Document:

EX-4.4

 Exhibit 4.4 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR CEDE &
CO., AS NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR
DEPOSITARY. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE OPERATING PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 AMERICAN CAMPUS
COMMUNITIES OPERATING PARTNERSHIP LP 
 3.875% Senior Note due 2031 
  

			
	REGISTERED	  	PRINCIPAL AMOUNT: $400,000,000
	No. R-1	  	
		
	 CUSIP: 024836 AG3
 ISIN:
US024836AG36
	  	

 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP, a Maryland limited partnership (the “Operating
Partnership”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount of FOUR HUNDRED MILLION
DOLLARS ($400,000,000) on January 30, 2031 (the “Stated Maturity Date”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity Date in accordance with the terms
of this Note and the Indenture) (the Stated Maturity Date and the Redemption Date is hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date) and to pay interest on the outstanding
principal amount of this Note from and including June 11, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as applicable, semi-annually in arrears on January 30 and July 30 of
each year, commencing on January 30, 2021 (each, an “Interest Payment Date”), and, if applicable, on the Maturity Date, at the rate of 3.875% per annum, until said principal amount is paid or duly provided for. Interest on this
Note will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 Payment of Interest. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the January 15 or July 15, whether or not a
Business Day, as defined in the Indenture, as the case may be, immediately preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for on an Interest Payment Date
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at
the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 
 Optional
Redemption. The provisions of Article Eleven of the Indenture shall apply to this Note, as supplemented or amended by the following paragraphs. 

The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from time to time, in each case upon notice at
least 15 days but not more than 60 days prior to the Par Call Date, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the Make Whole Amount, plus in each case unpaid interest, if
any, accrued to, but not including, the applicable Redemption Date. In addition, at any time on or after the Par Call Date, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time
to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership
will pay any interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as the
Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of this Note. 
 “Comparable Treasury Issue” means, with respect
to any Redemption Date for the Notes, the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed
(assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date). 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date for
the Notes, (a) the average of three Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Operating Partnership obtains fewer than
three but more than one such Reference Treasury Dealer Quotations for such Redemption Date, the average of all such Reference Treasury Dealer Quotations, or (c) if the Operating Partnership obtains only one such Reference Treasury Dealer
Quotation for such Redemption Date, that Reference Treasury Dealer Quotation. 
 “Independent Investment Banker” means,
with respect to any Redemption Date for the Notes, an independent investment banking institution of national standing the Operating Partnership appoints with respect to such Redemption Date. 

“Make Whole Amount” means, as determined by an Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal of and interest on the Notes to be redeemed that would be due if such Notes matured on the Par Call Date (except that, if such Redemption Date is not an Interest Payment Date, the amount of the next succeeding
scheduled interest payment will be reduced by the amount of unpaid interest accrued thereon to, but not including, such Redemption Date), discounted to the applicable Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.50%. 

“Par Call Date” means October 30, 2030. 

“Reference Treasury Dealer” means, with respect to any Redemption Date for the Notes, as the Operating Partnership
determines, either (a) (i) two primary U.S. Government securities dealers in The City of New York (each, a “Primary Treasury Dealer”) selected jointly by Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC or their
respective successors and (ii) three other Primary Treasury Dealers selected by the Operating Partnership or (b) one Primary Treasury Dealer selected by the Operating Partnership and four other Primary Treasury Dealers selected by the
Independent Investment Banker. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption of the Notes, the average, as the Operating Partnership determines, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Operating Partnership by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the date of the notice of redemption for the Notes. 

“Treasury Rate” means the yield on treasury securities at a constant maturity corresponding to the remaining life to maturity
(rounded to the nearest month) of the principal of the Notes being redeemed as of the Redemption Date (which maturity shall be deemed to be the Par Call Date) (the “Treasury Yield”). For purposes of calculating the Treasury Rate,
(1) the Treasury Yield will be equal to the arithmetic mean of the yields displayed for each day in the preceding calendar week published in the Statistical Release for Treasury constant maturities with a maturity equal to the remaining life to
maturity of the Notes being redeemed (assuming the Notes matured on the Par Call Date) and (2) the most recent Statistical Release published prior to the date of the applicable determination will be used. However, if no published maturity
exactly corresponds to such remaining life, then the Treasury Yield will be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest 

  
 3 

 
and next longest published maturities (rounding in each of such relevant periods to the nearest month). If the format or content of the Statistical Release changes in a manner that precludes
determination of the Treasury Yield in the above manner, then the Treasury Yield shall be the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the applicable Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the date of the applicable notice of
redemption. As used in this paragraph and in the definition of “Reference Treasury Dealer Quotations” above, the term “Business Day” means any day, other than a Saturday or a Sunday, that is not a day on which banking
institutions in The City of New York are authorized or required by law, regulation or executive order to close. 
 “Statistical
Release” means the statistical release designated “H.15” or any successor publication that is published weekly by the Federal Reserve System and that reports yields on actively traded United States government securities adjusted
to constant maturities, or, if that statistical release or successor publication is not published at the time of any required determination under the Indenture, then another reasonably comparable index which we will designate. 

Place of Payment. The Operating Partnership will make payment of principal of, and premium, if any, and interest on, this Note in
immediately available funds at the Corporate Trust Office of the Trustee or such other Office or Agency as may be designated by the Operating Partnership for such purpose in The City of New York, in Dollars. 

Time of Payment. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment need
not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no additional interest shall accrue on such payment
as a result of payment on such next succeeding Business Day. 
 General. This Note is one of a duly authorized issue of Securities of
the Operating Partnership, issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of April 2, 2013, among the Operating Partnership, American Campus Communities, Inc., as guarantor
(the “Guarantor”), and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part),
as supplemented by a First Supplemental Indenture thereto, dated as of April 2, 2013 (the “First Supplemental Indenture,”), and as further supplemented by a Second Supplemental Indenture thereto, dated as of June 21, 2019
(the “Second Supplemental Indenture,” and together with the Base Indenture and the First Supplemental Indenture, the “Indenture”), among the Operating Partnership, the Guarantor and the Trustee. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Operating Partnership, 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 Note is one of a duly authorized series of Securities designated as “3.875% Senior Notes due 2031” (collectively, the “Notes”), limited, except as
specified below, in aggregate principal amount to FOUR HUNDRED MILLION DOLLARS ($400,000,000). To the extent the terms of this Note conflict with the terms of the Indenture, the terms of this Note shall govern. 

  
 4 

 Further Issuance. The Operating Partnership may, from time to time, without notice
to, or the consent of, the Holders of the Notes, increase the principal amount of the series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and ratably with, and having the same interest
rate, maturity and other terms as, the originally issued Notes (other than the issue date and, to the extent applicable, public offering price, initial Interest Payment Date and initial date of interest accrual). Any such Additional Securities will
be consolidated, and constitute a single series of Securities, with the originally issued Notes for all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN or other identifying number of any Outstanding
Notes must be fungible with such Outstanding Notes for U.S. federal income tax purposes. 
 Reports. So long as any Notes are
outstanding, the Guarantor and the Operating Partnership will furnish to the Trustee such information, documents and other reports, and such summaries thereof, as may be required by Section 314(a) of the Trust Indenture Act. In addition, in the
event the Operating Partnership is not subject to Section 13 or 15(d) of the Exchange Act, the Operating Partnership will, solely with respect to the Notes, within 15 days after each of the respective dates by which the Operating Partnership
would have been required to file annual reports, quarterly reports and other documents with the Commission, if it were so subject, (a) file or furnish with the Commission for public availability, (b) post on a website (which may be a
password protected website) hosted by the Guarantor and the Operating Partnership or by a third party, which such website shall be made available to Holders of the Notes, or (c) mail or otherwise transmit to such Holders, in each case within
the applicable time period specified above, copies of the annual reports, quarterly reports and other documents that the Operating Partnership would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act if it were subject to such Sections. 
 Events of Default. If an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal of the Notes may be declared, and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture. 

Sinking Fund. The Notes are not subject to, or entitled to the benefits of, any sinking fund. 

Satisfaction and Discharge. The Indenture contains provisions where, upon the Operating Partnership’s direction and satisfaction
of certain conditions, the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of the Indenture. 

Defeasance and Covenant Defeasance. The Indenture contains provisions for defeasance of certain obligations of the Operating
Partnership under this Note and the Indenture and covenant defeasance of certain obligations of the Operating Partnership under the Indenture. 

  
 5 

 Modification and Waivers; Obligations of the Operating Partnership Absolute. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Operating Partnership and the Guarantor and the rights of the Holders of the Securities. Such amendment
and modification may be effected under the Indenture at any time by the Operating Partnership, the Guarantor and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series
affected thereby (voting as separate classes). The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding
Securities of such series, to waive compliance by the Operating Partnership with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of a majority in aggregate principal amount of the Outstanding
Securities of any series to waive, on behalf of the Holders of all Outstanding Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver in respect of the Notes shall be conclusive and
binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Operating Partnership, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed. 

Limitation on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to
institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received a
written request to institute proceedings in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well as an offer of indemnity or security reasonably satisfactory to it, and no
inconsistent direction has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding any other provision of the
Indenture, each Holder of a Note will have the right, which is absolute and unconditional, to receive payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute suit for the
enforcement therefor, and this right shall not be impaired without the consent of such Holder. 
 Authorized Denominations. The Notes
are issuable only in registered form without coupons in minimum denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 

Registration of Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the
transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at the Office or Agency in any Place of Payment, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Operating Partnership and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
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 As provided in the Indenture and subject to certain limitations herein and therein set
forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Operating Partnership may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue,
and none of the Operating Partnership, the Guarantor, the Trustee or any such agent shall be affected by notice to the contrary. 

Guarantee. Payment of this Note is fully and unconditionally guaranteed by the Guarantor pursuant to the Guarantee issued pursuant to
the Base Indenture. 
 Defined Terms. All terms used but not defined in this Note shall have the meanings assigned to them in the
Indenture. 
 Governing Law. The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the
State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE OPERATING PARTNERSHIP, THE GUARANTOR AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTION CONTEMPLATED HEREBY.

 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture (including the Guarantee) or be valid or obligatory for any purpose. 
 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Operating Partnership has caused “CUSIP” numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the
correctness or accuracy of such CUSIP number, or the ISIN number, printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon. 

[Remainder of Page Intentionally Left Blank] 

  
 7 

 IN WITNESS WHEREOF, the Operating Partnership has caused this Note to be duly executed by
duly authorized signatories. 
 Dated: June 11, 2020 
  

					
	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
			
	By:	 		 	American Campus Communities Holdings, LLC, its general partner
			
		 	By:	 	  

		 		 	Daniel B. Perry
		 		 	Vice President, Secretary and Treasurer
			
		 	By:	 	  

		 		 	Kim K. Voss
		 		 	Vice President

  
 8 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: June 11, 2020 

  
 9 

 ASSIGNMENT 

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

 
  
  

 
 PLEASE INSERT SOCIAL SECURITY NUMBER
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

					
		 	
		  	 	  	

  
  

 
  

(Please print or typewrite name and address, 

including postal zip code, of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 

 
  
  

 
  

 
 to transfer said Note on the books of the Trustee,
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 Note in every particular, without alteration or enlargement or any change whatsoever.

  

			
	                                      
                      	  	
	        Signature Guarantee	  	

  
 10EX-10.1

 Exhibit 10.1 

Execution Version 

AMENDMENT NO. 2 
 This
AMENDMENT NO. 2, dated as of June 5, 2020 (this “Amendment”), amends the Credit Agreement, dated as of November 28, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time
prior to the date hereof, the “Credit Agreement”), by and among CONSOL COAL RESOURCES LP (the “Borrower”), the guarantors party thereto, the lenders party thereto, CONSOL ENERGY INC., as administrative agent for the
Lenders (the “Administrative Agent”) and PNC BANK, NATIONAL ASSOCIATION, as collateral agent for Secured Parties (the “Collateral Agent” and, together with the Administrative Agent, the “Agents”).
Capitalized terms used but not defined herein shall have the meanings given them in the Credit Agreement as amended by this Amendment (the “Amended Credit Agreement”). 

WITNESSETH 
 WHEREAS, the
Borrower desires to amend the Credit Agreement on the terms set forth herein; and 
 WHEREAS, the contemplated amendments require the
consents of the Required Lenders under the Credit Agreement and the Required Lenders (as defined in the CEI Credit Agreement). 

NOW, THEREFORE, the parties hereto, in consideration of the mutual covenants and agreements herein contained and intending to be
legally bound hereby, covenant and agree as follows: 
 1. Amendments to the Credit Agreement. Effective as of the Amendment
No. 2 Effective Date, the Credit Agreement is hereby amended to be as set forth below (references to Sections are to Sections of the Credit Agreement): 

(a) Section 1.1 is hereby amended to add the following definitions in alphabetical order therein: 

“Amendment No. 2 Effective Date” shall mean June 5, 2020. 

“Capital Expenditures” shall mean for any period, with respect to any Person, the aggregate of all
expenditures by such Person for the acquisition or leasing (in the case of leasing, pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period)
which are required to be capitalized under GAAP on a consolidated balance sheet of such Person. 
 “Consolidated
Fixed Charges” shall mean, for any period, calculated on a consolidated basis for the Borrower and the Restricted Subsidiaries, the sum of (a) Consolidated Cash Interest Expense for such period, (b) the amount of cash payments
made (net of cash refunds received) during such period by the Borrower and the Restricted Subsidiaries in respect of Taxes based on income or profits (including state franchise taxes accounted for as income taxes in accordance with GAAP) during such
period, (c) the aggregate amount of scheduled repayments of principal during such period in respect of any Consolidated Indebtedness, (d) dividends and distributions paid in cash during such period by the Borrower and the Restricted
Subsidiaries on a consolidated basis and (e) Maintenance Capital Expenditures for such period. 
 “Electronic
Signature” shall have the meaning assigned thereto in Section 11.10 [Counterparts; Integration; Effectiveness]. 

 “Fixed Charge Coverage Ratio” shall mean, on any date of
determination, the ratio of (1) Consolidated EBITDA of the Borrower and the Restricted Subsidiaries for the period of four fiscal quarters of the Borrower most recently ended on or prior to the date of determination for which financial
statements are available to (2) Consolidated Fixed Charges for such period. 
 “Maintenance Capital
Expenditures” shall mean, for any period, the portion of the Borrower’s and the Restricted Subsidiaries’ Capital Expenditures required to maintain the operating capacity of the Borrower’s and the Restricted Subsidiaries’
capital assets for such period as determined in good faith by the Borrower, specifically excluding the Capital Expenditures for the refuse disposal expansion project for areas 7 and 8 located at the Pennsylvania Mining Complex preparation plant;
provided that the Borrower shall provide to the Agents and the CEI Agents a brief written explanation of such determination no less than five (5) Business Days prior to the earlier of each time that the Borrower delivers or is required
to deliver financial statements pursuant to Sections 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial Statements] (or such shorter period as the Agents and the CEI Agents shall agree in their sole discretion), and the Agents and
the CEI Agents shall have the right to approve (such approval not to be unreasonably withheld) such determination; provided further that if the Agents and the CEI Agents shall not have responded to the Borrower with respect to such
explanation within two (2) Business Days after the Borrower delivers it, then such approval will not be deemed to be required. 

“Specified Conditions” shall mean with respect to any transaction, at the time of and after giving effect to
such transaction on a Pro Forma Basis, (x) the First Lien Gross Leverage Ratio at such time shall not be greater than 2.00 to 1.00, and (y) the Fixed Charge Coverage Ratio shall be not less than 1.00 to 1.00. 

(b) Section 8.2.4 is hereby amended by adding the following to the end of the proviso immediately following clause (r) thereof and
immediately before the period: 
 “; provided further that, with respect to Investments made on or after
the Amendment No. 2 Effective Date pursuant to clause (h) or (k), after giving effect to any such Investment, the Specified Conditions shall be satisfied and the Borrower shall deliver to the Agents and the CEI Agents on or prior to the
date of the making of any such Investment an Officer’s Certificate certifying compliance with the requirements of this proviso and setting forth calculations in reasonable detail showing such compliance”. 

(c) Section 8.2.5(b) is hereby amended by adding the following at the end thereof: 

“provided that, on or after the Amendment No. 2 Effective Date, after giving effect to such distribution and
any borrowings in connection therewith, the Specified Conditions shall be satisfied and the Borrower shall deliver to the Agents and the CEI Agents on or prior to the date of the making of any such Restricted Payment an Officer’s Certificate
certifying compliance with the requirements of this clause (b) and setting forth calculations in reasonable detail showing such compliance;”. 

(d) (i) Section 8.2.5(i) is hereby deleted in its entirety, (ii) Section 8.2.5(h) is hereby amended by deleting the “;
and” at the end thereof and replacing it with a period and (iii) Section 8.2.5(g) is hereby amended by adding “and” at the end thereof. 

(e) Section 8.2.13(a) is hereby amended and restated in its entirety as follows: 

  
 -2- 

 (a) Maximum First Lien Gross Leverage Ratio. Commencing with the
fiscal quarter ending December 31, 2017, the Borrower shall not permit the First Lien Gross Leverage Ratio, calculated as of the last day of each fiscal quarter of the Borrower, to be greater than the First Lien Gross Leverage Ratio set forth
opposite such day in the table below. 
  

			
	 Quarter Ended
	  	Maximum
First Lien
Gross
Leverage
Ratio
	December 31, 2017	  	2.75x
	March 31, 2018	  	2.75x
	June 30, 2018	  	2.75x
	September 30, 2018	  	2.75x
	December 31, 2018	  	2.75x
	March 31, 2019	  	2.75x
	June 30, 2019	  	2.75x
	September 30, 2019	  	2.75x
	December 31, 2019	  	2.75x
	March 31, 2020	  	2.75x
	June 30, 2020	  	3.75x
	September 30, 2020	  	3.75x
	December 31, 2020	  	3.75x
	March 31, 2021	  	3.75x
	June 30, 2021	  	3.50x
	September 30, 2021	  	3.50x
	December 31, 2021	  	3.00x
	March 31, 2022	  	3.00x
	June 30, 2022 and thereafter	  	2.75x

 (f) Section 8.2.13(b) is hereby amended and restated in its entirety as follows: 

(b) Maximum Total Net Leverage Ratio. Commencing with the fiscal quarter ending December 31, 2017, the Borrower
shall not permit the Total Net Leverage Ratio, calculated as of the last day of each fiscal quarter of the Borrower, to be greater than the Total Net Leverage Ratio set forth opposite such day in the table below. 

 

			
	 Quarter Ended
	  	Maximum
Total Net
Leverage
Ratio
	December 31, 2017	  	3.25x
	March 31, 2018	  	3.25x
	June 30, 2018	  	3.25x
	September 30, 2018	  	3.25x
	December 31, 2018	  	3.25x
	March 31, 2019	  	3.25x
	June 30, 2019	  	3.25x
	September 30, 2019	  	3.25x

  
 -3- 

			
	 Quarter Ended
	  	Maximum
Total Net
Leverage
Ratio
	December 31, 2019	  	3.25x
	March 31, 2020	  	3.25x
	June 30, 2020	  	4.00x
	September 30, 2020	  	4.00x
	December 31, 2020	  	4.00x
	March 31, 2021	  	4.00x
	June 30, 2021	  	3.75x
	September 30, 2021	  	3.75x
	December 31, 2021	  	3.50x
	March 31, 2022	  	3.50x
	June 30, 2022 and thereafter	  	3.25x

 (g) Section 11.10 is hereby amended by replacing the second paragraph thereof with the following: 

“The words “execution,” “signed,” “signature,” “delivery,” and words of like
import in or relating to any document to be signed in connection with this Agreement, any Assignment and Assumption Agreement or any other Loan Document and the transactions contemplated hereby or thereby shall be deemed to include an electronic
symbol or process attached to a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record (each an “Electronic Signature”), deliveries or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that nothing in any Loan Document shall require any Agent or any CEI Agent to accept Electronic Signatures in any form or format without its prior written consent. Without limiting the generality of the foregoing,
each Loan Party (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among any Agent, any CEI Agent, the Lenders and the
Loan Parties, electronic images of this Agreement or any other Loan Documents (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and
(ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.”

 (h) Schedule 1.1(A) to the Credit Agreement is hereby amended and restated in its entirety by Schedule 1.1(a) attached hereto: 

2. Conditions Precedent. This Amendment shall be effective upon satisfaction of each of the following conditions (the date of such
effectiveness, the “Amendment No. 2 Effective Date”): 

  
 -4- 

 (a) Execution and Delivery of Amendment. The Borrower, the
Guarantors, the Required Lenders, the Administrative Agent and the Collateral Agent shall have executed and delivered this Amendment. 

(b) Consent Under CEI Credit Agreement. The Collateral Agent shall have received an executed copy of the consent under
the CEI Credit Agreement to this Amendment, and such Amendment shall have become effective. 
 (c)
Officer’s Certificate. (i) The representations and warranties of each of the Loan Parties contained in the Loan Documents shall be true and correct in all material respects on and as of the Amendment No. 2
Effective Date with the same effect as though such representations and warranties had been made on and as of such date (except (x) that any representation and warranty that is already qualified as to materiality shall be true and correct in all
respects as so qualified and (y) for representations and warranties which relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein);
(ii) no Event of Default or Potential Default shall have occurred and be continuing; (iii) since December 31, 2018, there shall not have occurred any event or condition that has had or could be reasonably expected, either individually or
in the aggregate, to constitute a Material Adverse Change; and (iv) the Borrower shall have delivered to the Agents for the benefit of each Lender a certificate of the Borrower, dated the Amendment No. 2 Effective Date and signed by a
Responsible Officer or Authorized Officer of the Borrower, to each effect in clauses (i) through (iii). 
 (d)
Secretary’s Certificates. The Agents shall have received: 
 (i) a certificate dated the Amendment No. 2
Effective Date and signed by an Authorized Officer of the Borrower, certifying (A) that attached thereto is a true and complete copy of resolutions duly adopted by the managing general partner of the Borrower authorizing the execution, delivery
and performance of this Amendment and the other Loan Documents to be executed and delivered in connection herewith, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Amendment No. 2
Effective Date; (B) the names of the officer or officers authorized to sign this Amendment and the other Loan Documents to be executed and delivered in connection herewith and the true signatures of such officer or officers and specifying the
Authorized Officers permitted to act on behalf of the Borrower for purposes of this Amendment and such other Loan Documents and the true signatures of such officers, on which each Agent and each Lender may conclusively rely; and (C) copies of
its certificate of limited partnership (recently certified by the Secretary of State of the State of Delaware) and limited partnership agreement as in effect on the Amendment No. 2 Effective Date, together with recently dated certificates from
the Secretary of State of the State of Delaware as to the continued existence and good standing of the Borrower; and 
 (ii)
a certificate dated the Amendment No. 2 Effective Date and signed by an Authorized Officer of each of the Loan Parties (other than the Borrower), certifying (A) that attached thereto is a true and complete copy of resolutions duly adopted
by the Board of Directors of such Loan Party (or its managing general partner, managing member or equivalent) authorizing the execution, delivery and performance of this Amendment and the other Loan Documents to be executed and delivered in
connection herewith, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Amendment No. 2 Effective Date; (B) the names of the officer or officers

  
 -5- 

 
authorized to sign this Amendment and the other Loan Documents to be executed and delivered in connection herewith and the true signatures of such officer or officers and specifying the
Authorized Officers permitted to act on behalf of such Loan Party for purposes of this Amendment and such other Loan Documents and the true signatures of such officers, on which each Agent and each Lender may conclusively rely; and (C) copies
of its organizational documents, including its certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, and limited liability company agreement as in effect on the Amendment
No. 2 Effective Date, recently certified by the appropriate state official where such documents are filed in a state office (or, in the alternative, certifying that such organizational documents have not been amended since the latest delivery
of such organizational documents pursuant to Section 7.1.1(b)(iii) of the Credit Agreement or pursuant to a condition precedent to effectiveness of an amendment to the Credit Agreement, and that such organizational documents are in full force
and effect), together with recently dated certificates from the appropriate state officials as to the continued existence and good standing of such Loan Party in each state where organized. 

(e) Solvency Certificate. The Agents shall have received a certificate of the chief financial officer of the General
Partner on behalf of the Borrower stating that, after giving effect to this Amendment, the Borrower and its Subsidiaries , taken as a whole, are Solvent. 

(f) Fees and Expenses. All fees and expenses payable on or before the Amendment No. 2 Effective Date by the
Borrower to the Collateral Agent (or its Affiliates) in connection with this Amendment shall have been paid in accordance with Section 11.3 of the Credit Agreement, including the reasonable fees, charges and disbursements of counsel for the
Collateral Agent. 
 3. Full Force and Effect; Reaffirmation. All of the terms, conditions, representations, warranties and covenants
contained in the Loan Documents shall continue in full force and effect except, in each case, as expressly modified by this Amendment. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement. All references to the Credit
Agreement in any Loan Document, unless expressly provided otherwise, shall mean and be a reference to the Credit Agreement as amended by this Amendment. Each Loan Party, by its signature below, hereby affirms and confirms (i) its obligations
under each of the Loan Documents to which it is a party and (ii) its guarantee of the Obligations and the pledge of and/or grant of a security interest in its assets as Collateral to secure the Obligations, and acknowledges and agrees that such
guarantee, pledge and/or grant continue in full force and effect in respect of, and to secure, the Obligations. The amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in
connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 2 Effective Date. 

4. Counterparts. This Amendment may be executed by different parties hereto in any number of separate counterparts, each of which, when
so executed and delivered shall be an original and all such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by telecopy or e-mail shall
be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in
connection with this Amendment and the transactions contemplated hereby or thereby shall be deemed to include an electronic symbol or process attached to a contract or other record and adopted by a Person with the intent to sign, authenticate or
accept such contract or record (each an “Electronic Signature”), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually

  
 -6- 

 
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing in any Loan Document
shall require any Agent or any CEI Agent to accept Electronic Signatures in any form or format without its prior written consent. 
 5.
Severability. If any term of this Amendment or any application thereof shall be held to be invalid, illegal or unenforceable, the validity of other terms of this Amendment or any other application of such term shall in no way be affected
thereby. 
 6. Entire Agreement. This Amendment sets forth the entire agreement and understanding of the parties with respect to the
amendments to the Loan Documents contemplated hereby and supersedes all prior understandings and agreements, whether written or oral, between the parties hereto relating to such amendments. No representation, promise, inducement or statement of
intention has been made by any party that is not embodied in this Amendment, and no party shall be bound by or liable for any alleged representation, promise, inducement or statement of intention not set forth herein. 

7. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without regard
to its conflict of laws principles. The provisions of Section 11.11.2 through 11.11.5 of the Credit Agreement shall apply to this Amendment mutatis mutandis. 

[SIGNATURE PAGES FOLLOW] 

  
 -7- 

 IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have
executed this Amendment as of the day and year first above written. 
  

							
		 		 	CONSOL COAL RESOURCES LP
				
		 		 	By:	 	 CONSOL COAL RESOURCES GP LLC,

its general partner

				
		 		 	By:	 	 /s/ Martha A. Wiegand

		 		 		 	 Name: Martha A. Wiegand

		 		 		 	 Title:   Authorized Officer

  

							
		 		 	GUARANTORS:
			
		 		 	CONSOL OPERATING LLC
		 		 	CONSOL THERMAL HOLDINGS LLC
		 		 	CONSOL COAL FINANCE CORP.
				
		 		 	By:	 	 /s/ Martha A. Wiegand

		 		 		 	 Name: Martha A. Wiegand

		 		 		 	 Title:   Authorized Officer

  

  
 [Signature Page to
Amendment No. 2 to CCR Affiliated Company Credit Agreement] 

							
		 		 	 CONSOL ENERGY INC.,
 as
Administrative Agent and as the Lender

				
		 		 	By:	 	 /s/ Mitesh Thakkar

		 		 	Name: Mitesh Thakkar
		 		 	Title:   Chief Financial Officer

  

  
 [Signature Page to
Amendment No. 2 to CCR Affiliated Company Credit Agreement] 

							
		 		 	 PNC BANK, NATIONAL ASSOCIATION,

as Collateral Agent

				
		 		 	By:	 	 /s/ Kyle T. Helfrich

		 		 	Name: Kyle T. Helfrich
		 		 	Title:   Vice President

  

  
 [Signature Page to
Amendment No. 2 to CCR Affiliated Company Credit Agreement] 

 SCHEDULE 1.1(A) 

PRICING GRID 
 The following table shall
apply for determining interest rates for periods prior to the Amendment No. 2 Effective Date: 
  

					
	 Level
	 	 Total Net Leverage Ratio
	 	 Applicable Rate

	 I
	 	< 1.50:1.00	 	3.75%
	 II
	 	3 1.50:1.00 and < 2.00:1.00	 	4.00%
	 III
	 	3 2.00:1.00 and < 2.50:1.00	 	4.25%
	 IV
	 	3 2.50:1.00 and < 3.00:1.00	 	4.50%
	 V
	 	3 3.00:1.00	 	4.75%

 The following table shall apply for determining interest rates for periods on and following the Amendment No. 2 Effective
Date: 
  

					
	 Level
	 	 Total Net Leverage Ratio
	 	 Applicable Rate

	 I
	 	< 1.50:1.00	 	4.25%
	 II
	 	3 1.50:1.00 and < 2.00:1.00	 	4.50%
	 III
	 	3 2.00:1.00 and < 2.50:1.00	 	4.75%
	 IV
	 	3 2.50:1.00 and < 3.00:1.00	 	5.00%
	 V
	 	3 3.00:1.00	 	5.25%

 For purposes of determining the Applicable Rate: 

(a) From the Amendment No. 2 Effective Date through the date on which the first Compliance Certificate is required to be
delivered hereunder after the Amendment No. 2 Effective Date (the “Initial Period”), the Applicable Rate shall be the amount set forth under Level III of this Schedule 1.1(A) set forth above. 

(b) It is expressly agreed that after the Initial Period, the Applicable Rate shall be determined based upon Schedule
1.1(A) above and change on each date on which a Compliance Certificate is required to be delivered hereunder. 
 (c) If,
as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Total Net Leverage Ratio as calculated by the Borrower as of any
applicable date was inaccurate and (ii) a proper calculation of the Total Net Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent
for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code, automatically and without
further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest and 

 
fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent or any
Lender, as the case may be, under Section 4.2 [Interest After Default] or Section 9 [Default]. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations
hereunder.

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