Document:

Exhibit 10.6

TERRAFORM OPTION AGREEMENT

This TerraForm Option Agreement (as amended and/or restated from time to time, this “Agreement”), dated as of December 15, 2015 (the “Effective Date”), is entered into by and between Sun Edison LLC, a Delaware limited liability company (“SunEdison”), and TerraForm Power, LLC, a Delaware limited liability company (“TerraForm”).  SunEdison and TerraForm are referred to, collectively, as the “Parties” and each, individually, as a “Party.”  All capitalized terms used herein have the meanings set forth in Section 1.1.

RECITALS

A.           SunEdison has entered into two option agreements with Invenergy Wind Global, LLC (“Invenergy”), each dated as of December 15, 2015 (collectively, the “Invenergy Option Agreements”), pursuant to which Invenergy has the right to cause SunEdison to purchase all of the Invenergy Units (as defined in the Invenergy Option Agreements), and SunEdison has the right to purchase the Invenergy Units, in each case on the terms and conditions set forth in the Invenergy Option Agreements.

B.           The Invenergy Option Agreements were entered into in connection with the acquisition by affiliates of TerraForm of interests in the Companies (as defined in the Invenergy Option Agreements), which Companies own indirect interests in wind energy projects.

C.           SunEdison and TerraForm wish to enter into this Agreement in order to provide SunEdison an option to transfer the Invenergy Units to TerraForm, to provide TerraForm an option to acquire the Invenergy Units from SunEdison, and to provide TerraForm a right of first refusal on the Invenergy Units if SunEdison intends to sell the Invenergy Units to an unaffiliated third party.

In consideration of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:

ARTICLE I

GENERAL TERMS

1.1           Definitions and Interpretation.

(a)           Definitions.  Unless otherwise required by the context in which any capitalized term appears, or unless otherwise specifically defined elsewhere in this Agreement, capitalized terms used in this Agreement shall have the meanings set forth below.

“Affiliate” means, when used with reference to a specified Person, any other Person that Controls, is Controlled by or is under common Control with the Person specified.

“Agreement” has the meaning set forth in the preamble to this Agreement, and includes all schedules, exhibits and addenda hereto.

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are required or authorized by law or regulation to close.

“Call Intent Notice” has the meaning set forth in Section 4.4.

“Call Option” has the meaning set forth in Section 4.1.

“Call Option Period” has the meaning set forth in Section 4.1.

“Call Option Price” has the meaning set forth in Section 4.1.

“Companies” means the entities which are the issuers of the respective Invenergy Units.

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, as general partner or managing member, by contract or otherwise.

“Elective Call Option” has the meaning set forth in Section 3.1.

“Encumbrance” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement).

“Effective Date” has the meaning set forth in the preamble to this Agreement.

“Fair Market Value” means the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of the relevant facts.

“GAAP” means U.S. generally accepted accounting principles, consistently applied.

“Governmental Authority” means any federal, state or local court or governmental agency, authority, instrumentality or regulatory or legislative body.

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

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

“Invenergy Option Agreements” has the meaning set forth in the recitals to this Agreement.

“Invenergy Put Option” has the meaning set forth in Section 2.1.

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

“Minimum Call Option Price” means an amount equal to (i) the amount paid by SunEdison to Invenergy for the Invenergy Units pursuant to the Invenergy Option Agreements, plus (ii) the reasonable out of pocket expenses of SunEdison in connection with such acquisition, minus (iii) any distributions received by SunEdison with respect to the Invenergy Units after such acquisition, plus (iv) an amount equal to the interest that would accrue on the balance, from time to time, of the amounts set forth in clauses (i) through (iii) of this definition at a rate equal to seven percent per annum, from the time at which SunEdison acquired the Invenergy Units until the date on which the Call Option purchase is consummated under Section 4.5, all as subject to adjustment pursuant to Section 5.3.

“Offered Units” has the meaning set forth in Section 5.1.

“Parties” has the meaning set forth in the preamble to this Agreement.

“Person” means any individual, partnership, corporation, association, business trust, statutory trust, limited liability company, or other entity.

“Preliminary Call Intent Notice” has the meaning set forth in Section 4.2.

“Put Option” has the meaning set forth in Section 2.1.

“Put Option Invenergy Units” has the meaning set forth in Section 2.1.

“Put Option Price” has the meaning set forth in Section 2.1.

“Qualified Appraiser” means a nationally recognized third-party appraiser which shall (i) be qualified to appraise independent electric generating businesses, (ii) have been engaged in the appraisal or business valuation and consulting business for a period of at least five years, (iii) not be an Affiliate of any Party or any Affiliate thereof, and (iv) be mutually acceptable to TerraForm and SunEdison.  If the Parties cannot agree on the Qualified Appraiser within ten (10) Business Days after one Party notifies the other in writing of its desire to reach agreement on such choice of the Qualified Appraiser, each Party shall thereafter, within 5 Business Days of receipt of such notice, designate a person who would qualify as a Qualified Appraiser, and such two Qualified Appraisers shall be directed to choose a third person as a Qualified Appraiser.  Such person so designated shall, for all purposes of this Agreement with respect to the option being exercised, constitute the Qualified Appraiser.

“ROFR Offer” has the meaning set forth in Section 5.2.

“ROFR Offer Notice” has the meaning set forth in Section5.1.

“ROFR Offer Period” has the meaning set forth in Section 5.2.

“ROFR Offer Price” has the meaning set forth in Section 5.2.

“SunEdison” has the meaning set forth in the preamble to this Agreement.

“SunEdison Units” has the meaning set forth in Section 4.1.

“TerraForm” has the meaning set forth in the preamble to this Agreement.

“Valuation Procedure” means the following procedure:  Within thirty (30) Days following the failure of TerraForm and SunEdison to agree on the applicable Fair Market Value of the SunEdison Units under Section 4.3, TerraForm and SunEdison shall appoint a Qualified Appraiser.  Within thirty (30) days following the appointment of the Qualified Appraiser, such appraiser shall determine the Fair Market Value of the applicable SunEdison Units, utilizing valuation methods and practices commonly used in the independent electric generating industry, and taking into account all of the facts and circumstances relating to the Companies.  The decision of the Qualified Appraiser shall be binding and conclusive on the Parties absent manifest error.  TerraForm and SunEdison shall each pay fifty percent (50%) of the fees and expenses of the Qualified Appraiser.

(b)           Interpretation.

(i)           All terms in this Agreement shall have the defined meanings set forth herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

(ii)           As used in this Agreement and in any certificate or other documents made or delivered pursuant hereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP.  To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such certificate or other document shall control.

(iii)           The words “hereof”, “herein”, “hereunder”, and words of similar import when used in this Agreement shall refer to this Agreement, as a whole and not to any particular provision of this Agreement.

(iv)           The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

(v)           Any agreement, instrument, statute or regulation or defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument, statute or regulation as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein.

(vi)           Any references to a Person are also to its successors and permitted assigns.

(vii)           All Article and Section titles or captions contained in this Agreement, or in any Exhibit or Schedule referred to herein and the table of contents of this Agreement are for convenience only and shall not be deemed a part of this Agreement, or affect the meaning or interpretation of this Agreement.  Unless otherwise specified, all references in this Agreement to numbered Articles and Sections are to Articles and Sections of this Agreement, and all references herein to Schedules or Exhibits are to the Schedules and Exhibits to this Agreement.

(viii)           Unless otherwise specified, all references contained in this Agreement or in any Exhibit or Schedule referred to herein or in any instrument or document delivered pursuant hereto to dollars or “$” shall mean United States dollars.

(ix)           The words “includes” or “including” when used in this Agreement mean “including, for example and without limitation.”

(x)           The Parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

ARTICLE II

PUT OPTION

2.1           Option Grant and Price.  SunEdison shall have an exclusive and irrevocable option to sell to TerraForm or one or more of TerraForm’s designees all, but not less than all, of the Class B Units to be acquired by SunEdison at the time and in connection with the exercise by Invenergy of the Put Option (as defined in the Invenergy Option Agreements) (the “Invenergy Put Option” and the “Put Option Invenergy Units”, respectively), at the time and under the procedure set forth in the remainder of this Article II (the “Put Option”).  The purchase price of the Put Option Invenergy Units shall be equal to the Put Option Price as defined in, and determined in accordance with the terms of, the Invenergy Option Agreements (the “Put Option Price”).

2.2           Preliminary Notice.  If SunEdison receives a Preliminary Put Option Notice (as defined in the Invenergy Option Agreements) under the Invenergy Option Agreements, SunEdison shall promptly, and in any event within five days of such receipt, give TerraForm written notice thereof, and a copy of the applicable notice received from Invenergy.

2.3           Exercise.  SunEdison may, but shall not be obligated to, deliver to TerraForm, within five days after delivery of such initial notice to TerraForm, a further written notice that SunEdison exercises the Put Option under this Article II.  If SunEdison does not so elect within such period, then the Put Option is thereby waived and shall cease to have any effect under this Agreement, unless the Invenergy Put Option is not consummated because a Put Intent Notice (as defined in the Invenergy Option Agreements) is not delivered.

2.4           Consummation of Purchase.  If SunEdison does exercise the Put Option (and as a condition for SunEdison to be able to exercise the Put Option), then from and after receipt by SunEdison of the respective Preliminary Put Option Notice,, SunEdison shall permit TerraForm, at TerraForm’s expense, to make all determinations and communicate with Invenergy with respect to the matters associated with the implementation of the Invenergy Put Option pursuant to the terms and conditions of the Other Option Agreements, including with respect to the determination of the Put Option Price, the selection of the appraiser, and the closing of the Invenergy Put Option.  If permitted, TerraForm or one or more of TerraForm’s designees will acquire the Put Option Invenergy Units directly from Invenergy, but if such direct purchase is not permitted, SunEdison and TerraForm shall take such steps as are necessary to cause TerraForm or its relevant designees to acquire the Put Option Invenergy Units from SunEdison immediately after SunEdison acquires such units from Invenergy, pursuant to agreements necessary or appropriate to fully implement such arrangement.  In connection therewith, the Parties shall cooperate to obtain all necessary governmental approvals, including with respect to federal energy regulatory and antitrust filings and approvals.

ARTICLE III

ELECTIVE CALL OPTION

3.1           Option Grant and Price.  TerraForm shall have an exclusive and irrevocable option to cause SunEdison to exercise the Call Option under each Invenergy Option Agreement with respect to all, but not less than all, of the Invenergy Units, at the time (consistent with the terms of the Invenergy Option Agreements) and under the procedure set forth in the remainder of this Article III (the “Elective Call Option”).  The purchase price of the Invenergy Units shall be equal to the Call Option Price as defined in, and determined in accordance with the terms of, the Invenergy Option Agreements.

3.2           Exercise.  TerraForm may exercise the Elective Call Option by giving SunEdison written notice of such exercise at any time at which SunEdison is entitled to exercise the Call Option (as defined in the Invenergy Option Agreements).

3.3           Consummation of Purchase.  If TerraForm does exercise the Elective Call Option, then from and after receipt by SunEdison of the written notice from TerraForm of such election, SunEdison shall permit TerraForm, at TerraForm’s expense,  to make all determinations and communicate with Invenergy with respect to the matters associated with the implementation of the Call Option pursuant to the terms and conditions of the Invenergy Option Agreements, including with respect to the determination of the Call Option Price, the selection of the appraiser, and the closing of the Call Option under the Invenergy  Option Agreement.  If permitted, TerraForm or one or more of TerraForm’s designees will acquire the Invenergy Units directly from Invenergy, but if such direct purchase is not permitted, SunEdison and TerraForm shall take such steps as are necessary to cause TerraForm or the relevant TerraForm designees to acquire the Invenergy Units from SunEdison immediately after SunEdison acquires such units from Invenergy, pursuant to agreements necessary or appropriate to fully implement such arrangement.  In connection therewith, the Parties shall cooperate to obtain all necessary governmental approvals, including with respect to federal energy regulatory and antitrust filings and approvals.

ARTICLE IV

CALL OPTION

4.1           Option Grant and Price.  TerraForm (on behalf of itself or one or more of its designees) shall have an exclusive and irrevocable option to purchase all but not less than all, of the Invenergy Units held, directly or indirectly, by SunEdison, other than under Article II (the “SunEdison Units”), for a period of two years after the date on which SunEdison acquired such Invenergy Units under the Invenergy Option Agreements (the “Call Option Period”), and otherwise upon the terms and conditions set forth herein (the “Call Option”).  The purchase price of the SunEdison Units shall be an amount equal to (i) the Fair Market Value of such SunEdison Units determined, pursuant to Section 4.3 below, as of the date on which the Preliminary Call Intent Notice (as defined below) is given, minus (ii) any distributions received by SunEdison with respect to the SunEdison Units after the date of the Preliminary Call Intent Notice (the “Call Option Price”), provided that SunEdison shall have no obligation to sell the SunEdison Units following the exercise of the Call Option if the Call Option Price is lower than the Minimum Call Option Price.

4.2           Preliminary Notice.  The Call Option may be exercised by TerraForm by giving written notice (which notice shall be non-binding on TerraForm) (the “Preliminary Call Intent Notice”) to SunEdison of an intent to determine the Fair Market Value of the SunEdison Units.  The Preliminary Call Intent Notice may only be delivered during the sixth, twelfth, eighteenth and twenty-third full months after the Effective Date, and from the end of the twenty-third full month until the end of the Call Option Period.

4.3           Determination of Price.  Within twenty (20) days after the date of the Preliminary Call Intent Notice, TerraForm and SunEdison will meet to discuss and negotiate in good faith to determine and agree upon the Fair Market Value used in the calculation of the Call Option Price.  If the Parties agree upon such Fair Market Value, such Fair Market Value will be used to determine the Call Option Price for purposes hereof.  If they fail to agree upon such Fair Market Value within thirty (30) days after the date of the Preliminary Call Intent Notice, TerraForm and SunEdison shall, promptly thereafter, initiate the Valuation Procedure for purposes of establishing such Fair Market Value.

4.4           Final Intent Notice.  Upon determining the Call Option Price of the SunEdison Units pursuant to Section 4.3, if TerraForm desires to exercise the Call Option at such Call Option Price, TerraForm must deliver written notice (the “Call Intent Notice”) of such intent to exercise the Call Option to SunEdison within sixty (60) days of such determination of Call Option Price, specifying (subject to the time periods set forth in Section 4.5) the effective date of the purchase.  Once the Call Intent Notice has been delivered, the Call Option shall be irrevocable.  If the Call Intent Notice is not timely delivered, the Call Option shall terminate unless the purchase did not occur because the Call Option Price is lower than the Minimum Call Option Price, in which case TerraForm shall continue to have its rights to exercise the Call Option as provided herein.

4.5           Closing.  The closing of the purchase and sale shall occur, subject to the receipt of any necessary approvals from any Governmental Authority, including, without limitation, the approvals, if any, required under the HSR Act, on the later of the thirtieth (30th) Business Day following the date of the Call Intent Notice, the twentieth (20th) Business Day following the determination of the Call Option Price of the SunEdison Units, and the fifth (5th) Business Day after the receipt of such approvals from any Governmental Authority.  At the closing, SunEdison shall convey all of its SunEdison Units to TerraForm (or one or more of its designees) on an “as is, where is” basis without representations or warranties, expressed or implied, other than good title and the absence of any Encumbrance against the SunEdison Units that has been created by, through or under SunEdison or any Affiliate thereof other than those created pursuant to this Agreement or by applicable securities laws.  At the closing, TerraForm shall pay, or shall cause the relevant designee to pay,  the Call Option Price of the SunEdison Units to SunEdison by wire transfer of immediately available funds.

ARTICLE V

RIGHT OF FIRST REFUSAL

5.1           Notice of Intent.  If at any time SunEdison desires to effectuate a transfer of all or any portion of the SunEdison Units to Persons other than an Affiliate of SunEdison, SunEdison shall give notice to TerraForm that it desires to make such a transfer and that sets forth the proposed purchaser, the Invenergy Units proposed to be Transferred by SunEdison (the “Offered Units”), the cash price to be paid for such Offered Units (the “ROFR Offer Price”) and any other material terms of the offer by the proposed transferee.

5.2           ROFR Offer.  The giving of a ROFR Offer Notice shall constitute an offer (the “ROFR Offer”) by SunEdison to sell the Offered Units to TerraForm or one or more of its designees for cash at the ROFR Offer Price and on the other terms set forth in the ROFR Offer Notice.  TerraForm shall have a 60-day period (the “ROFR Offer Period”) in which to accept such ROFR Offer as to all but not less than all of the Offered Units by giving a notice of acceptance to SunEdison prior to the expiration of such ROFR Offer Period.  If TerraForm fails to notify SunEdison prior to the expiration of the ROFR Offer Period, it shall be deemed to have declined such ROFR Offer.

5.3           Exercise of Option.  If TerraForm elects to purchase the Offered Units, TerraForm shall, or shall cause its relevant designees to,  purchase and pay, by wire transfer of immediately available funds to an account designated by SunEdison, for all Offered Units within ten Business Days after the date on which the ROFR Offer has been accepted; provided that if the transfer is subject to regulatory approval, such ten Business Day period shall be extended until the expiration of ten Business Days after all such approvals shall have been received.  If the ROFR Offer has been exercised with respect to less than all of the SunEdison Units, and the purchase of such SunEdison Units is consummated, the Minimum Call Option Price shall be ratably adjusted to reflect the portion of the SunEdison Units that were sold.

5.4           Failure to Exercise Option.  Upon the earlier to occur of (i) a rejection of the ROFR Offer by TerraForm and (ii) the expiration of the initial 60-day period without TerraForm electing to purchase all of the Offered Units, SunEdison shall have a 90-day period during which to effect a transfer of the Offered Units on the terms set forth in the ROFR Offer Notice to the indicated Person; provided that if the transfer is subject to regulatory approval, such 180-day period shall be extended until the expiration of five Business Days after all such approvals shall have been received.  If SunEdison does not consummate the transfer of the Offered Units within the foregoing period, then SunEdison shall again comply with the procedures set forth in this Article IV with respect to any proposed transfer of any SunEdison Units.

ARTICLE VI

MISCELLANEOUS PROVISIONS

6.1           Amendments to Invenergy Option Agreements.  SunEdison shall not amend or waive any provision of the Invenergy Option Agreements without the prior written consent of TerraForm, which consent may be withheld in the sole discretion of TerraForm.

6.2           Notices under Invenergy Option Agreements.  If SunEdison receives any notice from Invenergy in relation to the Invenergy Option Agreements, SunEdison shall promptly, and in any event within five days of such receipt, give TerraForm a copy thereof.

6.3           Assignment of Rights.  If TerraForm acquires any of the Invenergy Units, SunEdison shall assign to TerraForm all rights SunEdison has against Invenergy or its Affiliates under or with respect to the respective Invenergy Option Agreement.

 

6.4           Amendment.  This Agreement may not be modified, amended, rescinded, cancelled or waived, in whole or in part, except by a written instrument duly executed by the parties hereto.

6.5           Disclaimer of Agency.  This Agreement does not create any relationship among the Parties beyond the scope set forth herein, and except as otherwise expressly provided herein, this Agreement shall not constitute any Party the legal representative or agent of the other, nor shall any Party have the right or authority to assume, create or incur any liability or obligation, express or implied, against, in the name of or on behalf of the other Party.

6.6           Notices and Information.  Except as expressly set forth to the contrary in this Agreement, all notices, requests or consents provided for or permitted to be given under this Agreement must be in writing and must be delivered to the recipient in person, or by courier or certified mail, return receipt requested.  A notice, request or consent given under this Agreement is effective on receipt by the Party receiving it.  All notices, requests and consents to be sent to a Party must be sent to or made at the addresses given for that Party below (or to such other Person or address as the receiving Party may have specified by written notice to each other Party pursuant to the provisions of this Section 6.3).  A copy of any notice, request or consent to Buyer must be given to all of the other Parties.  Whenever any notice is required to be given by Applicable Law or this Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.  The names and addresses for the service of notices referred to in this Section 6.3 are:

		If to SunEdison, to:	c/o SunEdison, Inc.

7550 Wisconsin Avenue, 9th Floor

Bethesda, Maryland 20814

Attention:  Legal, SunEdison

		If to TerraForm, to:	TerraForm Power, LLC

c/o TerraForm Power Inc.

7550 Wisconsin Avenue, 9th Floor

Bethesda, Maryland 20814

Attention:  General Counsel

6.7           Counterparts.  The Parties may execute this Agreement in two or more counterparts, which shall, in the aggregate, be signed by all the Parties; each counterpart shall be deemed an original instrument as against any Party who has signed it.

6.8           Governing Law.  This Agreement shall be governed by, construed, interpreted and applied in accordance with the laws of the State of Delaware (excluding any conflict of law rules that would refer the matter to be decided to the laws of another jurisdiction).

6.9           Jurisdiction; Service of Process.  Each of the Parties hereto hereby irrevocably consents to the non-exclusive jurisdiction of the courts of the State of Delaware and of any federal court located therein in connection with any suit, action or other proceeding arising out of or relating to this Agreement or the transactions contemplated hereby; agrees to waive any objection to venue in the State of Delaware; and agrees that, to the extent permitted by law, service of process in connection with any such proceeding may be effected by mailing same in the manner provided in Section 6.3.

6.10           Binding Effect.  This Agreement shall be binding on all successors and assigns of the Parties and inure to the benefit of the respective successors and permitted assigns of the Parties, except to the extent of any express contrary provision in this Agreement.

6.11           Partial Invalidity.  If any term, provision, covenant, or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions of this Agreement shall remain in full force and effect and in no way shall be affected, impaired, or invalidated by reason of such holding.

6.12           Captions.  Titles or captions of Sections or Articles contained in this Agreement are inserted only as a matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof.

6.13           No Third-Party Beneficiaries.  Nothing in this Agreement is intended to entitle any Person not a party to this Agreement (and their respective successors-in-interest and permitted assigns) to any claim, cause of action, remedy or right of any kind.

6.14           Waiver.  No failure or delay by either Party to take any action or assert any right or remedy hereunder or to enforce strict compliance with any provision hereof shall be deemed to be a waiver of, or estoppel with respect to, such right, remedy or noncompliance in the event of the continuation or repetition of the circumstances giving rise to such right, remedy or noncompliance.  No waiver shall be effective unless given in a duly executed written instrument.

6.15           Waiver of Certain Damages.  Notwithstanding any provision in this Agreement to the contrary, in no event shall any Party or its Affiliates, or their respective managers, members, shareholders, or Representatives, be liable hereunder at any time for consequential, indirect, special or punitive loss or damage of the other Party or any of its Affiliates, whether in contract, tort (including negligence), strict liability or otherwise (unless, in the case of consequential or indirect damages, such damages were reasonably foreseeable), and each Party hereby expressly releases each other Party, its Affiliates, and their respective managers, members, shareholders, partners, consultants, Representatives, successors and assigns therefrom.

6.16           Assignment.  This Agreement may not be assigned by either Party, except that a Party may assign its rights under this Agreement to an Affiliate, but such assignment shall not release the Party from any of its obligations hereunder.

6.17           Entire Agreement.  This instrument contains the entire agreement of the Parties relating to the rights and obligations of the Parties with respect to the Company.  Any prior agreements shall be of no further force or effect.

[Signature page follows]

IN WITNESS WHEREOF, the Parties have executed and delivered this TerraForm Option Agreement as of the Effective Date.

	 	
Sun Edison LLC,

a Delaware limited liability company

	 	 
	 	
By:  

Name:

Title:

	
/s/ Brian Wuebbels 

	
Brian Wuebbels 

	Authorized Officer
	 	 
	 	
TerraForm Power, LLC,

a Delaware limited liability company

	 	 
	 	
By:  

Name:

Title:

	
/s/ Brian Wuebbels 

	
Brian Wuebbels 

	President & CEOExhibit 10.1

 

First
AMENDMENT TO

LIMITED FORBEARANCE AGREEMENT

 

This
First AMENDMENT TO LIMITED FORBEARANCE AGREEMENT (this “Amendment”), dated as of December 18,
2015 (the “Effective Date”), is by and among Emerald Oil, Inc., a Delaware corporation (“Borrower”),
the subsidiaries of Borrower party hereto as Guarantors (together with Borrower, collectively, “Obligors”),
the Lenders party hereto, Wells Fargo Bank, N.A., as administrative agent for the Lenders (in such capacity, “Administrative
Agent”), and The Bank of Nova Scotia, as Secured Swap Provider under the Credit Agreement (in such capacity, “Secured
Swap Provider”).

 

RECITALS:

 

A.           The
Forbearance Agreement. Obligors, the Lenders party thereto and Administrative Agent are parties to that certain Limited
Forbearance Agreement dated as of November 5, 2015 (the “Forbearance Agreement”), pursuant to which Administrative
Agent and the Lenders agreed to forbear from exercising their rights and remedies under the Loan Documents until December 18, 2015
to allow Obligors time to improve their liquidity and business operations.

 

B.           Termination
Date. Obligors have requested that the Forbearance Period be extended to January 29, 2016.

 

C.           Sale
of Non-Op Properties. In order to induce the Lenders to agree to the extension of the Forbearance Period, Borrower has
agreed to sell the properties described on Schedule I hereto (the “Non-Op Properties”) for an
aggregate cash purchase price of not less than $9,250,000 (the “Specified Non-Op Sale”) and has requested
the Lenders to consent to the Specified Non-Op Sale.

 

D.           Secured
Swap Provider Forbearance Request. Obligors have requested that Secured Swap Provider forbear during the Forbearance Period
from declaring an Early Termination Date as the result of any Event of Default or Termination Event, as applicable, under that
certain ISDA Master Agreement, dated as of June 20, 2014, between Borrower and Secured Swap Provider (collectively with the schedule
thereto and related confirmations, the “BNS Swap Agreement”) that, in each case, results directly from
any Specified Default. Secured Swap Provider is willing to grant such forbearance subject to the terms and conditions of this Amendment.

 

E.           Consent
and Amendment. The Lenders parties hereto and Administrative Agent are willing to (i) consent to the Specified Non-Op Sale
and (ii) amend the Forbearance Agreement, in each case, on the terms and conditions herein set forth.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants, representations, warranties and agreements contained herein, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

    	 	1	 

     

    

 

AGREEMENTS:

 

1.          Definitions.
Capitalized terms used and not otherwise defined herein shall have the same meanings as set forth in the Forbearance Agreement
or in the Credit Agreement (as defined in the Forbearance Agreement).

 

2.          Amendments
to Forbearance Agreement. Subject to the satisfaction of the conditions in Section 6 hereof, the Forbearance Agreement
is hereby amended as of the Effective Date as follows:

 

(a)          Additional
Definitions. Section 1(d) of the Forbearance Agreement is hereby amended to add thereto in alphabetical order the following
definitions which shall read in full as follows:

 

“BNS Swap Agreement”
means that certain ISDA Master Agreement, dated as of June 20, 2014, between Borrower and Secured Swap Provider (collectively with
the schedule thereto and related confirmations).

 

“Secured Swap Provider”
means The Bank of Nova Scotia, in its capacity as Secured Swap Provider under the Credit Agreement.

 

“First Amendment”
means that certain First Amendment to Limited Forbearance Agreement dated as of the First Amendment Effective Date among Obligors,
the Lenders party thereto, Administrative Agent and Secured Swap Provider.

 

“First Amendment Effective
Date” means December 18, 2015.

 

“Specified Non-Op Sale”
has the meaning given to such term in the First Amendment.

 

“Non-Op Properties”
has the meaning given to such term in the First Amendment.

 

(b)          Amendment
to Definition of Budget. The definition of “Budget” contained in Section 1(d) of the Forbearance Agreement
is hereby amended to refer to the budget attached hereto as Schedule II hereto.

 

(c)          Amendment
to Definition of Termination Date. The definition of “Termination Date” contained in Section 1(d) of the
Forbearance Agreement is hereby amended to change the date referenced therein from “December 18, 2015” to “January 29,
2016”.

 

(d)          Amendment
to Section 2(c). Section 2(c) of the Forbearance Agreement is hereby amended and restated in full to read as follows:

 

    	 	2	 

     

    

 

(c)          Other
Payments. Borrower shall pay Administrative Agent, for the benefit of those Lenders that deliver fully executed signature
pages to this Agreement to the Administrative Agent on or before 5:00 p.m. on the Effective Date (the “Initial Consenting
Lenders”), a fully earned forbearance fee equal to one half of one percent (0.5%) of the outstanding principal balance
of the Loans owing to each such Lender as of the Effective Date, of which fifteen hundredths of one percent (0.15%) of such outstanding
principal balance (the “Initial Forbearance Fee Payment”), shall be paid on the Effective Date, and the
remaining balance of which shall be paid at the expiration or termination of the Forbearance Period (provided that the remaining
balance shall be waived in the event Borrower has repaid all outstanding Loans in full on or before the expiration or termination
of the Forbearance Period). Borrower shall also pay Administrative Agent, for the benefit of each of the Additional Consenting
Lenders (defined below), a fully earned forbearance fee equal to one half of one percent (0.5%) of the outstanding principal balance
of the Loans owing to each such Additional Consenting Lender as of the First Amendment Effective Date, of which fifteen hundredths
of one percent (0.15%) of such outstanding principal balance (the “Initial First Amendment Forbearance Fee Payment”)
shall be paid on the First Amendment Effective Date, and the remaining balance of which shall be paid at the expiration or termination
of the Forbearance Period (provided that the remaining balance shall be waived in the event Borrower has repaid all outstanding
Loans in full on or before the expiration or termination of the Forbearance Period). “Additional Consenting Lenders”
means those Lenders, other than Initial Consenting Lenders, which deliver to Administrative Agent fully executed signature pages
to the First Amendment on or before 5:00 p.m. on the First Amendment Effective Date. Borrower also agrees to reimburse Administrative
Agent and the Lenders upon demand for all out-of-pocket expenses (including reasonable attorneys’ fees, settlement costs
and fees and expenses of FTI Consulting, Inc., (“FTI”) as the financial advisor engaged by Administrative
Agent’s counsel) incurred in connection with the negotiation of this Agreement, any further restructuring or “workout”
with Obligors, whether or not consummated, of any Secured Obligations, and any enforcement of any Secured Obligations. Borrower
acknowledges and agrees that all such expenses are being incurred in connection with a restructuring or workout, as these terms
are used in Section 12.03(a) of the Credit Agreement.

 

(e)          Amendments
to Section 4. Section 4 of the Forbearance Agreement is hereby amended by:

 

(i)          Amending
Section 4(j) by adding the phrase “and Secured Swap Provider” after the phrase “Administrative Agent” in
the first sentence thereof.

 

    	 	3	 

     

    

 

(ii)         Amending
Section 4(j) by adding a new subsection (6) thereto which shall read in full as follows:

 

(6)          Any material adverse change
to production, any adverse environmental incident or any event that materially impairs the Collateral.

 

(iii)        Amending
Section 4(k) by adding the following sentence at the end thereof: “Obligors will provide FTI with a copy, each week, of the
Production Reporting Summary and Operating Report which is prepared by the Borrower for its operations team”.

 

(iv)        Adding
a new Section 4(o) thereto, which Section 4(o) shall read in full as follows:

 

(o)          Specified
Non-Op Sale Documents. Borrower shall deliver to Administrative Agent (i) on or before December 31, 2015, a certificate
of a Responsible Officer of Borrower certifying that attached thereto are true, correct and complete copies of the executed purchase
and sale agreement for the Specified Non-Op Sale and all other agreements, instruments and documents that have been executed
in connection therewith (the “Specified Non-Op Sale Documents”), which Specified Non-Permitted Sale Documents
shall contain terms and conditions that are reasonably satisfactory to Administrative Agent; provided that in no event shall the
aggregate cash purchase price be less than $9,250,000; and (ii) immediately upon Borrower’s receipt thereof, any deposit
paid by the purchaser in connection with the Non-Op Sale shall, (A) if such deposit is refundable, either (1) be maintained in
a segregated deposit account controlled by Administrative Agent or (2) if required by the purchaser, be maintained in an escrow
account at another financial institution pursuant to an escrow agreement that is reasonably satisfactory to the Administrative
Agent, and (B) if such deposit is non-refundable, be remitted to Administrative Agent for application to the outstanding principal
balance of the Loans.

 

(v)         Adding
a new Section 4(p) thereto, which Section 4(p) shall read in full as follows:

 

(p)          Consummation
of Specified Non-Op Sale. Borrower shall consummate the Specified Non-Op Sale on or before January 22, 2016 and, contemporaneously
therewith, shall (i) repay the Loans in an amount equal to the Net Cash Proceeds of the Specified Non-Op Sale, including any deposit
previously made by the purchaser thereof, reducing the outstanding principal balance of the Loans in a like amount and reducing
the Borrowing Base Deficiency in the estimated amount of $7,000,000, and (ii) deliver to Administrative Agent a certificate of
a Responsible Officer of Borrower certifying (A) that Borrower is consummating the Specified Non-Op Sale in accordance with the
terms of the Specified Non-Op Sale Documents (without waiver or amendment of any material term or condition thereof not previously
agreed to by Administrative Agent in its reasonable discretion), (B) as to the final purchase price for the Non-Op Properties after
giving effect to all adjustments as of the closing date contemplated by the Specified Non-Op Sale Documents, which final purchase
price shall be not less than $9,250,000 in cash, and (C) such other related documents and information as Administrative Agent
shall have reasonably requested in connection therewith.

 

    	 	4	 

     

    

 

(vi)        Adding
a new Section 4(q) thereto, which Section 4(q) shall read in full as follows:

 

(o)          Dakota
Midstream Extension. On or before December 24, 2015, Borrower shall have obtained an extension through no earlier than
January 29, 2016 of the forbearance granted under that certain Interim Agreement Regarding Payments and Suspension of Enforcement
Remedies dated as of October 22, 2015 among Borrower, Dakota Midstream, LLC, Dakota Energy Connection, LLC and Dakota Fluid Solutions,
LLC on terms reasonably acceptable to Administrative Agent and Majority Lenders.

 

(vii)       Adding
a new Section 4(r) thereto, which Section 4(r) shall read in full as follows:

 

(r)          Meeting.
Borrower shall cause its executive officers and Advisors to be available for an in-person meeting at a mutually agreed location
with Administrative Agent, the Lenders, Secured Swap Provider and each of their respective advisors to be scheduled during the
week of January 18, 2016 to discuss the status of Borrower’s restructuring efforts and other agenda items to be mutually
determined.

 

(f)          Amendments
to Section 7. Section 7 of the Forbearance Agreement is hereby amended by adding the following new sub-clause (c) at the
end of the first sentence thereof: “and (c) Secured Hedge Provider will be entitled immediately to declare a Termination
Event under the BNS Swap Agreement and to exercise any and all of Secured Hedge Provider’s rights and remedies available
to Secured Hedge Provider under the BNS Swap Agreement and this Agreement, at law, in equity, or otherwise, without further opportunity
to cure, demand, presentment, notice of dishonor, notice of an Event of Default or Termination Event (as such terms are defined
in the BNS Swap Agreement), notice of intent to accelerate, notice of intent to foreclose, notice of protest or other formalities
of any kind, all of which are hereby expressly waived by Obligors.”

 

(g)          Amendments
to Section 16. Section 16 of the Forbearance Agreement is hereby amended by adding to following at the end thereof:

  

    	 	5	 

     

    

 

“and notices to Secured Swap
Provider shall be given to the following:

 

The Bank of Nova Scotia 

250 Vesey Street, 23rd Floor

New York, New York 10281

Attention: Brian Cerreta

Fax: 212-225-5282

Email: brian.cerreta@scotiabank.com”

 

3.          Consent
to Specified Non-Op Sale. In reliance on the representations, warranties, covenants and agreements contained in this Amendment
and subject to the satisfaction of the conditions precedent set forth in Section 6 hereof, the Lenders party hereto hereby consent
to the Specified Non-Op Sale and authorize the Administrative Agent to release its Lien on the Non-Op Properties in connection
with the Specified Non-Op Sale. Administrative Agent shall recalculate the Borrowing Base Deficiency after giving effect to the
Net Cash Proceeds received from the Specified Non-Op Sale and shall advise Borrower and the Lenders of the recalculated Borrowing
Base Deficiency.

 

4.          Temporary
Limited Waiver and Deferral. Borrower has requested that the Lenders and Administrative Agent grant a temporary limited
waiver of the Specified Default identified in item 2 of Exhibit A to the Forbearance Agreement by deferring the repayment
in full of Borrowing Base Deficiency pursuant to Section 3.04(c)(ii) of the Credit Agreement until the Termination Date as amended
hereby (the “Temporary Limited Waiver and Deferral”). In reliance on the representations, warranties,
covenants and agreements contained in this Amendment and subject to the satisfaction of the conditions precedent set forth in Section
6 hereof, and subject to the last sentence of this Section 4, the Lenders hereby grant the Temporary Limited Waiver and Deferral;
provided that the waiver and deferral provided for herein shall constitute a one-time waiver and deferral, and Administrative
Agent and the Lenders shall have no obligation to grant any future deferrals, waivers, consents or amendments with respect to the
Credit Agreement or any other Loan Document. Neither the execution by Administrative Agent or the Lenders of this Amendment, nor
any other act or omission by Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver
by Administrative Agent or the Lenders of any other defaults which may exist or which may occur in the future under the Credit
Agreement and/or the other Loan Documents. Notwithstanding anything else in this Amendment to the contrary, the Temporary Limited
Waiver and Deferral proposed to be granted pursuant to this Section 4 shall not become effective unless and until (i) each of the
conditions precedent set forth in Section 6 hereof have been satisfied so that the Effective Date shall have occurred and (ii)
all the Lenders have delivered to Administrative Agent their respective signature pages to this Amendment and have confirmed their
respective approvals of the Temporary Limited Waiver and Deferral. In the event the Temporary Limited Waiver and Deferral becomes
effective, Obligors acknowledge and agree that the Borrowing Base Deficiency will be due and payable in full on the Termination
Date.

 

5.          Secured
Swap Provider Forbearance. In reliance on the representations, warranties, covenants and agreements contained in this Amendment
and the satisfaction of the conditions precedent set forth in Section 6 hereof, and subject to the last sentence of this Section
5, Secured Swap Provider agrees to forbear during the Forbearance Period, from declaring an Early Termination Date as the result
of any Event of Default or Termination Event, as applicable, under the BNS Swap Agreement that, in each case, results directly
from any Specified Default; provided that the forbearance provided for herein shall constitute a one-time forbearance, and
Secured Swap Provider shall have no obligation to grant any future forbearances, deferrals, waivers, consents or amendments with
respect to the Swap Agreement or any other Loan Document. Neither the execution by Secured Swap Provider of this Amendment, nor
any other act or omission by Secured Swap Provider or its officers in connection herewith, shall be deemed a forbearance by Secured
Swap Provider with respect to any other Events of Default or Termination Events which may exist or which may occur in the future
under the BNS Swap Agreement and/or the other Loan Documents. Notwithstanding anything else in this Amendment to the contrary,
the forbearance proposed to be granted pursuant to this Section 5 shall not become effective unless and until each of the conditions
precedent set forth in Section 6 hereof have been satisfied so that the Effective Date shall have occurred.

 

    	 	6	 

     

    

 

6.          Conditions
to Effectiveness. The effectiveness of the amendments contained in Section 2 hereof, the consent contained in Section 3
hereof and the forbearance contained in Section 5 hereof on the Effective Date is subject to the satisfaction of the following
conditions precedent:

 

(a)          This
Amendment. Obligors, Administrative Agent, the Majority Lenders and Secured Swap Provider shall have each executed and
delivered this Amendment.

 

(b)          Payments.
Borrower shall have paid in cash (i) the Initial First Amendment Forbearance Fee Payment (as defined in the Forbearance Agreement,
as amended hereby) to the Additional Consenting Lenders, (ii) all invoiced and unpaid fees and expenses reasonably incurred by
and owing to each of FTI and Administrative Agent’s counsel, Vinson & Elkins L.L.P., (iii) a fully earned forbearance
fee to Secured Swap Provider for its own account in an amount equal to $30,000 and (iv) all invoiced and unpaid fees and expenses
reasonably incurred by and owing to Secured Swap Provider’s counsel, Luskin, Stern & Eisler LLP.

 

7.          Ratifications.
The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth
in the Forbearance Agreement and, except as expressly modified and superseded by this Amendment, the terms and provisions of the
Forbearance Agreement are ratified and confirmed and shall continue in full force and effect. Obligors, the Lenders and Administrative
Agent agree that (i) the Forbearance Agreement as amended hereby shall continue to be legal, valid, binding and enforceable
in accordance with its terms and (ii) Secured Swap Provider shall be deemed an intended third party beneficiary of Sections
6, 10, 11 and 12 of the Forbearance Agreement and such provisions shall be deemed amended to refer to and include, as appropriate,
Secured Swap Provider and the BNS Swap Agreement as if initially included therein.

 

8.          Representations
and Warranties. Each Obligor hereby represents and warrants to the Lenders and Secured Swap Provider that (a) the
execution, delivery and performance of this Amendment and any and all other documents executed and/or delivered in connection herewith
have been authorized by all requisite action on the part of such Obligor and will not violate the organizational documents of such
Obligor, (b) the representations, warranties and acknowledgments contained in the Forbearance Agreement, as amended hereby,
are true and correct on and as of the Effective Date as though made on and as of the Effective Date, and (c) except for the
Specified Defaults, no default, event of default or Event of Default under the Credit Agreement, Security Instruments, the Loan
Documents or the Swap Agreement has occurred and is continuing.

 

    	 	7	 

     

    

 

9.          Releases.

 

(a)          Section 9
of the Forbearance Agreement is incorporated into this Amendment and agreed to, reaffirmed and restated by Obligors as of the Effective
Date.

 

(b)          EACH
OBLIGOR (IN ITS OWN RIGHT AND ON BEHALF OF ITS PREDECESSORS, SUCCESSORS, LEGAL REPRESENTATIVES AND ASSIGNS) HEREBY EXPRESSLY AND
UNCONDITIONALLY ACKNOWLEDGES AND AGREES THAT IT HAS NO SETOFFS, COUNTERCLAIMS, ADJUSTMENTS, RECOUPMENTS, DEFENSES, CLAIMS, .CAUSES
OF ACTION, ACTIONS OR DAMAGES OR ANY CHARACTER OR NATURE, WHETHER CONTINGENT, NONCONTINGENT, LIQIDDATED, UNLIQUIDATED, FIXED, MATURED,
UNMATURED, DISPUTED, UNDISPUTED, LEGAL, EQUITABLE, SECURED OR UNSECURED, KNOWN OR UNKNOWN, ACTUAL OR PUNITIVE, FORESEEN OR UNFORESEEN,
DIRECT, OR INDIRECT, AGAINST SECURED SWAP PROVIDER, ANY OF ITS AFFILIATES OR ANY OF ITS OFFICERS, DIRECTORS, AGENTS, EMPLOYEES,
ATTORNEYS OR REPRESENTATIVES OR ANY OF THEIR RESPECTIVE PREDECESSORS, SUCCESSORS OR ASSIGNS (COLLECTIVELY, THE “BNS-RELATED
PARTIES”) OR ANY GROUNDS OR CAUSE FOR REDUCTION, MODIFICATION, SET ASIDE OR SUBORDINATION OF THE SECURED OBLIGATIONS
RELATED TO THE BNS SWAP AGREEMENT OR ANY LIENS OR SECURITY INTERESTS OF SECURED SWAP PROVIDER. IN PARTIAL CONSIDERATION FOR THE
AGREEMENT OF SECURED SWAP PROVIDER TO ENTER INTO THIS AMENDMENT, EACH OBLIGOR HEREBY KNOWINGLY AND UNCONDITIONALLY WAIVES AND FULLY
AND FINALLY RELEASES AND FOREVER DISCHARGES THE BNS-RELATED PARTIES FROM, AND COVENANTS NOT TO SUE THE BNS-RELATED PARTIES FOR,
ANY AND ALL SETOFFS, COUNTERCLAIMS, ADJUSTMENTS, RECOUPMENTS, CLAIMS, CAUSES OF ACTION, ACTIONS, GROUNDS, CAUSES, DAMAGES, COSTS
AND EXPENSES OF EVERY NATURE AND CHARACTER, WHETHER CONTINGENT, NONCONTINGENT, LIQIDDATED, UNLIQUIDATED, FIXED, MATURED, UNMATURED,
DISPUTED, UNDISPUTED, LEGAL, EQIDTABLE, SECURED OR UNSECURED, KNOWN OR UNKNOWN, ACTUAL OR PUNITIVE, FORESEEN OR UNFORESEEN, DIRECT
OR INDIRECT, ARISING OUT OF OR FROM OR RELATED TO THE BNS SWAP AGREEMENT, WHICH ANY OBLIGOR NOW OWNS AND HOLDS, OR HAS AT ANY TIME
HERETOFORE OWNED OR HELD, SUCH WAIVER, RELEASE AND DISCHARGE BEING MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE CIRCUMSTANCES
AND EFFECTS OF SUCH WAIVER, RELEASE AND DISCHARGE AND AFTER HAVING CONSULTED LEGAL COUNSEL OF ITS OWN CHOOSING WITH RESPECT THERETO.
THIS SECTION IS IN ADDITION TO ANY OTHER RELEASE OF ANY OF THE BNS-RELATED PARTIES BY ANY OF OBLIGORS AND SHALL NOT IN ANY WAY
LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE, OR WAIVER BY ANY OF OBLIGORS IN FAVOR OF ANY OF THE BNS-RELATED PARTIES.

 

    	 	8	 

     

    

 

10.         Severability.
Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate
the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 

11.         APPLICABLE
LAW. THIS AMENDMENT AND ALL OTHER DOCUMENTS EXECUTED PURSUANT HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

12.         Counterparts.
This Amendment may be executed and delivered in any number of counterparts, and by different parties hereto on separate counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which counterparts taken together shall
constitute one and the same instrument; provided that no party shall be bound by this Amendment until Obligors, the Majority Lenders,
Administrative Agent and Secured Swap Provider have executed a counterpart hereof. Execution of this Amendment via facsimile or
other electronic transmission (e.g., .pdf) shall be effective, and signatures received via facsimile or other electronic transmission
shall be binding upon the parties hereto and shall be effective as originals.

 

13.         Headings.
The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation
of this Amendment.

 

14.         Parties
Bound.  This Amendment is binding upon and shall inure to the benefit of the Lenders, Administrative Agent, Secured
Swap Provider, Obligors and their respective successors and assigns, provided that Obligors may not assign any rights or obligations
hereunder without the prior written consent of the Lenders.

 

15.         ENTIRE
AGREEMENT. THIS AMENDMENT, THE FORBEARANCE AGREEMENT, THE CREDIT AGREEMENT, THE SECURITY INSTRUMENTS, THE Loan
DOCUMENTS, THE BNS SWAP AGREEMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH
THIS AMENDMENT REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Amendment as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	EMERALD OIL, INC., a Delaware corporation
	 	 	 
	 	By:	/s/ Ryan Smith
	 	Name:	Ryan Smith
	 	Title:	Chief Financial Officer
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	EMERALD WB LLC, a Colorado limited liability company
	 	 	 
	 	By:	/s/ Ryan Smith
	 	Name:	Ryan Smith
	 	Title:	Chief Financial Officer
	 	 	 
	 	EMERALD DB LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Ryan Smith
	 	Name:	Ryan Smith
	 	Title:	Chief Financial Officer
	 	 	 
	 	EMERALD NWB LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Ryan Smith
	 	Name:	Ryan Smith
	 	Title:	Chief Financial Officer
	 	 	 
	 	EOX MARKETING, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jeremy Weemhoff
	 	Name:	Jeremy Weemhoff
	 	Title:	President

 

    	 	Schedule II	 

     

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
	 	 	 
	 	By:	/s/ Michael J. Thomas
	 	Name:	Michael J. Thomas
	 	Title:	Senior Vice President

 

    	 	2	 

     

    

 

	 	LENDER:
	 	 	 
	 	SUNTRUST BANK
	 	 	 
	 	By:	/s/ Janet R. Naifeh
	 	Name:	Janet R. Naifeh
	 	Title:	Senior Vice President

 

    	 	3	 

     

    

 

 

	 	LENDER:
	 	 
	 	THE BANK OF NOVA SCOTIA
	 	 	 
	 	By:	/s/ Steven S. Kerr
	 	Name:	Steven S. Kerr
	 	Title:	Head of U.S. Credit
	 	 	 
	 	SECURED SWAP PROVIDER:
	 	 
	 	THE BANK OF NOVA SCOTIA
	 	 	 
	 	By:	/s/ Steven S. Kerr
	 	Name:	Steven S. Kerr
	 	Title:	Head of U.S. Credit

    	 	4	 

     

    

 

	 	LENDER:
	 	 
	 	BARCLAYS BANK PLC
	 	 	 
	 	By:	/s/ Mathew Cybul
	 	Name:	Mathew Cybul
	 	Title:	Assistant Vice President

 

    	 	5	 

     

    

 

	 	LENDER:
	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 
	 	 	 
	 	By:	/s/ Megan Kane
	 	Name:	Megan Kane
	 	Title:	Authorized Signatory
	 	 	 
	 	By:	/s/ Julia Bykhovskaia
	 	Name:	Julia Bykhovskaia
	 	Title:	Authorized Signatory

 

    	 	6

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