EXHIBIT 10.1

Execution Version

EIGHTH AMENDMENT
TO
CREDIT AGREEMENT
DATED AS OF AUGUST 20, 2018
AMONG
CALIFORNIA RESOURCES CORPORATION,
AS THE BORROWER,
JPMORGAN CHASE BANK, N.A.,
AS ADMINISTRATIVE AGENT,
AND
THE LENDERS
PARTY HERETO
 

509265-1868-26987857.8

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EIGHTH AMENDMENT TO CREDIT AGREEMENT
This Eighth Amendment to Credit Agreement (this “Amendment”) dated as of August
20, 2018, is among California Resources Corporation, a Delaware corporation (the
“Borrower”), each of the undersigned Guarantors, each Lender party hereto, and
JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such
capacity, together with its successors and assigns, the “Administrative Agent”).
RECITALS
A.    The Borrower, the Administrative Agent and the Lenders from time to time
party thereto have entered into that certain Credit Agreement dated as of
September 24, 2014 (as amended by the First Amendment to Credit Agreement dated
as of February 25, 2015, the Second Amendment to Credit Agreement dated as of
November 2, 2015, the Third Amendment to Credit Agreement dated as of February
23, 2016, the Fourth Amendment to Credit Agreement dated as of April 22, 2016,
the Fifth Amendment and Waiver to Credit Agreement dated as of August 12, 2016,
the Sixth Amendment to Credit Agreement dated as of February 14, 2017, the
Seventh Amendment to Credit Agreement dated as of November 9, 2017 and as
further amended, restated, modified or supplemented from time to time, the
“Credit Agreement”).
B.    The Borrower has requested and the Administrative Agent and the Lenders
party hereto have agreed to amend certain provisions of the Credit Agreement on
the terms and conditions set forth herein.
C.    NOW, THEREFORE, to induce the Administrative Agent and the Lenders to
enter into this Amendment and in consideration of the premises and the mutual
covenants herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
Section 1.    Definitions. Unless otherwise defined in this Amendment, each
capitalized term used in this Amendment, including the recitals hereto, has the
meaning assigned to such term in the Credit Agreement as amended hereby. Unless
otherwise indicated, all section references in this Amendment refer to sections
of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.
2.1    Amendment to Section 1.1.
(a)The following defined terms are hereby added in appropriate alphabetical
order to read in their entirety as follows:
“Beneficial Ownership Certification” means a certification regarding beneficial
ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

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“Eighth Amendment” shall mean that certain Eighth Amendment to Credit Agreement,
dated as of August 15, 2018, among the Borrower, the Guarantors, the
Administrative Agent and the Lenders party thereto.
“Eighth Amendment Effective Date” shall mean the Effective Date (as defined in
the Eighth Amendment).
2.2    Addition of Section 9.26.
(a)    A new Section 9.26 is hereby added to the Credit Agreement to read in its
entirety as follows:
9.26     Beneficial Ownership. As of the Eighth Amendment Effective Date, to the
best knowledge of the Borrower, the information included in the Beneficial
Ownership Certification provided on or prior to the Eighth Amendment Effective
Date to any Lender in connection with this Agreement is true and correct in all
respects.
2.3    Amendments to Section 10.1(f).
(a)    Section 10.1(f) of the Credit Agreement is hereby amended as follows:
(i)    The word “and” at the end of Section 10.1(f)(ii) is hereby replaced with
“,”; and
(ii)    A new Section 10.1(f)(iv) is hereby added to read in its entirety as
follows:
“(iv) promptly following any request therefor, information and documentation
reasonably requested by the Administrative Agent or any Lender for purposes of
compliance with applicable “know your customer” and anti-money laundering rules
and regulations, including the Patriot Act and the Beneficial Ownership
Regulation.”
2.4    Addition of Section 10.1(g).
(a)    A new Section 10.1(g) is hereby added to the Credit Agreement to read in
its entirety as follows:
(g)    Beneficial Ownership. Prompt written notice of any change in the
information provided in the Beneficial Ownership Certification delivered to any
Lender that would result in a change to the list of beneficial owners identified
in such certification.
2.5    Amendments to Section 11.1.
(a)    Section 11.1(z) of the Credit Agreement is hereby amended as follows:
(i)    An “(x)” is hereby added to the beginning of such Section 11.1(z);
(ii)    The phrase “and any Permitted Refinancing Indebtedness issued or
incurred to refinance such Indebtedness” is hereby deleted; and

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(iii)    A new phrase is hereby added to the end of such Section 11.1(z) to read
in its entirety as follows:
“and (y) any Permitted Refinancing Indebtedness issued or incurred to refinance
such Indebtedness;”
(b)    Section 11.1(aa) of the Credit Agreement is hereby amended by deleting
the phrase “that satisfies the requirements of clause (x) of this Section
11.1(aa)”.
2.6    Amendments to Section 11.7.
(a)    Section 11.7(a)(iii) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:
“(x) prepay, repurchase, redeem or defease any Permitted Additional Debt, the
Senior Notes, Permitted Second Lien Indebtedness or Permitted Junior Refinancing
Indebtedness with the proceeds of Revolving Loans in an amount not to exceed
$300,000,000 in the aggregate for all such prepayments, repurchases, redemptions
and defeasements and (y) following any Non-Borrowing Base Disposition that
occurs on or after the Eighth Amendment Effective Date, prepay, repurchase,
redeem or defease any Permitted Additional Debt, the Senior Notes, Permitted
Second Lien Indebtedness or Permitted Junior Refinancing Indebtedness with the
proceeds of Revolving Loans in an amount equal to the positive difference, if
any, between (A) the amount of proceeds of such Non-Borrowing Base Disposition
that would be permitted to be used to prepay, repurchase, redeem or defease any
Permitted Additional Debt, Senior Notes, Permitted Second Lien Indebtedness or
Permitted Junior Refinancing Indebtedness pursuant to Section 11.7(a)(i) and (B)
the amount of proceeds of such Non-Borrowing Base Disposition that were
previously used to prepay, repurchase, redeem or defease Permitted Additional
Debt, Senior Notes Permitted Second Lien Indebtedness or Permitted Junior
Refinancing Indebtedness pursuant to Section 11.7(a)(i);”
(b)    Section 11.7(a)(iv) of the Credit Agreement is hereby amended by
replacing the “.” at the end of such Section 11.7(a)(iv) with “; and”.
(c)    A new Section 11.7(a)(v) is hereby added to the Credit Agreement to read
in its entirety as follows:
“prepay, repurchase, redeem, defease or exchange the Senior Notes, Permitted
Additional Debt, any Permitted Junior Indebtedness or any Permitted Refinancing
Indebtedness in respect of the foregoing with Net Cash Proceeds of any Permitted
Refinancing Indebtedness issued or incurred to refinance such Indebtedness.”
(d)    The proviso and the end of Section 11.7(a) is hereby amended as follows:
(i)    The amount of “$250,000,000” in clause (1) of such proviso is hereby
replaced with “$300,000,000”;

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(ii)    The phrase “of 20% to par or greater” in clause (4) of such proviso is
hereby replaced with “to par” and the phrase “in the case of any prepayment,
repurchase, redemption, defeasance or exchange pursuant to Sections 11.7(a)(i)
to (iv),” is hereby inserted at the beginning of such clause (4);
(iii)    Clause (5) of such proviso is amended and restated in its entirety to
read as follows:
“(5) in the case of any prepayment, repurchase, redemption, defeasance or
exchange with Net Cash Proceeds of Permitted Refinancing Indebtedness or
Permitted Junior Refinancing Indebtedness, if such Permitted Refinancing
Indebtedness or Permitted Junior Refinancing Indebtedness is secured by the
Liens on the Collateral that secure the First Out Obligations, after giving pro
forma effect to such prepayment, repurchase, redemption, defeasance or exchange
there is no increase in the Consolidated Interest Charges as were in effect at
the Eighth Amendment Effective Date.”
2.7    Amendments to Section 14.6.
(a)    Section 14.6(b)(i)(A)(1) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:
“(1) to a Lender, an Affiliate of such assigning Lender or an Approved Fund or”
(b)    Section 14.6(b)(i)(B) of the Credit Agreement is hereby amended by
deleting the phrase “, a Swingline Lender or a Letter of Credit Issuer”.
Section 3.    Effectiveness. This Amendment shall become effective on the first
date on which each of the conditions set forth in this Section 3 is satisfied
(the “Effective Date”):
3.1    The Administrative Agent shall have received duly executed counterparts
(in such number as may be requested by the Administrative Agent) of this
Amendment from the Borrower, each Guarantor and Lenders constituting the
Majority Lenders.
3.2    The Administrative Agent shall have received a certificate from an
Authorized Officer of the Borrower certifying that attached thereto is a true
and complete copy of an amendment to the First Out Substitute Credit Facility
Agreement that amends Section 11.1 and Section 11.7 thereof in (a) substantially
the same manner as the amendments to the Credit Agreement effected by Section
2.4 and Section 2.5 of this Amendment or (b) a manner otherwise acceptable to
the Borrower, provided that in the case of (b), either (i) the provisions of the
First Out Substitute Credit Facility Agreement after giving effect to the
amendments to be made by such amendment are not materially more restrictive,
taken as a whole, to the Borrower and its Subsidiaries, than the provisions of
the Credit Agreement after giving effect to the amendments to be made by this
Amendment or (ii) if such amended provisions are materially more restrictive,
the Lenders receive the benefit of the more restrictive terms.
3.3    The Borrower shall have paid (a) an amendment fee payable to the
Administrative Agent for the account of each of the Lenders executing a
counterpart of this Amendment in an amount equal to 10 basis points on each such
Lender’s Commitment in effect on the date hereof

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and (b) to the extent invoiced, all fees and other amounts due and payable on or
prior to the Effective Date, including all reasonable out-of-pocket expenses
required to be reimbursed or paid by the Borrower under the Credit Agreement.
3.4    No Default or Event of Default shall have occurred and be continuing as
of the date hereof, after giving effect to the terms of this Amendment.
3.5    To the extent the Borrower qualifies as a “legal entity customer” under
the Beneficial Ownership Regulation, at least five days prior to the Effective
Date, any Lender that has requested, in a written notice to the Borrower at
least 10 days prior to the Effective Date, a Beneficial Ownership Certification
in relation to the Borrower shall have received such Beneficial Ownership
Certification (provided that, upon the execution and delivery by such Lender of
its signature page to this Amendment, the condition set forth in this Section
3.5 shall be deemed to be satisfied).
Section 4.    Termination. If one or more of the conditions set forth in Section
3 hereof has not been satisfied on or before October 31, 2018 (the “Termination
Date”), this Amendment shall automatically terminate on the Termination Date and
shall be of no force or effect.
Section 5.    Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 6.    Miscellaneous.
6.1    (a) On and after the effectiveness of this Amendment, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in each other
Credit Document to “the Credit Agreement”, “thereunder”, “thereof” or words of
like import referring to the Credit Agreement, shall mean and be a reference to
the Credit Agreement as amended or otherwise modified by this Amendment; (b) the
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any default of the Borrower or
any right, power or remedy of the Administrative Agent or the Lenders under any
of the Credit Documents, nor constitute a waiver of any provision of any of the
Credit Documents; (c) this Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Agreement by signing
any such counterpart; (d) delivery of an executed counterpart of a signature
page to this Amendment by telecopier or electronic mail shall be effective as
delivery of a manually executed counterpart of this Amendment; and (e) unless
otherwise specified, each Lender’s executed signature page to this Amendment
constitutes such Lender’s signature in all its capacities under the Credit
Agreement.
6.2    Neither the execution by the Administrative Agent or the Lenders of this
Amendment, nor any other act or omission by the Administrative Agent or the
Lenders or their officers in connection herewith, shall be deemed a waiver by
the Administrative Agent or the Lenders of any defaults which may exist or which
may occur in the future under the Credit Agreement and/or the other Credit
Documents (collectively “Violations”). Similarly, nothing contained in this
Amendment shall directly or indirectly in any way whatsoever either: (a)

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impair, prejudice or otherwise adversely affect the Administrative Agent’s or
the Lenders’ right at any time to exercise any right, privilege or remedy in
connection with the Credit Documents with respect to any Violations; (b) except
for the amendments set forth herein, amend or alter any provision of the Credit
Agreement, the other Credit Documents, or any other contract or instrument; or
(c) constitute any course of dealing or other basis for altering any obligation
of the Borrower or any right, privilege or remedy of the Administrative Agent or
the Lenders under the Credit Agreement, the other Credit Documents, or any other
contract or instrument. Nothing in this letter shall be construed to be a
consent by the Administrative Agent or the Lenders to any Violations.
6.3    The Borrower and each Guarantor hereby (a) acknowledges the terms of this
Amendment; (b) ratifies and affirms its obligations under, and acknowledges,
renews and extends its continued liability under, each Credit Document to which
it is a party and agrees that each Credit Document to which it is a party
remains in full force and effect, except as expressly amended or modified
hereby; and (c) represents and warrants to the Lenders that as of the Effective
Date, after giving effect to the terms of this Amendment: (i) all of the
representations and warranties contained in each Credit Document to which it is
a party are true and correct in all material respects (unless already qualified
by materiality in which case such applicable representation and warranty shall
be true and correct), except to the extent any such representations and
warranties are expressly limited to an earlier date, in which case, such
representations and warranties shall continue to be true and correct in all
material respects (unless already qualified by materiality in which case such
applicable representation and warranty shall be true and correct) as of such
specified earlier date, and (ii) no Default or Event of Default has occurred and
is continuing.
6.4    The Borrower represents and warrants that it does not qualify as a “legal
entity customer” under the Beneficial Ownership Regulation as of the date hereof
and will not so qualify as of the Effective Date, and the parties hereto
accordingly acknowledge and agree that no Beneficial Ownership Certification
will be delivered in connection with this Amendment.
6.5    This Amendment is a Credit Document as defined and described in the
Credit Agreement and all of the terms and provisions of the Credit Agreement
relating to Credit Documents shall apply hereto.
6.6     THE CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS, INCLUDING THIS
AMENDMENT, embody the entire agreement and understanding between the parties and
supersede all other agreements and understandings between such parties relating
to the subject matter hereof and thereof AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their officers thereunto duly authorized as of the date first above written.
BORROWER:
CALIFORNIA RESOURCES CORPORATION
 
 
 
 
 
 
 
 
 
By:
/s/ Marshall D. Smith
 
 
Name:
Marshall D. Smith
 
 
Title:
Senior Executive Vice President and Chief Financial Officer

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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GUARANTORS:
CALIFORNIA HEAVY OIL, INC.
CALIFORNIA RESOURCES LONG BEACH, INC.
CALIFORNIA RESOURCES PETROLEUM CORPORATION
CALIFORNIA RESOURCES PRODUCTION CORPORATION
CALIFORNIA RESOURCES TIDELANDS, INC.
SOUTHERN SAN JOAQUIN PRODUCTION, INC.
THUMS LONG BEACH COMPANY
 
 
 
 
 
 
 
 
 
By:
/s/ Marshall D. Smith
 
 
Name:
Marshall D. Smith
 
 
Title:
Senior Executive Vice President and Chief Financial Officer

Signature Page
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CALIFORNIA RESOURCES ELK HILLS, LLC
CRC CONSTRUCTION SERVICES, LLC
CRC SERVICES, LLC
SOCAL HOLDING, LLC
CALIFORNIA RESOURCES REAL ESTATE VENTURES, LLC
 
 
 
 
 
 
 
 
 
By:
/s/ Marshall D. Smith
 
 
Name:
Marshall D. Smith
 
 
Title:
Senior Executive Vice President and Chief Financial Officer of California
Resources Corporation, its Sole Member

Signature Page
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CALIFORNIA RESOURCES WILMINGTON , LLC
 
 
 
 
 
 
 
 
 
By:
/s/ Marshall D. Smith
 
 
Name:
Marshall D. Smith
 
 
Title:
Senior Executive Vice President and Chief Financial Officer of California
Resources Corporation, its Sole Member

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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CRC MARKETING, INC.
 
 
 
 
 
 
 
 
 
By:
/s/ Danial Adam Smith
 
 
Name:
Danial Adam Smith
 
 
Title:
Assistant Secretary

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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TIDELANDS OIL PRODUCTION COMPANY
 
 
 
 
 
 
 
 
 
By:
/s/ Ivan Gaydarov
 
 
Name:
Ivan Gaydarov
 
 
Title:
Vice President and Treasurer of California Resources Tidelands, Inc.,
its Managing Partner

 
CALIFORNIA RESOURCES COLES LEVEE, LLC
 
 
 
 
 
 
 
 
 
By:
/s/ Ivan Gaydarov
 
 
Name:
Ivan Gaydarov
 
 
Title:
Vice President and Treasurer

 
CALIFORNIA RESOURCES COLES LEVEE, L.P.
 
 
 
 
 
 
 
 
 
By:
/s/ Ivan Gaydarov
 
 
Name:
Ivan Gaydarov
 
 
Title:
Vice President and Treasurer of California Resources Coles Levee, LLC, its
General Partner

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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JPMORGAN CHASE BANK, N.A., as Administrative Agent and Lender
 
 
 
 
 
 
 
By:
/s/ Benjamin MacDonald
 
Name:
BENJAMIN MACDONALD
 
Title:
VICE PRESIDENT

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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BANK OF AMERICA, N.A., as Syndication Agent, Letter of Credit Issuer, Swingline
Lender, and as Revolving Lender
 
 
 
 
 
 
 
By:
/s/ Edna Aguilar Mitchell
 
Name:
Edna Aguilar Mitchell
 
Title:
Director

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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CITIBANK, N.A., as Documentation Agent, Letter of Credit Issuer, Revolving
Lender and Term Loan Lender
 
 
 
 
 
 
 
By:
/s/ Eamon Baqui
 
Name:
Eamon Baqui
 
Title:
Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Documentation Agent, Letter of Credit
Issuer, Revolving Lender and Term Loan Lender
 
 
 
 
 
 
 
By:
/s/ Michael A. Tribolet
 
Name:
Michael A. Tribolet
 
Title:
Managing Director

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.), as a Lender
 
 
 
 
 
 
 
By:
/s/ Kevin Sparks
 
Name:
Kevin Sparks
 
Title:
Director

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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[LENDER] U.S. Bank National Association
 
 
 
 
 
 
 
By:
/s/ Karen Boyer
 
Name:
Karen Boyer
 
Title:
Senior Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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Morgan Stanley Senior Funding Inc
 
 
 
 
 
 
 
By:
/s/ Kevin Newman
 
Name:
Kevin Newman
 
Title:
Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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HSBC BANK USA, N.A., as a Lender,
 
 
 
 
 
 
 
By:
/s/ Benjamin Halperin
 
Name:
Benjamin Halperin
 
Title:
Managing Director

Benjamin Halperin
Authorized Signatory #21357

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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GOLDMAN SACHS BANK USA, as a Lender
 
 
 
 
 
 
 
By:
/s/ Jamie Minieri
 
Name:
Jamie Minieri
 
Title:
Authorized Signatory

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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COMPASS BANK
 
 
 
 
 
 
 
By:
/s/ Rachel Festervand
 
Name:
Rachel Festervand
 
Title:
Sr. Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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Mizuho Bank, Ltd.
 
 
 
 
 
 
 
By:
/s/ Raymond Ventura
 
Name:
Raymond Ventura
 
Title:
Managing Director

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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SOCIETE GENERALE
 
 
 
 
 
 
 
By:
/s/ Diego Medina
 
Name:
Diego Medina
 
Title:
Director

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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DNB Capital LLC
 
 
 
 
 
 
 
By:
/s/ Byron Cooley
 
Name:
Byron Cooley
 
Title:
Senior Vice President
 
 
 
 
 
 
 
By:
/s/ Robert Dupree
 
Name:
Robert Dupree
 
Title:
Senior Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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Sumitomo Mitsui Banking Corp.
 
 
 
 
 
 
 
By:
/s/ Hiroyuki Maeda
 
Name:
Hirouki Maeda
 
Title:
Managing Director & Joint General Counsel

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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BANK OF AMERICA, N.A., as Syndication Agent, Letter of Credit Issuer, Swingline
Lender, and as Revolving Lender
 
 
 
 
 
 
 
By:
/s/ Neil Derfler
 
Name:
Neil Derfler
 
Title:
Relationship Manager - Vice President
 
 
 
 
 
 
 
 
 
 
 
 
 
By:
/s/ Francesco Di Mario
 
Name:
Francesco Di Mario
 
Title:
Head of Credit - First Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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BP Energy Company
 
 
 
 
 
 
 
By:
/s/ Timothy Yee
 
Name:
Timothy Yee
 
Title:
Attorney-in-Fact

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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BANC OF AMERICA CREDIT PRODUCTS, INC.
 
 
 
 
 
 
 
By:
/s/ Margaret Sang
 
Name:
Margaret Sang
 
Title:
Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
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Morgan Stanley Bank NA
 
 
 
 
 
 
 
By:
/s/ Kevin Newman
 
Name:
Kevin Newman
 
Title:
Authorized Signatory

Signature Page
CALIFORNIA RESOURCES CORPORATION - Eighth Amendment
509265-1868-26987857.8