Document:

WELLS FARGO & COMPANY 8-K 

 

Exhibit 4.3

 

[Face of Note]

 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

	
CUSIP NO. 95002W719

	
PRINCIPAL AMOUNT:  $_________

	
ISIN NO. US 95002W7193

	
 

	
REGISTERED NO. __

	
 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Accelerated Return Notes® Linked to the EURO STOXX 50® Index

 

WELLS FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on February 26, 2021 (the “Stated Maturity Date”).  This Security shall not bear any interest. 

 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

 

“Principal Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Principal Amount.”

 

     

     

    

 

Determination of Redemption Amount

 

The “Redemption Amount” of this Security will equal:

 

	
 

	
●

	
if the Ending Value is greater than the Starting Value: the lesser of:

 

(i) Principal Amount +

 

 

(ii) the Capped Value; or

 

	
 

	
●

	
if the Ending Value is equal to or less than the Starting Value:

 

 

 

All calculations with respect to the Redemption Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

“Index” shall mean the EURO STOXX 50® Index.

 

The “Pricing Date” shall mean December 19, 2019.

 

The “Starting Value” is 3,739.17, the Closing Level of the Index on the Pricing Date.

 

The “Closing Level” of the Index on any Market Measure Business Day means the official closing level of the Index reported by the Index Publisher on such Market Measure Business Day, subject to the provisions set forth below under “Discontinuance of the Index,” “Adjustments to the Index” and “Market Disruption Events.”

 

The “Ending Value” will be the average of the Closing Levels of the Index on each Calculation Day (as defined below) occurring during the Maturity Valuation Period (as defined below), subject to the provisions set forth below under “Market Description Events.” 

 

The “Participation Rate” is 300.00%.

 

The “Capped
Value” is 119.25% of the Principal Amount.

 

A “Market Measure Business Day” means a day on which (1) the Eurex (or any successor) is open for trading and (2) the Index or any Successor Index (as defined below) is calculated and published.

 

     2

     

    
 

“Index Publisher” shall mean STOXX Limited.

 

“Maturity Valuation Period” means each of February 17, 2021, February 18, 2021, February 19, 2021, February 22, 2021 and February 23, 2021, subject to the provisions set forth below under “Market Disruption Events.”

 

“Calculation Day” means any Market Measure Business Day during the Maturity Valuation Period on which a Market Disruption Event (as defined below) has not occurred.

 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York.

 

“Joint
Calculation Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of October 5, 2018 among the
Company, Wells Fargo & Company, as guarantor (the “Guarantor”), and the Calculation Agents, as amended
from time to time.

 

“Calculation
Agents” shall mean the Persons that have entered into the Joint Calculation Agency Agreement with the Company and the
Guarantor providing for, among other things, the determination of the Ending Value and the Redemption Amount, which term shall,
unless the context otherwise requires, include their successors under such Joint Calculation Agency Agreement.  The initial
Calculation Agents shall be Wells Fargo Securities, LLC and BofA Securities, Inc.  Pursuant to the Joint Calculation Agency
Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security
without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Adjustments to the Index

 

If, after the Pricing Date, the Index Publisher makes a material change in the method of calculating the Index or in another way that changes the Index such that it does not, in the opinion of the Calculation Agents, fairly represent the level of the Index had those changes or modifications not been made, the Calculation Agents will, at the close of business in New York, New York, on each date that the Closing Level is to be calculated, make adjustments to the Index.  Those adjustments will be made in good faith as necessary to arrive at a calculation of a level of the Index as if those changes or modifications had not been made, and the Calculation Agents shall calculate the Closing Level of the Index, as so adjusted.

 

Discontinuance of the Index

 

If, after the Pricing Date, the Index Publisher discontinues publication of the Index, and the Index Publisher or another entity then publishes a substitute index that the Calculation Agents determine, in their sole discretion, to be comparable to the original Index (a “Successor Index”), the Calculation Agents will substitute the Successor Index as calculated by the relevant Index Publisher or any other entity and calculate the Ending Value as described in the definition of “Ending Value” above.  If the Calculation Agents select a Successor Index, the Calculation Agents will give written notice of the selection to the Trustee, to the Company, and to the Holder hereof.

 

     3

     

    
 

If the Index Publisher discontinues publication of the Index before the end of the Maturity Valuation Period and the Calculation Agents do not select a Successor Index, then on each day that would have been a Calculation Day, until the earlier to occur of:

 

	
 

	
●

	
the determination of the Ending Value; and

 

	
 

	
●

	
a determination by the Calculation Agents that a Successor Index is available,

 

the Calculation Agents will compute a substitute level for the Index in accordance with the procedures last used to calculate the Index before any discontinuance as if that day were a Calculation Day.  The Calculation Agents will make available to the Holder hereof information regarding those levels by means of Bloomberg L.P., Thomson Reuters, a website, or any other means selected by the Calculation Agents in their reasonable discretion.

 

If a Successor Index is selected or the Calculation Agents calculate a level as a substitute for the Index, the Successor Index or level will be used as a substitute for all purposes, including for the purpose of determining whether a Market Disruption Event exists.

 

Market Disruption Events 

 

“Market Disruption Event” means one or more of the following events, as determined by the Calculation Agents in their sole discretion:

 

	
 

	
(A)

	
the suspension of or material limitation on trading, in each case, for more than two consecutive hours of trading, or during the one-half hour period preceding the close of trading, on the primary exchange where the securities included in the Index trade (without taking into account any extended or after-hours trading session), in 20% or more of the securities which then compose the Index or any Successor Index; and

 

	
 

	
(B)

	
the suspension of or material limitation on trading, in each case, for more than two consecutive hours of trading, or during the one-half hour period preceding the close of trading, on the primary exchange that trades options contracts or futures contracts related to the Index (without taking into account any extended or after-hours trading session), whether by reason of movements in price otherwise exceeding levels permitted by the relevant exchange or otherwise, in options contracts or futures contracts related to the Index, or any Successor Index.

 

For the purpose of determining whether a Market Disruption Event has occurred:

 

	
 

	
1)

	
a limitation on the hours in a trading day and/or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business hours of the relevant exchange;

 

	
 

	
2)

	
a decision to permanently discontinue trading in the relevant futures or options contracts related to the Index, or any Successor Index, will not constitute a Market Disruption Event;

     4

     

    
	
 

	
3)

	
a suspension in trading in a futures or options contract on the Index, or any Successor Index, by a major securities market by reason of (a) a price change violating limits set by that securities market, (b) an imbalance of orders relating to those contracts, or (c) a disparity in bid and ask quotes relating to those contracts will constitute a suspension of or material limitation on trading in futures or options contracts related to the Index;

 

	
 

	
4)

	
a suspension of or material limitation on trading on the relevant exchange will not include any time when that exchange is closed for trading under ordinary circumstances; and

 

	
 

	
5)

	
if the Index has component securities listed on the NYSE, for the purpose of clause (A) above, any limitations on trading during significant market fluctuations under NYSE Rule 80B, or any applicable rule or regulation enacted or promulgated by the NYSE or any other self-regulatory organization or the Securities and Exchange Commission of similar scope as determined by the Calculation Agents, will be considered “material.”

 

If (i) a Market Disruption Event occurs on a scheduled Calculation Day during the Maturity Valuation Period or (ii) any scheduled Calculation Day is determined by the Calculation Agents not to be a Market Measure Business Day by reason of an extraordinary event, occurrence, declaration, or otherwise (any such day in either (i) or (ii) being a “Non-Calculation Day”), the Closing Level of the Index for the applicable Non-Calculation Day will be the Closing Level of the Index on the next Calculation Day that occurs during the Maturity Valuation Period.  For example, if the first and second scheduled Calculation Days during the Maturity Valuation Period are Non-Calculation Days, then the Closing Level of the Index on the next Calculation Day will also be the Closing Level for the Index on the first and second scheduled Calculation Days during the Maturity Valuation Period.  If no further Calculation Days occur after a Non-Calculation Day, or if every scheduled Calculation Day during the Maturity Valuation Period is a Non-Calculation Day, then the Closing Level of the Index for that Non-Calculation Day and each following Non-Calculation Day (or for all the scheduled Calculation Days during the Maturity Valuation Period, if applicable) will be determined (or, if not determinable, estimated) by the Calculation Agents in a commercially reasonable manner on the last scheduled Calculation Day during the Maturity Valuation Period, regardless of the occurrence of a Market Disruption Event on that last scheduled Calculation Day.

 

Calculation Agent

 

The Calculation Agents have the sole discretion to make all determinations regarding this Security as described in this Security, including determinations regarding the Starting Value, the Ending Value, the Index, the Redemption Amount, any Market Disruption Events, a Successor Index, Market Measure Business Days, Business Days, Calculation Days, Non-Calculation Days, and determinations related to the discontinuance of the Index.  Absent manifest error, all determinations of the Calculation Agents will be conclusive for all purposes and final and binding on the Holder hereof and the Company, without any liability on the part of the Calculation Agents.

 

     5

     

    
 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security.

 

Tax Considerations

 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

 

Redemption and Repayment

 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to February 26, 2021.  This Security is not entitled to any sinking fund.

 

Acceleration

 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture.  The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Redemption Amount described under “Determination of Redemption Amount,” determined as if the date of acceleration were the sole Calculation Day.

 

 

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     6

     

    

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

DATED:

 

	
 

	
WELLS FARGO FINANCE LLC

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

	
 

	
 

	
 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

	
CITIBANK, N.A.,

	
 

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, N.A.,

	
 

	
 

	
as Authenticating Agent for the Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

 

     7

     

    
[Reverse of Note]

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Accelerated Return Notes® Linked to the EURO STOXX 50® Index

 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to time (herein called the “Indenture”), among the Company, as issuer, the Guarantor and Citibank, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company.  The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate.  The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees.

 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security.

 

Guarantee

 

The Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

Modification and Waivers 

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal

 

     8

     

    
 

amount
of the Securities at the time Outstanding of all series to be affected, acting together as a class.  The Indenture also contains
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected
by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series,
to waive compliance by the Company or the Guarantor with those provisions of the Indenture.  Certain past defaults under
the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series.  Solely
for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders
of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate
principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof
as the “Principal Amount” hereof.  Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security.

 

Defeasance

 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon compliance by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security.  The remaining provisions of Section 401 of the Indenture shall apply to this Security.

 

Authorized Denominations

 

This Security is issuable only in registered form without coupons in denominations of $10 or any amount in excess thereof which is an integral multiple of $10.

 

Registration of Transfer

 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Principal Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith.

 

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z)
an Event of Default with respect to the Securities represented hereby has occurred and is continuing.  If this Security is
exchangeable 

 

     9

     

    
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor.  Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture.

 

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Obligation of the Company Absolute

 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Redemption Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security.

 

No Personal Recourse

 

No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation or of the Guarantor or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

Defined Terms

 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security.

 

Governing Law

 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws.

 

     10

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

	
 

	
 

	
 

	 
	
TEN COM

	
--

	
as tenants in common

	 
	
 

	
 

	
 

	 
	
TEN ENT

	
--

	
as tenants by the entireties

	 
	
 

	
 

	
 

	 
	
JT TEN

	
--

	
as joint tenants with right

	 
	
 

	
 

	
of survivorship and not

	 
	
 

	
 

	
as tenants in common

	 

 

	
UNIF GIFT MIN ACT

	
--

	
 

	
Custodian

	
 

	
 

	
 

	
(Cust)

	
 

	
(Minor)

 

	
Under Uniform Gifts to Minors Act

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

	
Please Insert Social Security or

	
Other Identifying Number of Assignee

	
 

 

	 
	

                                                                 

	 
	(Please print or type name and address including postal zip code of Assignee)

 

     11

     

    

 

the within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 

	
Dated: _________________________

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

 

     12Exhibit 10.1

 

Execution Version

 

 

 

THIRD AMENDMENT

 

TO

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

DATED AS OF DECEMBER 26, 2019

AMONG

CHESAPEAKE ENERGY CORPORATION,

AS THE BORROWER,

MUFG Union Bank, N.A.,

AS ADMINISTRATIVE AGENT,

 

AND

 

THE LENDERS

PARTY HERETO

 

 

 

    

     

    

 

THIRD AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

This Third Amendment
to Amended and Restated Credit Agreement (this “Amendment”) dated as of December 26, 2019, is among Chesapeake
Energy Corporation, an Oklahoma corporation (the “Borrower”), each of the undersigned guarantors (the “Guarantors”),
each Lender (as defined below) party hereto, and MUFG Union Bank, N.A., as administrative agent for the Lenders (in such capacity,
together with its successors and assigns, the “Administrative Agent”).

 

RECITALS

 

A.               The
Borrower, the Administrative Agent and the banks and other financial institutions from time to time party thereto (together with
their respective successors and assigns in such capacity, each a “Lender”) have entered into that certain Amended
and Restated Credit Agreement dated as of September 12, 2018 (as amended, restated, modified and supplemented from time to time,
the “Credit Agreement”).

 

B.                The
Borrower has requested, and the Majority Lenders have agreed, to amend certain provisions of the Credit Agreement on the terms
and conditions set forth herein to amend the Credit Agreement as provided in this Amendment.

 

C.                NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Amendment and in consideration of
the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

Section
1.    Definitions. Each capitalized term which is defined in the Credit Agreement but which is not
defined in this Amendment, shall have the meaning assigned to such term in the Credit Agreement. Unless otherwise indicated, all
section references in this Amendment refer to sections of the Credit Agreement.

 

Section
2.    Amendments to Credit Agreement.

 

2.1             
Amendment of Section 1.1. The following defined term is hereby amended and restated in its entirety as follows:

 

“Exchange
Junior Lien Debt” means any Junior Lien Debt (other than FLLO Debt) issued on or before December 31, 2019 the proceeds
of which are used to either (a) exchange for then outstanding senior notes issued pursuant to the Indentures or (b) Refinance existing
Indebtedness issued pursuant to the Indentures.

 

Section
3.    Effectiveness. This Amendment shall become effective on the date on which each of the conditions
set forth in this Section is satisfied (the “Effective Date”):

 

3.1              The
Administrative Agent shall have received duly executed counterparts (in such number as may be requested by the Administrative
Agent) of this Amendment from (a) the Borrower, (b) each Guarantor, (c) the Administrative Agent, and (d) Lenders constituting
at least the Majority Lenders.

 

    

     

    

 

3.2             
No Default or Event of Default shall have occurred and be continuing as of the date hereof, immediately before and after
giving effect to the terms of this Amendment.

 

3.3             
All representations and warranties made by any Credit Party in the Credit Agreement or in the other Credit Documents are,
to the knowledge of an Authorized Officer of the Borrower, true and correct in all material respects (unless such representations
and warranties are already qualified by materiality or Material Adverse Effect, in which case they are true and correct in all
respects) with the same effect as though such representations and warranties had been made on and as of the date hereof (except
where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties
shall have been true and correct in all material respects (unless such representations and warranties are already qualified by
materiality or Material Adverse Effect, in which case they are true and correct in all respects) as of such earlier date).

 

3.4             
All fees required to be paid pursuant to Section 13.5 to the extent invoiced at least three Business Days before the Effective
Date (except as otherwise reasonably agreed by the Borrower) shall have been or will be substantially simultaneously paid.

 

Section
4.    Miscellaneous.

 

4.1             
(a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in
each other Credit Document to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended or otherwise modified
by this Amendment; (b) the execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any default of the Borrower or any right, power or remedy of the Administrative Agent or the Lenders under
any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents; (c) this Amendment may be
executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the
parties hereto may execute this Agreement by signing any such counterpart; and (d) delivery of an executed counterpart of a signature
page to this Amendment by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this
Amendment.

 

4.2             
Neither the execution by the Administrative Agent or the Lenders of this Amendment, nor any other act or omission by the
Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent
or the Lenders of any defaults which may exist or which may occur in the future under the Credit Agreement and/or the other Credit
Documents, or any future defaults of the same provision waived hereunder (collectively “Violations”). Similarly,
nothing contained in this Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise
adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy
in connection with the Credit Documents with respect to any Violations; (b) amend or alter any provision of the Credit Agreement,
the other Credit Documents, or any other contract or instrument; or (c) constitute any course of dealing or other basis for altering
any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement,
the other Credit Documents, or any other contract or instrument. Nothing in this letter shall be construed to be a consent by the
Administrative Agent or the Lenders to any Violations.

 

    2

     

    

 

4.3             
The Borrower and each Guarantor hereby (a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations
under, and acknowledges, renews and extends its continued liability under, each Credit Document to which it is a party and agrees
that each Credit Document to which it is a party remains in full force and effect, except as expressly amended or modified hereby;
and (c) represents and warrants to the Lenders that as of the Effective Date, after giving effect to the terms of this Amendment:
(i) all of the representations and warranties contained in each Credit Document to which it is a party are true and correct in
all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall
be true and correct), except to the extent any such representations and warranties are expressly limited to an earlier date, in
which case, such representations and warranties shall continue to be true and correct in all material respects (unless already
qualified by materiality in which case such applicable representation and warranty shall be true and correct) as of such specified
earlier date, and (ii) no Default or Event of Default has occurred and is continuing.

 

4.4             
This Amendment is a Credit Document as defined and described in the Credit Agreement and all of the terms and provisions
of the Credit Agreement relating to Credit Documents shall apply hereto.

 

4.5             
THE CREDIT DOCUMENTS, INCLUDING THIS AMENDMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

 

4.6             
THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

    3

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by their officers thereunto duly authorized as of the date first above
written.

 

	BORROWER:	CHESAPEAKE ENERGY CORPORATION

 

 

		By:	/s/ Bryan J. Lemmerman
		Name:	Bryan J. Lemmerman
		Title:	Vice President – Business Development and Treasurer

 

	GUARANTORS:	CHESAPEAKE LOUISIANA, L.P.

 

		By:	CHESAPEAKE OPERATING, L.L.C., its general partner

 

 

		By:	/s/
    Bryan J. Lemmerman
		Name:	Bryan J. Lemmerman
		Title:	Vice President –
    Business Development and Treasurer
	 	 	 
	 	 	 
		EMPRESS LOUISIANA PROPERTIES, L.P.
	 	 	 
		By:	EMLP, L.L.C., its general
    partner
	 	 	 
	 	 	 
		By:	/s/
    Bryan J. Lemmerman
		Name:	Bryan J. Lemmerman
		Title:	Vice President –
    Business Development and Treasurer

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	CHESAPEAKE ENERGY CORPORATION
	 	CHESAPEAKE AEZ EXPLORATION,
    L.L.C.
	 	CHESAPEAKE APPALACHIA,
    L.L.C.
	 	CHESAPEAKE E&P HOLDING,
    L.L.C.
	 	CHESAPEAKE ENERGY LOUISIANA,
    LLC
	 	CHESAPEAKE ENERGY MARKETING,
    L.L.C.
	 	CHESAPEAKE EXPLORATION,
    L.L.C.
	 	CHESAPEAKE LAND DEVELOPMENT
    COMPANY, L.L.C.
	 	CHESAPEAKE MIDSTREAM DEVELOPMENT,
    L.L.C.
	 	CHESAPEAKE NG VENTURES
    CORPORATION
	 	CHESAPEAKE OPERATING, L.L.C., on
    behalf of itself and as the general partner of CHESAPEAKE LOUISIANA, L.P.
	 	CHESAPEAKE PLAINS, LLC
	 	CHESAPEAKE ROYALTY, L.L.C.
	 	CHESAPEAKE VRT, L.L.C.
	 	CHESAPEAKE-CLEMENTS ACQUISITION,
    L.L.C.
	 	CHK ENERGY HOLDINGS, INC.
	 	CHK UTICA, L.L.C.
	 	COMPASS MANUFACTURING,
    L.L.C.
	 	EMLP, L.L.C., on
    behalf of itself and as general partner of EMPRESS LOUISIANA PROPERTIES, L.P.
	 	EMPRESS, L.L.C.
	 	GSF, L.L.C.
	 	MC LOUISIANA MINERALS,
    L.L.C.
	 	MC MINERAL COMPANY, L.L.C.
	 	MIDCON COMPRESSION, L.L.C.
	 	NOMAC SERVICES, L.L.C.
	 	NORTHERN MICHIGAN EXPLORATION
    COMPANY, L.L.C.
	 	SPARKS DRIVE SWD, INC.
	 	WINTER MOON ENERGY CORPORATION
	 	BRAZOS VALLEY LONGHORN
    FINANCE CORP.
 BRAZOS VALLEY LONGHORN, L.L.C.
 BURLESON SAND LLC
 BURLESON WATER RESOURCES, LLC
 ESQUISTO RESOURCES
    II, LLC
 PETROMAX E&P BURLESON, LLC
 WHE ACQCO., LLC
 WHR EAGLE FORD LLC
	 	WILDHORSE RESOURCES II,
    LLC
 WILDHORSE RESOURCES MANAGEMENT COMPANY, LLC,

 

 

		By:	/s/ Bryan J. Lemmerman
		Name:	Bryan J. Lemmerman
		Title:	Vice President – Business Development and Treasurer

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	MUFG
                                         UNION BANK, N.A., as Administrative Agent
	 	 	 
	 	 	 
		By:	/s/ Kevin Sparks
		Name:	Kevin Sparks
		Title:	Director

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	MUFG BANK, LTD., as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kevin Sparks
	 	Name:	Kevin Sparks
	 	Title:	Director

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	WELLS FARGO BANK NATIONAL ASSOCIATION, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ David C. Brooks
	 	Name:	David C. Brooks
	 	Title:	Director

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	jpmorgan chase bank, n.a., as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Arina Mavilian
	 	Name:	Arina Mavilian
	 	Title:	Authorized Signatory

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	BANK OF AMERICA, N.A., as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Greg M. Hall
	 	Name:	Greg M. Hall
	 	Title:	Vice President

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	BMO
    HARRIS BANK N.A., as Lender
	 	 
	 	 
	 	By:	/s/ Patrick Johnston
	 	Name:	 Patrick Johnston
	 	Title:	Director

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	CITICORP NORTH AMERICA, INC., as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Dale R. Goncher
	 	Name:	Dale R. Goncher
	 	Title:	Vice President

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Ronald E. Spitzer
	 	Name:	Ronald E. Spitzer
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	By:	/s/ Kathleen Sweeney
	 	Name:	Kathleen Sweeney
	 	Title:	Managing Director

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	MIZUHO BANK, LTD., as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Edward Sacks
	 	Name:	Edward Sacks
	 	Title:	Authorized Signatory

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	ROYAL BANK OF CANADA, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Grace Garcia
	 	Name:	Grace Garcia
	 	Title:	Authorized Signatory

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	ABN AMRO CAPITAL USA LLC, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Darrell Holley
	 	Name:	Darrell Holley
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	By:	/s/ Scott Myatt
	 	Name:	Scott Myatt
	 	Title:	Executive Director

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	DNB CAPITAL LLC, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Scott Joyce
	 	Name:	Scott Joyce
	 	Title:	Senior Vice President
	 	 	 
	 	 	 
	 	By:	/s/ James Grubb
	 	Name:	James Grubb
	 	Title:	First Vice President

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	EXPORT DEVELOPMENT CANADA, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Trevor Mulligan
	 	Name:	Trevor Mulligan
	 	Title:	Financing Manager
	 	 	 
	 	 	 
	 	By:	/s/ Mohamed Al-Serri
	 	Name:	Mohamed Al-Serri
	 	Title:	Senior Associate

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	GOLDMAN SACHS BANK USA, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ David K. Gaskell
	 	Name:	David K. Gaskell
	 	Title:	Authorized Signer

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	MORGAN STANLEY BANK, N.A., as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kevin Newman
	 	Name:	Kevin Newman
	 	Title:	Authorized Signatory

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	MORGAN STANLEY SENIOR FUNDING, INC., as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kevin Newman
	 	Name:	Kevin Newman
	 	Title:	Vice President

 

[Signature Page-Third
Amendment]

 

    

     

    

 

	 	NATIXIS, NEW YORK BRANCH, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Vikram Nath
	 	Name:	Vikram Nath
	 	Title:	Director
	 	 	 
	 	By:	/s/ Brian O’Keefe
	 	Name:	Brian O’Keefe
	 	Title:	Vice President, Portfolio Manager

 

[Signature Page-Third
Amendment]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]