Document:

Exhibit 10.1

	
 
    

 

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

dated as of July 14, 2015

 

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. 1 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment No. 1”) is dated as of July 14, 2015, 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 Lender Parties party hereto “US Lenders”), 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 certain terms of the Credit Agreement to, among other things, (a) increase hereby, by amendment to the Credit Agreement (and not by exercise of the election set forth in Section 2.22(a) of the Credit Agreement), the aggregate US Revolving Commitments to US$2,150,000,000, (b) extend the Maturity Date to July 14, 2020 and (c) increase the existing accordion option set forth in Section 2.22(a) of the Credit Agreement by US$50,000,000, so as provide to the US Borrowers the ability to elect in the future to request an increase in US Revolving Commitments by up to US$500,000,000 in the aggregate;

 

WHEREAS, the US Borrower and the Canadian Borrower have requested that the Administrative Agent, the US Lenders and the Canadian Lenders permit the US Borrower and the Canadian Borrower to request up to two extensions of the Maturity Date;

 

WHEREAS, in connection with the increase in the US Revolving Commitments, (a) Goldman Sachs Bank USA and Deutsche Bank AG New York Branch  will become US Lenders under the Credit Agreement (each, a “New US Lender”) and (b) the US Lenders set forth on Schedule A hereto (each, an “Increasing US Lender”) have agreed to increase their existing US Revolving Commitments by the applicable Increase Amount (as defined below), in each case, on the terms and subject to the conditions herein;

 

WHEREAS, Nabors Drilling Canada Limited, an Alberta corporation, is successor in interest to Nabors Canada, an ordinary partnership formed under the laws of the Province of Alberta;

 

WHEREAS, the US Lenders, the Canadian Lender and the Administrative Agent are willing to amend the Credit Agreement to reflect the foregoing requests on the terms and conditions contained herein;

 

NOW, THEREFORE, the parties hereto agree as follows:

 

Section 1.01         Defined Terms.  Capitalized terms used but not otherwise defined in this Amendment No. 1 shall have the meaning given to such terms in the Credit Agreement.  For purposes hereof, “Amendment No. 1 Closing Date” shall mean the first date on which the conditions set forth in Section 1.05 hereof are satisfied or waived in

 

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accordance with Section 14.02 of the Credit Agreement, and this Amendment No. 1 becomes effective pursuant to the provisions of Section 1.05 hereof.

 

Section 1.02         Amendments.  The Credit Agreement is hereby amended as follows:

 

(a)           The introductory paragraph to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

This CREDIT AGREEMENT (as amended, modified, supplemented or restated from time to time, this “Agreement”) is dated as of November 29, 2012, 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 (the “Canadian Lender”), the other Lenders party hereto (the “US Lenders”) and CITIBANK N.A., as Administrative Agent solely for the US Lenders and not for the Canadian Lender (in such capacity, “Administrative Agent”).

 

(b)           The first recital to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

“WHEREAS, US Borrower has requested the US Lenders to extend credit to it in the form of US Revolving Loans at any time and from time to time prior to the Maturity Date;”

 

(c)           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. 1” shall means that certain Amendment No. 1 to Credit Agreement dated as of July 14, 2015, among US Borrower, Canadian Borrower, Holdings, Administrative Agent , US Lenders and Canadian Lender.

 

“Amendment No. 1 Closing Date” shall mean July 14, 2015.

 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to Holdings or the Borrower or any of their Affiliates from time to time concerning or relating to bribery or corruption, including, without limitation, the FCPA.

 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended.

 

“OFAC” means the Office of Foreign Asset Control of the Department of Treasury of the United States of America.

 

“Sanctions” means any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom.

 

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“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any comprehensive or country-wide Sanctions (as of the Amendment No. 1 Closing Date, the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned Person” means, at any time, (a) any person listed in any Sanctions-related list of designated persons maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any person operating, organized or resident in a Sanctioned Country or (c) any person owned 50% or more, or otherwise  controlled by, any such person or persons described in the foregoing clauses (a) or (b).

 

(d)           Section 1.01 of the Credit Agreement is hereby amended to delete the definitions of “Canadian Managing Partner” and “Prohibited Person” in their entirety.

 

(e)           The definitions of “Arrangers”, “Canadian Officer’s Certificate”, “Canadian US$ Libor Rate”, “Documentation Agent”, “FATCA”, “Federal Funds Effective Rate”, “Loan Documents”, “Maturity Date”, “US Adjusted LIBOR Rate”, and “US LIBOR Rate” contained in Section 1.01 of the Credit Agreement are hereby amended and restated to read in full as follows:

 

“Arrangers” shall refer to Citigroup Global Markets Inc., Mizuho Bank, Ltd., HSBC Bank USA, N.A. and Wells Fargo Securities, LLC in their capacity as Joint Lead Arrangers and Bookrunners.

 

“Canadian Officer’s Certificate” shall mean a certificate or notice signed by any one of the president, a vice president, director, treasurer, assistant treasurer, controller, corporate secretary or assistant secretary of the Canadian Borrower.

 

“Canadian US$ Libor Rate” shall mean, for each Interest Period applicable to a Canadian US$ Libor Loan, the rate of interest per annum (but in any event not less than zero percent (0%)), expressed on the basis of a year of 360 days (as determined by the Canadian Lender) applicable to US Dollars and appearing on the display referred to as the “LIBOR01 Page” (or any display substituted therefor) of Reuters Limited (or any successor thereto or Affiliate thereof) as of 11:00 a.m. (London, England time) on the second Banking Day prior to the first day of such Interest Period; or if such rate does not appear on such Reuters display, or if such display or rate is not available for any reason, the rate per annum at which US Dollars are offered by the principal lending office in London, England of the Canadian Lender (or of its Affiliates if it does not maintain such an office) in the London interbank market at approximately 11:00 a.m. (London, England time) on the second Banking Day prior to the first day of such Interest Period, in each case in an amount similar to such Canadian US$ Libor Loan and for a period comparable to such Interest Period.

 

“Documentation Agent” shall mean Mizuho Bank, Ltd., HSBC Bank USA, N.A. and Wells Fargo Bank, N.A., each as documentation agent for the Lenders.

 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement.

 

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“Federal Funds Effective Rate” shall mean, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System of the United States arranged by federal funds brokers on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it; provided that if the relevant rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

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

 

“Maturity Date” shall mean July 14, 2020, as such date may be extended pursuant to Section 2.24.

 

“US Adjusted LIBOR Rate” shall mean, with respect to any US Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%, but in any event not less than zero percent (0%)) determined by the Administrative Agent to be equal to (a) the US LIBOR Rate for such US Eurodollar Borrowing in effect for such Interest Period, divided by (b) 1.00 minus the Statutory Reserves (if any) for such US Eurodollar Borrowing for such Interest Period.

 

“US LIBOR Rate” shall mean, with respect to any US Eurodollar Borrowing for any Interest Period, the rate per annum determined on the basis of the rate for deposits in dollars with a term comparable to such Interest Period that appears on the Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m., London, England time, two (2) London Banking Days prior to the first day of the applicable Interest Period; provided, however, that (i) if no comparable term for an Interest Period is available, the US LIBOR Rate shall be determined using the weighted average of the offered rates for the two terms most nearly corresponding to such Interest Period and (ii) if there shall at any time no longer exist a Reuters Screen LIBOR01 Page, “US LIBOR Rate” shall mean, with respect to each day during each Interest Period pertaining to US Eurodollar Borrowings comprising part of the same Borrowing, the rate per annum equal to the rate at which the Administrative Agent is offered deposits in dollars at approximately 11:00 a.m., London, England time, two (2) London Banking Days prior to the first day of the applicable Interest Period, in the London interbank market for delivery on the first day of such Interest Period for the number of days comprised therein and in an amount comparable to its portion of the amount of such US Eurodollar Borrowing to be outstanding during such Interest Period.  Notwithstanding the foregoing, for purposes of clause (c) of the definition of US Alternate Base Rate, the rates referred to above shall be the published rates as of 11:00 a.m., London, England time, on the date of determination (rather than the second London Business Day preceding the date of determination).

 

(f)            The reference to “US$1,450,000,000” in the definition of “US Revolving Commitment” in Section 1.01 of the Credit Agreement is hereby replaced with a reference to “US$2,150,000,000”.

 

(g)           The reference to “US$450.0 million” in Section 2.22(a) of the Credit Agreement is hereby replaced with a reference to “US$500.0 million”.

 

(h)           Section 2.18(e)(ii) of the Credit Agreement is hereby amended by:

 

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(i)            adding the phrase “or IRS Form W-8BEN-E (or applicable successor form), as applicable” after each reference to the phrase “(or applicable successor form)”  in clauses (B)(1) and (B)(3) thereof, and

 

(ii)           adding the phrase “an IRS Form W-8BEN-E (or any successor form),” after the phrase “an IRS Form W-8BEN (or any successor form),” in clause (B)(4) thereof.

 

(i)            A new Section 2.24 is hereby added to the Credit Agreement, such new Section 2.24 to read in its entirety as follows:

 

Section 2.24         Extension of Maturity Date.

 

(a)           Request for Extension.  Not less than 30 days nor more  than 90 days prior to the Maturity Date (including any extensions thereof pursuant hereto), the Borrowers may, by written notice to the Administrative Agent (which shall promptly, but in any event within three (3) Business Days after receipt of such notice, forward such notice to the US Lenders) and the Canadian Lender, request an extension of the Maturity Date for an additional one-year period; provided that no more than two (2) such one-year extensions shall be permitted hereunder.  Prior to sending such notice to the Administrative Agent and the Canadian Lender, the Borrowers shall consult therewith regarding the time period within which each Lender Party would be requested to respond (which shall in no event be less than ten (10) Business Days after the date of delivery of such notice to the Lender Parties), and such notice shall set forth such response deadline.  No Lender is committed hereby to agree to any such extension of the Maturity Date.

 

(b)           Lender Party Elections to Extend; Payments to Declining Lender Parties.  Each Lender Party that agrees, in its sole discretion, to extend its Revolving Commitment (an “Extending Lender”) shall notify the Administrative Agent within such time period of its agreement to extend its Revolving Commitment.  The Revolving Commitment of any Lending Party that declines, or fails to respond to, the Borrowers’ request for an extension of the Maturity Date within such time period (a “Declining Lender”), shall be terminated on the Maturity Date then in effect for such Lending Party (without regard to any extension by other Lending Parties) and on such date the aggregate Revolving Commitments shall be reduced by the total Revolving Commitments of all Declining Lenders expiring on the Maturity Date (without giving effect to the extension request) except to the extent one or more lenders (including other Lending Parties) shall have agreed to assume such Revolving Commitments hereunder.  The Administrative Agent shall notify promptly the Borrowers and each Lending Party of the Lending Parties’ responses to each request made hereunder.  The US Borrower or the Canadian Borrower, as applicable, shall pay in full the unpaid principal amount of all Revolving Borrowings owing to each Declining Lender, together with all accrued and unpaid interest thereon and all fees accrued and unpaid under this Agreement, and all other amounts due to such Declining Lender under this Agreement, including any breakage fees or costs that are payable pursuant to Section 2.16, on the Maturity Date (without giving effect to the extension request) or on the earlier replacement of such Declining Lender.

 

(c)           Conditions to Extension of Maturity Date.  Any extension of the Maturity Date pursuant to this Section 2.24 shall be subject to the satisfaction on or prior to the Extension Effective Date of the following conditions:

 

(i)            The Administrative Agent and the Canadian Lender shall have received documents of the type required to be delivered by the US Loan Parties and

 

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Canadian Borrower pursuant to Section 1.05(a)(ii), Section 1.05(a)(iv), and Section 1.05(c) of Amendment No. 1, which, in each case, shall be in form and substance satisfactory to the Administrative Agent and shall relate to the extension of the Maturity Date then being requested; and

 

(ii)           The Borrowers shall have paid to the Administrative Agent, for the account of each Extending Lender, an extension fee (if any) in an amount to be agreed.

 

(d)           Effective Date and Allocations.  If the Maturity Date is extended in accordance with this Section 2.24, the Administrative Agent, the Canadian Lender (to the extent the Canadian Lender is not a Declining Lender) and the Borrowers shall determine the effective date of the extension (the “Extension Effective Date”), and upon such effectiveness, (i) the Administrative Agent shall record in the register any replacement lender’s information as provided pursuant to an Administrative Questionnaire that shall be executed and delivered by such replacement lender to the Administrative Agent on or before such Extension Effective Date, (ii) Schedule I attached hereto shall be amended and restated so as to set forth in its entirety all Lending Parties (including any replacement lenders) that will be Lending Parties hereunder after giving effect to such extension and the Administrative Agent shall distribute to each Lender Party (including each replacement lender) a copy of such amended and restated Schedule I which reflects the Commitments of the Lenders, and applicable Maturity Dates (if more than one) after giving effect to the changes effected on the Extension Effective Date, (iii) each replacement lender that complies with the provision of this Section 2.24 shall be a “Lending Party” for all purposes under this Agreement, and (iv) all calculations and payments of interest on the Revolving Borrowings shall take into account the actual Revolving Commitments of each Lender Party and the principal amount outstanding of each Revolving Borrowing made by such Lender Party during the relevant period of time.

 

(j)            Section 3.18 to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

Section 3.18         Anti-Terrorism and Anti-Corruption Laws.

 

The Borrowers have implemented and maintain in effect policies and procedures designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Terrorism Laws, Anti-Corruption Laws and Sanctions, and the Borrowers, their Subsidiaries and their respective officers and employees and to the knowledge of the Borrowers, their directors and agents, are in compliance with applicable Anti-Terrorism Laws, Anti-Corruption Laws, and Sanctions in all material respects.   None of the Borrowers, any of their Subsidiaries or, to the knowledge of the Borrowers, any director, officer, employee, agent, or affiliate of the Borrowers or any of their Subsidiaries is a Sanctioned Person.

 

(k)           Section 4.01 to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

Section 4.01         Existence and Good Standing.

 

Canadian Borrower: (a) is a corporation validly subsisting under the jurisdiction of its amalgamation, (b) is duly qualified to do business in all other jurisdictions where its ownership, lease or operation of properties and conduct of its business requires such qualification, and, (c) has all necessary corporate power and authority to own its properties and carry on its

 

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business as presently carried, except in each case referenced in paragraph (b) and (c) above as would not, individually or in the aggregate, have a Canadian Material Adverse Effect.

 

(l)            Section 4.04 to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

Section 4.04         Non-Conflict.

 

Neither the execution of this Agreement and the other Loan Documents to which the Canadian Borrower is a party, nor the consummation of the transactions contemplated herein and therein, nor the performance of and compliance with the terms and provisions hereof and thereof by the Canadian Borrower will (a) violate any provision of its Organizational Documents, or (b) to the knowledge of the Canadian Borrower after due inquiry, the provisions of any material indenture, instrument, undertaking, or other agreement to which it is a party or by which it is bound, except as would not, individually, or in the aggregate, have a Canadian Material Adverse Effect.

 

(m)          Section 6.01(a) to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

(a)           Canadian Borrower shall have delivered to Canadian Lender current certified Organizational Documents and the resolutions of the Canadian Borrower authorizing the Loan Documents to which it is a party and the transactions thereunder and an officer’s certificate as to the incumbency of the officers of Canadian Borrower signing such Loan Documents;

 

(n)           Section 8.01(a) and Section 8.06 to the Credit Agreement are hereby amended by deleting each reference to “Canadian Managing Partner” contained in such Sections and replacing it with “Canadian Borrower” in each instance.

 

(o)           The following sentence is hereby added to the end of Section 7.05 to the Credit Agreement.

 

Holdings and Borrowers will maintain in effect and enforce policies and procedures designed to ensure compliance by Holdings, Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Terrorism Laws, Anti-Corruption Laws and Sanctions.

 

(p)           Section 9.08 to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

Section 9.08         Compliance with Anti-Terrorism Laws.

 

The Borrowers will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Sanctioned Person, or in any Sanctioned Country, or (ii) in any other manner that would result in a violation of Anti-Terrorism Laws, Anti-Corruption Laws or Sanctions by any person (including any person participating in the Loans, whether as underwriter, advisor, investor, or otherwise).

 

(q)           Section 12.01(e) to the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

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(e)           Defaults under Other Agreements.  With respect to any Indebtedness of any US Loan Party or any of their Subsidiaries (other than Indebtedness outstanding under the US Loans, any Canadian Loans under US$100.0 million (or the Equivalent Amount in Canadian Dollars) or any Swap Contract with a Swap Termination Value under US$100.0 million) having an outstanding principal amount in excess of US$100.0 million in the aggregate (i) such Loan Party or any such Subsidiary shall (A) default in making any payment when due (after giving effect to any applicable grace period with respect thereto) with respect to such Indebtedness or obligations in respect of Swap Contracts, as applicable, or (B) default (after giving effect to any applicable grace period with respect thereto) in the observance or performance of any other covenant or agreement relating to such Indebtedness or obligations in respect of Swap Contracts, as applicable, or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, in each case the effect of which default or other event or condition is to cause or permit the holder or the holders of such Indebtedness or such obligations in respect of Swap Contracts, as applicable, (or any trustee or agent on behalf of such holders) to cause (determined without regard to whether any notice or lapse of time is required) such Indebtedness or obligations in respect of Swap Contracts to become due prior to its stated maturity; or (ii) such Indebtedness or obligations in respect of Swap Contracts shall be declared due and payable, or required to be prepaid, redeemed or repurchased other than by a regularly scheduled required prepayment prior to the stated maturity thereof; or (iii) such Indebtedness or obligations in respect of Swap Contracts shall mature and remain unpaid.

 

(r)            Section 14.03(d) of the Credit Agreement is hereby amended by adding the following proviso to the end of the first sentence thereof:

 

; provided that nothing contained in this Section 14.03(d) or otherwise shall limit any Borrower’s indemnity or reimbursement obligations to the extent otherwise set forth in this Section 14.03

 

(s)            The last sentence of Section 14.05 of the Credit Agreement is hereby amended and restated to read in full as follows:

 

The provisions of Section 2.13, Section 2.14, Section 2.16, Section 2.17, Section 2.18 and Article XIV (other than Section 14.12) shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.

 

(t)            Annex I of the Credit Agreement is hereby deleted and replaced in its entirety with the Annex I attached to this Amendment No. 1.

 

(u)           (i)  Schedule I of the Credit Agreement is hereby deleted and replaced in its entirety with the Schedule I attached to this Amendment No. 1.

 

(ii)           Effective as of the date hereof and subject to the satisfaction of the conditions set forth herein, after giving effect to clause (u)(i) above, the outstanding US Revolving Loans and US Pro Rata Percentages will be reallocated by the Administrative Agent among the US Lenders (including the New US Lenders) in accordance with their revised US Pro Rata Percentages (and the US Lenders (including the New US Lenders) agree to make all payments and adjustments necessary to effect such reallocation and the US Borrower shall pay any and all costs, if any, required pursuant to Section 2.16 of the Credit Agreement in connection

 

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with such reallocation as if such reallocation were a repayment to the extent not waived by an affected US Lender).

 

Section 1.03         Increase Amount.  Subject to the terms and conditions set forth herein, each Increasing US Lender severally agrees to provide US Revolving Commitments to the US Borrower on the Amendment No. 1 Closing Date in the amount set forth opposite its name on Schedule A hereto (the “Increase Amount”), which amounts are included in, and not in addition to, the US Revolving Commitments set forth on Schedule I hereto.

 

Section 1.04         New US Lenders.  Each New US Lender hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of the Credit Agreement as a US Lender thereunder and under each and every other Loan Document to which any US Lender is required to be bound by the Credit Agreement as amended hereby, to the same extent as if such New US Lender were an original signatory thereto.  Each New US Lender hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as amended hereby as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto.  Each New US Lender represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement, to consummate the transactions contemplated hereby and to become a party to, and a US Lender under, the Credit Agreement as amended hereby, (b) it has received a copy of the Credit Agreement and copies of the most recent financial statements delivered pursuant to Section 7.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to become a US Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other US Lender, and (c) from and after the Amendment No. 1 Closing Date, it shall be a party to and be bound by the provisions of the Credit Agreement as amended hereby and the other Loan Documents and have the rights and obligations of a US Lender thereunder. The Administrative Agent hereby grants its consent to each New US Lender becoming a US Lender under the Credit Agreement.

 

Section 1.05         Conditions Precedent.  This Amendment No. 1 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. 1 duly executed by US Borrower, Canadian Borrower, Holdings, the Canadian Lender and all of the US Lenders; and

 

(ii)           a certificate from each US Loan Party and Canadian Borrower dated as of the Amendment No. 1 Closing Date, duly executed by the secretary or assistant secretary of each of the foregoing, stating that, both before and after giving effect to this Amendment No. 1,

 

(A)          the representations and warranties made by each Loan Party in the Credit Agreement 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 date,

 

(B)          no Default or Event of Default shall have occurred and be continuing,

 

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(C)          attached thereto is a true and complete copy of each Organizational Document of such Loan Party certified (to the extent applicable as of a recent date by the Secretary of State (or applicable Governmental Authority) of the jurisdiction of its incorporation or formation),

 

(D)          attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution, delivery and performance of the Loans Documents to which such person is a party and, in the case of US Borrower, the borrowings under the Credit Agreement, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and

 

(E)           as to the incumbency and specimen signature of each officer executing any Loan Document to which it is a party or any other document delivered in connection herewith on behalf of such Loan Party (together with a certificate of another officer as to the incumbency and specimen signature of the secretary of assistance secretary executing the certificate in this clause (5));

 

(iii)          certificates, dated the Amendment No. 1 Closing Date and signed by the chief executive officer and the treasurer or other senior financial officer of the US Borrower and the Canadian Borrower, certifying compliance with the conditions precedent set forth in this Section 1.05;

 

(iv)          a certificate as to the good standing (or equivalent, to the extent applicable) of each Loan Party as of a recent date, from such Secretary of State or other applicable Governmental Authority; and

 

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

 

(b)           Payment of Fees.  The Borrower and Canadian Borrower shall have paid the fees required to be paid to the Administrative Agent, the Canadian Lender and the US Lenders (including New US Lenders), as applicable, including, to the extent invoiced, reimbursement or payment of all 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 and upfront fees for the ratable benefit of each Lender in amounts as set forth below.

 

(i)            For Lenders (other than New US Lenders) (A) 12.5 basis points (0.125%) of the amount of such Lender’s Original Commitment (defined below) if it is less than $100.0 million, (B) 13.0 basis points (0.130%) of the amount of such Lender’s Original Commitment if it is greater than or equal to $100.0 million and less than $200.0 million, and (C) 13.5 basis points (0.135%) of the amount of such Lender’s Original Commitment if it is equal to or greater than $200.0 million. As used herein, a Lender’s “Original Commitment” means the sum of the US Revolving Commitment of such Lender plus the Canadian Commitment, if any, of such Lender or any Affiliate thereof prior to giving effect to the increase of the US Revolving Commitments pursuant to Section 1.02(u) hereof;

 

(ii)           For Increasing US Lenders or New US Lenders, (A) 18.0 basis points (0.180%) of the amount of such Increasing US Lender’s Increase Amount or such New US

 

10

 

Lender’s US Revolving Commitment if it is less than $100.0 million, (B) 19.0 basis points (0.190%) of the amount of such Increasing US Lender’s Increase Amount or such New US Lender’s US Revolving Commitment if it is equal to or greater than $100.0 million and less than $200.0 million, and (C) 20.0 basis points (0.200%) of the amount of such Increasing US Lender’s Increase Amount or such New US Lender’s US Revolving Commitment if it is equal to or greater than $200.0 million;

 

(c)           Opinions of Counsel.  (i) The Administrative Agent, on behalf of itself and the Lenders, shall have received a favorable written opinion of Norton Rose Fulbright US LLP, special counsel to the US Loan Parties, and a favorable written opinion of local Bermuda counsel for Holdings, and (ii) the Canadian Lender shall have received a favorable written opinion of local Canadian counsel for the Canadian Borrower, each opinion to be (A) dated the Amendment No. 1 Closing Date and (B) addressed to the Administrative Agent and the US Lenders or Canadian Lender, as applicable.

 

(d)           USA Patriot Act.  The US Lenders and the Administrative Agent shall have received the information required under Section 14.13 of the Credit Agreement to be delivered by each applicable US Loan Party on or prior to the Amendment No. 1 Closing Date and which was identified by the US Lenders and the Administrative Agent to US Borrower.

 

(e)           US Notes.  the Administrative Agent shall have received an executed original US Note for each Increasing US Lender and New US Lender requesting a US Note, made by the US Borrower payable to such requesting Increasing US Lenders or New US Lender in the amount of each such Increasing US Lender or New US Lender’s US Revolving Commitment after giving effect to Section 1.02(u) hereof; and

 

For purposes of determining compliance with the conditions specified in this Section 1.05, each Lender that has signed this Amendment No. 1 shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required under this Section 1.05 to be consented to or approved by or acceptable to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the Amendment No. 1 Closing Date specifying its objection thereto.  All documents executed or submitted pursuant to this Section 1.05 by and on behalf of the Borrowers or any of their Subsidiaries shall be in form and substance satisfactory to the Administrative Agent and its counsel.  The Administrative Agent shall notify the Borrowers and the Lenders of the Amendment No. 1 Closing Date, and such notice shall be conclusive and binding.  Notwithstanding the foregoing, this Amendment No. 1 shall expire and be without force or effect if the foregoing conditions are not satisfied (or waived in writing) on or prior to July 31, 2015.

 

Section 1.06         Representation 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. 1 by it are within its corporate power and authority and has been duly authorized by appropriate corporate action, (c) this Amendment No. 1 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. 1.

 

11

 

Section 1.07         Reaffirmation 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. 1 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 1.08         FATCA Treatment.  For purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Amendment No. 1, the Borrowers and the Administrative Agent shall treat (and the Lender Parties hereby authorize the Administrative Agent to treat) the Credit Agreement and any outstanding Loans as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

Section 1.09         Miscellaneous.

 

(a)           This Amendment No. 1 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. 1 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. 1 by email (in .pdf or similar format) or telecopy shall be effective as delivery of a manually executed counterpart of this Amendment No. 1.

 

(c)           Any provision of this Amendment No. 1 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. 1 and the transactions contemplated hereby, and all disputes between the parties under or relating to this Amendment No. 1 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. 1.

 

(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. 1.

 

12

 

Section 1.10         Exiting Lender. Mega International Commercial Bank Co., Ltd. (the “Exiting Lender”) hereby (a) consents to this Amendment No. 1 as required under Section 14.02 of the Credit Agreement and (b) acknowledges and agrees to Section 1.02(u) of this Amendment No. 1.  Each of the parties hereto hereby agrees and confirms that after giving effect to Section 1.02(u) of this Amendment No. 1, the Exiting Lender’s US Revolving Commitment shall be $0.00, the Exiting Lender’s Commitments to lend and all obligations under the Credit Agreement shall be terminated, and the Exiting Lender shall cease to be a Lender for all purposes under the Loan Documents.

 

[Signature Pages Follow]

 

13

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed by their respective authorized officers as of the day and year first above written.

 

	
 
    	
NABORS INDUSTRIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William Restrepo
    
	
 
    	
Name:
    	
William Restrepo
    
	
 
    	
Title:
    	
Chief Financial Officer   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NABORS DRILLING CANADA LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joe Bruce
    
	
 
    	
Name:
    	
Joe Bruce
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NABORS INDUSTRIES LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark D. Andrews
    
	
 
    	
Name:
    	
Mark D. Andrews
    
	
 
    	
Title:
    	
Corporate Secretary
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
CITIBANK N.A.,   as Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Maureen Maroney
    
	
 
    	
Name:
    	
Maureen Maroney
    
	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
HSBC BANK CANADA,   as Canadian Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ STEPHEN CHUANG
    
	
 
    	
Name:
    	
023487 STEPHEN CHUANG
    
	
 
    	
Title:
    	
Assistant Vice   President 
    
	
 
    	
 
    	
Commercial Banking
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ CAMERON BAILEY
    
	
 
    	
Name:
    	
CAMERON BAILEY
    
	
 
    	
Title:
    	
Assistant Vice   President 
    
	
 
    	
 
    	
Commercial Banking
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HSBC BANK USA, N.A.,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Bustios
    
	
 
    	
Name:
    	
Michael Bustios
    
	
 
    	
Title:
    	
Vice President 20556
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
MIZUHO BANK, LTD.,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Leon Mo
    
	
 
    	
Name:
    	
Leon Mo
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
MORGAN STANLEY BANK, N.A.,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael King
    
	
 
    	
Name:
    	
Michael King
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jonathan Luchansky
    
	
 
    	
Name:
    	
Jonathan Luchansky
    
	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
BANK OF AMERICA, N.A.,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Clayborne
    
	
 
    	
Name:
    	
Michael Clayborne
    
	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
BANK OF TOKYO-MITSUBISHI   UFJ, LTD., as US Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Todd Vaubel
    
	
 
    	
Name:
    	
Todd Vaubel
    
	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
WELLS FARGO BANK, N.A.,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ C. David Allman
    
	
 
    	
Name:
    	
C. David Allman
    
	
 
    	
Title:
    	
Managing Director
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
COMPASS BANK,   as US Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susana Campuzano
    
	
 
    	
Name:
    	
Susana Campuzano
    
	
 
    	
Title:
    	
Senior Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
US BANK NATIONAL ASSOCIATION,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Prigge
    
	
 
    	
Name:
    	
John Prigge
    
	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
SUMITOMO MITSUI BANKING CORPORATION,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James D. Weinstein
    
	
 
    	
Name:
    	
James D. Weinstein
    
	
 
    	
Title:
    	
Managing Director
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
ARAB BANKING CORPORATION, GRAND CAYMAN BRANCH,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tony Berbari
    
	
 
    	
Name:
    	
Tony Berbari
    
	
 
    	
Title:
    	
General Manager
    

 

 

	
 
    	
By:
    	
/s/ Victoria Gale
    
	
 
    	
Name:
    	
Victoria Gale
    
	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED,   as US Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert Grillo
    
	
 
    	
Name:
    	
Robert Grillo
    
	
 
    	
Title:
    	
Director
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
RIYAD BANK, HOUSTON AGENCY, as   US Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Meiss
    
	
 
    	
Name:
    	
Michael Meiss
    
	
 
    	
Title:
    	
General Manager
    

 

 

	
 
    	
By:
    	
/s/ Paul N. Travis
    
	
 
    	
Name:
    	
Paul N. Travis
    
	
 
    	
Title:
    	
Vice President &   Head of Corporate Finance
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

The undersigned is executing this Amendment No. 1 as of the date and year first above written for the sole purpose of Section 1.10 hereof.

 

	
 
    	
MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.,   as US Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Luke Hwang
    
	
 
    	
Name:
    	
Luke Hwang
    
	
 
    	
Title:
    	
VP and General Manager
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
NEW US LENDERS:
    
	
 
    	
 
    
	
 
    	
GOLDMAN SACHS BANK USA, as US   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Rebecca Kratz
    
	
 
    	
Name:
    	
Rebecca Kratz
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

	
 
    	
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:
    	
Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 — NABORS INDUSTRIES, INC.]

 

 

Schedule A

 

to Amendment No. 1

 

	
NAME OF INCREASING US LENDER
    	
 
    	
INCREASE AMOUNT
    	
 
    
	
Wells Fargo   Bank, N.A.
    	
 
    	
$
    	
150,000,000
    	
 
    
	
Sumitomo Mitsui   Banking Corporation
    	
 
    	
$
    	
50,000,000
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
$
    	
30,000,000
    	
 
    
	
U.S. Bank   National Association
    	
 
    	
$
    	
30,000,000
    	
 
    
	
PNC Bank,   National Association
    	
 
    	
$
    	
25,000,000
    	
 
    
	
Bank of   Tokyo-Mitsubishi UFJ, Ltd.
    	
 
    	
$
    	
25,000,000
    	
 
    
	
TOTAL:
    	
 
    	
$
    	
310,000,000
    	
 
    

 

 

Annex I

 

Applicable Margin

 

	
Index Debt Rating
   (S&P / Moody’s /
   Fitch’s)
    	
 
    	
US ABR
   Loans
    	
 
    	
Canadian
   US$-
   Denominated
   ABR Loans
   and
   Canadian
   Prime Rate
   Loans
    	
 
    	
US
   Eurodollar
   Loan
    	
 
    	
Canadian
   US$
   Libor
   Loan
    	
 
    	
Canadian
   BA
   Stamping
   Rate
    	
 
    	
Applicable
   Fee
    	
 
    
	
A3/A-   or higher
    	
 
    	
0.000
    	
%
    	
0.000
    	
%
    	
1.000
    	
%
    	
1.000
    	
%
    	
1.000
    	
%
    	
0.100
    	
%
    
	
Baa1/BBB+
    	
 
    	
0.075
    	
%
    	
0.075
    	
%
    	
1.125
    	
%
    	
1.125
    	
%
    	
1.125
    	
%
    	
0.125
    	
%
    
	
Baa2/BBB
    	
 
    	
0.200
    	
%
    	
0.200
    	
%
    	
1.250
    	
%
    	
1.250
    	
%
    	
1.250
    	
%
    	
0.150
    	
%
    
	
Baa3/BBB-
    	
 
    	
0.325
    	
%
    	
0.325
    	
%
    	
1.375
    	
%
    	
1.375
    	
%
    	
1.375
    	
%
    	
0.200
    	
%
    
	
Ba1/BB+   or lower
    	
 
    	
0.450
    	
%
    	
0.450
    	
%
    	
1.500
    	
%
    	
1.500
    	
%
    	
1.500
    	
%
    	
0.250
    	
%
    

 

For purposes of the above, (i) if any of Moody’s or S&P or Fitch’s shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established the same rating as the rating agency that has in effect the higher rating for the Index Debt; provided that if none of Fitch’s, Moody’s or S&P has in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then the Level IV rating in the above grid shall be the rating deemed in effect; (ii) if the ratings established or deemed to have been established by Fitch’s, Moody’s and S&P for the Index Debt shall fall within two different Levels, the Applicable Margin shall be based on the higher of the two Levels, but if the three ratings are separated by more than one rating Level, the Applicable Margin shall be the rating Level that is one lower than the highest such rating Level; and (iii) if the ratings established or deemed to have been established by Fitch’s, Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s, S&P or Fitch’s), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when or whether notice of such change shall have been furnished by any Loan Party to the Administrative Agent and the Lenders.  Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change; provided, however that (x) with respect to Canadian US$ Libor Loans, such change shall apply only for those portions of applicable Interest Periods falling within those times during which the changes in Applicable Margin are effective, as provided above, (y) with respect to Canadian Bankers’ Acceptances and Canadian US$ Libor Loans, such change shall be effective upon the earlier of (1) 90 days after any change in the ratings above or when the Index Debt ceases to be rated and (ii) the next rollover or conversion thereof after such change or cessation in rating, as the case may be.  If the rating system of Fitch’s, Moody’s or S&P shall change, or if no such rating agency shall then be in the business of rating corporate debt obligations, the Loan Parties and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation.

 

 

Schedule I

 

US Lender Commitments

 

	
NAME OF LENDER
    	
 
    	
APPLICABLE PERCENTAGE
    	
 
    	
US REVOLVING COMMITMENT
    	
 
    
	
Citibank, N.A.
    	
 
    	
11.62790697674420
    	
%
    	
$
    	
250,000,000
    	
 
    
	
Mizuho   Bank, Ltd.
    	
 
    	
11.62790697674420
    	
%
    	
$
    	
250,000,000
    	
 
    
	
Wells Fargo   Bank, N.A.
    	
 
    	
11.62790697674420
    	
%
    	
$
    	
250,000,000
    	
 
    
	
HSBC Bank USA,   N.A.
    	
 
    	
9.30232558139535
    	
%
    	
$
    	
200,000,000
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
7.20930232558140
    	
%
    	
$
    	
155,000,000
    	
 
    
	
PNC Bank,   National Association
    	
 
    	
6.97674418604651
    	
%
    	
$
    	
150,000,000
    	
 
    
	
Bank of   Tokyo-Mitsubishi UFJ, Ltd.
    	
 
    	
6.97674418604651
    	
%
    	
$
    	
150,000,000
    	
 
    
	
Deutsche Bank AG   New York Branch
    	
 
    	
5.11627906976744
    	
%
    	
$
    	
110,000,000
    	
 
    
	
Morgan Stanley   Bank, N.A.
    	
 
    	
5.11627906976744
    	
%
    	
$
    	
110,000,000
    	
 
    
	
Compass Bank
    	
 
    	
4.65116279069767
    	
%
    	
$
    	
100,000,000
    	
 
    
	
Goldman Sachs   Bank USA
    	
 
    	
4.65116279069767
    	
%
    	
$
    	
100,000,000
    	
 
    
	
Sumitomo Mitsui   Banking Corporation
    	
 
    	
4.65116279069767
    	
%
    	
$
    	
100,000,000
    	
 
    
	
U.S. Bank   National Association
    	
 
    	
4.65116279069767
    	
%
    	
$
    	
100,000,000
    	
 
    
	
Arab Banking   Corporation, Grand Cayman Branch
    	
 
    	
2.32558139534884
    	
%
    	
$
    	
50,000,000
    	
 
    
	
Australia and   New Zealand Banking Group Limited
    	
 
    	
2.32558139534884
    	
%
    	
$
    	
50,000,000
    	
 
    
	
Riyad Bank,   Houston Agency
    	
 
    	
1.16279069767442
    	
%
    	
$
    	
25,000,000
    	
 
    
	
TOTAL:  
    	
 
    	
100.00
    	
%
    	
$
    	
2,150,000,000EX-4.1

 Exhibit 4.1 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 ARC
LOGISTICS PARTNERS LP 
 AND 

THE INITIAL HOLDERS 

							
	 ARTICLE 1
		DEFINITIONS		 	1	  
			
	 Section 1.01
		Definitions		 	1	  
			
	 Section 1.02
		Registrable Securities		 	3	  
			
	 ARTICLE 2
		REGISTRATION RIGHTS		 	4	  
			
	 Section 2.01
		Registration		 	4	  
			
	 Section 2.02
		Piggyback Rights		 	5	  
			
	 Section 2.03
		Delay Rights		 	7	  
			
	 Section 2.04
		Underwritten Offerings		 	8	  
			
	 Section 2.05
		Sale Procedures		 	8	  
			
	 Section 2.06
		Cooperation by Holders		 	12	  
			
	 Section 2.07
		Restrictions on Public Sale by Holders of Registrable Securities		 	12	  
			
	 Section 2.08
		Expenses		 	12	  
			
	 Section 2.09
		Indemnification		 	12	  
			
	 Section 2.10
		Rule 144 Reporting		 	15	  
			
	 Section 2.11
		Transfer or Assignment of Registration Rights		 	15	  
			
	 Section 2.12
		Limitation on Subsequent Registration Rights		 	15	  
			
	 ARTICLE 3
		MISCELLANEOUS		 	16	  
			
	 Section 3.01
		Communications		 	16	  
			
	 Section 3.02
		Successor and Assigns		 	17	  
			
	 Section 3.03
		Transfers and Assignment of Rights		 	17	  
			
	 Section 3.04
		Recapitalization, Exchanges, Etc. Affecting the Registrable Securities		 	17	  
			
	 Section 3.05
		Aggregation of Registrable Securities		 	17	  
			
	 Section 3.06
		Specific Performance		 	17	  
			
	 Section 3.07
		Counterparts		 	17	  
			
	 Section 3.08
		Headings		 	18	  
			
	 Section 3.09
		Governing Law		 	18	  
			
	 Section 3.10
		Severability of Provisions		 	18	  
			
	 Section 3.11
		Entire Agreement		 	18	  
			
	 Section 3.12
		Amendment		 	18	  
			
	 Section 3.13
		No Presumption		 	18	  
			
	 Section 3.14
		Obligations Limited to Parties to Agreement		 	18	  
			
	 Section 3.15
		Independent Nature of Initial Holder’s Obligations		 	19	  
			
	 Section 3.16
		Interpretation		 	19	  

  
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 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of July 14th, 2015 (the “Agreement”), by and among Arc Logistics Partners
LP, a Delaware limited partnership (the “Partnership”), United Energy Trading, LLC, a North Dakota limited liability company (“UET”), and Hawkeye Midstream, LLC, a Colorado limited liability company
(“Hawkeye” and together with UET, the “Initial Holders”). 
 WHEREAS, this Agreement is made in connection
with the Closing of the sale of 100% of the limited liability company interests of UET Midstream, LLC (the “Midstream Interests”) by the Initial Holders to Arc Terminals Holdings LLC, a Delaware limited liability company (the
“Acquiror”) and an indirect, wholly-owned subsidiary of the Partnership, pursuant to that certain Contribution Agreement, dated as of the date hereof (the “Contribution Agreement”), by and among the Acquiror, the
Initial Holders and, solely to the extent set forth therein, the Partnership; 
 WHEREAS, in connection with the transactions contemplated
by the Contribution Agreement, the Partnership has issued to the Initial Holders an aggregate of 1,745,669 common units representing limited partnership interests in the Partnership (the “Transaction Units”); 

WHEREAS, to induce the Initial Holders to consummate the transactions contemplated by the Contribution Agreement, the Partnership desires to
provide the registration and other rights set forth herein for the benefit of the Initial Holders, upon the terms and conditions hereof; and 

NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereto hereby agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the
Contribution Agreement. The terms set forth below are used herein as so defined: 
 “Affiliate” means, with respect to any
Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement. 

“Common Unit” means a common unit representing limited partnership interests in the Partnership. 

 “Contribution Agreement” has the meaning specified therefor in the recitals of
this Agreement. 
 “Effectiveness Period” has the meaning specified therefor in Section 2.01(a). 

“General Partner” means Arc Logistics GP LLC, a Delaware limited liability company. 

“Hawkeye” has the meaning specified therefore in the introductory paragraph of this Agreement. 

“Holder” means the record holder of any Registrable Securities. 

“Included Registrable Securities” has the meaning specified therefor in Section 2.02(a). 

“Initial Holders” has the meaning specified therefor in the introductory paragraph of this Agreement. 

“Liquidated Damages” has the meaning specified therefor in Section 2.01(b). 

“Liquidated Damages Multiplier” means the product of the Issue Price times the number of Transaction Units of such Holder
that may not be disposed of without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act. 

“Losses” has the meaning specified therefor in Section 2.09(a). 

“Managing Underwriter” means, with respect to any Underwritten Offering, the book-running lead manager or managers of such
Underwritten Offering. 
 “Midstream Interests” has the meaning specified therefor in the recitals of this Agreement. 

“NYSE” means The New York Stock Exchange, Inc. 

“Opt-Out Notice” has the meaning specified therefor in Section 2.02(a). 

“Parity Securities” has the meaning specified therefor in Section 2.02(b). 

“Partnership” has the meaning specified therefor in the introductory paragraph of this Agreement. 

“Person” means any individual or a partnership, limited liability company, corporation, association, joint stock company,
trust, joint venture, unincorporated organization or government agency or political subdivision thereof or other entity. 

“Registrable Securities” means (a) the Transaction Units and (b) any unregistered Common Units issued as Liquidated
Damages pursuant to Section 2.01(b) of this Agreement and includes any type of interest issued to the Holder as a result of Section 3.04. 

  
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 “Registration Expenses” means all expenses incident to the Partnership’s
performance under or compliance with this Agreement to effect the registration of Registrable Securities on the Registration Statement pursuant to Section 2.01(a) or an Underwritten Offering covered under this Agreement, and the
disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue
sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents, all word processing, duplicating and printing expenses, any transfer taxes and the fees and disbursements of counsel and independent public accountants for the
Partnership, including the expenses of any special audits or comfort letters required by or incident to such performance and compliance. 

“Registration Statement” has the meaning specified therefor in Section 2.01(a). 

“SEC” means the United States Securities and Exchange Commission. 

“Selling Expenses” means all underwriting discounts and selling commissions or similar fees or arrangements allocable to the
sale of the Registrable Securities. 
 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a
registration statement. 
 “Selling Holder Indemnified Persons” has the meaning specified therefor in
Section 2.09(a). 
 “Transaction Units” has the meaning specified therefor in the recitals of this Agreement.

 “UET” has the meaning specified therefore in the introductory paragraph of this Agreement. 

“Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which Common Units
are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“Issue Price” means $18.50 per Transaction Unit. 

Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security (a) when a registration
statement covering such Registrable Security has been declared effective by the SEC, or otherwise has become effective, and such Registrable Security has been sold or disposed of pursuant to such registration statement; (b) when such
Registrable Security has been disposed of pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act; (c) when such Registrable Security is held by the Partnership or one of its subsidiaries;
(d) when such Registrable Security has been transferred in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.11; or
(e) when such Registrable Security becomes eligible for resale without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act. 

  
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 ARTICLE 2 

REGISTRATION RIGHTS 

Section 2.01 Registration. 

(a) Effectiveness Deadline. No later than 90 days following the Closing Date, the Partnership shall prepare and file a registration
statement under the Securities Act to permit the public resale of Registrable Securities then outstanding from time to time as permitted by Rule 415 (or any similar provision then in effect) under the Securities Act with respect to all of the
Registrable Securities (the “Registration Statement”). The Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of the SEC as shall be selected by the Partnership so long
as it permits the continuous offering of the Registrable Securities pursuant to Rule 415 (or any similar provision then in effect) under the Securities Act at the then prevailing market prices. The Partnership shall use its commercially reasonable
efforts to cause the Registration Statement to become effective not later than 180 days following the Closing Date. Any Registration Statement shall provide for the resale pursuant to any method or combination of methods legally available to, and
requested by, the Holders of any and all Registrable Securities covered by such Registration Statement. The Partnership shall use its commercially reasonable efforts to cause the Registration Statement filed pursuant to this Section 2.01(a) to
be effective, supplemented and amended to the extent necessary to ensure that it is available for the resale of all Registrable Securities by the Holders until all Registrable Securities covered by such Registration Statement have ceased to be
Registrable Securities (the “Effectiveness Period”). The Registration Statement when effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable
requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the
case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that the Registration Statement becomes effective, but in any event within
two (2) Business Days of such date, the Partnership shall provide the Holders with written notice of the effectiveness of the Registration Statement. 

(b) Failure to Go Effective. If the Registration Statement required by Section 2.01(a) is not declared effective within 180
days after the Closing Date, then each Holder shall be entitled to a payment (with respect to the Transaction Units of each such Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period,
that shall accrue daily, for the first 60 days following the 180th day, increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period, that shall accrue daily, for each subsequent 60 days (i.e., 0.5% for 61-120 days
following the 180th day, 0.75% for 121-180 days following the 180th day, and 1.0% thereafter), up to a maximum of 1.00% of the Liquidated
Damages Multiplier per 30-day period (the “Liquidated Damages”). The Liquidated Damages payable pursuant to the immediately preceding sentence shall be payable within ten (10) Business Days after the end of each such 30-day
period. Any Liquidated Damages shall be paid to each Holder in immediately available funds; provided, however, if the Partnership certifies that it is unable to pay Liquidated Damages in cash because such payment would result in a breach
under a credit facility or other debt instrument, then the Partnership may pay the Liquidated Damages in kind in the form of the issuance of additional Common Units. Upon any 

  
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issuance of Common Units as Liquidated Damages, the Partnership shall promptly (i) prepare and file an amendment to the Registration Statement prior to its effectiveness adding such Common
Units to such Registration Statement as additional Registrable Securities and (ii) prepare and file a supplemental listing application with the NYSE (or such other market on which the Registrable Securities are then listed and traded) to list
such additional Common Units. The determination of the number of Common Units to be issued as Liquidated Damages shall be equal to the amount of Liquidated Damages divided by the volume-weighted average price of the Common Units on the NYSE (or such
other market on which the Registrable Securities are then listed and traded) over the consecutive ten (10) trading day period ending on the close of trading on the trading day immediately preceding the date on which the Liquidated Damages
payment is due. The accrual of Liquidated Damages to a Holder shall cease at the earlier of (i) the Registration Statement becoming effective or (ii) when such Holder no longer holds Registrable Securities, and any payment of Liquidated
Damages shall be prorated for any period of less than 30 days in which the payment of Liquidated Damages ceases. 
 Section 2.02
Piggyback Rights. 
 (a) Participation. If the Partnership proposes to file (i) a shelf registration statement other than
the Registration Statement contemplated by Section 2.01(a), (ii) a prospectus supplement to an effective shelf registration statement, other than the Registration Statement contemplated by Section 2.01(a) and Holders may
be included without the filing of a post-effective amendment thereto or (iii) a registration statement, other than a shelf registration statement, in each case, for the sale of Common Units in an Underwritten Offering for its own account and/or
another Person, then as soon as practicable following the engagement of counsel by the Partnership to prepare the documents to be used in connection with an Underwritten Offering, the Partnership shall give notice (including, but not limited to,
notification by electronic mail) of such proposed Underwritten Offering to each Holder (together with its Affiliates) holding at least $1.0 million of the then-outstanding Registrable Securities (based on the Issue Price) and such notice shall offer
such Holders the opportunity to include in such Underwritten Offering such number of Registrable Securities (the “Included Registrable Securities”) as each such Holder may request in writing; provided, however, that if the
Partnership has been advised by the Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Common Units in the Underwritten
Offering, then (A) if no Registrable Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter, the Partnership shall not be required to offer such opportunity to the Holders or (B) if any
Registrable Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter, then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of
Section 2.02(b). Any notice required to be provided in this Section 2.02(a) to Holders shall be provided on a Business Day pursuant to Section 3.01 hereof and receipt of such notice shall be confirmed by the
Holder. Each such Holder shall then have two (2) Business Days (or one (1) Business Day in connection with any overnight or bought Underwritten Offering) after notice has been delivered to request in writing the inclusion of Registrable
Securities in the Underwritten Offering. If no written request for inclusion from a Holder is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving
written notice of its intention to undertake an Underwritten Offering and prior to the closing of such 

  
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Underwritten Offering, the Partnership shall determine for any reason not to undertake or to delay such Underwritten Offering, the Partnership may, at its election, give written notice of such
determination to the Selling Holders, and (x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated
Underwritten Offering and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any
Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Partnership of such withdrawal at or
prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Partnership requesting that such Holder not receive notice from the Partnership of any proposed
Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing (which Opt-Out Notice shall be effective as to an Underwritten Offering provided the Partnership received such Opt-Out
Notice at least ten (10) Business Days prior to the day of pricing of such Underwritten Offering (or two (2) Business Days prior to the day of pricing in the case of an overnight or bought Underwritten Offering). Following receipt of an
Opt-Out Notice from a Holder (unless subsequently revoked), the Partnership shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in
Underwritten Offerings by the Partnership pursuant to this Section 2.02(a). 
 (b) Priority. If the Managing
Underwriter of any proposed Underwritten Offering advises the Partnership that the total amount of Registrable Securities that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such
offering without being likely to have an adverse effect on the price, timing or distribution of the Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number
of Registrable Securities that such Managing Underwriter advises the Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, to the Partnership and (ii) second, pro rata among the Selling
Holders who have requested participation in such Underwritten Offering and any other holder of securities of the Partnership having rights of registration that are neither expressly senior nor subordinated to the Registrable Securities (the
“Parity Securities”). The pro rata allocations for each Selling Holder who has requested participation in such Underwritten Offering shall be the product of (a) the aggregate number of Registrable Securities proposed to be sold
in such Underwritten Offering multiplied by (b) the fraction derived by dividing (x) the number of Registrable Securities owned on the Closing Date by such Selling Holder by (y) the aggregate number of Registrable Securities owned on
the Closing Date by all Selling Holders plus the aggregate number of Parity Securities owned on the Closing Date by all holders of Parity Securities that are participating in the Underwritten Offering. 

(c) Termination of Piggyback Registration Rights. Each Holder’s rights under Section 2.02 shall terminate upon such
Holder (together with its Affiliates) ceasing to hold at least $1.0 million of Registrable Securities (based on the Issue Price). 

  
 - 6 - 

 Section 2.03 Delay Rights. 

(a) Notwithstanding anything to the contrary contained herein, the Partnership may, upon written notice to any Selling Holder whose Registrable
Securities are included in the Registration Statement or other registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus which is a part of the Registration Statement or other registration
statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made sales of
Registrable Securities) if (i) the Partnership is pursuing an acquisition, merger, reorganization, disposition, financing or other similar transaction or other corporate transaction and the Partnership determines in good faith that the
Partnership’s ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in the Registration Statement or other registration statement or (ii) the Partnership
has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Partnership, would materially adversely affect the Partnership; provided, however, in no event shall the
Selling Holders be suspended from selling Registrable Securities pursuant to the Registration Statement or other registration statement for a period that exceeds an aggregate of 60 days in any 180-day period or 105 days in any 365-day period, in
each case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon disclosure of such information or the termination of the condition described above, the Partnership shall
provide prompt notice to the Selling Holders whose Registrable Securities are included in the Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit
registered sales of Registrable Securities as contemplated in this Agreement. 
 (b) If (i) the Selling Holders shall be
prohibited from selling their Registrable Securities under the Registration Statement or other registration statement contemplated by this Agreement as a result of a suspension pursuant to the immediately preceding paragraph in excess of the periods
permitted therein or (ii) the Registration Statement or other registration statement contemplated by this Agreement is filed and declared effective but, during the Effectiveness Period, shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded within 30 days by a post-effective amendment thereto, a supplement to the prospectus or a report filed with the SEC pursuant to Section 13(a), 13(c), 14 or l5(d) of the Exchange Act, then,
until the suspension is lifted or a post-effective amendment, supplement or report is filed with the SEC, but not including any day on which a suspension is lifted or such amendment, supplement or report is filed and declared effective, if
applicable, the Partnership shall pay the Selling Holders an amount equal to the Liquidated Damages, following the earlier of (x) the date on which the suspension period exceeded the permitted period and (y) the thirty-first
(31st) day after the Registration Statement or other registration statement contemplated by this Agreement ceased to be effective or failed to be useable for its intended purposes, as liquidated damages and not as a penalty (for purposes of
calculating Liquidated Damages, the date in (x) or (y) above shall be deemed the “90th day,” as used in the definition of Liquidated Damages). For purposes of this paragraph, a suspension shall be deemed lifted on the date that
notice that the suspension has been terminated is delivered to the Selling Holders. Liquidated Damages shall cease to accrue pursuant to this paragraph upon the Registrable Securities of such Holder becoming eligible for resale without restriction
and without the need for current public information under any section of Rule 144 (or any similar provision then in effect) under the 

  
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Securities Act, assuming that such Holder is not an Affiliate of the Partnership, and any payment of Liquidated Damages shall be prorated for any period of less than 30 days in which the payment
of Liquidated Damages ceases. 
 Section 2.04 Underwritten Offerings. 

(a) General Procedures. In connection with any Underwritten Offering under this Agreement, the Partnership shall be entitled to select
the Managing Underwriter. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates, each Selling Holder and the Partnership shall be obligated to enter into an underwriting agreement that
contains such representations and warranties, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten
Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required
under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, the Partnership to and for the benefit of such
underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also be conditions precedent to its obligations. No
Selling Holder shall be required to make any representations or warranties to or agreements with the Partnership or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its authority to enter into such
underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other representation required by Law; provided, however, that if the Selling Holder is
requested or required to make such representations, warranties or agreements that are not acceptable to such Selling Holder, such Selling Holder shall have the right to withdraw from such underwritten offering as provided herein. If any Selling
Holder disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal must be made up to and including
the time of pricing of such Underwritten Offering. No such withdrawal shall affect the Partnership’s obligation to pay Registration Expenses. The Partnership’s management may but shall not be required to participate in a roadshow or
similar marketing effort in connection with any Underwritten Offering. 
 (b) No Demand Rights. Notwithstanding any other provision
of this Agreement, no Holder shall be entitled to any “demand” rights or similar rights that would require the Partnership to effect an Underwritten Offering solely on behalf of the Holders. 

Section 2.05 Sale Procedures. In connection with its obligations under this Article II, the Partnership will, as promptly
as reasonably practicable: 
 (a) prepare and file with the SEC such amendments and supplements to the Registration Statement and the
prospectus or prospectus supplement used in connection therewith as may be necessary to keep the Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities covered by the Registration Statement; 

  
 - 8 - 

 (b) if a prospectus or prospectus supplement will be used in connection with the marketing of an
Underwritten Offering from the Registration Statement and the Managing Underwriter notifies the Partnership in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information in such prospectus or prospectus
supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, the Partnership shall use its commercially reasonable efforts to include such information in such prospectus or prospectus supplement;

 (c) furnish to each applicable Holder (i) as far in advance as reasonably practicable before filing the Registration Statement or
any other registration statement contemplated by this Agreement or any amendment or supplement thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated
by reference therein to the extent then required by the rules and regulations of the SEC) and provide each such Holder the opportunity to object to any information pertaining to such Holder and its plan of distribution that is contained therein and
make the corrections reasonably requested by such Holder with respect to such information prior to filing the Registration Statement or such other registration statement or amendment or supplement thereto and (ii) such number of copies of the
Registration Statement or such other registration statement and the prospectus or prospectus supplement included therein and any amendments and supplements thereto as such Holder may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 
 (d) if applicable, use
its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such
jurisdictions as the applicable Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided, however, that the Partnership will not be required to qualify generally to transact
business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service of process in any jurisdiction where it is not then so subject; 

(e) promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the
Securities Act, of (i) the filing of the Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement
thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any written comments from the SEC with respect to
any filing referred to in clause (i) and any written request by the SEC for amendments or supplements to the Registration Statement or any other registration statement or any prospectus or prospectus supplement thereto; 

  
 - 9 - 

 (f) immediately notify each Selling Holder of (i) the happening of any event as a result of
which the prospectus or prospectus supplement contained in the Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus or prospectus supplement contained therein, in the light of the circumstances under which a statement is made);
(ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for
that purpose; or (iii) the receipt by the Partnership of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following
the provision of such notice, the Partnership agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take such other commercially
reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 
 (g) upon request and
subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having
jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable Securities; 
 (h) in the case
of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for the Partnership dated the date of the closing under the underwriting agreement and (ii) comfort letter(s) dated the pricing date of such Underwritten Offering
and letter(s) of like kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Partnership’s financial statements included or incorporated by
reference into the applicable registration statement, and each of the opinion and the comfort letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Partnership and such other
matters as such underwriters and Selling Holders may reasonably request; 
 (i) otherwise use its commercially reasonable efforts to comply
with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder; 
 (j) make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to
such information and Partnership personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided, that the Partnership need not disclose any non-public information
to any such representative unless and until such representative has entered into a confidentiality agreement with the Partnership; 

  
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 (k) cause all Registrable Securities registered pursuant to this Agreement to be listed on each
securities exchange or nationally recognized quotation system on which similar securities issued by the Partnership are then listed; 
 (l)
use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Partnership to
enable the Selling Holders to consummate the disposition of such Registrable Securities; 
 (m) provide a transfer agent for all Registrable
Securities covered by such registration statement not later than the effective date of such registration statement; 
 (n) enter into
customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities; and 

(o) if requested by a Selling Holder, (i) incorporate in a prospectus or prospectus supplement or post-effective amendment to the
Registration Statement or any other registration statement contemplated by this Agreement such information as such applicable Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities,
including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering and (ii) make
all required filings of such prospectus or prospectus supplement or post-effective amendment to the Registration Statement or any other registration statement contemplated by this Agreement after being notified of the matters to be incorporated in
such prospectus or prospectus supplement or post-effective amendment. 
 The Partnership will not name a Holder as an underwriter as defined
in Section 2(a)(11) of the Securities Act in any registration statement without such Holder’s consent. If the staff of the SEC requires the Partnership to name any Holder as an underwriter as defined in Section 2(a)(11) of the
Securities Act, and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on the Registration Statement, such Holder shall no longer be entitled to receive Liquidated Damages under this Agreement
with respect thereto and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder. 

Each applicable Holder, upon receipt of notice from the Partnership of the happening of any event of the kind described in subsection
(f) of this Section 2.05, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Holder’s receipt of the copies of the supplemented or amended
prospectus or prospectus supplement contemplated by subsection (f) of this Section 2.05 or until it is advised in writing by the Partnership that the use of the prospectus or prospectus supplement may be resumed and has
received copies of any additional or supplemental filings incorporated by 

  
 - 11 - 

 
reference in the prospectus or prospectus supplement, and, if so directed by the Partnership, such Holder will, or will request the Managing Underwriter, if any, to deliver to the Partnership all
copies in their possession or control of the prospectus or prospectus supplement covering such Registrable Securities current at the time of receipt of such notice. 

Section 2.06 Cooperation by Holders. The Partnership shall have no obligation to include Registrable Securities of a Holder in the
Registration Statement or any other registration statement contemplated by this Agreement or in an Underwritten Offering pursuant to Section 2.02(a) who has failed to timely furnish such information that the Partnership determines, after
consultation with counsel, is reasonably required in order for such registration statement or prospectus or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.07 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder agrees with the Partnership, if
requested by the underwriters, to enter into a customary lock up agreement with underwriters of an Underwritten Offering providing such Holder will not effect any public sale or distribution of Registrable Securities during the 90 calendar day
period beginning on the date of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of any Underwritten Offering, provided that (a) the duration of the foregoing restrictions shall be no longer than the duration
of the shortest restriction generally imposed by the underwriters on the Partnership or the officers, directors or any other Affiliate of the Partnership on whom a restriction is imposed and (b) the restrictions set forth in this
Section 2.07 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder. In addition, this Section 2.07 shall not apply to any Holder that is not entitled to participate in
such Underwritten Offering, whether because such Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten Offering or because such Holder holds less than $1.0 million of the then-outstanding Registrable Securities. 

Section 2.08 Expenses. The Partnership will pay all reasonable Registration Expenses as determined in good faith, including, in
the case of an Underwritten Offering, whether or not any sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities
hereunder. In addition, except as otherwise provided in Section 2.09 hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

Section 2.09 Indemnification. 

(a) By the Partnership. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this
Agreement, the Partnership will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act
and the Exchange Act, and its directors, officers, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees
and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are 

  
 - 12 - 

 
based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus or prospectus supplement, in light of the circumstances under which such statement
is made) contained in the Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or prospectus supplement contained
therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
prospectus or prospectus supplement, in light of the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Loss or actions or proceedings; provided, however, that the Partnership will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically for use in the Registration Statement or such other registration
statement contemplated by this Agreement, preliminary prospectus or prospectus supplement, free writing prospectus, final prospectus or prospectus supplement contained therein, or any amendment or supplement thereof. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person and shall survive the transfer of such securities by such Selling Holder. 

(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Partnership, the
General Partner, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the same
extent as the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in the Registration
Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or prospectus supplement contained therein, or any amendment or supplement
thereof; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable
Securities giving rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of
the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying
party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement
thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.09 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense 

  
 - 13 - 

 
thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the
defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that
there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the
interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of
such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought
against any indemnified party with respect to which such indemnified party is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a
complete and unconditional release from all liability of, the indemnified party. 
 (d) Contribution. If the indemnification
provided for in this Section 2.09 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on
the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such
Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The
relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who is not guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this
Section 2.09 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

  
 - 14 - 

 Section 2.10 Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to the public without registration, the Partnership agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Partnership available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the date hereof; 
 (b) file with the SEC in a timely manner all reports and other documents
required of the Partnership under the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns any
Registrable Securities, furnish, unless otherwise available via EDGAR, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Partnership, and such other reports and documents so filed as such Holder may
reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration. 

Section 2.11 Transfer or Assignment of Registration Rights. The rights to cause the Partnership to register Registrable Securities
granted to the Initial Holders by the Partnership under this Article II may be transferred or assigned by any Initial Holder to one or more transferees or assignees of Registrable Securities; provided, however, that (a) unless the
transferee or assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of, such Initial Holder, the amount of Registrable Securities transferred or assigned to such transferee or assignee shall represent at
least $1.0 million of Registrable Securities (based on the Issue Price), (b) the Partnership is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the
securities with respect to which such registration rights are being transferred or assigned and (c) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such Initial Holder under this
Agreement. 
 Section 2.12 Limitation on Subsequent Registration Rights. From and after the date hereof, the Partnership shall
not, without the prior written consent of the Holders of a majority of the Registrable Securities, enter into any agreement with any current or future holder of any securities of the Partnership that would allow such current or future holder to
require the Partnership to include securities in any registration statement filed by the Partnership on a basis other than pari passu with, or expressly subordinate to the rights of, the Holders of Registrable Securities hereunder. 

  
 - 15 - 

 ARTICLE 3 

MISCELLANEOUS 

Section 3.01 Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by
facsimile, electronic mail, courier service or personal delivery: 
 (a) if to an Initial Holder: 

 

			
	 if to UET:
		 Kenneth B. Thomson
 General Counsel

United Energy Trading, LLC
 225 Union Boulevard, Suite 200

Lakewood, Colorado 80228
 Phone: 303.991.0984

Facsimile: 303.991.0988
 Email:
kthomson@uetllc.com

		
	 With a copy to:
		 Patrick E. Groomes
 Norton Rose Fulbright US
LLP
 801 Pennsylvania Avenue, NW,
 Washington, D.C.
20004-2623,
 Phone: 202.662.4556
 Facsimile: 202.662.4643

Email: pgroomes@fulbright.com

		
	 and
		
		
	 if to Hawkeye:
		 Robert Williams
 Hawkeye Midstream, LLC

10189 Bluffmont Drive
 Lone Tree, CO 80124

Phone: 303.884.8876
 Facsimile: 303.799.1911

Email: bob.williams@hawkeyeenergyllc.com

 (b) if to a transferee of an Initial Holder, to such Holder at the address provided pursuant to
Section 2.11 above; and 
 (c) if to the Partnership: 

Arc Logistics Partners LP 
 725
Fifth Avenue 
 19th Floor 

New York, NY 10022 
 Attention:
Steven Schnitzer 
 Facsimile: 212.993.1299 

Email: sschnitzer@arcxlp.com 

  
 - 16 - 

 with a copy to: 

Vinson & Elkins L.L.P. 

666 Fifth Avenue 
 26th Floor 
 New York, NY 10103 

Attention: Brenda Lenahan 

Facsimile: 917.849.5360 
 Email:
blenahan@velaw.com 
 All such notices and communications shall be deemed to have been received at the time delivered by hand, if personally
delivered; when sent by confirmed facsimile or electronic mail if sent during normal business hours, but if not, then on the next Business Day; and when actually received, if sent by courier service or any other means. 

Section 3.02 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03
Transfers and Assignment of Rights. All or any portion of the rights and obligations of any Initial Holder under this Agreement may be transferred or assigned by such Initial Holder only in accordance with Section 2.11 hereof.

 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Registrable Securities. The provisions of this Agreement shall
apply to the full extent set forth herein with respect to any and all securities of the Partnership or any successor or assign of the Partnership (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in
exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, splits, recapitalizations, pro rata distributions and the like occurring after the date of this Agreement. 

Section 3.05 Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of
one another shall be aggregated together for the purpose of determining the availability of any rights and applicability of any obligations under this Agreement. 

Section 3.06 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if not
impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent
jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to
grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. 

Section 3.07 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. 

  
 - 17 - 

 Section 3.08 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
 Section 3.09 Governing Law. THIS
AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.10
Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 

Section 3.11 Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to
be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein with respect to the rights granted by the Partnership set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

Section 3.12 Amendment. This Agreement may be amended only by means of a written amendment signed by the Partnership and
the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

Section 3.13 No Presumption. If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no
presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.14 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that no
Person other than the Initial Holders (and their permitted transferees and assignees) and the Partnership shall have any obligation hereunder and that, notwithstanding that one or more of the Initial Holders may be a corporation, partnership or
limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the Initial Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing,
whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be
incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Initial Holders or any former, current or future director, officer, employee, agent,
general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Initial Holders 

  
 - 18 - 

 
under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except
in each case for any transferee or assignee of an Initial Holder hereunder. 
 Section 3.15 Independent Nature of Initial
Holder’s Obligations. The obligations of each Initial Holder (and their permitted transferees and assignees) under this Agreement are several and not joint with the obligations of any other Initial Holder, and no Initial Holder shall be
responsible in any way for the performance of the obligations of any other Initial Holder under this Agreement. Nothing contained herein, and no action taken by any Initial Holder pursuant thereto, shall be deemed to constitute the Initial Holders
as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Initial Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Agreement. Each Initial Holder shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Initial Holder to be joined
as an additional party in any proceeding for such purpose. 
 Section 3.16 Interpretation. All references to
“Articles” and “Sections” shall be deemed references to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and
agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any determination, consent or
approval is to be made or given by a Holder under this Agreement, such action shall be in such Holder’s sole discretion unless otherwise specified. 

[Signature pages to follow] 

  
 - 19 - 

 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date first
above written. 
  

			
	ARC LOGISTICS PARTNERS LP
		
	By:		 ARC LOGISTICS GP LLC
 its General
Partner

		
	By:		 /s/ Bradley K. Oswald

	Name:		Bradley K. Oswald
	Title:		Chief Financial Officer

  
 Signature Page to
Registration Rights Agreement 

 
			
	UNITED ENERGY TRADING, LLC
		
	By:		 /s/ Thomas Williams

	Name:		Thomas Williams
	Title:		President

  
 Signature Page to
Registration Rights Agreement 

 
			
	HAWKEYE MIDSTREAM, LLC
		
	By:		 /s/ Robert Claude Williams

	Name:		Robert Claude Williams
	Title:		Sole Member

  
 Signature Page to
Registration Rights Agreement

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