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f8k062714ex10iv_deepwelloil.htm

EXHIBIT 10.4

GENERAL INDENTURE OF CONVEYANCE,

ASSIGNMENT AND TRANSFER

 

THIS INDENTURE dated as of the 16th day of June, 2014.

 

BETWEEN:

 

MALIK YOUYOU ("Assignor")

 

– and –

 

NORTHERN ALBERTA OIL LTD. ("Assignee")

 

WHEREAS the Assignor holds a beneficial 2.5% overriding royalty pursuant to a purported Royalty Agreement (hereinafter referred to as the "Royalty Agreement") dated December 12, 2003, originally between Mikwec Energy Canada Ltd. and Nearshore Petroleum Corporation, the particulars of which are set out in the Royalty Agreement and Recognition of Trust Agreement also dated December 12, 2003; and

 

WHEREAS pursuant to a Royalty Sale Agreement made the 6th day of June, 2014 the Assignor agreed to sell the Assignee all of the rights of the Assignor in the Royalty Agreement and Recognition of Trust Agreement; and

 

WHEREAS the Assignor is desirous of assigning to the Assignee and the Assignee is desirous of accepting from the Assignor all of the right, title and interest of the Assignor in the overriding royalty described in the Royalty Agreement (hereinafter referred to as the "Royalty")

 

THEREFORE THIS AGREEMENT WITNESSETH that, in consideration of the promises set out in the Acquisition of Royalty Agreement, the parties hereto agree as follows:

 

	
1.

	
The Assignor hereby sells, assigns, transfers, conveys and sets over unto the Assignee and the Assignee hereby purchases and accepts directly from the Assignor all of the right, title, estate and interest of the Assignor in and to the Royalty Agreement and the Royalty, to have and to hold the same together with all benefit and advantage to be derived therefrom forever.

 

	
2.

	
All benefits of every kind or nature whatsoever accruing, payable or paid shall be apportioned between the parties as of the date hereof.

 

	
3.

	
The Assignor shall, from time to time, after the date of this Assignment at the request and cost of the Assignee execute and deliver all such other and additional documents and shall do all such other and additional acts and things that may be reasonably required to assign the Royalty Agreement and the Royalty to the Assignee.

 

  

  

  

 

	
4.

	
The Assignor, by its execution hereof, does hereby indemnify and save harmless the Assignee of, from and against all claims, costs, damages, obligations or commitments of whatsoever nature which have accrued under the said Royalty Agreement and Royalty prior to the effective date.

 

	
5.

	
The Assignee, by its execution hereof, does hereby indemnify and save harmless the Assignor of, from and against all claims, costs, damages, obligations or commitments of whatsoever nature which have accrued under the said Royalty Agreement and Royalty after June 6, 2014.

 

	
6.

	
The Assignor and Assignee agree that nothing in this General Indenture of Conveyance, Assignment and Transfer shall prejudice the right of either party hereto to contest the validity of the Royalty Agreement as against a third party, but such right shall not alter the terms of the Royalty Sale Agreement and, in particular, Clause 8.2 thereof.

 

	
7.

	
This Assignment shall enure to the benefit of and be binding upon the Assignor and the Assignee, their successors and assigns.

 

IN WITNESS WHEREOF the parties have hereunto affixed their hands and seals and their corporate seal, attested by the hands of the proper authorized officers, as of the date and year first above written.

 

	
NORTHERN ALBERTA OIL LTD.

	 	
MR. MALIK YOUYOU

 

	
Per:

	
/s/ Curtis Sparrow

	 	
Per:

	
/s/ Malik Youyou

	  	
Name: Mr. Curtis Sparrow

Title: President

	 	  	
Name: Mr. Malik Youyou

Title:

 

2Exhibit 10.1  Amendment to Committed Facility Letter

	
			
	1 North Wall Quay
Dublin 1
Ireland 
	T  +353 1 622 2000
F  +353 1 622 2222

	

	
			
	 
	Niall Tuckey
Director
ILOC Product
	Citibank Europe plc
1 North Wall Quay
Dublin 1, Ireland

	 
	 
	Tel+353 (1) 622 7430
Fax+353 (1) 622 2741
Niall.Tuckey@Citi.com

		
	FROM:
	Citibank Europe plc (the “Bank”)        

		
	TO:
	Aspen Bermuda Limited (the “Company”)

141 Front Street
Hamilton HM19
Bermuda
Attention: Jazmin Da Ponte

		
	DATE:
	30th June 2014

Dear Jazmin,

Committed Facility Letter dated 30 July 2012 between the Bank and the Company regarding a committed letter of credit facility in a maximum aggregate amount of USD 950,000,000, as amended, varied, supplemented, novated or assigned as the case may be (the “Committed Facility Letter”).

		
	1.
	We refer to the Committed Facility Letter. Defined terms used in this letter shall have the meanings given to them in the Committed Facility Letter (including where defined in the Committed Facility Letter by reference to another document).

		
	2.
	The Bank and the Company agree, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, that as effective from the date of this letter:

		
	(i)
	Clause 2 of the Committed Facility Letter shall be amended and restated in its entirety as follows:

“The Facility shall be in a maximum aggregate amount of USD 575,000,000 (five hundred and seventy five million United States Dollars) (the “Facility Limit”). Should the Company (as defined below) wish to reduce the Facility Limit, it may do so upon written notification to the Bank. The notification (the “Notification”) must (i) specifically reference this Letter and (ii) clearly state the new facility limit that is to apply (“the New Limit”). The New Limit will take effect five Business Days following receipt, by the Bank, of the Notification.”

		
	(ii)
	Clause 5.2 (c) of the Committed Facility Letter shall be amended and restated in its entirety as follows:

“the tenor of a Credit is longer than 12 months; and/or’ 

		
	(iii)
	Clause 8 of the Committed Facility Letter shall be amended and restated in its entirety as follows:

“The facility shall only apply in respect of Credits issued on or prior to 30 June 2016 (the “Facility Period”). The Facility shall expire on the earlier of (1) the date that is one year from the end of the Facility Period; or (2) the stated expiry date on the last remaining Credit issued within the Facility Period (the “Expiry Date”). The Bank and the Company shall commence negotiations, 

Citibank Europe plc

Directors: Aidan M Brady, Mark Fitzgerald, Jim Farrell, Bo J. Hammerich (Sweden), Brian Hayes, Mary Lambkin, Frank McCabe, William J. Mills (USA), 
Terence O’Leary (U.K.), Cecilia Ronan, Patrick Scally, Christopher Teano (U.S.A.), Francesco Vanni d’Archirafi (Italy), Tony Woods.

Registered in Ireland: Registration Number 132781. Registered Office: 1 North Wall Quay, Dublin 1.
Ultimately owned by Citigroup Inc., New York, U.S.A.
Citibank Europe plc is regulated by the Central Bank of Ireland

	
			
	 
	 
	

without being under any obligation, regarding the renewal of the Facility at least 60 days before the end of the Facility Period.”

		
	3.
	Except as expressly amended by this letter, the Committed Facility Letter remains unmodified and in full force and effect. In the event of a conflict or inconsistency between the terms of this letter and the terms of the Committed Facility Letter, the terms of this letter shall prevail.

		
	4.
	This letter may be executed in counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same agreement. 

		
	5.
	This letter and any non-contractual obligations arising in connection with it shall be governed by English law and for the benefit of the Bank the Company irrevocably submits to the jurisdiction of the English courts in respect of any dispute which may arise from or in connection with this letter.

		
	6.
	Please indicate your agreement to the foregoing by countersigning the attached copy of this letter and returning the same to us.

	
		
	For and on behalf of
Citibank Europe plc
	 

	

/s/ Niall Tuckey
	

	Name:Niall Tuckey
Title:Director 
	 

We agree to the terms set out in this letter.

	
		
	For and on behalf of
Aspen Bermuda Limited
	 

	

/s/ Bryan Astwood
	

/s/ Fred Lemoine

	Name:Bryan Astwood
Title:Chief Investment Officer
	Name:Fred Lemoine
Title:Chief Financial Officer

Citibank Europe plc

Directors: Aidan M Brady, Mark Fitzgerald, Jim Farrell, Bo J. Hammerich (Sweden), Brian Hayes, Mary Lambkin, Frank McCabe, William J. Mills (USA), 
Terence O’Leary (U.K.), Cecilia Ronan, Patrick Scally, Christopher Teano (U.S.A.), Francesco Vanni d’Archirafi (Italy), Tony Woods.

Registered in Ireland: Registration Number 132781. Registered Office: 1 North Wall Quay, Dublin 1.
Ultimately owned by Citigroup Inc., New York, U.S.A.
Citibank Europe plc is regulated by the Central Bank of IrelandExhibit 10.2 Pledge Agreement Amendment

	
			
	1 North Wall Quay
Dublin 1
Ireland
	T  +353 1 622 2000
F  +353 1 622 2222

	

	
			
	 
	Niall Tuckey
Director
ILOC Product
	Citibank Europe plc
1 North Wall Quay
Dublin 1, Ireland

	 
	 
	Tel+353 (1) 622 7430
Fax+353 (1) 622 2741
Niall.Tuckey@Citi.com

		
	FROM:
	Citibank Europe plc (the “Bank”)        

		
	TO:
	Aspen Bermuda Limited (the “Company”)

141 Front Street
Hamilton HM19
Bermuda
Attention: Jazmin Da Ponte

		
	DATE:
	30th June 2014

Dear Jazmin,

Pledge Agreement between the Bank and the Company dated 17 January 2006 as amended, varied, supplemented, novated or assigned as the case may be (the “Pledge Agreement”).

		
	1.
	We refer to the Pledge Agreement. Defined terms used in this letter shall have the meanings given to them in the Pledge Agreement (including where defined in the Pledge Agreement by reference to another document).

		
	2.
	The Bank and the Company agree, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, that as effective from the date of this letter:

		
	(i)
	Appendix A shall be amended by the deletion of the following definitions;

"Tranche I Credit" means any Credit issued under Tranche I of the facility letter from the Pledgee to the Pledgor dated 12th August 2011.
"Tranche II Credit" means any Credit issued under Tranche II of the facility letter from the Pledgee to the Pledgor dated 12th August 2011.

		
	(ii)
	Annex B of the Pledge Agreement entitled “Schedule 1 Letter of Credit Value and Pledgee’s Requirements” is hereby deleted in its entirety and replaced with “Annex B” attached hereto

		
	3.
	Except as expressly amended by this letter, the Committed Facility Letter remains unmodified and in full force and effect. In the event of a conflict or inconsistency between the terms of this letter and the terms of the Committed Facility Letter, the terms of this letter shall prevail.

		
	4.
	(a) The Pledgor hereby (i) reaffirms and restates each of the representations and warranties made by the Pledgor in the Pledge Agreement, as amended hereby, and (ii) represents and warrants that this Amendment and the Pledge Agreement, as amended hereby, constitute legal, valid and binding obligations of the Pledgor and are enforceable against the Pledgor in accordance with their respective terms.  

Citibank Europe plc

Directors: Aidan M Brady, Mark Fitzgerald, Jim Farrell, Bo J. Hammerich (Sweden), Brian Hayes, Mary Lambkin, Frank McCabe, William J. Mills (USA),
Terence O’Leary (U.K.), Cecilia Ronan, Patrick Scally, Christopher Teano (U.S.A.), Francesco Vanni d’Archirafi (Italy), Tony Woods.

Registered in Ireland: Registration Number 132781. Registered Office: 1 North Wall Quay, Dublin 1.
Ultimately owned by Citigroup Inc., New York, U.S.A.
Citibank Europe plc is regulated by the Central Bank of Ireland

	
			
	 
	 
	

(b) The Pledgor represents and warrants that it has the full power and authority, and has taken all actions necessary, to execute and deliver this Amendment and to perform the obligations contemplated hereby.

		
	5.
	This letter may be executed in counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same agreement. 

		
	6.
	This letter and any non-contractual obligations arising in connection with it shall be governed by English law and for the benefit of the Bank the Company irrevocably submits to the jurisdiction of the English courts in respect of any dispute which may arise from or in connection with this letter.

		
	7.
	Please indicate your agreement to the foregoing by countersigning the attached copy of this letter and returning the same to us.

	
		
	For and on behalf of
Citibank Europe plc
	 

	

/s/ Niall Tuckey
	

	Name:Niall Tuckey
Title:Director 
	 

We agree to the terms set out in this letter.

	
		
	For and on behalf of
Aspen Bermuda Limited
	 

	

/s/ Bryan Astwood
	

/s/ Fred Lemoine

	Name:Bryan Astwood
Title:Chief Investment Officer 
	Name:Fred Lemoine
Title:Chief Financial Officer

Citibank Europe plc

Directors: Aidan M Brady, Mark Fitzgerald, Jim Farrell, Bo J. Hammerich (Sweden), Brian Hayes, Mary Lambkin, Frank McCabe, William J. Mills (USA),
Terence O’Leary (U.K.), Cecilia Ronan, Patrick Scally, Christopher Teano (U.S.A.), Francesco Vanni d’Archirafi (Italy), Tony Woods.

Registered in Ireland: Registration Number 132781. Registered Office: 1 North Wall Quay, Dublin 1.
Ultimately owned by Citigroup Inc., New York, U.S.A.
Citibank Europe plc is regulated by the Central Bank of Ireland

	
			
	1 North Wall Quay
Dublin 1
Ireland
	T  +353 1 622 2000
F  +353 1 622 2222

	

Annex B
SCHEDULE 1
Letter of Credit Value and Pledgee's Requirements
	
					
	 
	Pledgee's Requirements
	Letter of Credit Value

	Acceptable Financial Assets
	Issuer
	Rating

	(A)
	Cash
	Cash Deposits held at Citibank, N.A. London Branch.
	N/A
	100%

	(B i)
	Government & Agency Securities
	Securities issued by the US or another OECD (the "Organisation for Economic Co-operation and Development") Government rated AA or AA equivalent, or issued by agencies whose debt obligations are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the US government, and including securities issued by the FHLMC or FNMA to the extent the same shall be under the conservatorship of the Federal Housing Finance Agency. 

Government and Agency Securities shall have a maximum tenor of 20 years. 

Securities issued by GNMA whose debt obligations are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the US Government. 

GNMA Securities shall have a maximum tenor of 30 years.
	AA or AA equivalent
	89% of the fair market value of such Government & Agency Securities

	(B ii)
	US Agency MBS Securities: FHLMC & FNMA
	Securities issued by the FHLMC or FNMA to the extent the same shall be under the conservatorship of the Federal Housing Finance Agency. 

US Agency MBS Securities shall have a maximum tenor of 30 years. 
	AA or AA equivalent
	86.5% of the fair market value of such US Agency MBS Securities

	(C)
	Multilateral Lending Institution Securities
	Securities issued by multilateral lending institutions or regional development banks in which the US government is a shareholder or contributing member, including International Bank for Reconstruction and Development (the World Bank), the International Finance Corporation, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the European Investment Bank, the European Bank for Reconstruction and Development and the Nordic Investment Bank. 

Multilateral Lending Institution Securities shall have a maximum tenor of 20 years.
	AA or AA equivalent or better
	88.5% of the fair market value of such Multilateral Lending Institution Securities.

	(D)
	US or OECD Government Agency Securities
	Securities issued by US or other OECD government agencies whose debt is implicitly guaranteed by the US government or an OECD government.
US or OECD Government Agency Securities shall have a maximum tenor of 20 years. 
	AA or AA equivalent  or better
	88.5% of the fair market value of such US or OECD Government Agency Securities

Citibank Europe plc

Directors: Aidan M Brady, Mark Fitzgerald, Jim Farrell, Bo J. Hammerich (Sweden), Brian Hayes, Mary Lambkin, Frank McCabe, William J. Mills (USA),
Terence O’Leary (U.K.), Cecilia Ronan, Patrick Scally, Christopher Teano (U.S.A.), Francesco Vanni d’Archirafi (Italy), Tony Woods.

Registered in Ireland: Registration Number 132781. Registered Office: 1 North Wall Quay, Dublin 1.
Ultimately owned by Citigroup Inc., New York, U.S.A.
Citibank Europe plc is regulated by the Central Bank of Ireland

	
			
	 
	 
	

	
					
	(E)
	Corporate Bonds
	Non-convertible publicly traded securities, excluding warrants and perpetual instruments, issued by corporate entities domiciled in the US or other OECD countries and in each case with a rating A or better and with a remaining tenor to final maturity of no greater than 15 years.

The Pledgor shall not deliver Corporate Bonds such that 10% or more of the Pledged Securities is constituted by Corporate Bonds of a single issuer.
Corporate Bonds shall not exceed 35% of the aggregate Letter of Credit outstandings at any time.
	A or A equivalent  or better
	85% of the fair market value of such Corporate Bonds where the tenor of such Corporate Bonds is 10 years and 1 month or less.

80% of the fair market value of such Corporate Bonds where the tenor of such Corporate Bonds is greater than 10 years and 1 month and less than or equal to 15 years

Citibank Europe plc

Directors: Aidan M Brady, Mark Fitzgerald, Jim Farrell, Bo J. Hammerich (Sweden), Brian Hayes, Mary Lambkin, Frank McCabe, William J. Mills (USA),
Terence O’Leary (U.K.), Cecilia Ronan, Patrick Scally, Christopher Teano (U.S.A.), Francesco Vanni d’Archirafi (Italy), Tony Woods.

Registered in Ireland: Registration Number 132781. Registered Office: 1 North Wall Quay, Dublin 1.
Ultimately owned by Citigroup Inc., New York, U.S.A.
Citibank Europe plc is regulated by the Central Bank of Ireland

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