Document:

Exhibit

Exhibit 10.1

LOAN FACILITY AGREEMENT

This loan facility agreement (this “Agreement”) is dated August 1, 2018

BETWEEN

		
	(1)
	Shell Midstream Partners, L.P., a company incorporated under the laws of the State of Delaware in the United States of America with its registered office-at Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, USA (the "Borrower''); and

		
	(2)
	Shell Treasury Center (West) Inc., a company incorporated under the laws of the State of Delaware in the United States of America with its registered office-at Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, USA (the "Lender'').

It is agreed as follows:

		
	1.
	DEFINITIONS

In this Agreement:

"Advance" means a loan in US Dollars made or to be made under this Agreement or the principal amount in US Dollars outstanding for the time being of that loan.

"Agreement" has the meaning given it in the preamble above, as amended, novated, supplemented, extended or restated from time to time.

"Business Day" means a day on which banks in New York are open for the transaction of the business contemplated by this Agreement.

"Commitment" means six hundred million US Dollars (USD 600,000,000), to the extent not cancelled or reduced by the Lender under this Agreement.

"Commitment Period" means the period from the Effective Date up to and including August 31, 2018.

"Disbursement Date" means the day on which an Advance is made or to be made under this Agreement.

"Disruption Event" means either or both of:

		
	(a)
	A material disruption to those payment or communication systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Advance (or otherwise in order for the transactions contemplated by this Agreement to be carried out) which disruption is not caused by, and is beyond the control of, either of the Parties; or

		
	(b)
	The occurrence of any other event which results in a disruption of a technical or systems-related nature to the treasury or payments operations of a Party preventing either Party:

		
	(i)
	from performing its payment obligations under this Agreement; or 

		
	(ii)
	from communicating with other Parties in accordance with the terms of this Agreement, and

which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"Effective Date" means the date of this Agreement above.

"Event of Default" means any event or circumstance specified as such in Clause 9.

"Final Repayment Date'' means July 31, 2025 or if that is not a Business Day, the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

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''Financial Indebtedness'' means any indebtedness for or in respect of:

		
	(a)
	moneys borrowed;

		
	(b)
	any amount raised by acceptance under any acceptance credit facility;

		
	(c)
	any amount raised pursuant to any note purchase facility or the issuance of bonds, notes debentures, loan stock or any similar instrument;

		
	(d)
	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with generally accepted accounting principles in the United States of America, be treated as a finance or capital lease;

		
	(e)
	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

		
	(f)
	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; or

		
	(g)
	the amount of any liability in respect of any guarantee or indemnity for any items referred to in paragraphs (a) to (f) above.

"Fixed Interest Rate" means 4.06% (four and six one-hundreths percent) per annum.

"Group Company" means and includes Royal Dutch Shell plc and any entity (other than the Lender) which Royal Dutch Shell plc from time to time directly or indirectly controls.  For this purpose:

		
	(a)
	an entity directly controls another entity if it has the direct power to direct or cause the direction of the management and policies of such other entity, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and

		
	(b)
	an entity indirectly controls another entity if a series of entities can be specified, beginning with the first entity and ending with the other entity, so related that each entity of the series (except the ultimate controlling entity) is directly controlled by one or more of the entities earlier in the series. 

"Increased Cost" means:

(a)    an additional or increased cost;

		
	(b)
	a reduction in the rate of return under this Agreement or on the Lender's overall capital; or

		
	(c)
	a reduction of an amount due and payable under this Agreement, which is incurred by the Lender but only to the extent attributable to the Lender having entered into this Agreement or funding or performing its obligations under this Agreement.

"Interest Payment Date" means, in relation to each Advance the twenty-fifth (25th) day of April, July, October and January in each year or, if that is not a Business Day, the next Business Day in that calendar month (if there Is one) or the preceding Business Day (if there Is not), and the relevant Repayment Date.

"Interest Period" means each period by reference to which interest is calculated and payable in respect of an Advance, as determined in accordance with Clause 3.3.

"Issuance Fee" shall have the meaning set forth in Clause 4.

"Repayment Date" means, in relation to an Advance, the repayment date for that Advance:

		
	(a)
	specified by the Borrower in the notice referred to under Clause 2.1 or if that is not a Business Day, the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not), and which shall be a date on or before the Final Repayment Date; or

		
	(b)
	If not specified by the Borrower in the notice referred to under Clause 2.1, the Final Repayment Date.

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"Tax Payment" has the meaning given to that term in Clause 7.4.

"Virtual Treasurer Loans Advisor" means the secure electronic information storage and communications system used by the Lender and the Borrower through which requests for Advances may be made.

		
	2.
	DRAWDOWNS

		
	2.1
	Subject to the terms of this Agreement, the Borrower shall be entitled during the Commitment Period to borrow Advances up to an aggregate amount not exceeding the Commitment provided that the Borrower has requested the relevant Advance by not less than two (2) Business Days' written  notice to the Lender, such notice specifying the proposed Disbursement Date which shall be a Business Day, the amount of the Advance and the Repayment Date, and provided further that at the time of drawdown, no Event of Default has occurred or is, in the reasonable opinion  of the Lender, expected to occur.

		
	2.2
	A disbursement request shall be irrevocable; provided, that a disbursement request will not be regarded as having been duly completed unless (a) the proposed disbursement date is a business day within the availability period; (b) the amount of the proposed disbursement plus any prior disbursements must be an amount which is not more than the total facility commitment amount; (c) it specifies the account and bank to which the proceeds of the disbursement are to be credited.

		
	2.3
	Subject to the terms of this Agreement, the Lender shall make available to the Borrower each Advance referred to in Clause 2.1, before the close of business on the requested Disbursement Date by transferring such Advance to the bank account or by crediting such Advance to such current account with a Group Company as shall be designated by the Borrower.

		
	3.
	INTEREST

		
	3.1
	The rate of interest for each Advance for its Interest Period shall be the Fixed Interest Rate.

		
	3.2
	The Borrower shall pay interest on the Advances for each Interest Period in arrears on the Interest Payment Date.

		
	3.3
	Each Interest Period shall start on an Interest Payment Date and end on the next following Interest Payment Date except that the first Interest Period in respect of each Advance shall start on its Disbursement Date and end on the next Interest Payment Date and any Interest Period which would otherwise extend beyond the Final Repayment Date shall instead end on that date.

		
	3.4
	If Interest is paid other than on an Interest Payment Date, the Borrower shalt pay to the Lender, in addition to the Interest due, an amount equal to the amount (if any) which the Lender certifies as necessary to indemnify it against the cost of breaking funds borrowed, contracted for or utilized to finance the relevant Advance.

		
	3.5
	If the Borrower fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment. Any interest accruing under this Clause 3.5 shall be immediately payable by the Borrower on demand by the Lender. Such interest shall be compounded with the overdue amount at the end of each month, but shall remain immediately due and payable on demand by the Lender, and shall be calculated by reference to successive periods of one (1) month beginning on the due date at the aggregate annual rate of:

(a)    the applicable rate of interest prescribed under Clause 3.1: and

(b)    two (2) percent.

		
	3.6
	Interest shall accrue on a daily basis and be calculated on the basis of a three hundred and sixty (360) day year.

		
	4.
	ISSUANCE FEE

Within five (5) Business Days of the Effective Date, Borrower shall pay to Lender an issuance fee (the Issuance Fee) of one million two hundred sixty thousand United States Dollars (USD 1,260,000).

		
	5.
	REPAYMENT AND PREPAYMENT

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	5.1
	Except as provided in Clause 6, the Borrower may not repay or prepay an Advance without the written consent of the Lender, which may be given or withheld at the Lender's sole discretion. Borrower must communicate its request to repay or prepay to lender in writing at least fifteen (15) business days prior to the desired prepayment date. The request shall include the amount to be paid and desired date of repayment. If the Lender consents to a prepayment or repayment, the Borrower may pay on the date specified in the amount Borrower included in the request for prepayment or repayment including any applicable market-based fees.

		
	5.2
	Any notice of prepayment or repayment shall be irrevocable and shall require the Borrower to make the payment on the date specified unless the Lender at its sole discretion agrees otherwise in writing.

5.3    Any prepayment or repayment must be accompanied by:

		
	(a)
	accrued interest calculated in accordance with the provisions of this Agreement up to the day of prepayment or repayment on the amount prepaid or repaid; and

		
	(b)
	an amount equal to the amount which the Lender certifies as necessary to Indemnify it against the cost of breaking funds borrowed, contracted for or utilised to finance the relevant Advance.

		
	5.4
	Advances prepaid or repaid may not be re-borrowed.

		
	6.
	INCREASED COSTS AND CHANGE OF CIRCUMSTANCES

		
	6.1
	If any law,  regulation or regulatory requirement or any Judgment, order or direction of any court, tribunal or authority binding on the Lender comes into force and effect after the date of this Agreement or if compliance by the Lender with any direction, request or requirement (whether or not having the force of law) of any competent governmental or other authority comes into force and effect after the date of this Agreement the result of which is to subject the Lender to any Increased Costs then and in each such case:

		
	(a)
	the Lender may notify the Borrower in writing of such event promptly upon Its becoming aware of the same;

		
	(b)
	within thirty (30) days of a written demand the Borrower shall pay to the Lender the amount which the Lender specifies (in a certificate setting out the basis of the computation of such amount, which certificate shalt be prima facie evidence of such Increased Cost) to be required to compensate the Lender for such Increased Cost; and

		
	(c)
	the Borrower may, at any time after receipt of a notice referred to in Clause 5.1 (a), notify the Lender that it will prepay the outstanding Advances within fifteen (15) days of such notice to the Lender. The provisions of Clauses 5.2, 5.3 and 5.4 shall apply to such prepayment.  Upon receipt of such prepayment from the Borrower, the Agreement shall be terminated.

		
	6.2
	In the event a material adverse change occurs, in the opinion of the Lender, in the financial condition, results of operations or business of the Borrower, the Lender may refuse to make (further) Advances, may reduce the Commitment to zero and/or may require repayment of all or any Advances (or any part thereof) already made together with air interest accrued (if any) and all other sums that may be due or payable under the terms of this Agreement, within thirty (30) days of written demand from the Lender to the Borrower.

		
	7.
	PAYMENTS AND TAXES

		
	7.1
	All payments to be made by the Borrower hereunder shall be made without set-off or counter claim and free and clear of and without deduction for or withholding of or on account of any present or future taxes, levies or charges of whatever kind unless the Borrower is compelled by law to make payment subject to such tax, levy or charge.

		
	7.2
	If the Borrower is compelled by law to make any deduction or withholding on account of tax then the Borrower shall be permitted to make such deduction or withholding and shall ensure 

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that such deduction or withholding does not exceed the minimum legal liability therefor and shall, within sixty (60) days of effecting such deduction or withholding, forward to the Lender an official receipt or other official documentation in each case in form and substance satisfactory to the Lender certifying payment of the tax.

		
	7.3
	Subject to Clause 7.4, if the Borrower is compelled by law to make payment subject to deduction of any amounts, then the Borrower shall, if requested by the Lender, make payment to the Lender of such additional amounts as shall yield to the Lender the full amounts which would be paid to the Lender under this Agreement as if such taxes, levies or other charges were not paid, deducted or withheld.

		
	7.4
	The Lender is entitled to request payment under Clause 7.3 ("Tax Payment") only if the Lender determines that a full credit against, relief or remission for, or repayment of tax is not attributable to that Tax Payment.

		
	8.
	REPRESENTATIONS AND UNDERTAKINGS

The Borrower represents to the Lender on the date of this Agreement and on each Disbursement Date that:

		
	8.1
	it is a limited partnership, duly organised and validly existing under the laws of its jurisdiction of incorporation and it has the power to own its assets and carry on its business as it is being conducted;

		
	8.2
	it has the power to enter into and perform, and has taken any necessary action to authorise the entry into and performance of, this Agreement and transactions contemplated by this Agreement;

		
	8.3
	this Agreement is its legally binding, valid and enforceable obligation;

		
	8.4
	amounts owing to the Lender under this Agreement will rank at least pari passu with all the Borrower's other unsecured and unsubordinated obligations except for obligations mandatorily preferred by law applying to companies generally; and

8.5    no Event of Default has occurred and is continuing.

		
	9.
	DEFAULT

		
	9.1
	Each of the events or circumstances set out in this Clause 9 is an "Event of Default", and the consequence of such an Event of Default being continuing is that the Lender may refuse to make further Advances, may reduce the Commitment to zero and/or may require the immediate repayment of all or any Advances already made together with all interest accrued (if any) and all other sums that may be due or payable under the terms of this Agreement. The Borrower shall, on demand by the Lender, indemnify the Lender against any cost, loss or liability Incurred by the Lender as a result of the occurrence of an Event of Default. The Borrower shall promptly upon becoming aware of the same, notify the Lender in writing of the occurrence of an Event of Default, or an event which would with the lapse of time or giving of notice or both be an Event of Default.

		
	9.2
	The Borrower does not pay on the due date any amount payable pursuant to this Agreement at the place and in the currency in which it is expressed to be payable unless its failure to pay is caused by:

(a)    an administrative or technical error; or 

		
	(b)
	a Disruption Event, and repayment is made within two (2) Business Days of the event.

		
	9.3
	The Borrower fails to comply with any provision of, or perform any obligation under this Agreement (other than the obligations to pay referred to in Clause 9.2) except where the failure to comply or perform is, in the reasonable opinion of the Lender, capable of remedy and is remedied within ten (10) days of written notice from the Lender to the Borrower requiring such remedy.

		
	9.4
	Any governmental or other authority having jurisdiction over the Borrower institutes any action or legislation forcing the Borrower to cease all or a substantial part of its normal business, or 

5

withdraws or withholds any authorisation or consent obtained or required by the Borrower for the due performance of its business and Its obligations under this Agreement; or all or a substantial part of the business or assets of the Borrower is expropriated, nationalised, involuntarily liquidated or otherwise compulsorily withdrawn from the control of the Borrower.

		
	9.5
	The Borrower suspends payment to its creditors or generally is, or admits in writing that it is, unable to pay its debts when they fall due or commences negotiations with its creditors or makes any composition or arrangement with its creditors, or goes into liquidation whether voluntary or compulsory, or if any step is taken by any person with a view to the winding up, administration or bankruptcy of the Borrower (except for the purpose of a solvent amalgamation or reconstruction), or if it ceases or prepares to cease trading, or if any step is taken to enforce security over, or a distress, execution or other similar process is levied or served against, the whole or any part of its assets, including without limitation the appointment of a receiver, administrative receiver, administrator or similar officer or any such analogous procedure or step is taken under the applicable laws of any jurisdiction or it takes any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any of the foregoing acts.

		
	9.6
	The Borrower is not or ceases to be a Group Company.

		
	9.7
	It is or becomes unlawful for the Borrower to perform any of its obligations under this Agreement.

9.8    An event of cross default occurs:

		
	(a)
	Any Financial Indebtedness of the Borrower is not paid when due nor within any originally applicable grace period.

		
	(b)
	Any Financial Indebtedness of the Borrower is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

		
	(c)
	Any commitment for any Financial Indebtedness of the Borrower is cancelled or suspended by a creditor of the Borrower as a result of an event of default (however described).

		
	(d)
	Any creditor of the Borrower becomes entitled to declare any Financial Indebtedness of the Borrower due and payable prior to its specified maturity as a result of an event of default (however described).

		
	(e)
	No Event of Default will occur under this clause 9.8 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within clauses 9.8(a), 9.8(b), 9.8(c), or 9.8(d) above is less than one hundred million US Dollars (USD 100,000,000) (or its equivalent in any other currency or currencies).

		
	10.
	GENERAL COVENANTS

The undertakings in this Clause 10 remain in force for the date of this Agreement for so long as any amount is outstanding under this Agreement. The Borrower shall promptly:

		
	10.1
	Obtain, comply with, and do all that is necessary to maintain in full force and effect;

		
	10.2
	Supply certified copies to the Lender of any Authorization required by any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under this Agreement and to ensure the legality, validity, enforceability, or admissibility in evidence in its jurisdiction of incorporation of this Agreement;

		
	10.3
	The Borrower shall comply in all respects with all the laws to which it may be subject, if failure to so comply would impair its ability to perform its obligations under this Agreement;

		
	10.4
	The Borrower shall not create or permit to subsist any security over any of its assets other than such Security as agreed between the Lender and the Borrower; and

		
	10.5
	The Borrower shall not incur additional indebtedness either through loans, issuing bonds, debentures, loan stock or similar instrument, except for Bank Loans or Group Company loans 

6

up to six hundred million United States Dollars (USD 600,000,000) without the express written consent of the Lender.  For purposes of this clause, this restriction does not apply to other loans between the Lender and the Borrower.

		
	11.
	SET-OFF

The Lender may set-off any matured obligation due from the Borrower under this Agreement against any obligation owed by the Lender to the Borrower (whether or not arising under this Agreement, matured or contingent and irrespective of the currency, place of payment or place of booking of either obligation).  If the obligations are in different currencies, the lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

		
	12.
	COSTS AND EXPENSES

		
	12.1
	Transaction Expenses.  The Borrower shall pay any and all stamp duty, registration costs and similar duties, taxes and charges which may be payable or determined to be payable in connection with the execution, delivery, performance and enforcement of this Agreement.

		
	12.2
	Enforcement Costs.  The Borrower shall pay to the Lender the amount of all costs and expenses (including legal fees) incurred by the Lender in connection with the enforcement of, or the preservations of, any rights under this Agreement.

		
	13.
	ASSIGNMENT AND TRANSFER

		
	13.1
	The Lender may at any time assign any of its rights, transfer or novate any of its rights, benefits and obligations under this Agreement to a Group Company and the Borrower agrees to execute all necessary documents as may be reasonably required by the Lender to effect such assignment, transfer or novation.

		
	13.2
	The Borrower may not assign, transfer or novate any of its rights, benefits and obligations under this Agreement.

14.    APPLICABLE LAW AND JURISDICTION

This Agreement and any dispute or claim of whatever nature, whether contractual or non-contractual, arising out of or in connection with it is governed by the laws of the State of New York and the parties hereby submit to the non-exclusive jurisdiction of the State of New York courts.

		
	15.
	NOTICES

		
	15.1
	Any notice to be given hereunder shall be given in writing, in the English language, and only by letter or facsimile, save that requests for Advances under Clause 2.1 may be given by the Borrower to the Lender via e-mail or via the Virtual Treasurer Loans Advisor.

		
	15.2
	Any communication to be made by one party to the other hereunder shall (unless that other party has by fifteen (15) days' written notice to the other specified another address) be made to that other party at the address or facsimile number for notices set out below (or such other address or facsimile number as has been notified), but shall be effective only when received and then only if the same is expressly marked  for the attention of such department or officer specified below (or such other department or officer as the addressee shall from time to time specify in writing for this purpose).

		
	15.3
	Addresses for notices and communication to be sent under this Agreement are as follows:

7

	
			
	(a)
	to the Borrower: Address: Attention:
	

Shell Midstream Partners, L.P.
150 North Dairy Ashford, Houston, TX 77079
Treasurer 

	 
	 
	 

	(b)
	to the Lender: Address: Attention:
	

Shell Treasury Center (West) Inc. 
150 North Dairy Ashford, Houston, TX 77079
Treasurer

	 
	with a copy to:
	fsto-dealing-room@shell.com

	 
	Facsimile:
	+1 832 337 4331

		
	16.
	COUNTERPARTS

This Agreement may be executed in any number of counterparts, either in original or telecopy form, each of which shall constitute an original, and this has the same effect as if the signatures on the counterparts were on a single copy of the Agreement.

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EXECUTION

The parties have executed this Agreement as at the date written above.

	
			
	Signed for and on behalf of    
Shell Midstream Partners, L.P.
	 
	Signed for and on behalf of
Shell Treasury Center (West) Inc.

	 
	 
	 

	Name: /s/ Shawn J. Carsten

Designation: Vice President Finance

Date: July 31, 2018
	 
	Name: /s/ Jennifer Betlejewski

Designation: Treasurer

Date: July 31, 2018

	 
	 
	 

	Borrower Bank Details:    
Bank: ######## ##
Account No: ########
ABA: #########
SWIFT:  ########
	 
	Lender Bank Details:
Bank: ######## ##
Account No. ########
ABA:  #########
SWIFT: ########

9Exhibit

Exhibit 10.2

SHELL MIDSTREAM PARTNERS 
THIRD AMENDED AND RESTATED CREDIT FACILITY AGREEMENT
DATED AS OF AUGUST 1, 2018  

SHELL MIDSTREAM PARTNERS, L.P
  as the Borrower

AND

SHELL TREASURY CENTER (WEST) INC. 
as the Lender

THIS SHELL MIDSTREAM PARTNERS THIRD AMENDED AND RESTATED CREDIT FACILITY AGREEMENT (the “Third Amended and Restated Agreement”) is dated as of August 1, 2018 and made between:

		
	(1)
	SHELL MIDSTREAM PARTNERS, L.P (the "Borrower"); and

		
	(2)
	SHELL TREASURY CENTER (WEST) INC. (the "Lender").

WHEREAS:

		
	A.
	The Lender and the Borrower entered into a Working Capital Facility Agreement dated as of October 31, 2014, (the “Original Agreement”) pursuant to which the Lender agreed to make available to the Borrower a working capital facility for an amount not exceeding Three Hundred Million United States Dollars (USD $300,000,000); and

		
	B.
	The Lender and the Borrower entered into an amendment to the Original Agreement dated May 12, 2015 pursuant to which the parties agreed to increase the amount of the working capital facility to an amount not exceeding Four Hundred Million United States Dollars (USD $400,000,000) and to increase the utilization period from six months to 364 days; and

		
	C.
	The Lender and the Borrower entered into an Amended and Restated Working Capital Facility Agreement dated as of February 18, 2016 (the “First Amended and Restated Agreement”), pursuant to which the parties agreed to amend and restate the Original Agreement, as amended, to allow the Borrower to choose any utilization period up to and including the Facility Repayment Date (as defined below);

 
		
	D.
	The Lender and the Borrower entered into a Second Amended and Restated Working Capital Facility Agreement dated as of September 27, 2016 (the “Second Amended and Restated Agreement”), which increased the amount of the working capital facility to an amount not exceeding Seven Hundred Sixty Million United States Dollars (USD $760,000,000).

		
	E.
	

		
	F.
	The Lender and the Borrower desire to amend and restate the Second Amended and Restated Agreement to extend the final maturity date through July 31, 2023.

IT IS AGREED as follows:

		
	1.
	DEFINITIONS AND INTERPRETATION

		
	1.1
	Definitions

In this amended and restated working capital credit facility agreement:

"Affiliate" means, for any entity, any entity which it directly or indirectly controls, is controlled by, or is under common control with it. For this purpose "control" means the direct or indirect ownership of in aggregate fifty percent (50%) or more of the voting rights in an entity; provided that the Borrower shall not be deemed to be an Affiliate of the Lender and vice versa.

"Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"Availability Period" means the period from and including October 31, 2014, to and including the date falling one (1) Business Day before the Repayment Date.

"Available Facility" means the Commitment minus:

		
	(a)
	the amount of any outstanding Loans under the Facility; and

		
	(b)
	the amount of any proposed Loans for which a Utilisation Request has been delivered in accordance with Clause 5.

"Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in New York and either of London or Rio de Janeiro, Brazil.

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Shell Midstream Partners SHLX Credit Facility (USD Xm X 5 Years) 2nd Amended And Restated Execution.Docx

“Closing Date” means the date of this Third Amended and Restated Agreement.

"Commitment" means Seven Hundred Sixty Million United States Dollars (USD $760,000,000), to the extent not cancelled or reduced by the Lender under this Third Amended and Restated Agreement.

“Commitment Fee” has the meaning set forth in Clause 6(c).

“Commitment Fee Rate” means 19 basis points (.19%) per annum.
"Default" means an Event of Default or any event or circumstance specified in Clause 16 which would (with the expiry of a grace period, the giving of notice, the making of any determination under this Third Amended and Restated Agreement or any combination of any of the foregoing) be an Event of Default.  

"Disruption Event" means either or both of:

		
	(a)
	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Loan (or otherwise in order for the transactions contemplated by this Third Amended and Restated Agreement to be carried out) which disruption is not caused by, and is beyond the control of, either of the Parties; or 

		
	(b)
	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing either Party:

		
	(i)
	from performing its payment obligations under this Third Amended and Restated Agreement; or

		
	(ii)
	from communicating with other Parties in accordance with the terms of this Third Amended and Restated Agreement,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"Event of Default" means any event or circumstance specified as such in Clause 16.

"Facility" means the credit facility made available under this Third Amended and Restated Agreement as described in Clause 2.

“Facility Repayment Date” means July 31, 2023.

"Financial Indebtedness" means any indebtedness for or in respect of:

		
	(a)
	moneys borrowed;

		
	(b)
	any amount raised by acceptance under any acceptance credit facility;

		
	(c)
	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

		
	(d)
	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with generally accepted accounting principles in the United States of America, be treated as a finance or capital lease;

		
	(e)
	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

		
	(f)
	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; or

		
	(g)
	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (f) above.

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Shell Midstream Partners SHLX Credit Facility (USD Xm X 5 Years) 2nd Amended And Restated Execution.Docx

“Fee Payment Date” means the twenty-fifth (25th) day of April, July, October and January in each year or, if that is not a Business Day, the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not) and the Facility Repayment Date.

"First Amended and Restated Agreement" has the meaning set forth in the recitals to this Third Amended and Restated Agreement.

"Group Company" means and includes Royal Dutch Shell plc and any entity (other than the Lender) which Royal Dutch Shell plc from time to time directly or indirectly controls. For this purpose:

		
	(a)
	an entity directly controls another entity if it has the direct power to direct or cause the direction of the management and policies of such other entity, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and

		
	(b)
	an entity indirectly controls another entity if a series of entities can be specified beginning with the first entity and ending with the other entity, so related that each entity of the series (except the ultimate controlling entity) is directly controlled by one or more of the entities earlier in the series. 

"Interest Payment Date" means, in relation to each Loan and subject to Clause 20.3, any Prepayment Date and the Repayment Date. 

"Interest Period" means, in respect of each Loan, the period commencing from the Utilisation Date of that Loan and ending on the Loan Repayment Date for that Loan. 

“Issuance Fee” shall have the meaning set forth in Clause 6(b).

"LIBOR" means, in relation to any Loan:

		
	(a)
	the applicable Screen Rate; or

		
	(b)
	(if no Screen Rate is available for US Dollars for the Interest Period of that Loan) the arithmetic mean of the rates (rounded to four (4) decimal places) as supplied to the Lender at its request quoted by the Reference Banks to leading banks in the London interbank market,

as at 11 a.m. on the Quotation Day for the offering of deposits in US Dollars for a three (3) month period. 

"Loan" means each loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.

“Loan Repayment Date” means the date a Loan is scheduled to be repaid, as confirmed pursuant to Clause 5.3(c) of this Third Amended and Restated Agreement, which shall in no event be later than the Facility Repayment Date.

"Material Adverse Effect" means a material adverse effect on the ability of the Borrower to perform its payment obligations under this Third Amended and Restated Agreement.

"Month" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

		
	(a)
	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

		
	(b)
	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month.

"Original Agreement" has the meaning set forth in the recitals to this Third Amended and Restated Agreement.

"Party" means a party to this Third Amended and Restated Agreement.

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"Quotation Day" means, in relation to any period for which an interest rate is to be determined, the day which is two (2) Business Days before the first day of that period. 

"Reference Banks" means the principal London offices of HSBC plc, Citibank N.A. and BNP Paribas or such other banks as may be appointed by the Lender in consultation with the Borrower.

"Representations" means each representation made by the Borrower in Clause 14.

"Screen Rate" means the ICE Benchmark Administration’s London interbank offered rate for US Dollars for three months, displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Lender may specify another page or service displaying the appropriate rate after consultation with the Borrower, provided that Lender, with respect to any Interest Period having a duration of less than three months, may replace the applicable three-month period with a period closer to the actual duration of such shorter Interest Period.

"Second Amended and Restated Agreement" has the meaning set forth in the recitals to this Third Amended and Restated Agreement.

"Security" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

"Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

“Third Amended and Restated Agreement” means this Amended and Restated Working Capital Facility Agreement between the Lender and the Borrower.

"Unpaid Sum" means any sum due and payable but unpaid by the Borrower under this Third Amended and Restated Agreement.

"Utilisation" means a utilisation of all or part of the Commitment under this Third Amended and Restated Agreement.

"Utilisation Date" means the date of a Utilisation, being the date on which the relevant Loan is to be made.

“Utilisation Fee” has the meaning set forth in Clause 6(d). 

“Utilisation Fee Rate” means LIBOR plus 99 basis points (LIBOR + 0.99%) per annum.

"Utilisation Request" means a notice from the Borrower requesting a drawdown within Virtual Treasurer or submission by way of the applicable treasury system.

"Shell Midstream Partners, L.P" means Shell Midstream Partners, L.P registered in Delaware with registered company number 46-5223743 and registered address at The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801, USA.

		
	1.2
	Construction

(a)    Unless a contrary indication appears, any reference in this Third Amended and Restated Agreement to:

		
	(i)
	the "Lender", the "Borrower" or any "Party" shall be construed so as to include its successors in title, permitted assigns and permitted transferees;

		
	(ii)
	"assets" includes present and future properties, revenues and rights of every description;

		
	(iii)
	any other agreement or instrument is a reference to that other agreement or instrument as amended, novated, supplemented, extended or restated;

		
	(iv)
	a "person" includes any individual, firm, company, limited liability company or LLC, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal personality);

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	(v)
	a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

		
	(vi)
	a provision of law is a reference to that provision as amended or re-enacted; and

		
	(viii)
	a time of day is a reference to London time, unless otherwise specified.  

(b)    Section, Clause and Schedule headings are for ease of reference only.

		
	(c)
	A Default (other than an Event of Default) is "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been remedied or waived.

		
	2.
	THE FACILITY

 
Subject to the terms of this Third Amended and Restated Agreement, the Lender makes available to the Borrower a US Dollar working capital facility in an aggregate amount equal to the Commitment.

		
	3.
	PURPOSE

		
	3.1
	Purpose

The Borrower shall apply all amounts borrowed by it under this Third Amended and Restated Agreement for its working capital purposes. 

		
	3.2
	Monitoring

The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Third Amended and Restated Agreement.

		
	4.
	CONDITIONS OF UTILISATION

 
Conditions precedent
The Lender will only be obliged to comply with Clause 2 if on the date of the Utilisation Request and on the proposed Utilisation Date:

		
	(a)
	no Default is continuing or would result from the proposed Loan; and

		
	(b)
	the Representations to be made by the Borrower are true in all material respects. 

		
	5.
	UTILISATION

		
	5.1
	Utilisation Request

The Borrower may utilise the Facility by delivery to the Lender of a duly completed Utilisation Request not later two (2) Business Days prior to the proposed Utilisation Date and Lender shall make the Loan available in immediately available funds by close of business (New York City time) on the Utilisation Date. 

		
	5.2
	Change or Cancellation of a Utilisation Request

A Utilisation Request shall be irrevocable and will not be regarded as having been duly completed unless:

		
	(a)
	the proposed Utilisation Date is a Business Day within the Availability Period;

		
	(b)
	the amount of the proposed Loan must be an amount which is not more than the Available Facility plus the amount of any outstanding Loan that is to be repaid with all of part of the proceeds from the proposed Loan; and

		
	(c)
	it specifies the account and bank to which the proceeds of the utilisation are to be credited.

		
	5.3
	Confirmation of Terms

Promptly upon receipt of a duly completed Utilisation Request, and in no event later than two (2) Business Days after receipt of such Utilisation Request, the Lender shall make available to the Borrower, electronically or otherwise, the following information

		
	(a)
	the amount of the Loan in US Dollars;

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	(b)
	the rate of interest to be charged with respect to the Loan, as calculated under Section 8.1 of this Third Amended and Restated Agreement; and

		
	(c)
	the Loan Repayment Date.

		
	6.
	REPAYMENT AND FEES

		
	(a)
	Each Loan will be repaid in full together with any accrued and unpaid interest thereon by the Borrower on the relevant Loan Repayment Date, net of any previous prepayments made in accordance with this Third Amended and Restated Agreement.  All Loans, together with accrued and unpaid interest thereon, outstanding as of the Facility Repayment Date shall immediately become due and payable to Lender on the Facility Repayment Date. 

		
	(b)
	On the Closing Date or within five (5) Business Days of the date of the Original Agreement, Borrower shall pay to Lender an issuance fee (the “Issuance Fee”) of five hundred and ten thousand US dollars ($510,000).  In addition, (i) within five (5) Business Days of the date of the First Amended and Restated Agreement, Borrower shall pay to Lender an issuance fee relating to the additional commitment amount of one hundred seventy thousand US dollars ($170,000); and (ii) within five (5) Business Days of the date of this Second Amended and Restated Agreement, Borrower shall pay to Lender an issuance fee relating to the additional commitment amount of six hundred and twelve thousand US dollars ($612,000).  No additional issuance fee shall be paid to Lender for the Third Amended and Restated Agreement.

		
	(c)
	Borrower shall pay Lender a commitment fee (the “Commitment Fee”) for the period from and including the Closing Date to the Facility Repayment Date, computed at the Commitment Fee Rate on the average daily amount of the Available Facility during the period for which payment is made. The Commitment Fee shall be payable quarterly in arrears on each Fee Payment Date, commencing on the first of such dates to occur after the Closing Date.

  
		
	(d)
	With respect to each Loan, Borrower shall pay Lender a utilisation fee (the “Utilisation Fee”) on the average daily principal amount of the Loan, computed at the Utilisation Fee Rate; provided, however, that if any portion of the Loan remains outstanding after the relevant Loan Repayment Date, Borrower shall continue to pay the Utilisation Fee with respect to such unpaid portion of the Loan.  In any quarter in which a Utilisation is outstanding, the Utilisation Fee shall be payable quarterly in arrears on each Fee Payment Date.

		
	7.
	PREPAYMENT AND CANCELLATION

		
	7.1
	Illegality

If at any time prior to the Repayment Date, it becomes unlawful in any applicable jurisdiction for the Lender to perform any of its obligations as contemplated by this Third Amended and Restated Agreement or to fund or maintain its participation in any Loan:

		
	(a)
	the Lender shall promptly notify the Borrower upon becoming aware of that event;

		
	(b)
	the Commitment will be immediately cancelled; and

		
	(c)
	the Borrower shall prepay the Loan in full, together with all accrued interest and fees payable hereunder, on the date specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law).

		
	7.2
	Voluntary prepayment of Loans

The Borrower may prepay the whole or any part of any Loan by giving at least two (2) Business Days’ written notice to the Lender.  

		
	7.3
	Restrictions

		
	(a)
	Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Third Amended and Restated Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

		
	(b)
	Any prepayment under this Third Amended and Restated Agreement shall be made together with accrued interest on the amount prepaid and without premium or penalty.

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	(c)
	Any amounts repaid by the Borrower under this Third Amended and Restated Agreement may be re-borrowed. 

		
	(d)
	No amount of the Commitment cancelled under this Third Amended and Restated Agreement may be subsequently reinstated.

		
	7.4
	Termination of Commitment

		
	(a)
	The Borrower may at any time terminate all or any part of the Commitment; provided that the Borrower shall not terminate the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 7.2, the aggregate principal amount of the Loans would exceed the Commitment.

		
	(b)
	The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under this Section 7.4 at least two (2) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.

		
	8.
	INTEREST

		
	8.1
	Calculation of interest

The rate of interest on each Loan for each Interest Period shall be the 3 month LIBOR as of the Quotation Day relating to such Interest Period.

		
	8.2
	Payment of interest

The Borrower shall pay accrued interest on each Loan on the Repayment Date and any prepayment date. 

		
	8.3
	Default interest

		
	(a)
	If the Borrower fails to pay any amount payable by it under this Third Amended and Restated Agreement on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two per cent (2%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest Periods. Any interest accruing under this Clause 8.3 shall be immediately payable by the Borrower on demand by the Lender. 

		
	(b)
	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

.
		
	9.
	CHANGES TO THE CALCULATION OF INTEREST

		
	9.1
	Absence of quotations

Subject to Clause 9.2, if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11 a.m. on the Quotation Day, the 3 month LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.

		
	9.2
	Market disruption

		
	(a)
	In this Third Amended and Restated Agreement "Market Disruption Event" means at or about noon on the Quotation Day for the relevant Interest Period if the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Lender to determine 3 month LIBOR for US Dollars.

If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on that Loan for the Interest Period shall be the percentage rate per annum which is the rate notified to the Borrower by the Lender as soon as practicable and in any event before interest is due to be paid in respect of that Loan, to be that which expresses the latest Screen Rate available before 11 a.m. on the Quotation Day for the offering of deposits in US Dollars for a three (3) month period.

		
	10.
	INCREASED COSTS

		
	10.1
	Increased costs

		
	(a)
	Subject to Clause 10.2 the Borrower shall, within three (3) Business Days of a demand by the Lender, pay the amount of any Increased Costs incurred by the Lender or any of its Affiliates as 

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a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any applicable law or regulation or (ii) compliance with any applicable law or regulation made after the date of this Third Amended and Restated Agreement.

		
	(b)
	In this Third Amended and Restated Agreement "Increased Costs" means:

		
	(i)
	an additional or increased cost; or

		
	(ii)
	a reduction of any amount due and payable under this Third Amended and Restated Agreement,

which is incurred or suffered by the Lender or any of its Affiliates to the extent that it is attributable to the Lender having entered into the Commitment or funding or performing its obligations under this Third Amended and Restated Agreement.

		
	10.2
	Exceptions

Clause 10.1 does not apply to the extent any Increased Cost is attributable to the wilful breach by the Lender or its Affiliates of any law or regulation or to the transfer, assignment or subparticipation of this Facility in accordance with Clause 18.     

		
	11.
	TAX GROSS-UP AND INDEMNITY 

		
	11.1
	No deduction

All payments by the Borrower under this Third Amended and Restated Agreement shall be made without any deduction and free and clear of and without deduction for or on account of any Taxes, except to the extent that the Borrower is required by law to make payment subject to any Taxes.  

		
	11.2
	Indemnity

		
	(a)
	If any relevant Tax or amounts in respect of relevant Tax must be deducted from any amounts payable or paid by the Borrower to the Lender under this Third Amended and Restated Agreement, the Borrower shall pay such additional amounts as may be necessary to ensure that the Lender receives on the due date a net amount equal to the full amount which it would have received had the payment not been made subject to the relevant Tax.

		
	(b)
	Borrower’s obligation to pay additional amounts pursuant to Clause 11.2(a) shall not apply to the extent that such additional amounts are the result of, with respect to the Lender, (i) income or franchise Taxes imposed on (or measured by) its net income by the United States of America, or by any laws of the jurisdiction in which the Lender is located, (ii) any branch profits Taxes imposed by the United States of America, (iii) any United States federal withholding Tax payable as a result of the Lender’s failure to comply with Clause 11.3, or (iv) due to the transfer, assignment or subparticipation of this Facility in accordance with Clause 18. 

		
	11.3
	Exemptions

    
If the Lender is entitled to an exemption from or reduction of withholding tax under any law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Third Amended and Restated Agreement, it shall deliver to the Borrower, prior to the first Utilisation and at such other time(s) prescribed by law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by law as will permit such payments to be made without withholding or at a reduced rate.

		
	12.
	MITIGATION BY THE LENDER

		
	12.1
	Mitigation

		
	(a)
	The Lender shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 or 10 including (but not limited to) transferring its rights and obligations under this Third Amended and Restated Agreement to another Affiliate.

		
	(b)
	Paragraph (a) above does not in any way limit the obligations of the Borrower under this Third Amended and Restated Agreement.

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	12.2
	Limitation of liability 

		
	(a)
	The Borrower shall indemnify the Lender for all costs and expenses reasonably incurred by the Lender as a result of steps taken by it under Clause 12.1.

		
	(b)
	The Lender is not obliged to take any steps under Clause 12.1 if, in its opinion (acting reasonably), to do so might be prejudicial to it.

		
	13.
	COSTS AND EXPENSES

 
The Borrower shall, within fifteen (15) Business Days of demand, pay to the Lender the amount of all loss, liability, costs and expenses (including legal fees) incurred by the Lender in connection with:

		
	(a)
	the occurrence of any Event of Default; or

		
	(b)
	the enforcement of, or the preservation of any rights under, this Third Amended and Restated Agreement.  

		
	14.
	REPRESENTATIONS

 
The Borrower makes the representations and warranties set out in this Clause 14 to the Lender on the date of this Third Amended and Restated Agreement.

		
	14.1
	Due Incorporation

The Borrower: 
		
	(a)
	is a duly formed limited partnership validly existing under the law of its jurisdiction of incorporation; and

		
	(b)
	has the power to own its assets and carry on its business as it is being conducted.

		
	14.2
	Binding obligations

The obligations expressed to be assumed by it in this Third Amended and Restated Agreement are legal, valid, binding and enforceable obligations, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

		
	14.3
	Non-conflict with other obligations

The entry into and performance by it of, and the transactions contemplated by, this Third Amended and Restated Agreement do not and will not conflict with: 

		
	(a)
	any law or regulation applicable to it;

		
	(b)
	its constitutional documents; or

		
	(c)
	any agreement or instrument binding upon it or any of its subsidiaries or any of its assets.

		
	14.4
	Power and authority

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Third Amended and Restated Agreement.

		
	14.5
	Validity and admissibility in evidence

All Authorisations required or desirable:

		
	(a)
	to enable it lawfully to enter into, exercise its rights and comply with its obligations in this Third Amended and Restated Agreement to which it is a party; and

		
	(b)
	to make this Third Amended and Restated Agreement admissible in evidence in its jurisdiction of incorporation,

have been obtained or effected and are in full force and effect.

		
	14.6
	Deduction of Tax

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Subject to receipt by the Borrower from the Lender of the documents referred to in Clause 11.3, it is not required to make any deduction for or on account of tax from any payment it may make under this Third Amended and Restated Agreement.

		
	14.7
	No filing or stamp taxes

Under the law of its jurisdiction of incorporation it is not necessary that this Third Amended and Restated Agreement be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the this Third Amended and Restated Agreement or the transactions contemplated by this Third Amended and Restated Agreement.

		
	14.8
	No Default

		
	(a)
	No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation.

		
	(b)
	No other event or circumstance is outstanding, which constitutes a default under any other agreement or instrument which is binding on it or any of its subsidiaries or to which its (or any of its subsidiaries') assets are subject which might reasonably be expected to have a Material Adverse Effect.

		
	14.9
	Pari passu ranking

Its payment obligations under this Third Amended and Restated Agreement rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. In the event that a lender is permitted to and receives Security under the terms of any other Financial Indebtedness of the Borrower, the Lender shall be secured hereunder on substantially similar terms.

		
	14.10
	No proceedings pending or threatened

No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its subsidiaries.

		
	14.11
	Authorisations

Under the laws of Delaware all authorisations required on its part in the United States of America with its entry into, performance and validity and enforceability of this Third Amended and Restated Agreement have been obtained or effected (as appropriate) and are in full force and effect. 

		
	14.12
	No Misleading Information

		
	(a)
	Any factual information provided by the Borrower to the Lender in connection with this Third Amended and Restated Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

		
	(b)
	Nothing has occurred or been omitted from the information provided to the Lender in connection with this Third Amended and Restated Agreement and no information has been given or withheld that results in the information provided being untrue or misleading in any material respect.

		
	14.13
	Compliance with Law

The Borrower has complied in all respects with all laws to which it may be subject, if failure to comply would materially impair its ability to perform its obligations under this Third Amended and Restated Agreement.

		
	14.14
	Repetition

The Representations are deemed to be made by the Borrower by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period.

		
	15.
	GENERAL COVENANTS

 
The undertakings in this Clause 15 remain in force from the date of this Third Amended and Restated Agreement for so long as any amount is outstanding under this Third Amended and Restated Agreement.

		
	15.1
	Authorisations

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The Borrower shall promptly:

		
	(a)
	obtain, comply with and do all that is necessary to maintain in full force and effect; and

		
	(b)
	supply certified copies to the Lender of, 

any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under this Third Amended and Restated Agreement and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of this Third Amended and Restated Agreement.

		
	15.2
	Compliance with laws

The Borrower shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under this Third Amended and Restated Agreement.

		
	15.3
	Negative pledge

The Borrower shall not create or permit to subsist any Security over any of its assets other than such Security as agreed between the Lender and the Borrower. 

		
	15.4
	Pari Passu Ranking

The Borrower shall procure that its payment obligations under this Third Amended and Restated Agreement do and will rank at least pari passu with all its other present and future unsecured and unsubordinated obligations, except for obligations mandatorily preferred by laws of general application. 

		
	15.5
	No additional indebtedness

The Borrower shall not incur additional indebtedness either through loans, issuing bonds, notes, debentures, loan stock or any similar instrument, except for bank loans or Group Company loans up to USD 600,000,000 without the express written consent of the Lender. For purposes of this clause, this restriction does not apply to other loans between the Lender and the Borrower.

 
		
	16.
	EVENTS OF DEFAULT

 
Each of the events or circumstances set out in this Clause 16 is an Event of Default. 

		
	16.1
	Non-payment

The Borrower does not pay on the due date any amount payable pursuant to this Third Amended and Restated Agreement at the place in which it is required to be paid unless its failure to pay is caused by:

		
	(a)
	an administrative or technical error; or

(b)    a Disruption Event,

and repayment is made within two (2) Business Days of its due date.

		
	16.2
	Breach of Covenant

If there is a material breach of any of the covenants in Clause 15, which if capable of remedy, is not remedied within ten (10) Business Days of receipt of written notice from the Lender, requiring such breach to be remedied.  

		
	16.3
	Misrepresentation

Any representation or statement made or deemed to have been made by the Borrower in this Third Amended and Restated Agreement or any other document delivered by or on behalf of the Borrower under or in connection with this Third Amended and Restated Agreement is or proves to have been materially incorrect or misleading when made or deemed to have been made.

		
	16.4
	Cross default

		
	(a)
	Any Financial Indebtedness of the Borrower is not paid when due nor within any originally applicable grace period.

		
	(b)
	Any Financial Indebtedness of the Borrower is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

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	(c)
	Any commitment for any Financial Indebtedness of the Borrower is cancelled or suspended by a creditor of the Borrower as a result of an event of default (however described).

		
	(d)
	Any creditor of the Borrower becomes entitled to declare any Financial Indebtedness of the Borrower due and payable prior to its specified maturity as a result of an event of default (however described).

		
	(e)
	No Event of Default will occur under this clause ‎16.4 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within clauses ‎16.4(a) to ‎16.4(d) above is less than one hundred million US Dollars (USD 100,000,000) (or its equivalent in any other currency or currencies).

		
	16.5
	Insolvency

		
	(a)
	The Borrower is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its Financial Indebtedness.

		
	(b)
	A moratorium is declared in respect of any Financial Indebtedness of the Borrower.

		
	16.6
	Insolvency proceedings

Any corporate action, legal proceeding, filing or other procedure or step is taken in relation to:

		
	(a)
	the suspension (provisional or otherwise) of payments, a moratorium of any Financial Indebtedness, the bankruptcy, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower or any of its assets; 

		
	(b)
	the making of a general assignment for the benefit of its creditors;

		
	(c)
	the appointment of a liquidator, receiver, administrative receiver, administrator, trustee in bankruptcy, compulsory manager or other similar officer in respect of the Borrower or any of its assets; or

		
	(d)
	enforcement of any Security over any assets of the Borrower,

or any analogous procedure or step is taken in any jurisdiction.

		
	16.7
	Creditors' process

Any expropriation, attachment, sequestration, distress or execution either before judgment or under an execution, affecting any asset or assets of the Borrower having a book value of ten million US Dollars (USD $10,000,000) or more, excluding any such action which is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted. 

		
	16.8
	Unlawfulness and Invalidity 

		
	(a)
	It is or becomes unlawful for the Borrower to perform any of its material obligations under this Third Amended and Restated Agreement. 

		
	(b)
	Any obligation(s) of the Borrower under this Third Amended and Restated Agreement is not or ceases to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lender under this Third Amended and Restated Agreement.

		
	(c)
	This Third Amended and Restated Agreement ceases to be in full force and effect or is alleged by either party to be ineffective.

		
	16.9
	Repudiation

The Borrower repudiates this Third Amended and Restated Agreement or evidences an intention to repudiate this Third Amended and Restated Agreement.

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	16.10
	Acceleration

On and at any time after the occurrence of an Event of Default which is continuing, the Lender may by notice to the Borrower:
		
	(a)
	cancel the Commitment whereupon it shall immediately be cancelled; and/or

		
	(b)
	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under this Third Amended and Restated Agreement be immediately due and payable, whereupon they shall become immediately due and payable. 

		
	17.
	TERMINATION EVENT

 
In the event the Group Companies dispose of their aggregate shareholding in the Borrower (whether held directly or indirectly), the Lender shall have the right to terminate the Facility by giving the Borrower forty-five (45) days’ prior written notice requiring repayment of all outstanding amounts by the end of that forty-five day period or as otherwise agreed between the Borrower and the Lender.

		
	18.
	CHANGES TO THE LENDER

 
The Lender may transfer, assign or sub-participate all or any part of its commitments under the Facility to a Group Company with the Borrower’s prior written consent, such consent not to be unreasonably withheld or delayed.
 
		
	19.
	CHANGES TO THE BORROWER

 
The Borrower may not assign any of its rights or transfer any of its rights or obligations under this Third Amended and Restated Agreement.

		
	20.
	PAYMENT MECHANICS

		
	20.1
	Payments to the Lender

		
	(a)
	On each date on which the Borrower is required to make a payment under this Third Amended and Restated Agreement, the Borrower shall make the same available to the Lender (unless a contrary indication appears in this Third Amended and Restated Agreement) for value on the due date at the time as specified by the Lender as being customary at the time for settlement of transactions in the place of payment.

		
	(b)
	Payment shall be made in US Dollars to such account with such bank as the Lender specifies.

		
	20.2
	No set-off by the Borrower

All payments to be made by the Borrower under this Third Amended and Restated Agreement shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

		
	20.3
	Business Days

		
	(a)
	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

		
	(b)
	During any extension of the due date for payment of any principal or Unpaid Sum under this Third Amended and Restated Agreement interest shall be payable on the principal or Unpaid Sum at the rate payable on the original due date.

		
	20.4
	Currency of account

US Dollars are the currency of account and payment for any sum due from the Borrower under this Third Amended and Restated Agreement.

		
	21.
	SET-OFF

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The Lender may set off any matured obligation due from the Borrower under this Third Amended and Restated Agreement against any matured obligation owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

		
	22.
	NOTICES

		
	22.1
	Communications in writing

Any communication to be made under or in connection with this Third Amended and Restated Agreement shall be made in writing and, unless otherwise stated, may be made by e-mail or letter.

		
	22.2
	Addresses

The address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Third Amended and Restated Agreement is:

		
	(a)
	in the case of the Borrower, that identified with its name below;

		
	(b)
	in the case of the Lender, that identified with its name below, with the FACILITY UTILISATION REQUEST also being sent electronically to the following email addresses: 

		
	i.
	gxsifstodealingroommailbox@SHELL.com;

		
	ii.
	gxsiftoexternalmarketsteam@SHELL.com; 

or any substitute address or department or officer as the Party may notify to the other Party with not less than five (5) Business Days' notice.

		
	22.3
	Delivery

Any communication or document made or delivered by one person to another under or in connection with this Third Amended and Restated Agreement will only be effective when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address and, if a particular department or officer is specified as part of its address details provided under Clause 22.2, if addressed to that department or officer.

		
	22.4
	English language

Any communication or document to be made or delivered under or in connection with this Third Amended and Restated Agreement must be in English.  

		
	23.
	CALCULATIONS AND CERTIFICATES

		
	23.1
	Accounts

In any litigation or arbitration proceedings arising out of or in connection with this Third Amended and Restated Agreement, the entries made in the accounts maintained by the Lender are prima facie evidence of the matters to which they relate.

		
	23.2
	Certificates and Determinations

Any certification or determination by the Lender of a rate or amount under this Third Amended and Restated Agreement is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

		
	23.3
	Day count convention

Any interest, commission or fee accruing under this Third Amended and Restated Agreement will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of three hundred and sixty (360) days or, in any case where the practice in the London interbank market differs, in accordance with that market practice.

		
	24.
	PARTIAL INVALIDITY

 
If, at any time, any provision of this Third Amended and Restated Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or 

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enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

		
	25.
	REMEDIES AND WAIVERS

 
No failure to exercise, nor any delay in exercising, on the part of the Lender, any right or remedy under this Third Amended and Restated Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Third Amended and Restated Agreement are cumulative and not exclusive of any rights or remedies provided by law.

		
	26.
	AMENDMENTS

 
No variation or amendment of this Third Amended and Restated Agreement or the obligations of the Borrower hereunder shall be valid unless it is in writing and signed by or on behalf of each of the Parties.  

		
	27.
	COUNTERPARTS

 
This Third Amended and Restated Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Third Amended and Restated Agreement.

		
	28.
	GOVERNING LAW 

 
This Third Amended and Restated Agreement shall be governed by the laws of the state of New York.
		
	29.
	EFFECTIVE DATE

This Third Amended and Restated Agreement shall come into effect on the date hereof upon which the Original Agreement shall be superseded. 

(Signature Page Follows)

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This Third Amended and Restated Agreement has been entered into as of the date stated at the beginning of this Third Amended and Restated Agreement.
	
	
	

Signed by

SHELL MIDSTREAM PARTNERS, L.P
C/O Shell Midstream Partners GP LLC
150 N. Dairy Ashford
Houston, Texas 77079
Facsimile: 832 337 3525
Attention: Treasurer

By: SHELL MIDSTREAM PARTNERS GP LLC
       Its General partner

By: /s/ Shawn Carsten

Name: Shawn Carsten
Title: Vice President and Chief Financial Officer

	Signed by

SHELL TREASURY CENTER (WEST) INC. 
Facsimile: +1 832 337 4331   
Attention: Treasurer   

By: /s/ Jennifer Betlejewski

Name: Jennifer Betlejewski
Title: Treasurer

 

SCHEDULE 1

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