(vi)(B) of the Partnership Agreement; 

WHEREAS, the Partnership and each Holder desire to have all outstanding Series A Preferred Units converted into Common Units prior to the second anniversary of the Series A Issuance Date;
WHEREAS, on the date hereof, Western Gas Holdings, LLC, the general partner of the Partnership, has executed an amendment to the Partnership Agreement to amend certain tax allocation provisions to facilitate the conversion of the Series A Preferred Units into Common Units prior to the second anniversary of the Issuance Date, which amendment is intended to equalize the Per Unit Capital Amount of each Series A Preferred Unit with an Initial Common Unit immediately after the Partnership’s distributions with respect to all units for the fourth quarter of 2016, distributed on or about February 13, 2017;
WHEREAS, the Partnership has agreed to register resales of the Series A Conversion Units with the Securities and Exchange Commission pursuant to that certain Registration Rights Agreement (the “Registration Rights Agreement”), dated March 14, 2016, among the Partnership and the holders of the Series A Preferred Units named therein; and

WHEREAS, in connection with the mutual agreement of the Partnership and the Holders to convert the Series A Preferred Units owned by the Holders into Common Units prior to the second anniversary of the Series A Issuance Date, the Partnership and the Holders desire to, among other things, amend certain of the terms of the Registration Rights Agreement pursuant to Section 3.11 thereof.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

ARTICLE I.
WAIVER AND CONSENT
Section 1.01    Waiver and Consent.  The Partnership and each of the Holders hereby (i) waive the requirements and limitations for conversion of the Series A Preferred Units to Common Units under the Partnership Agreement, including, but not limited to, the limitations set forth in Section 5.13(b)(vi) thereto, (ii) consent and agree that the Partnership shall convert the Series A Preferred Units to Common Units pursuant to the Partnership Agreement effective as of February 23, 2017 (the “First Conversion Date”) and May 2, 2017 (the “Second Conversion Date”) in the amounts set forth opposite each Holders name on Schedule A hereto at a Series A Conversion Rate of 1.0, with the Series A Preferred Units to be converted on the Second Conversion Date being referred to in this Agreement as the “Second Conversion Date Preferred Units”, and (iii) acknowledge that this Agreement, including Schedule A hereto, constitutes a Series A Conversion Notice delivered as of the First Conversion Date or the Second Conversion Date, as applicable.

Section 1.02    Ownership of Series A Preferred Units. Each of the Holders, severally and not jointly, represents, warrants and covenants to the Partnership that it is the record and beneficial owner of, and has good and valid title to, the Series A Preferred Units set forth opposite its name on Schedule A hereto free and clear of all liens, claims, rights or encumbrances and, with respect to the Second Conversion Date Preferred Units, will remain the record and beneficial owner of the Second Conversion Date Preferred Units until the Series A Conversion Units to be issued in connection with the Second Delivery Date are delivered to the Holders.

Section 1.03    Delivery of Series A Conversion Units. The Partnership and each of the Holders agree that on the First Conversion Date and the Second Conversion Date, as applicable, the Partnership shall cause the Transfer Agent to electronically deliver the Series A Conversion Units in the amounts set forth on Schedule A hereto to the prime broker listed set forth opposite each Holder’s name on Schedule B hereto in compliance with Section 5.13(b)(vi)(D) of the Partnership Agreement.

ARTICLE II.
REGISTRATION RIGHTS AGREEMENT AMENDMENT

Section 2.01    Amendment to Registration Rights Agreement. Each of the Holders and the Partnership agree that the first sentence of Section 2.01(a) of the Registration Rights Agreement is hereby amended and restated in its entirety as follows:
Shelf Registration. The Partnership shall use its commercially reasonable efforts to (i) prepare and file an initial registration statement on or before March 10, 2017 under the Securities Act to permit the public resale of Registrable Securities from time to time as permitted by Rule 415 (or any similar provision adopted by the Commission then in effect) of the Securities Act (a “Registration Statement”) and (ii) cause such Registration Statement to be declared effective by the Commission as soon as practicable thereafter; provided, however, that the Partnership shall cause such initial Registration Statement to be declared effective by the Commission no later than March 14, 2018 (the “Target Effective Date”).

2

Section 2.02    Enforceable Agreement. Except as expressly amended hereby, the Registration Rights Agreement shall remain unmodified and in full force and effect as originally executed without waiver of any provision thereof (including, for the avoidance of doubt and without limitation, Section 2.01(b) of the Registration Rights Agreement). Whenever the Registration Rights Agreement is referred to in any agreement, document or other instrument, such reference will be to the Registration Rights Agreement as amended hereby. In the event of any conflict between the terms of this Agreement and the Registration Rights Agreement, the terms of this Agreement shall prevail.

ARTICLE III.
MISCELLANEOUS

Section 3.01    Binding Effect. This Agreement shall be binding upon the Partnership, each of the Holders and their respective successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns.

Section 3.02    Communications. All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery or personal delivery to the following addresses

(a)If to the Holders, to the addresses set forth on Schedule A hereto, with a copy to (which shall not constitute notice):

Latham & Watkins LLP
811 Main St., Suite 3700
Houston, Texas 77002 
Attention: Sean T. Wheeler 
Facsimile: (713) 546-5401 
Email: sean.wheeler@lw.com
(b)If to the Partnership:

Western Gas Partners, LP
1201 Lake Robbins Drive
The Woodlands, Texas 77380
Attention: Philip H. Peacock, Senior Vice President, General Counsel and Corporate Secretary
with a copy to (which shall not constitute notice):
Vinson & Elkins L.L.P.
1001 Fannin Street 
Suite 2500 
Houston TX 77002-6760

3

Attention: David Oelman 
Facsimile: (713) 615-5620 
Email: doelman@velaw.com

or to such other address as the Partnership or the Holders may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt requested, or regular mail, if mailed; upon actual receipt of the overnight courier copy, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery.
Section 3.03    Applicable Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of laws which would result in the application of the law of any other jurisdiction.

Section 3.04    Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement.

[Signature Page to Follow.]

4

IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written.
	
				
	 
	WESTERN GAS PARTNERS, LP

	 
	 
	 
	 

	 
	By:
	Western Gas Holdings, LLC, its general partner

	 
	 
	 
	 

	 
	 
	By:
	/s/ Benjamin M. Fink

	 
	 
	Name:
	Benjamin M. Fink

	 
	 
	Title:
	President, Chief Executive Officer,
Chief Financial Officer and Treasurer

[Signature page to Consent and Conversion Agreement]

	
				
	 
	KA WESTERN GAS HOLDINGS LLC

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	KAISER PERMANENTE GROUP TRUST

	 
	 
	 
	 

	 
	By:
	Kayne Anderson Capital Advisors, L.P., as its Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Shladovsky

	 
	 
	Name:
	David Shladovsky

	 
	 
	Title:
	General Counsel

	 
	 
	 
	 

	 
	KAYNE ANDERSON MIDSTREAM INSTITUTIONAL FUND, L.P.

	 
	 
	 
	 

	 
	By:
	Kayne Anderson Capital Advisors, L.P., as its General Partner

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Shladovsky

	 
	 
	Name:
	David Shladovsky

	 
	 
	Title:
	General Counsel

	 
	 
	 
	 

	 
	KAYNE ANDERSON MLP FUND, L.P.

	 
	 
	 
	 

	 
	By:
	Kayne Anderson Capital Advisors, L.P., as its General Partner

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Shladovsky

	 
	 
	Name:
	David Shladovsky

	 
	 
	Title:
	General Counsel

[Signature page to Consent and Conversion Agreement]

	
				
	 
	KANTI (QP), L.P.

	 
	 
	 
	 

	 
	By:
	Kayne Anderson Capital Advisors, L.P., as its General Partner

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Shladovsky

	 
	 
	Name:
	David Shladovsky

	 
	 
	Title:
	General Counsel

	 
	 
	 
	 

	 
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	BELFER CAPITAL PARTNERS LP

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as its Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	ORANGE COUNTY EMPLOYEES RETIREMENT SYSTEM

	 
	 
	 
	 

	 
	By:
	Kayne Anderson Capital Advisors, L.P., as its Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Shladovsky

	 
	 
	Name:
	David Shladovsky

	 
	 
	Title:
	General Counsel

	 
	 
	 
	 

	 
	KAYNE PREFERRED FUND LLC

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

[Signature page to Consent and Conversion Agreement]

	
				
	 
	KAYNE ANDERSON NON-TRADITIONAL INVESTMENTS, L.P.

	 
	 
	 
	 

	 
	By:
	Kayne Anderson Capital Advisors, L.P., as its General Partner

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Shladovsky

	 
	 
	Name:
	David Shladovsky

	 
	 
	Title:
	General Counsel

	 
	 
	 
	 

	 
	KAYNE ANDERSON MLP INVESTMENT COMPANY

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as its Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as its Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	KAYNE SELECT MIDSTREAM RECOVERY FUND, L.P.

	 
	 
	 
	 

	 
	By:
	Kayne Anderson Capital Advisors, L.P., as its General Partner

	 
	 
	 
	 

	 
	 
	By:
	/s/ David Shladovsky

	 
	 
	Name:
	David Shladovsky

	 
	 
	Title:
	General Counsel

	 
	 
	 
	 

[Signature page to Consent and Conversion Agreement]

	
				
	 
	BELFER CORP.

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as its Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	ELIZABETH K. BELFER

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	LAURENCE D. BELFER

	 
	 
	 
	 

	 
	By:
	KA Fund Advisors, LLC, as Manager

	 
	 
	 
	 

	 
	 
	By:
	/s/ James C. Baker

	 
	 
	Name:
	James C. Baker

	 
	 
	Title:
	Managing Director

[Signature page to Consent and Conversion Agreement]

	
				
	 
	FR XIII WES HOLDINGS LLC

	 
	 
	 
	 

	 
	 
	By:
	/s/ Gary Reaves

	 
	 
	Name:
	Gary Reaves

	 
	 
	Title:
	Authorized Person

	 
	 
	 
	 

	 
	FR WES CO-INVESTMENT, L.P.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Gary Reaves

	 
	 
	Name:
	Gary Reaves

	 
	 
	Title:
	Authorized Person

[Signature page to Consent and Conversion Agreement]

Schedule A
	
							
	Holder
	 
	Series A Preferred
Units to be 
Converted on the
First Conversion 
Date
	 
	Series A Preferred
Units to be
Converted on the
Second Conversion
Date

	KA Western Gas Holdings LLC
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	1,343,590
	

	 
	1,343,591
	

	 
	 
	 
	 
	 

	Kaiser Permanente Group Trust
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	797,194
	

	 
	797,194
	

	 
	 
	 
	 
	 

	Kayne Anderson Midstream Institutional Fund, L.P.
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	355,000
	

	 
	355,000
	

	 
	 
	 
	 
	 

	Kayne Anderson MLP Fund, L.P.
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	355,000
	

	 
	355,000
	

	 
	 
	 
	 
	 

	KANTI (QP), L.P.
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	260,570
	

	 
	260,570
	

Schedule A-1

	
							
	Massachusetts Mutual Life Insurance Company
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	199,298
	

	 
	199,299
	

	 
	 
	 
	 
	 

	Belfer Capital Partners LP
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	159,439
	

	 
	159,439
	

	 
	 
	 
	 
	 

	Orange County Employees Retirement System
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	159,439
	

	 
	159,439
	

	 
	 
	 
	 
	 

	Kayne Preferred Fund LLC
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	135,610
	

	 
	135,611
	

	 
	 
	 
	 
	 

	Kayne Anderson Non-Traditional Investments, L.P.
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	94,430
	

	 
	94,430
	

	 
	 
	 
	 
	 

	Kayne Anderson MLP Investment Company
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	67,185
	

	 
	67,185
	

Schedule A-2

	
							
	Kayne Anderson Energy Development Company
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	67,185
	

	 
	67,184
	

	 
	 
	 
	 
	 

	Kayne Select Midstream Recovery Fund, L.P.
1800 Avenue of the Stars, 3rd Floor
Los Angeles, CA 90067
Attn: David Shladovsky
Email: dshladovsky@kaynecapital.com
     jbaker@kaynecapital.com
	 
	39,860
	

	 
	39,859
	

	 
	 
	 
	 
	 

	Belfer Corp.
c/o Belfer Management LLC
767 Fifth Avenue, 46th Floor
New York, NY 10153
reporting@belfermgmt.com
dshladovsky@kaynecapital.com
jbaker@kaynecapital.com
	 
	39,860
	

	 
	39,859
	

	 
	 
	 
	 
	 

	Elizabeth K. Belfer
c/o Belfer Management LLC
767 Fifth Avenue, 46th Floor
New York, NY 10153
reporting@belfermgmt.com
dshladovsky@kaynecapital.com
jbaker@kaynecapital.com
	 
	15,944
	

	 
	15,944
	

	 
	 
	 
	 
	 

	Laurence D. Belfer
c/o Belfer Management LLC
767 Fifth Avenue, 46th Floor
New York, NY 10153
reporting@belfermgmt.com
dshladovsky@kaynecapital.com
jbaker@kaynecapital.com
	 
	15,944
	

	 
	15,944
	

	 
	 
	 
	 
	 

	Total Kayne Anderson
	 
	4,105,548
	

	 
	4,105,548
	

	 
	 
	 
	 
	 

Schedule A-3

	
							
	FR XIII WES Holdings LLC
600 Travis, Suite 6000
Houston, TX 77002
Attn: Gary Reaves
Email: greaves@firstreserve.com
	 
	4,512,117
	

	 
	4,512,118
	

	 
	 
	 
	 
	 

	FR WES Co-Investment, L.P.
600 Travis, Suite 6000
Houston, TX 77002
Attn: Gary Reaves
Email: greaves@firstreserve.com
	 
	2,343,750
	

	 
	2,343,750
	

	 
	 
	 
	 
	 

	Total First Reserve
	 
	6,855,867
	

	 
	6,855,868
	

	 
	 
	 
	 
	 

	TOTAL
	 
	10,961,415
	

	 
	10,961,416
	

Schedule A-4

Schedule B
	
			
	Holder
	 
	Broker Information

	KA Western Gas Holdings LLC
	 
	DTC Number: 0226
Firm Name: National Financial Services
Account Name: KA Western Gas Holdings LLC
Account #: K8H-002086
Tax ID #: 35-2554749

	 
	 
	 

	Kaiser Permanente Group Trust
	 
	DTC Number: 0997
Firm Name: State Street Bank and Trust Company
Account Name: Kaiser Permanente Group Trust
Account #: 11QI
Tax ID #: 94-6365467

	 
	 
	 

	Kayne Anderson Midstream Institutional Fund, L.P.
	 
	DTC Number: 0352
Firm Name: J.P. Morgan
Account Name: Kayne Anderson Midstream Institutional Fund, L.P.
Account #: 102-38790
Tax ID #: 26-3885960

	 
	 
	 

	Kayne Anderson MLP Fund, L.P.
	 
	DTC Number: 0352
Firm Name: J.P. Morgan
Account Name: Kayne Anderson MLP Fund, L.P.
Account #: 102-35700
Tax ID #: 61-1437017

	 
	 
	 

	KANTI (QP), L.P.
	 
	DTC Number: 0352
Firm Name: J.P. Morgan
Account Name: KANTI (QP), L.P.
Account #: 102-45032
Tax ID #: 46-2290393

	 
	 
	 

	Massachusetts Mutual Life Insurance Company
	 
	DTC Number: 0997
Firm Name: State Street Bank and Trust Company
Account Name: Massachusetts Mutual Life Insurance Company
Account #: IEG7
Tax ID #: 04-1590850

	 
	 
	 

	Belfer Capital Partners LP
	 
	JPMorgan Chase Bank, N.A.
DTC Participant Number - 902
Credit Account Number - P72500
FFC Acct Number - PBD # 51 29260 001
FFC Acct Name - Belfer Capital Partners, LP
Contact - James Pretti @ 1-888-207-2025

	 
	 
	 

Schedule B-1

	
			
	Orange County Employees Retirement System
	 
	DTC Number: 0997
Firm Name: State Street Bank and Trust Company
Account Name: Orange County Employees Retirement System
Account #: JV9N
Tax ID #: 04-3384940

	 
	 
	 

	Kayne Preferred Fund LLC
	 
	DTC Number: 0226
Firm Name: National Financial Services
Account Name: Kayne Preferred Fund LLC
Account #: K8H-002084
Tax ID #: 35-2553835

	 
	 
	 

	Kayne Anderson Non-Traditional Investments, L.P.
	 
	DTC Number: 0352
Firm Name: J.P. Morgan
Account Name: Kayne Anderson Non-Traditional Investments, L.P.
Account #: 102-36274
Tax ID #: 95-4198602

	 
	 
	 

	Kayne Anderson MLP Investment Company
	 
	DTC Number: 0352
Firm Name: J.P. Morgan
Account Name: Kayne Anderson MLP Investment Company Account #: 102-39488
Tax ID #: 56-2474626

	 
	 
	 

	Kayne Anderson Energy Development Company
	 
	DTC Number: 0352
Firm Name: J.P. Morgan
Account Name: Kayne Anderson Energy Development Company
Account #: 102-39490
Tax ID #: 20-4991752

	 
	 
	 

	Kayne Select Midstream Recovery Fund, L.P.
	 
	DTC Number: 2424
Firm Name: J.P. Morgan
Account Name: Kayne Select Midstream Recovery Fund, L.P.
Account #: 113-80158
Tax ID #: 47-5195808

	 
	 
	 

Schedule B-2

	
			
	Belfer Corp.
	 
	JPMorgan Chase Bank, N.A.
DTC Participant Number - 902
Credit Account Number - P72500
FFC Acct Number - PBD # 26 63486 007
FFC Acct Name - Belfer Corp
Contact - James Pretti @ 1-888-207-2025

	 
	 
	 

	Elizabeth K. Belfer
	 
	JPMorgan Chase Bank, N.A.
DTC Participant Number - 902
Credit Account Number - P72500
FFC Acct Number - PBD # 26 76530 007
FFC Acct Name - Elizabeth K. Belfer
Contact - James Pretti @ 1-888-207-2025

	 
	 
	 

	Laurence D. Belfer
	 
	JPMorgan Chase Bank, N.A.
DTC Participant Number - 902
Credit Account Number - P72500
FFC Acct Number - PBD # 26 65040 000
FFC Acct Name - Laurence D. Belfer
Contact - James Pretti @ 1-888-207-2025

	 
	 
	 

	FR XIII WES Holdings LLC
	 
	DTC Number: 0226
Firm Name: National Financial Services
Account Name: FR XIII WES Holdings LLC
Account #: K8H-002087
Tax ID #: 81-1540408

	 
	 
	 

	FR WES Co-Investment, L.P.
	 
	DTC Number: 0226
Firm Name: National Financial Services
Account Name: FR WES Co-Investment, L.P.
Account #: K8H-02088
Tax ID #: 81-1899621

	 
	 
	 

Schedule B-3Exhibit

EXHIBIT 10.17

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLING CREDIT AGREEMENT (this “First Amendment”), dated as of October 20, 2015, is among WESTERN GAS PARTNERS, LP, as the Borrower, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, and the Lenders party hereto.
R E C I T A L S
A.    The Borrower, the Administrative Agent and the Lenders are parties to that certain Second Amended and Restated Revolving Credit Agreement dated as of February 26, 2014 (the “Credit Agreement”), pursuant to which the Lenders have made certain loans to and extensions of credit for the account of the Borrower.
B.    The Borrower has requested and the Majority Lenders have agreed to amend certain provisions of the Credit Agreement as set forth in this First Amendment.
C.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all article and section references in this First Amendment refer to articles and sections of the Credit Agreement.

Section 2.    Amendments to Credit Agreement.

2.1    Amendments to Section 1.01.

(a)The definition of “Agreement” is hereby deleted and replaced in its entirety to read as follows:

“Agreement” means this Credit Agreement, as amended by the First Amendment and as the same may from time to time be amended, modified, supplemented or restated.
(b)The definition of “Consolidated EBITDA” is hereby amended in its entirety to read as follows:

“Consolidated EBITDA” - for any period, an amount equal to Consolidated Net Income for such period plus (1) to the extent deducted in determining Consolidated Net Income for such period, the aggregate amount of (a) taxes based on or measured by income, (b) Consolidated Interest Expense, (c) depreciation and amortization expenses and (d) non-cash equity-based or similar non-cash incentive-based awards or arrangements, non-cash compensation expense or costs, including any such non-cash charges arising from stock options, restricted stock grants or other 

non-cash equity incentive grants and (2) net proceeds from sales and purchases of natural gas and natural gas liquids under fixed price agreements with Anadarko not otherwise treated as income under GAAP; provided that, at the Borrower’s option, and subject to the approval of the Administrative Agent (such approval not to be unreasonably withheld or delayed), Consolidated EBITDA shall be calculated by giving effect to Material Project EBITDA Adjustments.
(c)The following definition is hereby added where alphabetically appropriate to read as follows:

“First Amendment” means the First Amendment to Amended and Restated Revolving Credit Agreement dated as of October 20, 2015 among the Borrower, the Administrative Agent and the Lenders party thereto.
Section 3.    Conditions Precedent.  This First Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02 of the Credit Agreement) (the “First Amendment Effective Date”):

3.1    The Administrative Agent shall have received from the Majority Lenders and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this First Amendment signed on behalf of such Persons.

3.2    No Default or Event of Default shall have occurred and be continuing, both prior and after giving effect to the terms of this First Amendment.

3.3    The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.

The Administrative Agent is hereby authorized and directed to declare this First Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

Section 4.    Miscellaneous.

4.1    Confirmation.  The provisions of the Credit Agreement, as amended by this First Amendment, shall remain in full force and effect following the effectiveness of this First Amendment.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

4.2    Ratification and Affirmation; Representations and Warranties.  The Borrower hereby (a) ratifies and affirms its respective obligations under, and acknowledges, renews and extends its respective continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein and (b) represents and warrants to the 

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Lenders that, as of the date hereof, after giving effect to the terms of this First Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, (ii) no Default has occurred and is continuing and (iii) no Material Adverse Effect shall have occurred.

4.3    Counterparts.  This First Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this First Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

4.4    No Oral Agreement.  This First Amendment, the Credit Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. This First Amendment, the Credit Agreement and the other Loan Documents represent the final agreement among the parties hereto and thereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

4.5    GOVERNING LAW.  THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

[SIGNATURES BEGIN NEXT PAGE]

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

	
			
	BORROWER:
	WESTERN GAS PARTNERS, LP

	 
	 
	 

	 
	By:
	Western Gas Holdings, LLC, its general partner

	 
	 
	 

	 
	By:
	/s/ Benjamin M. Fink

	 
	Name:
	Benjamin M. Fink

	 
	Title:
	Senior Vice President, Chief Financial Officer and Treasurer

	
			
	ADMINISTRATIVE AGENT:
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 
	 

	 
	By:
	/s/ Borden Tennant

	 
	Name:
	Borden Tennant

	 
	Title:
	Assistant Vice President

[Signature Page 1 to Western Gas First Amendment]

	
			
	LENDERS:
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 
	 

	 
	By:
	/s/ Borden Tennant

	 
	Name:
	Borden Tennant

	 
	Title:
	Assistant Vice President

	
			
	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

	 
	 
	 

	 
	By:
	/s/ Sherwin Brandford

	 
	Name:
	Sherwin Brandford

	 
	Title:
	Director

	
			
	 
	U.S. BANK NATIONAL ASSOCIATION

	 
	 
	 

	 
	By:
	/s/ John Prigge

	 
	Name:
	John Prigge

	 
	Title:
	Vice President

	
			
	 
	DNB CAPITAL LLC

	 
	 
	 

	 
	By:
	/s/ Joe Hykle

	 
	Name:
	Joe Hykle

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	By:
	/s/ Robert Dupree

	 
	Name:
	Robert Dupree

	 
	Title:
	Senior Vice President

	
			
	 
	BARCLAYS BANK PLC

	 
	 
	 

	 
	By:
	/s/ Vanessa A. Kurbatskiy

	 
	Name:
	Vanessa A. Kurbatskiy

	 
	Title:
	Vice President

[Signature Page 2 to Western Gas First Amendment]

	
			
	 
	MORGAN STANLEY BANK, N.A.

	 
	 
	 

	 
	By:
	/s/ Dmitriy Barskiy

	 
	Name:
	Dmitriy Barskiy

	 
	Title:
	Authorized Signatory

	
			
	 
	ROYAL BANK OF CANADA

	 
	 
	 

	 
	By:
	/s/ Jay T. Sartain

	 
	Name:
	Jay T. Sartain

	 
	Title:
	Authorized Signatory

	
			
	 
	BANK OF MONTREAL

	 
	 
	 

	 
	By:
	/s/ Melissa Guzmann

	 
	Name:
	Melissa Guzmann

	 
	Title:
	Vice President

	
			
	 
	COMERICA BANK

	 
	 
	 

	 
	By:
	/s/ Chad Stephenson

	 
	Name:
	Chad Stephenson

	 
	Title:
	Senior Vice President

[Signature Page 3 to Western Gas First Amendment]

	
			
	 
	SOCIETE GENERALE

	 
	 
	 

	 
	By:
	/s/ Diego Medina

	 
	Name:
	Diego Medina

	 
	Title:
	Director

	
			
	 
	THE BANK OF NOVA SCOTIA

	 
	 
	 

	 
	By:
	/s/ Mark Sparrow

	 
	Name:
	Mark Sparrow

	 
	Title:
	Director

	
			
	 
	AMEGY BANK NATIONAL ASSOCIATION

	 
	 
	 

	 
	By:
	/s/ G. Scott Collins

	 
	Name:
	G. Scott Collins

	 
	Title:
	Senior Vice President

	
			
	 
	BRANCH BANKING AND TRUST COMPANY

	 
	 
	 

	 
	By:
	/s/ DeVon J. Lang

	 
	Name:
	DeVon J. Lang

	 
	Title:
	Senior Vice President

	
			
	 
	PNC BANK, NATIONAL ASSOCIATION

	 
	 
	 

	 
	By:
	/s/ Denise He

	 
	Name:
	Denise He

	 
	Title:
	Assistant Vice President

	
			
	 
	CAPITAL ONE, NATIONAL ASSOCIATION

	 
	 
	 

	 
	By:
	/s/ Matthew Molero

	 
	Name:
	Matthew Molero

	 
	Title:
	Senior Vice President

	
			
	 
	STIFEL BANK & TRUST

	 
	 
	 

	 
	By:
	/s/ Christian Jon Bugyis

	 
	Name:
	Christian Jon Bugyis

	 
	Title:
	Sr. Vice President

[Signature Page 4 to Western Gas First Amendment]

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