Document:

First Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1.1 
 FIRST AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT

 THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (the “First Amendment”) is dated as of
April 19, 2011, and is made by and among PVR FINCO LLC, a Delaware limited liability company (the “Borrower”), the GUARANTORS (individually a “Guarantor” and collectively, the
“Guarantors”), the FINANCIAL INSTITUTIONS PARTY HERETO (individually a “Lender” and collectively, the “Lenders”), BANK OF AMERICA, N.A., SUNTRUST BANK, BRANCH BANKING AND TRUST COMPANY and
UNION BANK, each in its capacity as a documentation agent, and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (the “Agent”). PNC Capital Markets LLC, RBC Capital Markets and Wells Fargo
Bank, N.A. are Lead Arrangers, and RBC Capital Markets and Wells Fargo Bank, N.A. are Co-Syndication Agents under the Credit Agreement (defined below). 
 RECITALS: 
 WHEREAS, the Borrower, the Guarantors, the Lenders and the
Agent are parties to that certain Amended and Restated Credit Agreement, dated as of August 13, 2010 (the “Credit Agreement”); unless otherwise defined herein, capitalized terms used herein shall have the meanings given to them
in the Credit Agreement; 
 WHEREAS, the Borrower and the Guarantors have requested that the Lenders agree to amend the Credit
Agreement in order to (i) extend the Expiration Date, (ii) increase the Commitments to $1,000,000,000 and amend Schedule 1.1(B)-Part 1 to reflect such increase, (iii) permit an increase in Commitments of up to $200,000,000 in
accordance with Section 2.10 [Increase in Commitments], (iv) amend the Maximum Secured Leverage Ratio and (v) amend Schedule 1.1(A) Pricing Grid, all pursuant to the terms and subject to the applicable conditions set forth herein, and
the Lenders have agreed to amend the Credit Agreement as hereinafter provided. 
 NOW, THEREFORE, in consideration of the
foregoing and intending to be legally bound, and incorporating the above-defined terms herein, the parties hereto agree as follows: 
 1. Recitals. The foregoing recitals are true and correct and incorporated herein by reference. 
 2. Amendment to Credit Agreement. 
 (a) Definitions. 

(i) The definition of Expiration Date contained in Section 1.1 of the Credit Agreement is hereby amended and restated
as follows: 
 “Expiration Date shall mean, with respect to the Commitments, April 19, 2016.” 

 (ii) The definition of Restricted Subsidiary contained in Section 1.1
of the Credit Agreement is hereby amended and restated as follows: 
 “Restricted Subsidiary means (i) with
respect to the Parent, the Borrower and each of its Subsidiaries other than its Unrestricted Subsidiaries and (ii) with respect to each Loan Party, each of its Subsidiaries other than its Unrestricted Subsidiaries.” 

(b) New Definitions. The following new definitions are hereby inserted in Section 1.1 of the Credit Agreement in alphabetical
order: 
 “Begley Assets shall mean the assets acquired by certain of the Loan Parties pursuant to that certain
Asset Purchase and Sale Agreement, dated as of December 15, 2010, among Penn Virginia Operating Co., LLC, a Delaware limited liability company, as purchaser, Begley Properties, LLC, a Kentucky limited liability company, as seller and Fidelity
National Title Company, as escrow agent (except to the extent that such assets constitute Excluded Property).” 

“First Amendment Date shall mean April 19, 2011.” 

(c) Amendment to Section 2.10 [Increase in Commitments]. Section 2.10.1(iii) is hereby amended and restated as follows:

 “After giving effect to such increase, (a) the total Commitments shall not exceed $1,200,000,000 and (b) the
aggregate amount of all increases occurring after the First Amendment Date shall not exceed $200,000,000;” 
 (d)
Amendment to Section 7.1.13(ii) [Collateral and Additional Collateral; Execution and Delivery of Additional Security Documents. Section 7.1.13(ii) is hereby amended by adding the following language at the end thereof: 

“Notwithstanding the foregoing, within one hundred twenty (120) days following the First Amendment Date (which time period may
be extended by an additional thirty (30) days in the Agent’s sole discretion), each Loan Party that has acquired Begley Assets shall (a) comply with the foregoing requirements as to such Begley Assets and (b) deliver legal
opinions in form and substance reasonably satisfactory to the Agent as to the Security Documents pertaining to such Begley Assets and the other matters set forth in Section 6.1.4(b) [Opinions of Counsel].” 

(e) Amendment to Section 7.2.18 [Maximum Secured Leverage Ratio]. Section 7.2.18 is hereby amended and restated as
follows: 
 “The Loan Parties shall not permit the ratio of Consolidated Secured Indebtedness, as measured at the end of
each fiscal quarter, to Consolidated EBITDA, calculated as of the end of each fiscal quarter for the four quarters then ended, to exceed (i) 3.75 to 1.0 for the end of each fiscal quarter occurring after the Closing Date through the fiscal
quarter ended December 31, 2010 and (ii) 4.00 to 1.00 for the end of each fiscal quarter thereafter.” 

  
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 (f) Amendment to Schedule 1.1(A)-Pricing Grid. Schedule 1.1(A)-Pricing Grid to the
Credit Agreement is hereby deleted in its entirety and replaced with Schedule 1.1(A)-Pricing Grid to this First Amendment and any change in pricing shall be effective as of the First Amendment Date. 

(g) Amendment to Schedule 1.1(B)-Commitments of Lenders and Addresses for Notices. Schedule 1.1(B)-Commitments of Lenders and
Addresses for Notices to this Credit Agreement-Part 1 is hereby deleted in its entirety and replaced with Schedule 1.1(B)-Commitments of Lenders and Addresses for Notices-Part 1 to this First Amendment. 

3. Initial Borrowing/Conversion. Notwithstanding the requirement under Section 2.5 of the Credit Agreement that the Borrower
deliver a Loan Request three (3) Business Days prior to a proposed Borrowing Date with respect to the conversion to the Euro-Rate Option for any Loans, the Lenders agree that the Borrower may deliver a Loan Request two (2) Business Days
prior to the proposed Borrowing Date with respect to a Loan Request made on the First Amendment Date regarding the initial conversion of Loans to the Euro-Rate Option. 
 4. Conditions to Effectiveness. The amendments contained in Section 2 of this First Amendment shall become effective upon satisfaction of each of the following conditions being satisfied to
the satisfaction of the Agent: 
 (a) Execution and Delivery of First Amendment. The Borrower, the Guarantors, the
Lenders and the Agent shall have executed this First Amendment; each amended and restated Note and all other documentation necessary for effectiveness of this First Amendment, including amendments to Mortgages (or amendment and restatement of
Mortgages) and flood zone determinations with respect to all real property Collateral on which a structure is erected, shall have been executed and delivered all to the satisfaction of the Borrower, the Lenders and the Agent. 

(b) Organization, Authorization and Incumbency. There shall be delivered to the Agent for the benefit of each Lender a
certificate, dated the date hereof and signed by the Secretary or an Assistant Secretary of each Loan Party, certifying as appropriate as to: 
 (i) all action taken by such party in connection with this First Amendment and the other documents executed and delivered in connection herewith, together with authorizing resolutions on behalf of each of
the Loan Parties evidencing same; 
 (ii) the names of the officer or officers authorized to sign this First
Amendment and the other documents executed and delivered in connection herewith and the true signatures of such officer or officers and specifying the Authorized Officers permitted to act on behalf of the Loan Parties for purposes of the Loan
Documents and the true signatures of such officers, on which the Agent and each Lender may conclusively rely; and 

  
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 (iii) copies of its organizational documents, including its certificate of
incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation and limited liability company agreement, in each case as in effect on the date hereof, certified by the appropriate state official where such
documents are filed in a state office together with certificates from the appropriate state officials as to the continued existence and good standing of the Borrower in each state where organized or qualified to do business; provided, however, that
the Loan Parties may, in lieu of delivering copies of the foregoing organizational documents and good standing certificates, certify that the organizational documents and good standing certificates previously delivered by the Loan Parties to the
Agent remain in full force and effect and have not been modified, amended, or rescinded. 
 (c) Material Adverse Change;
Litigation. Each of the Loan Parties shall provide a certificate that represents and warrants to the Agent and the Lenders that by its execution and delivery hereof to the Agent, after giving effect to this First Amendment and the transactions
contemplated herein: 
 (i) no Material Adverse Change shall have occurred with respect to the Borrower or any of
the Loan Parties since the Closing Date of the Credit Agreement; and 
 (ii) there are no actions, suits,
investigations, litigation or governmental proceedings pending or, to the Loans Parties’ knowledge, threatened against any of the Loan Parties that could reasonably be expected to result in a Material Adverse Change or relate to any of the
transactions contemplated herein. 
 (d) Officer’s Certificate. There shall be delivered to the Agent a certificate
of the Loan Parties, dated the date hereof and signed by the Chief Executive Officer, President, Vice President or Chief Financial Officer of each Loan Party, certifying that: (i) the representations and warranties of the Borrower contained in
Article 5 of the Credit Agreement shall be true and accurate on and as of the date hereof with the same effect as though such representations and warranties had been made on and as of the date hereof (except representations and warranties which
relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), (ii) the Loan Parties shall have performed and complied with all covenants
and conditions of the Credit Agreement and this First Amendment and (iii) no Event of Default or Potential Default under the Credit Agreement shall have occurred and be continuing or shall exist. 

(e) Consents and Approvals. No consent, approval, exemption, order or authorization of, or a registration or filing with, any
Official Body or any other Person is required by any Law or any agreement in connection with the execution, delivery and carrying out of this First Amendment by any Loan Party other than such consents, approvals, exemptions, orders or authorizations
that have already been obtained. 

  
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 (f) Opinions of Counsel. 

(i) There shall be delivered to the Agent for the benefit of each Lender a written opinion of Morgan, Lewis &
Bockius LLP, special counsel for the Loan Parties (other than Immaterial Subsidiaries), dated the First Amendment Date, and in form and substance satisfactory to the Agent and its counsel as to such matters with respect to the transactions
contemplated herein as the Agent may reasonably request. 
 (ii) There shall be delivered to the Agent for the
benefit of each Lender an opinion letter from local counsel in the jurisdiction in which each amendment to Mortgage (or amendment and restatement of Mortgage) is obtained with respect to the enforceability, validity and form of the amendment to
Mortgage (or amendment and restatement of Mortgage) and any related fixture, as-extracted collateral and transmitting utility filings and such other matters as requested by Agent, all in form and substance reasonably satisfactory to the Agent.

 (g) Financial Projections. The Borrower shall have delivered projected consolidated financial statements (including
balance sheets, statements of operations and cash flows) through December 31, 2013 that are reasonably acceptable to the Lenders and the Agent. 
 (h) Fees. The Borrower shall have paid to the Agent any reasonable fees and expenses due and payable to the Agent and the Lenders and the reasonable costs and expenses of the Agent, including,
without limitation, reasonable fees of the Agent’s counsel in connection with this First Amendment and any mortgage recording fees and mortgage or recording taxes. 
 5. Miscellaneous. 
 (a) Representations and Warranties. By its
execution and delivery hereof to the Agent, each of the Loan Parties represents and warrants to the Agent and the Lenders that such Loan Party has duly authorized, executed and delivered this First Amendment. 

(b) Full Force and Effect. All provisions of the Credit Agreement remain in full force and effect on and after the date hereof
except as expressly amended hereby. The parties do not amend any provisions of the Credit Agreement except as expressly amended hereby. 
 (c) Counterparts. This First Amendment may be signed in counterparts (by facsimile transmission or otherwise) but all of such counterparts together shall constitute one and the same instrument.

 (d) Incorporation into Credit Agreement. This First Amendment shall be incorporated into the Credit Agreement by this
reference. All representations, warranties, Events of Default and covenants set forth herein shall be a part of the Credit Agreement as if originally contained therein. 
 (e) Governing Law. This First Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the laws of the State of New York without
regard to its conflict of laws principles. 

  
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 (f) Payment of Fees and Expenses. The Borrower unconditionally agrees to pay and
reimburse the Agent and save the Agent harmless against liability for the payment of all reasonable out-of-pocket costs, expenses and disbursements of the Agent, including, without limitation, the reasonable fees and expenses of counsel incurred by
the Agent in connection with the development, preparation, execution, administration, interpretation or performance of this First Amendment and all other documents or instruments to be delivered in connection herewith. 

(g) No Novation. Except as amended hereby, all of the terms and conditions of the Credit Agreement and the other Loan Documents
shall remain in full force and effect. Borrower, the Guarantors, each Lender, and the Agent acknowledge and agree that this First Amendment is not intended to constitute, nor does it constitute, a novation, interruption, suspension of continuity,
satisfaction, discharge or termination of the obligations, loans, liabilities, or indebtedness under the Credit Agreement or the other Loan Documents. 
 [SIGNATURE PAGES FOLLOW] 

  
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 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 
 IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this First Amendment as of the day and year first above written. 

 

			
	BORROWER:
	
	PVR FINCO LLC
		
	By:	 	 /s/ Robert B. Wallace

	Name:	 	Robert B. Wallace
	Title:	 	Executive Vice President and Chief Financial Officer

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

					
	 GUARANTORS:

	
	 CONNECT ENERGY SERVICES, LLC

	 CONNECT GAS GATHERING, LLC

	 CONNECT GAS PIPELINE LLC

	 CONNECT NGL PIPELINE, LLC

	 DULCET ACQUISITION LLC

	 FIELDCREST RESOURCES LLC

	 K RAIL LLC

	 KANAWHA RAIL LLC

	 LJL, LLC

	 LOADOUT LLC

	 PENN VIRGINIA OPERATING CO., LLC

	 PVR CHEROKEE GAS PROCESSING LLC

	 PVR EAST TEXAS GAS PROCESSING, LLC

	 PVR GAS PIPELINE, LLC

	 PVR GAS PROCESSING LLC

	 PVR GAS RESOURCES, LLC

	 PVR HAMLIN, LLC

	 PVR HYDROCARBONS LLC

	 PVR LAVERNE GAS PROCESSING, LLC

	 PVR MARCELLUS GAS GATHERING, LLC

	 PVR MIDSTREAM LLC

	 PVR NATURAL GAS GATHERING LLC

	 PVR NORTH TEXAS GAS GATHERING, LLC

	 PVR OKLAHOMA NATURAL GAS GATHERING LLC

	 SUNCREST RESOURCES LLC

	 TONEY FORK LLC

		
	By:	 	 /s/ Robert B. Wallace

	Name:	 	Robert B. Wallace
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	
	PENN VIRGINIA RESOURCE PARTNERS, L.P.
		
	By:	 	Penn Virginia Resource GP, LLC, its sole general partner
		
	By:	 	 /s/ Robert B. Wallace

		 	Name:	 	Robert B. Wallace
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

 [[SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	LENDERS:
	
	 PNC BANK, NATIONAL ASSOCIATION,
 individually and as Agent

		
	By:	 	 /s/ Dale A. Stein

	Name:	 	Dale A. Stein
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	BOKF, N.A. dba BANK OF OKLAHOMA
		
	By:	 	 /s/ Jason B. Webb

	Name: Jason B. Webb
	Title: Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Michael J. Mozer

	Name: Michael J. Mozer
	Title: Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	LENDERS:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Adam H. Fey

	Name:	 	Adam H. Fey
	Title:	 	Director

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	 /s/ Hugh Ferguson

	Name:	 	Hugh Ferguson
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Nancy Mak

	Name:	 	Nancy Mak
	Title:	 	Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	CITIBANK, N.A.
		
	By:	 	 /s/ Todd Mogil

	Name:	 	Todd Mogil
	Title:	 	Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	COMERICA BANK
		
	By:	 	 /s/ John S. Lesikar

	Name:	 	JOHN S. LESIKAR
	Title:	 	ASSISTANT VICE PRESIDENT

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS

		
	By:	 	 /s/ Michael Getz

	Name:	 	Michael Getz
	Title:	 	Vice President
		
	By:	 	 /s/ Erin Morrissey

	Name:	 	Erin Morrissey
	Title:	 	Director

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Stephanie Balette

	Name:	 	Stephanie Balette
	Title:	 	Authorized Officer

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	RBC BANK (USA)
		
	By:	 	 /s/ Richard Marshall

	Name:	 	Richard Marshall
	Title:	 	Market Executive – National Division

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Don J. McKinnerney

	Name:	 	Don J. McKinnerney
	Title:	 	Authorized Signatory

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	SUNTRUST BANK
		
	By:	 	 /s/ Gregory C. Magnuson

	Name:	 	Gregory C. Magnuson
	Title:	 	Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	TD BANK, N.A.
		
	By:	 	 /s/ Maria Willner

	Name:	 	Maria Willner
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	 /s/ W. Christopher Kohler

	Name:	 	W. Christopher Kohler
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	THE ROYAL BANK OF SCOTLAND PLC
		
	By:	 	 /s/ Simon Mockford

	Name:	 	Simon Mockford
	Title:	 	Managing Director

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	UBS LOAN FINANCE LLC
		
	By:	 	 /s/ Mary E. Evans

	Name:	 	Mary E. Evans
	Title:	 	Associate Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	UNION BANK, N.A.
		
	By:	 	 /s/ Richard Reeves

	Name:	 	Richard Reeves
	Title:	 	Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Tyler Fauerbach

	Name:	 	Tyler Fauerbach
	Title:	 	Vice President

 [SIGNATURE PAGE TO PVR FINCO LLC FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Jonathan R. Richardson

	Name:	 	Jonathan R. Richardson
	Title:	 	Senior Vice President

 SCHEDULE 1.1(A) 

Variable Pricing and Fees Based on Leverage Ratio 
  

																			
	 Level
	  	 Leverage Ratio
	  	Euro-Rate
Margin
(Loan)	 	 	Base Rate
Margin
(Loan)	 	 	Commitment
Fee	 	 	Applicable
Letter of
Credit Fee	 
	I	  	Less than or equal to 3.00 to 1.00	  	 	1.750	% 	 	 	0.750	% 	 	 	0.375	% 	 	 	1.750	% 
	II	  	Greater than 3.00 to 1.00 but less than or equal to 3.50 to 1.00	  	 	2.000	% 	 	 	1.000	% 	 	 	0.375	% 	 	 	2.000	% 
	III	  	Greater than 3.50 to 1.00 but less than or equal to 4.00 to 1.00	  	 	2.250	% 	 	 	1.250	% 	 	 	0.500	% 	 	 	2.250	% 
	IV	  	Greater than 4.00 to 1.00 but less than or equal to 4.50 to 1.00	  	 	2.500	% 	 	 	1.500	% 	 	 	0.500	% 	 	 	2.500	% 
	V	  	Greater than 4.50 to 1.00	  	 	2.750	% 	 	 	1.750	% 	 	 	0.500	% 	 	 	2.750	% 

 Any change in the Applicable Margin,
Applicable Commitment Fee and the Applicable Letter of Credit Fee Rate shall be based upon the financial statements and compliance certificates provided pursuant to Sections 7.3.1 [Quarterly Financial Statements] and 7.3.2 [Annual Financial
Statements] and shall become effective on the date such financial statements are due in accordance with Section 7.3.3 [Certificate of the Borrower]. 
 If, as a result of any restatement of or other adjustment to the financial statements of the Loan Parties or for any other reason, the Loan Parties or the Lenders determine that (i) the Leverage
Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be
obligated to pay to the Agent for the account of the applicable Lenders, promptly on demand by the Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Loan Party under the Bankruptcy Code of the
United States, automatically and without further action by the Agent or any Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for
such period. This paragraph shall not limit the rights of the Agent, or any Lender, as the case may be, under Section 2.9 [Letter of Credit Subfacility] or 3.3 [Interest After Default] or 8 [Default]. The Loan Parties’ obligations under
this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder. 

 SCHEDULE 1.1(B) 

Commitments of Lenders and Addresses for Notices to Lenders 
 Part 1 - Commitments of Lenders and Addresses for Notices to Lenders 
  

					
	 Lender
	  	Amount of Commitment
for Revolving Credit Loans	  	Ratable Share
	 Name:           Bank of America,
N.A.
 Address:       IL-231-10-35

                     231 S La Salle
Street
                      Chicago,
Illinois 60604
 Attention:     Adam Fey 312-828-1462

                     312-974-4970
(fax)

                     
adam.h.fey@bankofamerica.com
  
 Administrative Contact

Attention:     Kamakshi Chugh

Telephone:   (415) 436-3683 (ext. 88092)

Telecopy:     (312) 453-3761

Email:           
kamakshi.chugh@bankofamerica.com
	  	$70,000,000	  	7%
			
	 Name:           BOKF, N.A. dba Bank of
Oklahoma
 Address:       One Williams Center, 8SE

                     Tulsa, Oklahoma
74172
 Attention:     Jason B. Webb

Telephone:   (918) 588-6771

Telecopy:     (918) 588-6880

Email:           j.webb@bokf.com

 
 Administrative Contact

Attention:     Angie Walker

Telephone:   (405) 736-8941

Telecopy:     (405) 319-1078

Email:           angie.walker@bokf.com
	  	$30,000,000	  	3%
			
	 Name:           Barclays Bank
PLC
 Address:       745 7th Avenue, 26th Floor

                     New York, NY
10019
 Attention:     Michael Mozer

Telephone:   (212) 526-1456

Telecopy:     (212) 526-5115

Email:           michael.mozer@barcap.com

 
 Operations Contact

Address:       70 Hudson Street

                     Jersey City, NJ
07302
 Attention:     Adam Stewart

Telephone:   (201) 499-3220

Telecopy:     (212) 412-7401

Email:           
xrausloanops1@barclayscapital.com
	  	$25,000,000	  	2.5%

					
	 Lender
	  	Amount of Commitment
for Revolving Credit Loans	  	
Ratable Share
	 Name:           Branch Banking and Trust
Company
 Address:       233 Wyndale Road

                      Abingdon, Virginia
24210
 Attention:     Hugh Ferguson

Telephone:   (276) 739-7955

Telecopy:     (276) 739-7958

Email:           wferguson@bbandt.com

 
 Administrative Contact

Address:       233 Wyndale Road

                      Abingdon, Virginia
24210
 Attention:     Karen Yates

Telephone:   (276) 739-7950

Telecopy:     (276) 739-7958

Email:           kyates@bbandt.com
	  	$70,000,000	  	7%
			
	 Name:           Capital One,
N.A.
 Address:       201 St. Charles Ave - 29th Floor

                      New Orleans, Louisiana
70170
 Attention:     Nancy Moragas

Telephone:   (504) 533-2863

Telecopy:     (504) 533-5204

Email:           
nancy.moragas@capitalonebank.com
  
 Administrative Contact:

Address:       5718 Westheimer Road Suite 1430

                      Houston, Texas
77057
 Attention:     Norma Platt

Telephone:   (713) 435-5233

Telecopy:     (713) 435-5106

E-Mail:         norma.platt@capitalonebank.com
	  	$45,000,000	  	4.5%
			
	 Name:           Citibank,
N.A.
 Address:       2800 Post Oak Blvd.

                      Houston, TX
77056
 Attention:     Todd Mogil

Telephone:   (713) 752-5321

Telecopy:     (713) 481-0247

Email:           todd.j.mogil@citi.com

 
 Administrative Contact

Attention:     Vince Napoli

Telephone:   (302) 894-5062

Telecopy:     (212) 994-0847

Email            
GLOriginationOps@citi.com
	  	$25,000,000	  	2.5%
			
	 Name:           Comerica Bank

Address:       1717 Main Street, 4th Floor

                      Dallas, TX
75201
 Attention:     John Lesikar

Telephone:   (214) 462-4341

Telecopy:     (214) 462-4240

Email:           jlesikar@comerica.com

 
 Administrative Contact

Attention:     Antoinette Frost

Telephone:   (734) 632-4711

Telecopy:     (734) 632-2993

Email            afrost@comerica.com
	  	$50,000,000	  	5%

					
	 Lender
	  	Amount of Commitment
for Revolving Credit Loans	  	Ratable Share
	 Name:           Deutsche Bank Trust
Company Americas
 Address:       700 Louisiana Street, Suite
1500

                      Houston, Texas
77002
 Attention:     David Sisler

Telephone:   (832) 239-4627

Telecopy:     ____________________

Email:           David.Sisler@DB.com

 
 Administrative Contact

Attention:     Melissa Brennan

Telephone:   (904) 520-5449

Telecopy:     866-240-3622

Email:           Loan.Admin-NY@DB.com
	  	$25,000,000	  	2.5%
			
	 Name:           JPMorgan Chase Bank,
N.A.
 Address:       277 Park Avenue, Floor 22

                      New York, New York
10172
 Attention:     Kerri Jessani

Telephone:   (212) 622-3456

Telecopy:     (866) 743-0654

Email:           kerry.h.jessani@jpmorgan.com

 
 Loan Operations

Address:       Suite IL1-0010

                   
   131 S. Dearborn - 5th Floor

                   
   Chicago, Illinois 60603
 Attention:     Jeremy
Stank
 Telephone:   _____________

Telecopy:     (312) 385-7097

Email:           cls.chicago.non.agented.servicing@
jpmchase.com
	  	$70,000,000	  	7%
			
	 Name:           PNC Bank, National
Association
 Address:       Three PNC Plaza

                      225 Fifth
Avenue

                      P3-P3PP04-4

                      Pittsburgh,
Pennsylvania 15222
 Attention:     Richard C. Munsick

Telephone:   (412) 762-4299

Telecopy:     (412) 762-2571

 
 Administrative Contact

Address:       Firstside Center, 4th Floor

                      500 First
Avenue

                      Pittsburgh,
Pennsylvania 15219
 Attention:     Rini Davis

Telephone:   (412) 762-7638

Telecopy:     (412) 762-8672

Email:           rini.davis@pncbank.com
	  	$90,000,000	  	9%

					
	 Lender
	  	Amount of Commitment
for Revolving Credit Loans	  	Ratable Share
	 Name:              Royal
Bank of Canada
 Address:          3900 Williams
Tower

                   
     2800 Post Oak Boulevard

                   
     Houston, Texas 77056

Attention:        Don McKinnerney

Telephone:      (713) 403-5607

Telecopy:        (713) 403-5624

Email:              
don.mckinnerney@rbccm.com
  
 Operations

Address:          One Liberty Plaza, 3rd Floor

                   
     New York, New York 10006

Attention:        US Specialized Service Officer

Telephone:      (212) 952-6599

Telecopy:        (212) 428-2372

Email:              
__________________@rbccm.com
	  	$75,000,000	  	7.5%
			
	 Name:              RBC
Bank (USA)
 Address:          301 Fayetteville
Street, Suite 1100

                   
     Raleigh, North Carolina 27601

Attention:        Richard Marshall

Telephone:      (919) 788-5749

Telecopy:        (919) 788-5515

Email:              
richard.marshall@rbc.com
  
 Administrative Contact

Address:          134 N. Church Street -1st FL Spprt
Cntr

                   
     Rocky Mountain, NC 27804

Attention:        Delia Wiggins

Telephone:      (252) 454-8493

Telecopy:        (252) 454-4910

Email:              
delia.wiggins@rbc.com
	  	$15,000,000	  	1.5%
			
	
Name:              SunTrust Bank

Address:          303 Peachtree Street NE 4th Floor

                   
     Atlanta, Georgia 30308

Attention:        Greg Magnuson

Telephone:      (404) 813-0112

Telecopy:        (404) 827-6270

Email:              
greg.magnuson@suntrust.com
  
 Administrative Contact

Attention:        Stephen Huff

Telephone:      (770) 352-5159

Telecopy:        (404) 588-4453

Email:              
stephen.huff@suntrust.com
	  	$70,000,000	  	7%

					
	 Lender
	  	Amount of Commitment
for Revolving Credit Loans	  	Ratable Share
	 Name:           TD Bank, N.A.

Address:       2005 Market Street, 2nd Floor

                      Philadelphia,
Pennsylvania 19103
 Attention:     Gary R. Martz

Telephone:   215.282.2799

Telecopy:     215.282.4032

Email:           gary.martz@yesbank.com

 
 Administrative Contact

Address:       6000 Atrium Way

                      Mt. Laurel, New Jersey
08054
 Attention:     Marcella Brattan

Telephone:   (856) 533-4885

Telecopy:     (856) 533-4879

Email:           
Investor.Processing@yesbank.com
	  	$50,000,000	  	5%
			
	 Name:           The Huntington National
Bank
 Address:       41 South High Street

                      Columbus, Ohio
43215
 Attention:     Chad A. Lowe

Telephone:   614.480.5810

Telecopy:     877.274.8593

Email:           chad.lowe@huntington.com

 
 Administrative Contact

Address:       41 South High Street

                      Columbus, Ohio
43215
 Attention:     Debbie Cabungcal

Telephone:   614.480.1283

Telecopy:     614.480.2249

Email:           
debbie.cabungcal@huntington.com
	  	$25,000,000	  	2.5%
			
	 Name:           The Royal Bank of
Scotland plc
 Address:       600 Washington Boulevard

                      Stamford, CT
06901
 Attention:     Matthew Allen

Telephone:   (203) 897-3715

Telecopy:     (203) 873-3541

Email:           Matthew.Allen@rbs.com

 
 Administrative Contact

Address:       600 Washington Boulevard

                      Stamford, CT
06901
 Attention:     Janardhan Krishnappa

Telephone:   (203) 897-4431

Telecopy:     (203) 873-5019

Email:           
janardhan.krishnappa@rbs.com
	  	$45,000,000	  	4.5%
			
	 Name:           UBS Loan Finance
LLC
 Address:       677 Washington Boulevard

                      Stamford, Connecticut
06901
 Attention:     Ray Ciraco

Telephone:   (203) 719-3571

Telecopy:     (203) 719-3888

Email:           ray.ciraco@ubs.com
	  	$25,000,000	  	2.5%

					
	 Lender
	  	Amount of Commitment
for Revolving Credit Loans	  	Ratable Share
	 Name:           Union Bank

Address:       Energy Capital Services

                      445 S. Figueroa
Street, 15th Floor

                      Los Angeles,
California 90071
 Attention:     Robert Olson

Telephone:   (213) 236-7407

Telecopy:     (213) 236-4096

Email:           robert.olson@uboc.com

 
 Administrative Contact

Address:       Energy Capital Services

                      445 S. Figueroa
Street, 15th Floor

                      Los Angeles,
California 90071
 Attention:     Jonathan Bigelow

Telephone:   (213) 236-4246

Telecopy:     (213) 236-4096

Email:           jonathan.bigelow@uboc.com
	  	$70,000,000	  	7%
			
	 Name:           U.S. Bank National
Association
 Address:       950 17th Street, 8th Floor

                      DN-CO-T8E

                      Denver, Colorado
80202
 Attention:     Tyler Fauerbach

Telephone:   (303) 585-4209

Telecopy:     (303) 585-4362

Email:           tyler.fauerbach@usbank.com

 
 Administrative Contact

Address:       555 SW Oak, PD-OR-P7LS

                      Portland, OR
97208
 Attention:     Robert Getch

Telephone:   (503) 275-3113

Telecopy:     (866) 721-7062

Email:           
comples.credits.portland@usbank.com
	  	$35,000,000	  	3.5%
			
	 Name:           Wells Fargo Bank,
N.A.
 Address:        201 S. Jefferson St. 2nd Floor

                      Roanoke, Virginia
24011
 Attention:     Brenda Vaughan

Telephone:   1-540-563-7803

Telecopy:     1-540-563-6320

Email:           brenda.vaughan@wachovia.com

 
 Administrative Contact

Address:       Wholesale Loan Servicing East

Telephone:   1-866-647-7249 (opt. 4, then opt. 1)

Telecopy:     1-704-715-0099

Email:           
specializedloans@wachovia.com
	  	$90,000,000	  	9%
			
	 TOTAL
	  	$1,000,000,000	  	100%Form of Placement Agreement

 Exhibit 10.7 
 ALTERNATIVE INVESTMENT 
 PLACEMENT AGENT AGREEMENT 

This Alternative Investment Placement Agent Agreement (“Agreement”) is dated as of
                    , by BHM Discretionary Futures Fund L.P., a Delaware Limited Partnership, (the “Partnership”), Ceres Managed
Futures LLC, a Delaware limited liability company, (the “General Partner”), and Morgan Stanley Smith Barney LLC, a Delaware limited liability company (“MSSB”). 

WHEREAS, the offering and sale of interests in the Partnership (“Interests” or “Units”) in accordance with the terms
of the Partnership’s confidential private placement memorandum and disclosure document, including any supplements thereto approved by the Partnership (the “Memorandum”), the Partnership’s subscription documents (the
“Subscription Agreements”) and certain other investor materials or supplements approved for use or prepared by the Partnership, including without limitation the summary information contained in certain related marketing materials, all as
amended from time to time (collectively, the “Offering Documents”), and the Partnership’s organizational documents (as amended or supplemented from time to time, “Organizational Documents”) (collectively, “Offering
Materials”) is exempt from the registration requirements of the Securities Act of 1933, as amended (“Securities Act”), pursuant to Section 4(2) and Rule 506 of Regulation D promulgated thereunder; 

WHEREAS, the Partnership desires to retain MSSB as a placement agent; and 

WHEREAS, MSSB desires to be so retained and to assist, as placement agent, in the offer and sale of the Interests. 

NOW, THEREFORE, in consideration of the promises and the mutual agreements hereinafter contained and other good and valuable
consideration the value of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Appointment of MSSB.

 (a) MSSB is hereby appointed as a placement agent of the Partnership during the term of this Agreement for the purpose of
finding eligible investors for Interests through an offering that is exempt from registration under the Securities Act, pursuant to Section 4(2) thereof and Rule 506 of Regulation D promulgated thereunder. 

(b) Units initially will be offered at $1,000 per Unit, and thereafter are being offered on a continuous basis as of the first day of
each month at the final Net Asset Value per Unit (as defined in the Memorandum) as of the last day of the immediately preceding month. The General Partner in its sole discretion may terminate at any time the initial or continuous offering period of
one or more of the Partnership and may at any time in its sole discretion, terminate, discontinue or resume the continuing offering of any class of Units in any of the Partnership. 

 (c) Subject to the right of the General Partner to reject any subscription in whole or in
part at any time prior to acceptance, the General Partner will accept subscriptions for Units properly made and will cause proper entry to be made in the books and records of the relevant Partnership. No certificate evidencing Interests shall be
issued to any limited partner, although limited partners will receive confirmations of purchase from the General Partner in its customary form. Payment for the Interests shall be made as described in the Memorandum at such time on such date as may
be agreed to by the General Partner. Payment shall be made against issuance of the Interests in the name of the limited partners. 
 (d) Subject to the performance by the Partnership and the General Partner of their respective obligations hereunder, MSSB hereby accepts such appointment and agrees on the terms and conditions set forth
herein to find eligible investors for Interests during the term hereof and to use reasonable efforts to assist the Partnership and the General Partner in communicating with Limited Partners with respect to consent solicitations and limited partner
votes and other items requiring actions of the Limited Partners with respect to the Partnership, at the reasonable request of the General Partner. MSSB will have no obligation to offer or sell any Interests. 

(e) MSSB may, without notice to the Partnership or the General Partner, assign or delegate its rights and obligations to its affiliates,
or otherwise retain affiliates to act as sub-placement agents, in connection with the solicitation of investors and otherwise to assist MSSB in performing its obligations under this Agreement to the extent MSSB deems appropriate, subject to
compliance with applicable laws, rules or regulations; provided however, that each such sub-placement agent shall execute a sub-agent agreement substantially in the form of this Agreement. MSSB may compensate any such sub-placement agent by paying
the sub-placement agent from MSSB’s own funds. 
 2. Offering and Sale of Interests. 

(a) MSSB will deliver to each person to whom MSSB makes an offer of an Interest, the Offering Documents, as amended as of such time.

 (b) MSSB will not make any offer of Interests on the basis of any communications or documents relating to any of the
Partnership or the Interests, except the Offering Materials, any other documents supplied or prepared by the General Partner on behalf of the Partnership and delivered to MSSB by the General Partner for use in making an offer of Interests, or any
other materials expressly approved for such use by the General Partner in writing (which shall include electronic mail). Subject to Section 8(a), the Partnership and the General Partner shall provide MSSB copies of any Offering Documents a
commercially reasonable time prior to providing such Offering Documents to any Limited Partner for MSSB’s review and approval, which shall not be unreasonably withheld. 
 (c) MSSB will not use any form of “general solicitation” or “general advertising” (within the meaning of Rule 502 of Regulation D under the Securities Act) in making offers of
Interests, including any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or advertising. 

  
 - 2 -

 (d) MSSB shall, in accordance with requirements of Regulation D under the Securities Act,
reasonably believe immediately prior to making any offer or sale of Interests that any prospective investor solicited by MSSB is an “accredited investor,” as that term is defined in Rule 501(a) of Regulation D under the Securities Act, and
meets such other eligibility criteria as are set forth in the Offering Documents. The Partnership will be responsible for the timely filing with the U.S. Securities and Exchange Commission (“SEC”) of any notices required by Rule 503 of
Regulation D under the Securities Act. MSSB shall only solicit prospective investors in any jurisdiction in compliance with the marketing rules and private placement rules of such jurisdiction. 

(e) MSSB represents and warrants that it has policies and procedures reasonably designed to comply with applicable anti-money laundering
and anti-terrorist financing laws, rules and regulations. Additionally, MSSB represents and warrants that it has policies and procedures reasonably designed to ensure that it does not accept or maintain investments in the Partnership, directly or
indirectly, from a person, government, organization or entity (a) who is or becomes the subject of a sanctions programs administered by the U.S. Office of Foreign Assets Control (“OFAC”), is included in any executive order or is on
the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, or (b) whose name appears on such other lists of prohibited persons and entities as may be mandated by applicable local law or regulation. 

(f) MSSB represents to the Fund as of the date hereof that MSSB is subject to the anti-money laundering regime of the United States and
maintains anti-money laundering policies and procedures in compliance with applicable anti-money laundering legislation and regulations, as amended from time to time (the “Anti-Money Laundering Regime”). 

(g) MSSB shall be responsible for ensuring that any activities taken in connection with the sale of Interests in any jurisdiction outside
of the United States will be conducted in compliance with the private placement or other applicable offering rules of such jurisdiction; provided, however, that, the Partnership and the General Partner agree to coordinate with MSSB in
respect of determining the number of offers made to prospective investors in any particular jurisdiction and such other relevant information in respect of offerings of Interests made by any party other than MSSB, which would reasonably be deemed to
affect MSSB’s compliance with applicable offering rules. MSSB shall make no offer or sale of any Interest in any foreign jurisdiction, or to any prospective investor located in any foreign jurisdiction, where there is a prohibition on the sale
of securities such as the Interests. 
 (h) The General Partner shall be responsible for any applicable registration or
qualification of the Interests under all applicable laws, rules or regulations of the United States and the states therein. The General Partner on behalf of the Partnership acknowledges that MSSB intends to offer the Interests in each state within
the United States. The General Partner, at the Partnership’s expense, shall use reasonable efforts to register or qualify the Interests, if required, in each jurisdiction within the United States that the Interests are offered by MSSB or to
make any filings required by applicable law in each jurisdiction within the United States in which the Interests are sold by MSSB. If the Interests may not be offered in any particular jurisdiction in the United States, the Partnership and the
General Partner shall promptly notify MSSB. 

  
 - 3 -

 (i) The Partnership shall provide a reasonable quantity of copies of the Offering Materials
and such other documents as MSSB is required to provide to prospective investors under this Agreement. If any Offering Materials are amended or supplemented, the General Partner shall promptly notify MSSB, and provide copies of such amendments or
supplements in accordance with the preceding sentence. 
 (j) All subscriptions for Interests submitted by or through MSSB shall
be subject to the General Partner’s approval, in its sole discretion. The General Partner and MSSB agree that the General Partner has the ultimate responsibility to determine whether a prospective investor meets all applicable private placement
accreditation, minimum investment, and other regulatory requirements necessary to invest in the Partnership, provided, however, it is acknowledged by MSSB that the General Partner will reasonably rely upon due diligence conducted by
MSSB on each prospective investor. 
 3. Fees and Expenses.  
 (a) The Partnership shall pay MSSB an ongoing compensation fee as of the beginning of each month with respect to each prospective investor introduced by MSSB that invests in one or more of the Partnership
on a placement basis (each a “Placement Limited Partner”). The fee shall be payable monthly beginning with the first month that a Unit is issued. The fee shall be calculated by multiplying the following percentages by the Limited
Partner’s aggregate investment in the Partnership: (i)0.25% per month (3.0% annual) where the Limited Partner has an aggregate investment in the Partnership of up to $4,999,999; and (ii) 0.0625% per month (0.75% annual) where the
Limited Partner has an aggregate investment in the Partnership of $5,000,000 or more (“Placement Agent Fee”). 
 (b)
MSSB may also introduce investors on an advisory basis (each an “Advisory Limited Partner”, together with Placement Limited Partners, “Limited Partners”) whereby the Partnership shall not be obligated to pay MSSB any direct
compensation for such Advisory Limited Partners; provided MSSB may be compensated directly by such Advisory Limited Partners in relation to their investments in the Partnership. 

(c) Placement Agent may, without notice, allocate all or a portion of its fees to its affiliates and may also allocate all or a portion
of its fees to non-affiliates upon written notice of the General Partner. The Partnership and the General Partner agree that Placement Agent, including any applicable affiliate of Placement Agent, reserves the sole right to reduce or waive in whole
or in part. The General Partner agrees to instruct the Partnership to reduce or waive the Placement Agent fees described herein for any Placement Limited Partner in accordance with written instructions provided by the Placement Agent to the General
Partner. Placement Agent agrees that neither the Partnership or the General Partner shall have any additional responsibility or liability to the Placement Agent or any other party for complying with the written instructions provided by such
Placement Agent relating to this Section 3(b) beyond making payments in accordance with such written instructions. 

  
 - 4 -

 (d) If MSSB becomes aware that a Placement Limited Partner is no longer a client of MSSB, it
shall promptly inform the General Partner and if the General Partner becomes aware that a Limited Partner is no longer a client of MSSB, the General Partner shall promptly inform MSSB. Once a Limited Partner is no longer a client of MSSB, the
Partnership in which the Limited Partner is invested will no longer be obligated to pay the ongoing compensation fees attributable to such Limited Partner. Notwithstanding the foregoing, a Limited Partner may be a client of MSSB and another broker
dealer at the same time, and the fact that such Limited Partner is a client of another broker dealer may not, by itself, serve as evidence that such Limited Partner is not a client of MSSB. 

(e) The Partnership and MSSB shall each bear its own expenses in connection with the solicitation of prospective investors, including
expenses of preparing, reproducing, mailing and/or delivering offering and sales materials. 
 4. Representations, Warranties and Agreements
of the Partnership and the General Partner. The Partnership and the General Partner (for purposes of this Section 4 only, each a “Party”) severally, and not jointly, represent and warrant to MSSB and agree with MSSB as follows:

 (a) It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation or
organization, and it has full power and authority under applicable laws, rules or regulations to conduct its business as contemplated by the Offering Materials. 
 (b) The execution, delivery and performance of this Agreement has been duly authorized by all necessary action of each Party, and upon the execution and delivery hereof, this Agreement shall constitute a
valid, binding and enforceable obligation of such Party. 
 (c) The execution, delivery and performance of this Agreement, the
incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Offering Materials, including the issuance and sale of the Interests, shall not constitute a breach of or default under any
agreement or instrument by which such Party is bound, or to which any of its assets is subject, or any order, rule or regulation applicable to it of any court or any governmental body or administrative agency having jurisdiction over it. 

(d) There is not pending or, to the best knowledge of such Party, threatened any action, suit or proceeding before or by any court or
other governmental body to which such Party is a party, or to which any of its assets is subject, which might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of such
Party. Such Party has not received any notice of an investigation regarding non-compliance by such Party with applicable laws, rules or regulations. 

  
 - 5 -

 (e) The Offering Materials, as of the date hereof and at any subsequent time during the term
of this Agreement, do not and will not contain any untrue statement of a material fact, or omit to state any material fact required to be stated therein or necessary in order to make the statements contained therein, in light of the circumstances
under which they are made, not misleading. If any statement were to become untrue or if an omission of a material fact is discovered, the General Partner shall promptly supplement the Offering Materials to remove such untrue statement or to disclose
such material fact. 
 (f) At all times during which MSSB clients own(s) an Interest the General Partner shall, as soon as
commercially practical, notify and update in writing such MSSB client(s) of any material changes or developments relating to the Partnership or their Interests. 
 (g) The Interests have been duly authorized for issuance and sale, and, when issued and subscribed for in the amounts and for the consideration described in the Offering Materials, will be entitled to the
rights and subject to the restrictions and conditions contained in the Organizational Documents; no Limited Partner will be personally liable for the debts of and claims against the Partnership by the mere reason of being a limited partner; and all
necessary action required to be taken for authorization, issue and sale of the Interests has been validly and sufficiently taken. 
 (h) It is not necessary in connection with the offer, sale and delivery of the Interests in the manner contemplated by this Agreement to register the Interests under the Securities Act or, to the best
knowledge of such Party, the laws of any other jurisdiction where it is being offered. Each Party shall conduct themselves, and ensure that their respective agents conduct themselves, in a manner consistent with the exemption from registration under
Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder and, without limitation, will not use, or permit any other person to use, any form of prohibited general solicitation or general advertising in making
offers of Interests. 
 (i) Each Party acknowledges that in performing the services contemplated hereby, MSSB will be entitled
to rely upon and assume, without independent verification, the accuracy and completeness of all information that is available from public sources and all information that has been provided to it by, or on behalf of, the Partnership or the General
Partner, and that Placement Agent has no obligation to verify the accuracy or completeness of any such information and will have no liability to the Partnership, the General Partner or any third party for any information contained in the Offering
Materials. 
 (j) The representations and warranties set forth in this Agreement are continuing during the term of this
Agreement and each Party agrees to notify MSSB promptly in writing if at any time during the term of this Agreement, any such representation or warranty becomes materially inaccurate or untrue and of the facts related thereto. 

  
 - 6 -

 (k) Each Party acknowledges that MSSB enters into this Agreement in reliance on the
representations, warranties and agreements of the Partnership and the General Partner contained herein. 
 5. Representations, Warranties and
Agreements of MSSB. MSSB represents and warrants to and agrees with, the Partnership and the General Partner as follows: 

(a) MSSB is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and MSSB has
full power and authority under applicable laws, rules or regulations to engage in the activities contemplated under this Agreement. 
 (b) The execution, delivery and performance of this Agreement has been duly authorized by all necessary action of MSSB, and upon the execution and delivery hereof, this Agreement shall constitute a valid,
binding and enforceable obligation of MSSB. 
 (c) The execution, delivery and performance of this Agreement, the incurrence of
the obligations set forth herein and the consummation of the transactions contemplated herein shall not constitute a breach of or default under any agreement or instrument by which MSSB is bound, or to which any of its assets is subject, or any
order, rule or regulation applicable to it or of any court or any governmental body or administrative agency having jurisdiction over it. 
 (d) MSSB (or any designee to which it delegates its right and obligations hereunder pursuant to Section 1(e)) has and shall maintain all licenses and registrations necessary under applicable federal
and state laws, rules and regulations, including the rules and regulation of any self-regulatory organization with competent jurisdiction, to provide the services required to be provided by MSSB (or such designee) hereunder. To the reasonable
knowledge of MSSB, MSSB has not solicited and shall not solicit any offer to buy or offer to sell Interests in any manner that would be inconsistent with applicable laws and regulations, or in any manner that would constitute a general solicitation
or general advertising (within the meaning of Rule 502 of Regulation D under the Securities Act) with respect to the Interests. MSSB will conduct itself and take reasonable measures to ensure that its respective agents conduct themselves, in a
manner consistent with the exemption from registration under Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder, including, without limitation the requirements of Rule 506 of Regulation D under the
Securities Act. 
 (e) MSSB shall furnish to each prospective investor it solicits the most current copy of the Memorandum
provided to it by the General Partner prior to that person’s admission as a Limited Partner. 

  
 - 7 -

 (f) MSSB shall furnish to the Partnership a description of all material pending and prior
litigation and regulatory actions involving MSSB and its subsidiaries, required to be disclosed in the Memorandum during the term of this Agreement. 
 (g) The representations and warranties set forth in this Agreement are continuing during the term of this Agreement and MSSB agrees to notify each of the Partnership and the General Partner promptly in
writing if at any time during the term of this Agreement, any such representation or warranty becomes materially inaccurate or untrue and of the facts related thereto. 
 (h) MSSB acknowledges that each of the Partnership and the General Partner enter into this Agreement in reliance on the representations, warranties and agreements of MSSB contained herein. 

6. Indemnification. 
 (a)
The Partnership shall indemnify, hold harmless, and defend MSSB, each person who controls MSSB within the meaning of Section 15 of the Securities Act or Section 20(a) of the Securities Exchange Act of 1934, and their respective officers,
directors, partners, members, shareholders, employees and agents from and against any losses, claims, damages or liabilities (or actions in respect thereof) (“Covered Claims”) arising out of or relating to (i) the offer or sale of the
Interests or the management or affairs of the applicable Partnership; (ii) any untrue statement or alleged untrue statement of material fact or any omission of a material fact necessary in order to make the statements made, in light of the
circumstances under which they were made, not misleading in any Offering Materials or in any advertising or promotional material approved, published or provided to MSSB by or on behalf of the Partnership or the General Partner or accurately derived
from information approved, published or provided to MSSB by or on behalf of the Partnership (iii) any violation of any law, rule or regulation relating to the registration or qualification of Interests or the Partnership, (iv) any breach
by the Partnership or the General Partner of any representation, warranty or agreement contained in this Agreement, (v) any violation of any law, rule or regulation relating to the operation of the Partnership or (vi) any willful
misconduct or gross negligence by the Partnership or the General Partner or their respective affiliates in the performance of, or failure to perform, its obligations under this Agreement, except to the extent that any such Covered Claim is caused by
MSSB’s breach of this Agreement or the willful misconduct or gross negligence of MSSB or its affiliates in the performance of, or failure to perform, its obligations under this Agreement. 

(b) MSSB shall indemnify, hold harmless, and defend each of the Partnership and the General Partner, each person who controls any of the
foregoing within the meaning of Section 15 of the Securities Act or Section 20(a) of the Securities Exchange Act of 1934, and their officers, directors, partners, members, shareholders, employees, and agents from and against any Covered
Claims arising out of or relating to (i) any breach by MSSB of any representation, warranty or agreement contained in this Agreement, (ii) failure of MSSB to comply with marketing rules or private placement rules in any jurisdiction,
(iii) any untrue statement, or alleged untrue statement of a material fact, made by MSSB in connection with MSSB’s placement of the Interests that is not in reliance on or in conformity with the Offering Materials, or (iv) willful
misconduct or gross negligence by MSSB in the performance of, or failure to perform, its obligations under this Agreement, except in each case to the extent that any Covered Claim is caused by breach of this Agreement by the Partnership or the
General Partner or their officers, directors, partners, members, shareholders, employees, agents and affiliates or the willful misconduct or gross negligence of any of the foregoing in the performance of, or failure to perform, their obligations
under this Agreement. 

  
 - 8 -

 (c) Promptly after receipt of notice of any claim or complaint or the commencement of any
action or proceeding with respect to which an indemnified party is entitled to seek indemnification hereunder, the indemnified party shall notify the indemnifying party in writing of such claim or complaint or the commencement of such action or
proceeding. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects within a reasonable time after receipt of such notice, to assume the defense of any suit so brought, which defense shall be
conducted by counsel chosen by it and satisfactory to the indemnified party or parties. In the event that the indemnifying party elects to assume the defense of any such suit and retain such counsel, the indemnified party or parties shall bear the
fees and expenses of any additional counsel thereafter retained by it or them. 
 (d) If the foregoing indemnification is for
any reason unavailable to an indemnified party (other than by reason of the terms thereof), the indemnifying party shall contribute to the Covered Claims that are paid or payable by the indemnified party in such proportion as is appropriate to
reflect the relative economic interests of the indemnifying party, on the one hand, and the indemnified party, on the other hand, in the transactions contemplated by this Agreement (whether or not consummated) and any other relevant equitable
considerations. For purposes of this paragraph, the relative interests of the Partnership and the General Partner, on the one hand, and MSSB, on the other hand, in the transactions contemplated by this Agreement, shall be deemed to be in the same
proportion as (i) the total proceeds received or contemplated to be received by the Partnership and the General Partner in the transactions contemplated by this Agreement (whether or not any such transaction is consummated) bears to
(ii) the fees paid or to be paid to MSSB under the Agreement; provided however, that to the extent permitted by applicable law, in no event shall the Partnership and the General Partner contribute less than the amount necessary to ensure
that all indemnified parties, in the aggregate, are not liable in excess of the amount of fees actually received by MSSB pursuant to this Agreement. 
 (e) The foregoing indemnity will be in addition to any liabilities that the parties may otherwise have incurred hereunder. 
 7. Confidentiality. 
 (a) Each party acknowledges that, in performing its
obligations under this Agreement, it may have access to confidential and proprietary information of the other party (“Confidential Information”). The parties agree that information concerning any potential investor introduced by MSSB to
the Partnership or the General Partner is the Confidential Information of MSSB. By way of illustration but not of limitation, “Confidential Information” includes any “nonpublic personal information” (as defined in SEC Regulation
S-P or FTC Regulation 313) regarding prospective investors and Limited Partners or members, trade secrets, data, know-how, accounting data, statistical data, financial data or projections, forecasts, business practices or policies, research
projects, reports, development and marketing plans, strategies, or other business information that is not generally known or available to the public. The term “Confidential Information” does not include information that: (i) is or
becomes generally available to the public other than as a result of an improper disclosure by the disclosing party; (ii) was rightfully available to a party on a non-confidential basis before its disclosure by the other party; (iii) was
independently developed by the receiving party or (iv) becomes available to a party on a non-confidential basis from a source other than the other party, provided that such source is not prohibited from transmitting the information by a
contractual, legal, or fiduciary obligation. 

  
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 (b) Except to the extent necessary to perform its obligations under this Agreement, neither
party may disclose or use any of the other party’s Confidential Information. Each party shall maintain the confidentiality of the other party’s Confidential Information in its possession or control. For the avoidance of doubt, no party may
provide information concerning the Partnership - prospective investors to any third party knowing that such third party may use such information in any form of publication, whether publicly or privately distributed, without the express prior written
approval of the other party. Each party shall limit the disclosure of the other party’s Confidential Information to those of its employees and agents with a need to know such Confidential Information for purposes of this Agreement. Each party
shall use reasonable care to prevent its employees and agents from violating the foregoing restrictions. Notwithstanding the above, Confidential Information may be disclosed to the extent required by law or by an order or decree of any court or
other governmental authority or a request is made by a governmental authority, regulatory agency or self-regulatory agency; provided, however, that each party shall, to the extent practicable, if legally compelled to disclose such
information: (i) provide the other party with prompt written notice of that fact so that the other party may attempt to obtain a protective order or other appropriate remedy and/or waive compliance with the provisions of this Section 7;
(ii) disclose only that portion of the information that a party’s legal counsel advises is legally required; and (iii) endeavor to obtain assurance that confidential treatment will be accorded the information so disclosed.
Notwithstanding the foregoing, Limited Partners shall also be governed by the privacy policy included in the Offering Materials. 
 (c) On written request or on the expiration or termination of this Agreement, each party shall return to the other party or destroy all Confidential Information in its possession or control, provided that
each party may retain a single archival copy of any document or information that such party is obligated to maintain pursuant to record keeping requirements to which it is subject under applicable laws, rules or regulations, but for only so long as
such records are required to be maintained. 

  
 - 10 -

 8. Client Communications. The Partnership and the General Partner severally agree to provide to MSSB
copies of any communications to Limited Partners in respect to the operation and performance of the Partnership. Communications that are provided on a regular basis such as monthly account statements, will be distributed to MSSB when such
communications are distributed to MSSB Clients. The General Partner shall use its commercially reasonable efforts to distribute to MSSB all communications that require any action by Limited Partners such as Limited Partner consent or vote prior to
the distribution of such communication to Limited Partners. The Partnership and the General Partner agree that MSSB may use such communications in connection with reports issued by MSSB to the applicable Limited Partners to which such communications
were directed. The Partnership and the General Partner severally agree to respond as soon as practicable to inquiries of MSSB investors as communicated by MSSB and shall endeavor to copy MSSB on all such communications. 

9. Term and Termination. 

(a) This Agreement shall remain in full force and effect until terminated by a party on thirty days’ prior written notice to the
other parties. This Agreement may be terminated immediately on written notice to the other parties hereto on the dissolution, insolvency or bankruptcy of any party or upon a material breach of any condition, warranty, representation or other term of
this Agreement by the other party. 
 (b) On termination of this Agreement, the General Partner will continue to pay MSSB the
compensation set forth in Section 3 for so long as each Limited Partner introduced to the Partnership by MSSB remains a Limited Partner and MSSB (and its applicable employees) maintains all necessary licenses and regulations required to receive such
compensation. For purposes of the foregoing, MSSB shall be entitled to the compensation set forth in Section 3 with respect to any person introduced by MSSB to the General Partner prior to termination whose subscription is accepted by the
Partnership within sixty days following such termination. 

  
 - 11 -

 10. Notices. Any notice required or desired to be delivered under this Agreement shall be effective
on actual receipt and shall be in writing and (i) delivered personally; (ii) sent by first class mail or overnight delivery, postage prepaid; (iii) transmitted by electronic mail (with confirmation of delivery and receipt); or
(iv) transmitted by fax (with confirmation by first class mail, postage prepaid) to the parties at the following address or such other address as the parties from time to time specify in writing: 

 

			
	If to the Partnership or the General Partner :	 	If to MSSB:
		
	 BHM Discretionary Futures Fund L.P.
 c/o Ceres Managed Futures LLC
 Morgan Stanley Alternative Investments

522 5th Avenue, 14th Floor
 New York,
NY 10036
 Fax: 212-296-6869

Email: Walter.davis@morganstanley.com

Attention: Walter Davis, President
  

With a copy to:
 Alston & Bird LLP

90 Park Avenue
 New York, New York
10016
 Fax: 212-210-9444
 Attention:
Timothy P. Selby
	 	 Morgan Stanley Smith Barney LLC

522 5th Avenue, 13th Floor
 New York, NY
10036
 Fax: 212 905-2750
 Email:
Jeremy.Beal@mssb.com
 Attention: Jeremy Beal

 11. Status of Parties. In selling the Interests, MSSB will be an independent contractor (rather than employee, agent or representative) of any Partnership or the General Partner, and MSSB shall not
have the right, power or authority to enter into any contract or to create any obligation on behalf of the Partnership or the General Partner or otherwise bind the Partnership or the General Partner in any way. Nothing in this Agreement shall create
a partnership, joint venture, agency, association, syndicate, unincorporated business or any other similar relationship between the parties. Nothing in this Agreement shall be construed to imply that MSSB is a partner, shareholder, manager, managing
member or member of the Partnership or the General Partner. 
 12. Miscellaneous. 

(a) Headings. Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to
be a part of or affect the meaning or interpretation hereof. 
 (b) Entire Agreement. This Agreement embodies the entire
agreement and understanding of the parties with respect to the subject matter hereof, and supersedes all other agreements and understandings, whether written or oral, between the parties relating to the subject matter hereof entered into prior to
this Agreement. 
 (c) Amendments. This Agreement shall not be amended except by a writing signed by all parties hereto.

 (d) Waiver. No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties
hereto either before or after the effective date of this Agreement or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 

  
 - 12 -

 (e) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to the conflict or choice of law provisions thereof. The provisions of Sections 3, 6 (including with respect to breaches of Section 4 or 5), 7, 8, 9(b), and this Section 12 shall survive
termination of this Agreement. If any provision of this Agreement is or should become inconsistent with any present or future law, rule, or regulation of any governmental or regulatory authority having jurisdiction over the subject matter of this
Agreement, such provision shall be deemed rescinded or modified in accordance with any such law, rule or regulation. In all other respects, this Agreement shall continue and remain in full force and effect. 

(f) Successors and Assigns. This Agreement will inure to the benefit of and be binding on the parties hereto and such parties’
respective successors and permitted assigns. 
 (g) Assignment. No party may assign this Agreement without the prior written
consent of the other parties, except as otherwise provided herein. Any purported assignment in violation of this Section 12 will be void. 
 (h) Jurisdiction and Consent. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN NEW YORK CITY OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT AND WAIVE TRIAL BY JURY. EACH OF THE PARTIES IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES AGREES THAT A FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND BINDING UPON THE PARTIES AND MAY BE ENFORCED IN ANY OTHER COURTS TO WHOSE JURISDICTION A PARTY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT. THE PARTNERSHIP AND THE GENERAL PARTNER EACH HEREBY CONSENTS TO THE SERVICE OF ANY AND
ALL PROCESS WHICH MAY BE SERVED IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT BY MEANS OF PERSONAL DELIVERY OR COURIER SERVICE, ADDRESSED TO ITS ADDRESS PROVIDED ABOVE AND TO THE ATTENTION OF ANY SECRETARY, ASSISTANT
SECRETARY OR ANY OTHER OFFICER, DIRECTOR, MANAGING AGENT OR GENERAL AGENT OF SUCH PARTY, AND SUCH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE UNDER NEW YORK LAW OR UNDER ANY LAW
OF ANY STATE OF THE UNITED STATES OR OF ANY OTHER JURISDICTION OR OTHERWISE TO SERVICE OF PROCESS IN SUCH MANNER. 

  
 - 13 -

 (i) Counterparts. This Agreement may be executed in several counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimiles (including facsimiles of the signature pages of this Agreement) shall have the same legal effect hereunder as originals. 

[Signatures follow on next page] 

  
 - 14 -

 IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be executed as of
the day and year first above written. 
  

									
	BHM Discretionary Futures Fund L.P.	 		 	Morgan Stanley Smith Barney LLC
					
	By:	 	Ceres Managed Futures LLC,	 		 		 	
					
	Name:	 	  
	 		 	Name:	 	  

		 	Walter Davis	 		 		 	John Sweeney
					
	Title:	 	President	 		 	Title:	 	Executive Director
				
	Ceres Managed Futures LLC	 		 		 	
					
	Name:	 	  
	 		 		 	
		 	Walter Davis	 		 		 	
					
	Title:	 	President	 		 		 	

  
 - 15 -

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