Document:

Form of Assignment of Royalty Interest

 Exhibit 10.5 
 WHEN RECORDED 
 PLEASE RETURN TO: 
 Chesapeake E&P Holding Corporation 
 Attn:
                                         
                
 6100 North Western Avenue 

Oklahoma City, OK 73118 

ASSIGNMENT OF TERM OVERRIDING ROYALTY INTERESTS 
 KNOW ALL MEN BY THESE PRESENTS THAT: 
 This ASSIGNMENT OF TERM OVERRIDING
ROYALTY INTERESTS (this “Assignment”) from Chesapeake E&P Holding Corporation, an Oklahoma corporation, with offices at 6100 North Western Avenue, Oklahoma City, OK 73118 (“Assignor”), to Chesapeake Granite Wash
Trust (the “Trust” or the “Assignee”), a statutory trust formed under the laws of the State of Delaware, with offices at c/o The Bank of New York Mellon Trust Company, N.A., Institutional Trust Services, 919
Congress Avenue, Suite 500, Austin, Texas 78701, is delivered to be effective as of 12:01 a.m., Central Time, July 1, 2011 (the “Effective Time”). Assignor and Assignee are sometimes referred to herein individually as a
“Party” and collectively as “Parties.” 
 RECITALS 

WHEREAS, Assignor is the owner of (i) a certain term overriding royalty interest covering the lands and leases described in
Exhibit A-1 hereto and assigned to Assignor by Chesapeake Exploration, L.L.C., an Oklahoma limited liability company (“Chesapeake Exploration”), and further described in that certain recorded instrument entitled “Term
Overriding Royalty Interest Conveyance (PDP)” (the “PDP Conveyance”), which PDP Conveyance is described in Exhibit B hereto, and (ii) a certain term overriding royalty interest covering the lands and leases
described in Exhibit A-2 hereto and assigned to Assignor by Chesapeake Exploration and further described in that certain recorded instrument entitled “Term Overriding Royalty Interest Conveyance (PUD)” (the “PUD
Conveyance” and, together with the PDP Conveyance, the “Conveyances”), which PUD Conveyance is described in Exhibit B hereto; and 
 WHEREAS, the Conveyances were filed in the records of the County Clerk of Washita County, Oklahoma, as described in Exhibit B hereto. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 
 1. Conveyance. Effective as of the Effective Time, Assignor, for good and valuable
consideration in hand paid by Assignee, hereby GRANTS, BARGAINS, SELLS, ASSIGNS, TRANSFERS, CONVEYS, SETS OVER AND DELIVERS to Assignee, without recourse or warranty (except the special warranty expressly provided below) or representation of

 any kind, all of its right, title and interest in and to the “Royalty Interest” (as defined in the
PDP Conveyance) and the “Royalty Interest” (as defined in the PUD Conveyance) (collectively, the “Transferred Interests”), and any and all of the other rights arising from or under the Conveyances with respect to the
Transferred Interests (collectively, the “Assigned Rights”). All persons are referred to the Conveyances for the terms thereof and for specific descriptions of the “Royalty Interest” created under each Conveyance.

 Assignor hereby binds itself, its successors and assigns to warrant and forever defend the title to the Transferred Interests
and the Assigned Rights herein granted, conveyed, assigned and transferred unto Assignee, its successors and assigns, against the lawful claims and demands of every person whomsoever claiming or to claim the same or any part thereof, by, through or
under Assignor, but not otherwise. 
 2. Assumption; Acceptance. Assignee hereby assumes the express obligations of the
“Assignee” under the Conveyances with respect to the Transferred Interests and the Assigned Rights to the extent such obligations arise under the terms of the Conveyances, and agrees to accept, take subject to and be bound by the terms and
conditions of the Conveyances to the same extent as if Assignee, in such capacity, were the “Assignee” under the Conveyances. 
 3. Exhibits A-1 and A-2. For the avoidance of doubt, Exhibits A-1 and A-2 have been provided for convenience only. It is the express intent of the Parties that Exhibits A-1 and A-2
shall in no way modify or alter the rights, interests and obligations conveyed to Assignee pursuant to Paragraphs 1 and 2 of this Assignment. 
 4. Counterparts. This Assignment may be executed in any number of counterparts, all of which are identical. Every counterpart of this Assignment shall be deemed to be an original for all purposes,
and all such counterparts together shall constitute one and the same instrument. As between the Parties, any signature hereto delivered by a Party by facsimile or other electronic transmission (including scanned documents delivered by email) shall
be deemed an original hereto. 
 5. Governing Law. WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PRINCIPLES
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION, THIS ASSIGNMENT SHALL BE CONSTRUED UNDER AND GOVERNED BY THE LAWS OF THE STATE OF OKLAHOMA. 
 6. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (i) this Assignment is executed and delivered by The Bank of New York Mellon Trust Company, N.A.
(“Trustee”), not individually or personally, but solely as trustee of the Trust in the exercise of the powers and authority conferred and vested in it and (ii) under no circumstances shall the Trustee be liable for the breach
or failure of any obligation, representation, warranty or covenant made or undertaken by Assignee under this Assignment. 
 7.
Further Assurances. Each of the Parties shall execute and deliver, at the reasonable request of the other Party, such additional documents, instruments, conveyances and assurances and take such further actions as such other Party may
reasonably request to carry out the provisions hereof and give effect to the transactions contemplated by this Assignment. 

  
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 8. Delivery and Acceptance. Notwithstanding the date(s) of execution of this
Assignment as reflected in the acknowledgments below, this Assignment has been delivered by Assignor and accepted by Assignee immediately following the delivery of the Conveyances by Chesapeake Exploration and the acceptance thereof by Assignor.

 [Signature page follows] 

  
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 IN WITNESS WHEREOF, each Party has caused this Assignment to be executed in its name and
behalf and delivered on the date or dates stated in the acknowledgment certificates appended to this Assignment, to be effective as of the Effective Time. 

 

					
	Chesapeake E&P Holding Corporation
		
	By:	 	 
		 	 Name:
	 	Domenic J. Dell’Osso, Jr.
		 	 Title:
	 	Executive Vice President and Chief Financial Officer

  

  

[Signature Page to Assignment] 

 
							
	Chesapeake Granite Wash Trust
		
	By: 	 	The Bank of New York Mellon Trust Company, N.A., as Trustee
			
		 	By: 	 	 
		 		 	Name:	 	Michael J. Ulrich
		 		 	Title:	 	Vice President

  

  
 [Signature
Page to Assignment] 

			
	STATE OF OKLAHOMA	  	§
		  	§
	COUNTY OF OKLAHOMA	  	§

 This instrument was acknowledged before me on
                        , 2011, by Domenic J. Dell’Osso, Jr. as Executive Vice President and Chief Financial
Officer of Chesapeake E&P Holding Corporation, an Oklahoma corporation, on behalf of said corporation. 
 WITNESS my hand and official seal
this      day of             , 2011. 
  

			
		    	  

		    	NOTARY PUBLIC,
		    	State of Oklahoma
		    	  

		    	(printed name)
	My commission expires:	    	
	  
	    	
	[SEAL]	    	

			
	STATE OF TEXAS	  	§
		  	§
	COUNTY OF TRAVIS	  	§

 This instrument was acknowledged before me on
                    , 2011, by Michael J. Ulrich as Vice-President of The Bank of New York Mellon Trust Company, N.A., a national banking
association organized under the laws of the United States of America, the Trustee of Chesapeake Granite Wash Trust, a Delaware statutory trust, on behalf of said national banking association as trustee of said trust. 

WITNESS my hand and official seal this      day of
            , 2011. 
  

			
		    	  

		    	NOTARY PUBLIC,
		    	State of Texas
		    	  

		    	(printed name)
	My commission expires:	    	
	  
	    	
	[SEAL]	    	

 EXHIBIT A-1 
 (PDP Conveyance - Lease exhibit) 

 EXHIBIT A-2 
 (PUD Conveyance - Lease exhibit) 

 EXHIBIT B 
 1. Term Overriding Royalty Interest Conveyance (PDP), by and between Chesapeake Exploration, L.L.C., an Oklahoma limited liability company, as Assignor, and, Chesapeake E&P Holding Corporation, an
Oklahoma corporation, as Assignee, recorded on                     , 2011, in Book
            , Page              of the
                     Records of Washita County, Oklahoma. 
 2. Term Overriding Royalty Interest Conveyance (PUD), by and between Chesapeake Exploration, L.L.C., an Oklahoma limited liability company, as Assignor, and, Chesapeake E&P Holding Corporation, an
Oklahoma corporation, as Assignee, recorded on                     , 2011, in Book
            , Page              of the
                     Records of Washita County, Oklahoma.Form of Administrative Services Agreement

 Exhibit 10.6 
 ADMINISTRATIVE SERVICES AGREEMENT 
 This Administrative Services Agreement
(this “Agreement”) by and between Chesapeake Energy Corporation, an Oklahoma corporation, with offices at 6100 North Western Avenue, Oklahoma City, Oklahoma 73118 (the “Company”), and Chesapeake Granite Wash Trust,
a statutory trust formed under the laws of the State of Delaware (the “Trust”) is dated [—], 2011 but delivered to be effective as of 12:01 a.m., Central Time, July 1, 2011 (the
“Effective Time”). All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in Article I below. 
 WHEREAS, pursuant to that certain Term Overriding Royalty Interest Conveyance (PDP), that certain Term Overriding Royalty Interest Conveyance (PUD), that certain Perpetual Overriding Royalty Interest
Conveyance (PDP) and that certain Perpetual Overriding Royalty Interest Conveyance (PUD), each effective as of the Effective Time (collectively, the “Conveyances”), Chesapeake Exploration, L.L.C., an Oklahoma limited liability
company (“CELLC”) has caused to be conveyed to the Trust or Chesapeake E&P Holding Corporation, an Oklahoma corporation (the “Company Subsidiary”), as applicable, overriding royalty interests in certain oil and
natural gas properties located in Washita County, Oklahoma (the “Royalty Interests”); 
 WHEREAS, the Company
Subsidiary has assigned all of its Royalty Interests to the Trust, and consequently the Trust holds all of the Royalty Interests; and 
 WHEREAS, in connection with the Conveyances, the Company has agreed to provide certain administrative services for the Trust in exchange for an administrative services fee as described herein; 

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intended to be legally bound hereby, it is agreed as follows: 

ARTICLE I 

DEFINITIONS; CONSTRUCTION 
 Section 1.1 Definitions. As used in this Agreement, the following terms have the respective meanings set forth below: 
 “AAA” has the meaning set forth in Section 2.7. 

“Administrative Services Fee” has the meaning set forth in Section 3.1(a). 

“Affiliate” means, for any specified Person, another Person that controls, is controlled by, or is under common control
with, the specified Person. “control,” in the preceding sentence, refers to the possession by one Person, directly or indirectly, of the right or power to direct or cause the direction of the management and policies of another
Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has the
meaning set forth in the introductory paragraph to this Agreement. 

 “Business Day” means any day that is not a Saturday, Sunday, a holiday
determined by the New York Stock Exchange LLC as “affecting ‘ex’ dates” or any other day on which national banking institutions in New York, New York are closed as authorized or required by law or executive order.

 “CELLC” has the meaning set forth in the recitals to this Agreement. 

“Claimant” has the meaning set forth in Section 2.7(c). 

“Closing Date” means [—], 2011. 

“Company” has the meaning set forth in the introductory paragraph to this Agreement. 

“Company Subsidiary” has the meaning set forth in the recitals to this Agreement. 

“Conveyances” has the meaning set forth in the recitals to this Agreement. 

“Development Agreement” means that certain Development Agreement, effective as of the Effective Time, by and among the
Company, CELLC and the Trust, as the same may be amended from time to time. 
 “Effective Time” has the meaning
set forth in the introductory paragraph to this Agreement. 
 “Excess Hedged Volumes” has the meaning set forth
in Section 2.2(b). 
 “External Expenses” means the actual reasonable out-of-pocket fees, costs and
expenses incurred by the Company in connection with the provision of the Services. 
 “Force Majeure” shall
mean any cause beyond the reasonable control of the Company, including acts of God, strikes, lockouts, acts of the public enemy, wars or warlike action (whether actual or impending), arrests and other restraints of government (civil or military),
blockades, embargoes, insurrections, riots, epidemics, landslides, lightning, earthquakes, fires, sabotage, tornadoes, named tropical storms and hurricanes, floods, civil disturbances, terrorism, mechanical breakdown of machinery or equipment,
explosions, confiscation or seizure by any government or other public authority or any order of any court of competent jurisdiction, regulatory agency or governmental body having jurisdiction. 

“Hedge Contracts” means that master ISDA and related schedule and those oil and natural gas derivative contracts
specified on Schedule 1 to the Trust Agreement, which contracts are to be assigned to the Trust on or substantially concurrent with the Closing Date, as the same may be amended or replaced from time to time in accordance with the terms thereof,
together with all security agreements and instruments, collateral agency agreements and other ancillary agreements relating thereto. 
 “Person” means any natural person, partnership, limited liability company, corporation, trust, unincorporated association, governmental body or other entity, organization, or association.

  
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 “Registration Rights Agreement” means that certain Registration Rights
Agreement, dated as of [—], 2011, by and between the Trust, the Company and CELLC. 
 “Respondent” has the meaning set forth in Section 2.7(c). 

“Royalty Interests” has the meaning set forth in the recitals to this Agreement. 

“Rules” has the meaning set forth in Section 2.7. 

“Services” has the meaning set forth in Section 2.1. 

“Special Provisions” has the meaning set forth in Section 2.7. 

“Termination Date” has the meaning set forth in Section 5.1(a). 

“Trust” has the meaning set forth in the introductory paragraph to this Agreement. 

“Trust Agreement” means that certain Amended and Restated Trust Agreement of the Trust, dated as of [—], 2011 (as may be amended from time to time), by and among the Company, the Trustee and The Corporation Trust Company, as Delaware trustee. 

“Trustee” means The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws
of the United States of America with its principal place of business in New York, New York, or any successor trustee of the Trust, and in each case solely in its capacity as trustee and not in its individual capacity. 

Section 1.2 Construction. Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement;
(c) the terms “include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation;” and (d) the terms “hereof,” “herein” or
“hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement. The headings contained in this Agreement are for reference purposes only, and shall not affect in any way the meaning or interpretation
of this Agreement. 
 ARTICLE II 
 SERVICES 
 Section 2.1 Services. Subject to the terms of this
Agreement and in exchange for the payments described in Section 3.1, the Company hereby agrees to provide the Trust with (a) services as are necessary for the Trust and the Trustee to fulfill the purposes of the Trust as set forth in
Section 2.02 of the Trust Agreement and to otherwise comply with the Trust Agreement, including such accounting, bookkeeping and informational services as may be necessary for the preparation of reports the Trust is or may be required to
prepare and/or file in accordance with applicable tax and securities laws, exchange listing rules and other requirements, including 

  
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reserve reports, tax returns and Forms K-1, that the Trustee may reasonably request the Company provide during the term of this Agreement; (b) services of a similar character and scope to
those in the foregoing clause (a); (c) services that may be required to satisfy the Trust’s obligations under the Registration Rights Agreement; and (d) services described in Section 2.2 of this Agreement related to the Hedge
Contracts (all of the foregoing services, the “Services”). As a component of the Services, the Company shall, upon request of the Trust at any time, certify to the Trust the information necessary to make or confirm the calculations,
computations and determinations required to be made from time to time under the various agreements to which the Company and the Trust (or Trustee) are parties, including, without limitation, all amounts and other facts necessary to make the various
calculations, computations and determinations to be made under the Development Agreement. 
 Section 2.2 Hedge Manager
Services. 
 (a) The Company shall serve as hedge manager for the Trust. In this capacity, the Company shall administer, on
behalf of the Trust, the Hedge Contracts, including (i) reviewing amounts owed by or to the Trust under the Hedge Contracts, (ii) reviewing and taking appropriate action in response to notices and other communications from the Collateral
Agent (as defined in the Hedge Contracts) or the counterparties to the Hedge Contracts, (iii) as appropriate, drafting and delivering any confirmations, notices or other documents related to the Hedge Contracts and (iv) taking any and all
other actions that either the Company, in its sole discretion, deems necessary or appropriate to administer, or the Trustee reasonably requests of the Company in order for it to administer, the Hedge Contracts, in each case subject to the terms and
conditions of the Hedge Contracts. 
 (b) Subject to the terms and conditions of the Hedge Contracts, the Trustee shall
reasonably cooperate with the Company in connection with any action the Company takes with respect to the Hedge Contracts pursuant to this Agreement and the Hedge Contracts, to the extent reasonably requested to do so by the Company, including
executing definitive documentation with counterparties. However, the Trustee shall have neither the right nor the responsibility to approve the terms and conditions of any hedge transaction under a Hedge Contract, which authority and responsibility
shall rest solely with the Company, as hedge manager for the Trust, and the counterparties as provided for in the Hedge Contracts. 
 Section 2.3 Performance of Services by Others. The parties hereby agree that in discharging the Company’s obligations under this Agreement, the Company may, in its sole discretion, engage any
other Person, including its Affiliates, to perform the Services (or any part of the Services) on its behalf and that, subject to the Company’s right to reimbursement for External Expenses in accordance with this Agreement, the performance of
the Services (or any part of the Services) by any such Person shall be treated as if the Company performed such Services itself. Notwithstanding the foregoing, nothing contained herein shall relieve the Company of its obligations hereunder.

 Section 2.4 Intellectual Property. Any (a) inventions, whether patentable or not, developed or invented, or
(b) copyrightable material (and the intangible rights of copyright therein) developed, in each case by the Company, its Affiliates or its or their employees in connection with the performance of the Services shall be the property of the
Company; provided, 

  
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that the Trust shall be granted an irrevocable, royalty-free, non-exclusive and non-transferable right and license to use such inventions or material; provided, further, that the Trust shall only
be granted such a right and license to the extent such grant does not conflict with, or result in a breach, default or violation of a right or license to use such inventions or material granted to the Company by any Person other than an Affiliate of
the Company. Notwithstanding the foregoing, the Company will use all commercially reasonable efforts to grant such right and license to the Trust. 
 Section 2.5 Independent Status. It is expressly acknowledged by the parties hereto that each party is an “independent contractor” and nothing in this Agreement is intended nor shall be
construed to create an employer/employee, joint venture or partnership or fiduciary relationship, or to allow any party to exercise control or direction over the other party. Except as required in connection with the performance of the Services,
neither the Company nor any agent, employee, servant, contractor or subcontractor of the Company or any of its Affiliates shall have the authority to bind the Trust to any contract or arrangement. Neither the Trust nor the Trustee shall be liable
for the salary, wages or benefits, including workers’ compensation insurance and unemployment insurance, of any employee, agent, servant, contractor or subcontractor of the Company or its Affiliates by virtue of this Agreement. The Company
shall not be a fiduciary with respect to the Trust or Trustee and shall own no fiduciary duties or liability to the Trust or Trustee. 
 Section 2.6 Warranties; Limitation of Liability. The Company will use commercially reasonable efforts to provide the Services in a good and workmanlike manner in accordance with the sound and
prudent practices of providers of similar services. EXCEPT AS SET FORTH ABOVE IN THIS SECTION 2.6, THE COMPANY MAKES NO (AND HEREBY DISCLAIMS AND NEGATES ANY AND ALL) WARRANTIES OR REPRESENTATIONS WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE
SERVICES. IN NO EVENT WILL THE COMPANY, THE TRUST, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES BE LIABLE TO ANY OTHER PERSON UNDER THIS AGREEMENT FOR ANY EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES
RESULTING FROM ANY ERROR IN THE PERFORMANCE OF SUCH SERVICES, OR OTHERWISE, REGARDLESS OF WHETHER THE PERSON, ITS AFFILIATES OR OTHERS MAY BE WHOLLY, CONCURRENTLY, PARTIALLY OR SOLELY NEGLIGENT OR OTHERWISE AT FAULT, EXCEPT TO THE EXTENT SUCH
EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES ARE PAID BY THE PARTY INCURRING SUCH DAMAGES TO A PERSON THAT IS NOT A PARTY TO THIS AGREEMENT. THE PROVISIONS OF THIS SECTION 2.6 WILL SURVIVE TERMINATION OF THIS
AGREEMENT. 
 Section 2.7 Disputes. ANY DISPUTE, CONTROVERSY OR CLAIM THAT MAY ARISE BETWEEN OR AMONG THE COMPANY (ON THE
ONE HAND) AND THE TRUST (ON THE OTHER HAND) IN CONNECTION WITH OR OTHERWISE RELATING TO THIS AGREEMENT, THE NATURE OR QUALITY OF THE SERVICES, THE CALCULATION OR ALLOCATION OF THE ADMINISTRATIVE SERVICES FEE OR EXTERNAL EXPENSES OR THE APPLICATION,
IMPLEMENTATION, VALIDITY OR BREACH OF THIS AGREEMENT, SHALL BE FINALLY, CONCLUSIVELY AND EXCLUSIVELY SETTLED BY BINDING ARBITRATION IN OKLAHOMA CITY, 

  
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OKLAHOMA (OR IF NO SUCH OFFICE EXISTS, IN DALLAS, TEXAS) IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES (THE “RULES”) OF THE AMERICAN ARBITRATION ASSOCIATION OR ANY
SUCCESSOR THERETO (“AAA”) THEN IN EFFECT. THE COMPANY AND THE TRUST HEREBY EXPRESSLY WAIVE THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO TRIAL BY JURY, WITH RESPECT TO ANY MATTER SUBJECT TO ARBITRATION PURSUANT TO
THIS SECTION 2.7. EITHER THE COMPANY OR THE TRUST MAY BRING AN ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING, IN ANY COURT HAVING JURISDICTION, TO COMPEL ARBITRATION OF ANY DISPUTE, CONTROVERSY OR CLAIM TO WHICH THIS SECTION 2.7 APPLIES.
EXCEPT WITH RESPECT TO THE FOLLOWING PROVISIONS (THE “SPECIAL PROVISIONS”) WHICH SHALL APPLY WITH RESPECT TO ANY ARBITRATION PURSUANT TO THIS SECTION 2.7, THE INITIATION AND CONDUCT OF ARBITRATION SHALL BE AS SET FORTH IN THE RULES,
WHICH RULES ARE INCORPORATED IN THIS AGREEMENT BY REFERENCE WITH THE SAME EFFECT AS IF THEY WERE ACTUALLY PRINTED HEREIN. 
 (a)
In the event of any inconsistency between the Rules and the Special Provisions, the Special Provisions shall control. References in the Rules to a sole arbitrator shall be deemed to refer to the tribunal of arbitrators provided for under
subparagraph (c) below in this Section 2.7. 
 (b) The arbitration shall be administered by AAA. 

(c) The arbitration shall be conducted by a tribunal of three arbitrators. Within ten days after arbitration is initiated pursuant to the
Rules, the initiating party or parties (the “Claimant”) shall send written notice to the other party or parties (the “Respondent”), with a copy to the Oklahoma City, Oklahoma office of AAA (if no such office exists,
to the Dallas, Texas office of AAA), designating the first arbitrator (who shall not be a representative or agent of any party but may or may not be an AAA panel member and, in any case, shall be reasonably believed by the Claimant to possess the
requisite experience, education and expertise in respect of the matters to which the claim relates to enable such person to completely perform arbitral duties). Within ten days after receipt of such notice, the Respondent shall send written notice
to the Claimant, with a copy to the Oklahoma City, Oklahoma office of AAA (if no such office exists, to the Dallas, Texas office of AAA) and to the first arbitrator, designating the second arbitrator (who shall not be a representative or agent of
any party, but may or may not be an AAA panel member and, in any case, shall be reasonably believed by the Respondent to possess the requisite experience, education and expertise in respect of the matters to which the claim relates to enable such
person to competently perform arbitral duties). Within ten days after such notice from the Respondent is received by the Claimant, the Respondent and the Claimant shall cause their respective designated arbitrators to select any mutually agreeable
AAA panel member as the third arbitrator. If the respective designated arbitrators of the Respondent and the Claimant cannot so agree within said ten day period, then the third arbitrator will be determined pursuant to the Rules. For purposes of
this Section 2.7, the Company (on the one hand) and the Trust (on the other hand) shall each be entitled to the selection of one arbitrator. Prior to commencement of the arbitration proceeding, each arbitrator shall have provided the parties
with a resume outlining such arbitrator’s background and qualifications and shall certify that such arbitrator is not a 

  
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representative or agent of any of the parties. If any arbitrator shall die, fail to act, resign, become disqualified or otherwise cease to act, then the arbitration proceeding shall be delayed
for fifteen days and the party by or on behalf of whom such arbitrator was appointed shall be entitled to appoint a substitute arbitrator (meeting the qualifications set forth in this Section 2.7) within such fifteen day period;
provided, that if the party by or on behalf of whom such arbitrator was appointed shall fail to appoint a substitute arbitrator within such fifteen day period, the substitute arbitrator shall be a neutral arbitrator appointed by the AAA
arbitrator within fifteen days thereafter. 
 (d) All arbitration hearings shall be commenced within one hundred twenty
(120) days after arbitration is initiated pursuant to the Rules, unless, upon a showing of good cause by a party to the arbitration, the tribunal of arbitrators permits the extension of the commencement of such hearing; provided, that
any such extension shall not be longer than sixty days. 
 (e) All claims presented for arbitration shall be particularly
identified and the parties to the arbitration shall each prepare a statement of their position with recommended courses of action. These statements of position and recommended courses of action shall be submitted to the tribunal of arbitrators
chosen as provided hereinabove for binding decision. The tribunal of arbitrators shall not be empowered to make decisions beyond the scope of the position papers. 
 (f) The arbitration proceeding will be governed by the substantive laws of the State of New York and will be conducted in accordance with such procedures as shall be fixed for such purpose by the tribunal
of arbitrators, except that (i) discovery in connection with any arbitration proceeding shall be conducted in accordance with the Federal Rules of Civil Procedure and applicable case law, (ii) the tribunal of arbitrators shall have the
power to compel discovery and (iii) unless the parties otherwise agree and except as may be provided in this Section 2.7, the arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16, to the exclusion
of any provision of state law or other applicable law or procedure inconsistent therewith or which would produce a different result. The parties shall preserve their right to assert and to avail themselves of the attorney-client and
attorney-work-product privileges, and any other privileges to which they may be entitled pursuant to applicable law. No party to the arbitration or any arbitrator may compel or require mediation and/or settlement conferences without the prior
written consent of all such parties and the tribunal of arbitrators. 
 (g) The tribunal of arbitrators shall make an
arbitration award as soon as possible after the later of the close of evidence or the submission of final briefs, and in all cases the award shall be made not later than thirty days following submission of the matter. The finding and decision of a
majority of the arbitrators shall be final and shall be binding upon the parties. Judgment upon the arbitration award or decision may be entered in any court having jurisdiction thereof or application may be made to any such court for a judicial
acceptance of the award and an order of enforcement, as the case may be. The tribunal of arbitrators shall have the authority to assess liability for pre-award and post-award interest on the claims, attorneys’ fees, expert witness fees and all
other expenses of arbitration as such arbitrators shall deem appropriate based on the outcome of the claims arbitrated. Unless otherwise agreed by the parties 

  
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to the arbitration in writing, the arbitration award shall include findings of fact and conclusions of law. 
 (h) Nothing in this Section 2.7 shall be deemed to (i) limit the applicability of any otherwise applicable statute of limitations or repose or any waivers contained in this Agreement,
(ii) constitute a waiver by any party hereto of the protections afforded by 12 U.S.C. § 91 or any successor statute thereto or any substantially equivalent state law, (iii) restrict the right of the Trustee to make application to any
state or federal district court having jurisdiction in Oklahoma City, Oklahoma to appoint a successor Trustee or to request instructions with regard to any provision in this Agreement when the Trustee is unsure of its obligations thereunder, or
(iv) apply to the Delaware Trustee (as defined in the Trust Agreement). 
 The provisions of this Section 2.7 will survive termination
of this Agreement. 
 ARTICLE III 
 ADMINISTRATIVE SERVICES FEE; REIMBURSEMENT OF EXPENSES 
 Section 3.1
Administrative Services Fee; Reimbursement of External Expenses. 
 (a) The Trust shall pay to the Company an annual
administrative services fee of $200,000 (the “Administrative Services Fee”), which shall be paid in immediately available funds and in equal quarterly installments of $50,000, on or before the 45th day following each calendar
quarter, with the first payment being made on or before February 15, 2012, in the amount of $50,000. In the event that this Agreement is terminated during a calendar quarter pursuant to Section 5.1, the amount of the Administrative
Services Fee for such calendar quarter shall be based upon the pro rata portion of the Administrative Services Fee that shall have accrued during such quarter up to and including the Termination Date. 

(b) In addition to the Administrative Services Fee, the Trust shall reimburse the Company on or before the 45th day following each
calendar quarter for all reasonable and necessary External Expenses associated with the provision of Services in the preceding quarter as set forth in a reasonably detailed invoice provided by the Company to the Trust on or before the 15th day
following such calendar quarter. 
 Section 3.2 Set-Off. In the event that the Company or any of its Affiliates owes the
Trust a sum certain in an uncontested amount under any other agreement, then any such amounts may, in the sole discretion of the Company, be aggregated and the Trust and the Company (and the Company’s Affiliates, as the case may be) shall
discharge their obligations by netting those amounts against any amounts owed by the Trust to the Company under this Agreement. 

ARTICLE IV 

FORCE MAJEURE 
 Section 4.1 Force Majeure. The Company’s obligation under this Agreement shall be excused when and to the extent its performance of that obligation is prevented due to Force Majeure. The
Company shall promptly notify the Trustee that the Company is prevented from performing its obligations by reason of Force Majeure and shall exercise due diligence to end its 

  
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inability to perform as promptly as practicable. Notwithstanding the foregoing, the Company shall not be required to settle any strike, lockout or other labor dispute in which it or any of its
Affiliates may be involved. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1 Term and Termination. 

(a) This Agreement shall be effective as of the Effective Time and shall continue until the date (the “Termination
Date”) that is the earliest of: 
 (i) the date the Trust shall have dissolved and wound up its business
and affairs in accordance with Section 9.02 of the Trust Agreement; 
 (ii) the date that all of the Royalty
Interests have been terminated or are no longer held by the Trust; 
 (iii) the date that either the Company or
the Trustee may designate by delivering a written notice no less than 90 days prior to such date; provided, that the Drilling Obligation Completion Date shall have been achieved pursuant to the terms of the Development Agreement; provided,
further, that the Company shall not terminate this Agreement except in connection with the Company’s transfer of some or all of the Subject Interests (as defined in the Conveyances) and then only with respect to the Services to be provided
with respect to the Subject Interests being transferred, and only upon the delivery to the Trustee of an agreement of the transferee of such Subject Interests, reasonably satisfactory to the Trustee, in which such transferee assumes the
responsibility to perform the Services relating to the Subject Interests being transferred in accordance herewith; and 
 (iv) the date mutually agreed to by the parties to this Agreement. 
 (b) Upon
termination of this Agreement in accordance with Section 5.1(a)(i), (ii) or (iv), all rights and obligations under this Agreement shall cease except for (i) obligations that expressly survive termination of this Agreement,
(ii) liabilities and obligations that have accrued prior to the Termination Date, including the obligation to pay any amounts that have become due and payable prior to such Termination Date and (iii) the obligation to pay any portion of
the Administrative Services Fee that has accrued prior to such Termination Date, even if such portion has not become due and payable at such time. Upon termination of this Agreement in accordance with Section 5.1(a)(iii), the Company’s
obligations to provide Services shall cease only with respect to the Subject Interests transferred, and shall otherwise continue unabated. In the event that the Company terminates this Agreement with respect to Subject Interests transferred in
accordance with Section 5.1(a)(iii), the Administrative Services Fee shall be proportionately reduced, unless the Company certifies to the Trustee that such transfer of the Subject Interests will not result in a material decrease in the
Company’s costs of providing the Services to the Trust with respect to the remaining Subject Interests. 

  
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 Section 5.2 Notice. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, by facsimile, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery, (ii) upon
confirmation, if made by facsimile, (iii) one Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as
follows: 
  

	 	(a)	if to the Trust or the Trustee, to: 

 Chesapeake Granite Wash Trust 
 c/o The Bank of New York Mellon Trust Company,
N.A. 
 Institutional Trust Services 
 919 Congress Avenue, Suite 500 
 Austin, Texas 78701 

Attention: Michael J. Ulrich 
 Facsimile No.: (512) 479-2253 
 with a copy to: 

Andrews Kurth LLP 
 600 Travis, Suite 4200 
 Houston, Texas 77002 

Attention: W. Lance Schuler 
 Facsimile No.: (713) 238-7193 
  

	 	(b)	if to the Company, to: 

Chesapeake Energy Corporation 
 6100 North Western Avenue 
 Oklahoma City, OK 73118 

Attention: Jennifer M. Grigsby 
 Facsimile No.: (405) 849-9225 
 with a copy to: 

Bracewell & Giuliani LLP 
 711 Louisiana Street, Suite 2300 
 Houston, Texas 77002 

Attention: Michael S. Telle 
 Facsimile No.: (713) 221-2113 
 or to such other address as such Person may have furnished to
the other Persons identified in this Section 5.2 in writing in accordance herewith. 
 Section 5.3 Entire Agreement;
Supersedure; Third Party Beneficiaries. This Agreement, together with all other agreements and documents contemplated to be executed and delivered in connection with the transactions contemplated hereby, constitutes the entire

  
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agreement of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether written or oral, relating to the matters contained herein. This Agreement
does not confer upon any Person, other than the parties hereto, any rights or remedies. 
 Section 5.4 Effect of Waiver or
Consent. Except as otherwise provided in this Agreement, a waiver or consent, express or implied, to or of any breach or default by any party in the performance by that party of its obligations under this Agreement is not a consent or waiver to
or of any other breach or default in the performance by that party of the same or any other obligations of that party under this Agreement. 
 Section 5.5 Amendment or Modification. This Agreement may be amended or modified from time to time only by a written instrument executed by each of the parties to this Agreement. 

Section 5.6 Assignment. Except as provided in Section 2.3, and except for any transfer of the rights of the Trustee hereunder
to a successor trustee of the Trust, no party to this Agreement shall have the right to assign its rights or obligations under this Agreement without the written consent of the other party to this Agreement. 

Section 5.7 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties to
this Agreement had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 
 Section 5.8 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall be finally determined by a court of proper jurisdiction to be illegal,
invalid or unenforceable to any extent, the remainder of this Agreement or the application of such provision to Persons or circumstances other than those as to which it is held illegal, invalid or unenforceable shall not be affected thereby, and
every remaining provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 
 Section 5.9
Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be
necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. 
 Section 5.10 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PRINCIPLES
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 
 Section 5.11 Limitation of Trustee’s
Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by the Trustee not individually or personally, but solely as Trustee in the exercise of the powers and authority
conferred and vested in it and (b) under no circumstances shall the Trustee be liable for the 

  
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breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement. Further, the Trust’s obligations under the Hedge Contracts
shall be the sole liability and responsibility of the Trust, and the Trustee shall have no liability for any amounts due under any Hedge Contract. 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	CHESAPEAKE ENERGY CORPORATION
		
	By:	 	  

	Name:	 	Jennifer M. Grigsby
	Title:	 	Senior Vice President, Treasurer and Corporate Secretary

  

			
	CHESAPEAKE GRANITE WASH TRUST
		
	By:	 	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	  

	Name:	 	Michael J. Ulrich
	Title:	 	Vice President

 Signature Page to Administrative Services Agreement

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