Document:

Equity Distribution Agreement between Dynex Capital, Inc. and JMP Securities LLC

 Exhibit 10.14 

DYNEX CAPITAL, INC. 

5,000,000 SHARES 

EQUITY DISTRIBUTION AGREEMENT 

June 24, 2010 
 JMP
Securities LLC 
 600 Montgomery Street 

Suite 1100 
 San Francisco, CA 94111 

Ladies and Gentlemen: 
 DYNEX
CAPITAL, INC., a Virginia corporation (the “Company”), confirms its agreement (this “Agreement”) with JMP Securities LLC (“JMP”), as follows: 

1. Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms
and subject to the conditions set forth herein, it may issue and sell through JMP, acting as agent and/or principal, up to 5,000,000 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (the
“Common Stock”). The Company agrees that if JMP determines, and the Company agrees, that JMP will purchase any Shares on a principal basis (other than as a “riskless principal”), then the Company will enter into a
separate underwriting or similar agreement in form and substance satisfactory to both the Company and JMP covering such purchase. Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the
limitations set forth in this Section 1 on the number of Shares issued and sold under this Agreement shall be the sole responsibility of the Company, and JMP shall have no obligation in connection with such compliance. The issuance and
sale of Shares through JMP will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”), although nothing
in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue Shares. 
 The Company
has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), with the Commission a registration statement on Form S-3
(File No. 333-149475), and two pre-effective amendments thereto, including a base prospectus, with respect to the Shares, which registration statement, as amended by such pre-effective amendments, incorporates by reference documents which the
Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”). Such registration statement, as
amended by such pre-effective amendments, has become effective under the Securities Act. The Company may file one or more additional registration statements from time to time that will contain a base prospectus with respect to the Shares. The
Company has prepared a prospectus supplement specifically relating to the Shares (the “Prospectus Supplement”) to the base prospectus 

 
included as part of each registration statement containing a base prospectus relating to certain securities of the Company, including the Shares to be issued from time to time by the Company. The
Company shall furnish to JMP, for use by JMP, copies of the prospectus included as part of each such registration statement, as supplemented by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, each such
registration statement, as amended (including by such pre-effective amendments) when it became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as
defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act and or deemed to be part of each such registration statement filed pursuant to Rule 430B or 462(b) of the Securities Act, is herein called the
“Registration Statement.” Each base prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which
such base prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with any Issuer Free Writing Prospectus (as defined in
Section 21(b) below), if any, is herein called the “Prospectus”. Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include
the documents incorporated by reference therein, and any reference herein to the terms “amend”, “amendment” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and
include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration Statement, the Prospectus, or to any amendment or
supplement thereto shall be deemed to include any copy filed with the Commission pursuant to either the Electronic Data Gathering Analysis and Retrieval System or Interactive Data Electronic Applications (collectively,
“IDEA”). 
 Any reference herein to the Registration Statement, any Prospectus Supplement, Prospectus or
any Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference therein (the “Incorporated Documents”), including, unless the context otherwise requires, the documents, if
any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement, any Prospectus Supplement, the Prospectus or any
Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act on or after the initial effective date of the Registration Statement, or the date of Prospectus Supplement, Prospectus or such Free
Writing Prospectus, as the case may be, and incorporated therein by reference. 
 All references in this Agreement to any Issuer
Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to IDEA; and all
references in this Agreement to “supplements” to the Prospectus shall include, without limitation, any supplements, “wrappers” or similar materials prepared in connection with any offering, sale or private placement of any
Placement Shares by JMP outside of the United States. 
 2. Placements. Each time that the Company wishes to issue
and sell Shares hereunder (each, a “Placement”), it will notify JMP by email notice (or other method mutually agreed to in 

 

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writing by the parties) (a “Placement Notice”) containing the parameters in accordance with which it desires the Shares to be sold, which shall, at a minimum, include the
number of Shares to be issued (the “Placement Shares”), the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in any one Trading Day (as defined in Section 3
below) and any minimum price below which sales may not be made, a form of which containing such minimum sales parameters necessary is attached hereto as Exhibit A. The Placement Notice shall originate from any of the individuals from the
Company set forth on Exhibit C (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from JMP set forth on Exhibit C, as such Exhibit C may be
amended from time to time by notice given in accordance with Section 12 hereto. The Placement Notice shall be effective upon receipt by JMP unless and until (i) in accordance with the notice requirement set forth in Section 4,
JMP declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements set forth in Section 4, the
Company suspends the Placement Notice, (iv) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) the Agreement has been terminated under the provisions of
Section 12. The amount of any discount, commission or other compensation to be paid by the Company to JMP in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in Exhibit B.
It is expressly acknowledged and agreed that neither the Company nor JMP will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to JMP and JMP does not decline
such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement
Notice will control. 
 3. Sale of Placement Shares by JMP. Subject to the terms and conditions herein set forth,
upon the Company’s issuance of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated in accordance with the terms of this Agreement, JMP, for the period specified
in the Placement Notice, will use its commercially reasonable efforts consistent with the provisions of this Agreement, its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the New York
Stock Exchange (the “Exchange”) to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. JMP will provide written confirmation to the Company (including by
email correspondence to each of the individuals of the Company set forth on Exhibit C, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later than
the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder, setting forth the number of Placement Shares sold on such day, the prices at which such Placement
Shares were sold, the gross proceeds from such sales, the compensation payable by the Company to JMP pursuant to Section 2 with respect to such sales, with an itemization of deductions made by JMP (as set forth in
Section 6(a)) from the gross proceeds that it receives from such sales and the Net Proceeds (as defined in Section 6(a) below) payable to the Company. Subject to the terms of the Placement Notice, JMP may sell Placement Shares by
any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act, including, without limitation, sales made directly on the Exchange, on any other existing trading market for the

  

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Common Stock or to or through a market maker. After consultation with the Company and subject to the terms of the Placement Notice, JMP may also sell Placement Shares in privately negotiated
transactions. The Company acknowledges and agrees that (i) there can be no assurance that JMP will be successful in selling Placement Shares, (ii) JMP will incur no liability or obligation to the Company or any other person or entity if it
does not sell Placement Shares for any reason other than a failure by JMP to use its commercially reasonable efforts consistent with the provisions of this Agreement, its normal trading and sales practices and applicable state and federal laws,
rules and regulations and the rules of the Exchange to sell such Placement Shares as required under this Section 3 and (iii) JMP shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except
as otherwise agreed by JMP and the Company pursuant to a separate underwriting agreement or similar agreement, except that JMP may, in its sole discretion enter into riskless principal transactions. JMP shall not, while a Placement Notice is
outstanding, sell shares of Common Stock other than Placement Shares in a transaction meeting the parameters specified in the outstanding Placement Notice. If JMP receives an offer to buy Common Stock at a price per share that does not meet the
parameters specified in an outstanding Placement Notice, but is at least 90% of the minimum market price per share specified in such Placement Notice, then, so long as disclosure of such offer complies with all applicable laws, JMP shall use
reasonable efforts to provide the Company with notice of such offer within one (1) Business Day (as defined in Section 12 below). For the purposes hereof, “Trading Day” means any day on which Common Stock is
purchased and sold on the principal market on which the Common Stock is listed or quoted. 
 4. Suspension of Sales.
The Company or JMP may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on Exhibit C, if receipt of such correspondence is actually acknowledged by any of
the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on Exhibit C),
suspend any sale of Placement Shares; provided, however, that such suspension shall not affect or impair either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice or sold at any point
thereafter once such suspension has been lifted by the subsequent issuance of an additional Placement Notice. Each of the Parties agrees that no such notice of suspension shall be effective against the other unless it is made to one of the
individuals named on Exhibit C hereto, as such Schedule may be amended from time to time. 
 5. Representations
and Warranties of the Company. The Company represents and warrants to, and agrees with, JMP that as of each Applicable Time (as defined in Section 21(a)): 

(a) The Company meets the requirements for use of Form S-3 under the Securities Act. The Registration Statement has been filed with
the Commission and has been declared effective under the Securities Act. The Company has prepared or will prepare the Prospectus Supplement that names JMP as an underwriter, acting as principal and/or agent, in the section entitled “Plan of
Distribution.” The Company has not received, and has no written notice of, any order of the Commission preventing or suspending the use of the Registration Statement, or threatening or instituting proceedings for that purpose. Any statutes,
regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed. The Prospectus

  

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Supplement has been or will be prepared and will be filed pursuant to Rule 424(b) of the Securities Act. Copies of the Registration Statement, the Prospectus, and any such amendments or
supplements and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement and requested by JMP or its counsel have been delivered, or made available, to JMP and its counsel. The
Company has not distributed and will not distribute any offering material in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus. The Common Stock is currently listed on
the Exchange under the trading symbol “DX.” 
 (b) Each part of the Registration Statement, when such part became
or becomes effective or was or is filed with the Commission, and the Prospectus, and any amendment or supplement thereto, on the date of filing thereof with the Commission and at each Settlement Date (as defined in Section 6(a)),
conformed or will conform in all material respects with the requirements of the Securities Act. Each part of the Registration Statement, when such part became or becomes effective or was or is filed with the Commission, did not, or will not, contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendment or supplement thereto, on the date of filing thereof
with the Commission and at each Settlement Date, did not or will not include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, except that the foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, written information concerning JMP that was furnished in writing to the Company by
JMP, specifically for use in the preparation thereof. 
 (c) The documents incorporated by reference in the Registration
Statement, the Prospectus or any amendment or supplement thereto, when they became or become effective under the Securities Act or were or are filed with the Commission under the Securities Act or the Exchange Act, as the case may be, conformed or
will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, as such requirements existed at the time such Incorporated Documents were initially filed with the Commission. 

(d) The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or
included or incorporated by reference in the Registration Statement and the Prospectus are accurate in all material respects and fairly present the financial condition of the Company as of the dates indicated and the results of operations, changes
in financial position, stockholders’ equity and cash flows for the periods therein specified are in conformity with accounting principles generally accepted in the United States consistently applied throughout the periods involved (except as
otherwise stated therein). The selected financial and statistical data included or incorporated by reference in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from
the financial statements, have been compiled on a basis consistent with the financial statements presented therein. Any pro forma financial statements of the Company, and the related notes thereto, included or incorporated by reference in the
Registration Statement and the Prospectus present fairly the information shown therein, have been prepared in accordance with the Commission’s rules and guidelines with respect to pro forma financial statements and have been properly compiled
on the basis described therein, and the assumptions used in the 
  

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preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. The Company and, to the
Company’s knowledge, the Subsidiaries (as defined in Section 5(g) below) do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the Registration
Statement and the Prospectus. No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Securities Act. 

(e) The Prospectus delivered to JMP for use in connection with the sale of Placement Shares pursuant to this Agreement will be
identical to the versions of the Prospectus created to be transmitted to the Commission for filing via IDEA, except to the extent permitted by Regulation S-T. 

(f) The Company has been duly formed and incorporated and is validly existing as a corporation in good standing under the laws of
the Commonwealth of Virginia and is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification,
except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition, or results of operations of the Company and the Subsidiaries taken as a whole (a
“Material Adverse Effect”) and has full corporate power and authority necessary to own, hold, lease and/or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration
Statement and the Prospectus and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company is in compliance in all material respects with the laws, orders, rules,
regulations and directives issued or administered by any jurisdictions in which it owns or leases property or conducts business. 

(g) The Company has no “significant subsidiaries” (as such term is defined in Rule 1-02 of Regulation S-X promulgated
under the Securities Act) and does not own, directly or indirectly, any shares of stock or any other equity or long-term debt securities of any corporation or have any equity interest in any firm, partnership, joint venture, association or other
entity, except (a) the subsidiaries (the “Subsidiaries”) and the ownership interests set forth in Exhibit D; (b) the securities comprising the investment portfolio of the Company; and (c) as otherwise
disclosed in the Registration Statement and/or Prospectus. Complete and correct copies of the articles of incorporation and of the bylaws or other formation documents of the Company and each of the Subsidiaries, as applicable, and all amendments
thereto have been made available to JMP and/or its counsel upon request. To the Company’s knowledge, each Subsidiary has been duly formed and incorporated or organized and is validly existing as a corporation, partnership or limited liability
company in good standing under the laws of the jurisdiction of its incorporation or formation or organization and is duly qualified to do business and is in good standing as a foreign corporation, partnership or limited liability company in each
jurisdiction where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified would not have a Material Adverse Effect and, to the Company’s knowledge, each
Subsidiary has full corporate, partnership or limited liability power and authority, as applicable, necessary to own, hold, lease and/or operate its assets and properties and to conduct its business in which it is engaged and as described in the
Registration Statement and the Prospectus, and, to the Company’s knowledge, each Subsidiary is in compliance in all 

 

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material respects with the laws, orders, rules, regulations and directives issued or administered by jurisdictions in which it owns or leases property or conducts business; to the Company’s
knowledge, all of the outstanding shares of capital stock or other equity interests, as the case may be, of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable with respect to the corporate
Subsidiaries, and have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right and are not subject to any security interest,
other encumbrance or adverse claims; and to the Company’s knowledge, no options, warrants or other rights to purchase, agreements or other obligations to issue or other rights to convert any obligation into shares of capital stock or ownership
interests in the Subsidiaries are outstanding. 
 (h) Neither the Company nor, to the Company’s knowledge, any of the
Subsidiaries is in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach or violation of or constitute a default under or give the holder of any indebtedness (or a
person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (i) its respective charter, bylaws, certificate of formation, partnership agreement or limited
liability company agreement, as the case may be, or (ii) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the
Company or any of the Subsidiaries is a party or by which any of them or any of their respective properties may be bound or affected the effect of which breach, violation or default under clause (ii) could reasonably be expected to result in a
Material Adverse Effect, and the execution, delivery and performance of this Agreement, the issuance and sale of the Placement Shares and the consummation of the transactions contemplated hereby will not conflict with, result in any breach or
violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or violation of or constitute a default under) (x) the charter, bylaws, certificate of formation,
partnership agreement or limited liability company agreement, as the case may be, of the Company or, to the Company’s knowledge, any of the Subsidiaries, or (y) any indenture, mortgage, deed of trust, bank loan or credit agreement or other
evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Company or, to the Company’s knowledge, any of the Subsidiaries is a party or by which any of them or any of their respective properties may
be bound or affected, the effect of which breach, violation or default under clause (y) could reasonably be expected to result in a Material Adverse Effect or (z) any federal, state, local or foreign law, regulation or rule or any decree,
judgment or order applicable to the Company or, to the Company’s knowledge, any of the Subsidiaries. 
 (i) As of
December 31, 2009, the Company had an authorized, issued and outstanding capitalization as set forth in its consolidated balance sheets included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. All of
the issued and outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and nonassessable, have been issued in compliance with all federal and state securities laws and were not issued in
violation of any preemptive right, resale right, right of first refusal or similar right. 
 (j) This Agreement has been
duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable in accordance with its 

 

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terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by
general equitable principles and (ii) the indemnification and contribution provisions of Section 9 hereof may be limited by federal or state securities laws and public policy considerations in respect thereof. 

(k) The Common Stock, including the Placement Shares, conforms in all material respects to the description thereof contained in the
Registration Statement and the Prospectus. 
 (l) The Placement Shares have been duly and validly authorized by the Company
for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security
interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. 

(m) No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory
commission, board, body, authority or agency is required in connection with the issuance and sale of the Placement Shares or the consummation by the Company of the transactions contemplated hereby other than (i) registration of the Placement
Shares under the Securities Act, (ii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Placement Shares are being offered by JMP, (iii) such approvals obtained in connection with
the approval of the listing of the Placement Shares on the Exchange or (iv) any approvals, authorizations, consents or orders of or filings with the Financial Industry Regulatory Authority (“FINRA”). 

(n) Except (i) as set forth in the Registration Statement and the Prospectus or in filings with the Commission via IDEA
pursuant to Section 16 of the Exchange Act, (ii) for holders of shares of the Company’s Series D 9.50% Cumulative Convertible Preferred Stock, $.01 par value, and (iii) for holders of common stock options outstanding on the date
hereof, (x) no person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a “Person”), has the right, contractual or otherwise, to cause the Company to issue or sell to
such Person any shares of Common Stock or shares of any other capital stock or other securities of the Company, (y) no Person has any preemptive rights, resale rights, rights of first refusal, or any other rights (whether pursuant to a
“poison pill” provision or otherwise) to purchase any shares of Common Stock or shares of any other capital stock or other securities of the Company, and (z) no Person other than JMP has the right to act as an underwriter or as a
financial advisor to the Company in connection with the offer and sale of the Shares, in the case of each of the foregoing clauses (x), (y) and (z), whether as a result of the filing or effectiveness of the Registration Statement or the sale of
the Placement Shares as contemplated hereby or otherwise; no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any shares of Common Stock or shares of any other capital stock or other
securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the
Placement Shares as contemplated thereby or otherwise. 
  

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 (o) BDO Seidman LLP, whose report on the consolidated financial statements of the
Company is filed with the Commission as part of the Registration Statement and the Prospectus, was during the periods covered by its report an independent registered public accounting firm as required by the Securities Act. 

(p) The descriptions in the Registration Statement and the Prospectus of the legal or governmental proceedings, affiliate
transactions, off-balance sheet transactions, contracts, leases and other legal documents therein described present fairly the information required to be shown, and there are no legal or governmental proceedings, affiliate transactions, off-balance
sheet transactions, contracts, leases, or other legal documents of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement which are not described or filed as
required. All agreements between the Company and third parties expressly referenced in the Registration Statement and the Prospectus are legal, valid and binding obligations of the Company enforceable in accordance with their respective terms,
except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles. 

(q) Except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations,
inquiries or proceedings pending or, to the best of the Company’s knowledge, threatened to which either the Company or, to the Company’s knowledge, any Subsidiaries or any of their respective officers or directors is a party or of which
any of their respective properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree
or order having individually or in the aggregate a Material Adverse Effect or prevent or interfere in any material respect with the consummation of the transactions contemplated hereby. 

(r) During the twelve (12) calendar months prior to the date of this Agreement, the Company has timely filed with the
Commission all documents and other material required to be filed pursuant to Sections 13, 14 and 15(d) under the Exchange Act. During the twelve (12) calendar months preceding the filing of the Registration Statement, the Company filed all
reports required to be filed pursuant to Sections 13, 14 and 15(d) under the Exchange Act. The Company is not an “ineligible issuer” as defined in Rule 405 of the Securities Act. 

(s) Subsequent to the respective dates as of which information is given in, or incorporated by reference into, the Registration
Statement and the Prospectus, there has not been (i) any Material Adverse Effect, or any development which is likely to cause a Material Adverse Effect, (ii) any transaction which is material to the Company and the Subsidiaries taken as a
whole, except transactions in the ordinary course of business consistent with past practices, (iii) any obligation, direct or contingent (including off-balance sheet obligations), which is material to the Company and the Subsidiaries taken as a
whole, except transactions in the ordinary course of business consistent with past practices or (iv) any change in the number of authorized shares of capital stock or, except obligations incurred in the ordinary course of business, outstanding
indebtedness of the Company. The Company has no material contingent obligation (including off-balance sheet obligations) which is not disclosed in the Registration Statement or the Prospectus. 

 

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 (t) The Company has not defaulted on any installment on indebtedness for borrowed money
or on any rental on one or more long-term leases, which defaults would have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form
10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which
defaults would have a Material Adverse Effect. 
 (u) Neither the Company nor, to the Company’s knowledge, any of the
Subsidiaries nor any of their respective directors, officers or controlling persons has taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result in, under the Exchange Act or
otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares. 

(v) At the time of purchase, the Placement Shares will be approved for listing on the Exchange, subject to official notice of
issuance, or the Company will have filed an application for listing of the Shares on the Exchange. 
 (w) Neither the
Company nor any of its affiliates (i) is required to register as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls
or has any other association with (within the meaning of Article I of the Bylaws of the National Association of Securities Dealers, Inc.) any member of the FINRA. 

(x) The Company has not relied upon JMP or legal counsel for JMP for any legal, tax or accounting advice in connection with the
offering and sale of the Placement Shares. 
 (y) On each Representation Date (as defined in Section 7(m)
below), the Company shall be deemed to have confirmed (i) the accuracy and completeness, as of such date, of each representation and warranty made by it in this Agreement; and (ii) that the Company has complied with all of the agreements
to be performed by it hereunder at or prior to such date. 
 (z) As of the date of this Agreement and except as otherwise
disclosed in the Prospectus, the Company has no current plan or intention to materially alter its stated investment policies and operating policies and strategies, as such are described in the Registration Statement and the Prospectus, if any; the
Company and, to the Company’s knowledge, the Subsidiaries have good and marketable title to all properties and assets owned directly by them, in each case free and clear of all liens, security interests, pledges, charges, encumbrances,
mortgages and defects (except for any security interest, lien encumbrance or claim that may otherwise exist under any applicable repurchase agreement or as otherwise disclosed in the Registration Statement and the Prospectus), except such as do not
interfere with the use made or proposed to be made of such asset or property by the Company or any Subsidiary, as the case may be; the Company does not directly own any real property; any real property and buildings held under lease directly by the
Company are held under valid, existing and enforceable leases, with such exceptions, liens, security interests, pledges, charges, encumbrances, mortgages and defects, as are not material and do not interfere with the use made or proposed to be made
of such property and buildings by the Company. 
  

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 (aa) The Company and, to the Company’s knowledge, each of the Subsidiaries has
filed on a timely basis (taking into account all applicable extensions) all necessary federal, state, local and foreign income and franchise tax returns, if any such returns were required to be filed, through the date hereof and have paid all taxes
shown as due thereon; and no tax deficiency has been asserted against the Company or, to the Company’s knowledge, any of the Subsidiaries, nor does the Company know of any tax deficiency which is likely to be asserted against any such entity
which, if determined adversely to any such entity, could have a Material Adverse Effect; all tax liabilities, if any, are adequately provided for on the books of the Company and, to the Company’s knowledge, the Subsidiaries. 

(bb) The Company and, to the Company’s knowledge, each Subsidiary owns or possesses adequate license or other rights to use all
patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how, if any (collectively, “Intangibles”), necessary
to entitle the Company and, to the Company’s knowledge, each Subsidiary to conduct its business as described in the Prospectus, and neither the Company nor, to the Company’s knowledge, any Subsidiary has received written notice of
infringement of or conflict with (and knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Material Adverse Effect. 

(cc) The Company has established and maintains and evaluates “disclosure controls and procedures” (as such term is defined
in Rules 13a-15 and 15d-15 under the Exchange Act) and “internal control over financial reporting” (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act); the principal executive officers (or their
equivalents) and principal financial officers (or their equivalents) of the Company have made all certifications required by the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and any related rules and regulations
promulgated by the Commission, and the statements contained in each such certification are complete and correct; the Company, the Subsidiaries and the Company’s directors and officers are each in compliance in all material respects with all
applicable effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission and the Exchange promulgated thereunder. 

(dd) The Company and, to the Company’s knowledge, each of the Subsidiaries maintains insurance (issued by insurers of
recognized financial responsibility) of the types and in the amounts generally deemed adequate by the Company, if any, for their respective businesses and consistent with insurance coverage maintained by similar companies in similar businesses,
including, but not limited to, insurance covering real and personal property owned or leased by the Company and the Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily insured against, all of which
insurance is in full force and effect. 
 (ee) Neither the Company nor, to the Company’s knowledge, any Subsidiary is
in violation, and none of them has received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to its business which could reasonably be expected to result in a Material Adverse Effect. The
Company and, to the Company’s knowledge, each Subsidiary have received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct
their businesses, and the Company and, to the Company’s knowledge, each Subsidiary is in compliance with all terms and conditions of any such permit, license or 

 

 11 

 
approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits,
licenses or approvals which could not, singly or in the aggregate, have a Material Adverse Effect. 
 (ff) The Company has
not incurred any liability for any finder’s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to JMP pursuant to this Agreement. 

(gg) There are no existing or threatened labor disputes with the employees of the Company or, to the Company’s knowledge, any
Subsidiary which are likely to have individually or in the aggregate a Material Adverse Effect. 
 (hh) None of the Company
or, to the Company’s knowledge, any Subsidiary or any employee or agent of the Company or any Subsidiary, has made any payment of funds or received or retained any funds in violation of any law, rule or regulation or of a character required to
be disclosed in the Registration Statement or the Prospectus. No relationship, direct or indirect, exists between or among the Company or, to the Company’s knowledge, any Subsidiary or any affiliate of any of them, on the one hand, and the
directors, officers and stockholders of the Company or, to the Company’s knowledge, any Subsidiary, on the other hand, which is required by the Securities Act to be described in the Registration Statement or the Prospectus that is not so
described. 
 (ii) The Company has been, and upon the sale of the Placement Shares will continue to be, organized and
operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” (a “REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the
“Code”), for all taxable years commencing with its taxable year ended December 31, 2004. The proposed method of operation of the Company as described in the Prospectus will enable the Company to continue to meet the
requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost. The Company intends to continue to operate in a
manner which would permit it to qualify as a REIT under the Code. The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued
qualification, as a REIT. 
 (jj) Neither the Company nor, to the knowledge of the Company, the Subsidiaries, after giving
effect to the offering and sale of the Placement Shares, will be an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended
(the “Investment Company Act”). 
 (kk) No relationship, direct or indirect, exists between or
among the Company or any Subsidiary or any affiliate of them, on the one hand, and the directors, officers, stockholders or directors of the Company or any Subsidiary, on the other hand, which is required by the rules of the FINRA to be described in
the Registration Statement or the Prospectus which is not so described. Except as otherwise disclosed in the Registration Statement or the Prospectus, there are no material outstanding loans or advances or material guarantees of indebtedness by the
Company or, to the Company’s knowledge, any Subsidiary or any affiliate of any of them to or for the benefit of any of the officers or directors of the Company or any Subsidiary or any of the members of the families of any of them. 

 

 12 

 (ll) Neither the Company nor, to the Company’s knowledge, any of the Subsidiaries
has sustained since the date of the last audited financial statements included in the Registration Statement and the Prospectus any loss or interference with its respective business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor dispute or court or governmental action, order or decree, in each case which is likely either individually or in the aggregate to have a Material Adverse Effect. 

(mm) The Company is not a party to any agreement with an agent or underwriter for any “at-the-market” or continuous equity
transaction other than this Agreement. 
 (nn) The Company acknowledges and agrees that JMP has informed the Company that
JMP may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is in effect provided that (i) no such purchase or sales shall take place
while a Placement Notice is in effect (except to the extent JMP may engage in sales of Placement Shares purchased or deemed purchased from the Company as a “riskless principal” or in a similar capacity), (ii) the Company shall not be
deemed to have authorized or consented to any such purchases or sales by JMP and (iii) JMP shall provide notice of such purchases or sales to the Company within two (2) Business Days of such transactions. 

Any certificate signed by an officer of the Company and delivered to JMP or to counsel for JMP shall be deemed to be a representation and warranty by the
Company to JMP as to the matters set forth therein. 
 6. Settlement. 

(a) Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of
Placement Shares will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a “Settlement Date”). The amount of
proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by JMP at which such Placement Shares were
sold, after deduction for (i) JMP’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any governmental or
self-regulatory organization in respect of such sales. 
 (b) Delivery of Placement Shares. On or before each
Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting JMP’s or its designee’s account (provided JMP shall have given the Company written notice of such
designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely
tradable, transferable, registered shares in good deliverable form. On each Settlement Date, JMP will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees
that if the Company, or its transfer agent 
  

 13 

 
(if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in
Section 9(a) hereto, it will (i) hold JMP harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its
transfer agent (if applicable) and (ii) pay to JMP any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. 

(c) Denominations; Registration. Certificates for the Shares, if any, shall be in such denominations and registered in such
names as JMP may request in writing at least one full Business Day before the Settlement Date. The certificates for the Shares, if any, will be made available for examination and packaging by JMP in The City of New York not later than noon (New York
time) on the Business Day prior to the Settlement Date. 
 (d) Limitations on Offering Size. Under no circumstances
shall the Company cause or request the offer or sale of any Shares if, after giving effect to the sale of such Shares, the aggregate Shares sold pursuant to this Agreement would exceed the lesser of (i) the amount available for offer and sale
under the currently effective Registration Statement and (ii) the amount authorized from time to time to be issued and sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized
executive committee, and notified to JMP in writing (such lesser amount, the “Maximum Amount”). Under no circumstances shall the Company cause or request the offer or sale of any Shares at a price lower than the minimum price
authorized from time to time by the Company’s board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to JMP in writing. 

7. Covenants of the Company. The Company covenants and agrees with JMP that: 

(a) After the date of this Agreement and during any period in which a Prospectus relating to the Placement Shares is required to be
delivered by JMP under the Securities Act, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify JMP promptly of the time when any subsequent amendment to
the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any
amendment or supplement to the Registration Statement or Prospectus or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon JMP’s request, any amendments or supplements to the Registration
Statement or Prospectus that, in JMP’s reasonable judgment, may be necessary or advisable in connection with the distribution of the Placement Shares by JMP (provided, however, that the failure of JMP to make such request shall
not relieve the Company of any obligation or liability hereunder, or affect JMP’s right to rely on the representations and warranties made by the Company in this Agreement other than to the extent any such amendment or supplement is necessary
or advisable due to information that must be disclosed strictly with regard as to JMP), (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus relating to the Placement Shares, other than
documents incorporated by reference, unless a copy thereof has been submitted to JMP a reasonable period of time before the filing and JMP has not reasonably objected thereto (provided, however, (A) that the failure of JMP to make
such objection shall not relieve the 
  

 14 

 
Company of any obligation or liability hereunder, or affect JMP’s right to rely on the representations and warranties made by the Company in this Agreement except to the extent such
objection would have been necessary or advisable due to information that must be disclosed strictly with regard as to JMP, and (B) that the Company has no obligation to provide JMP any advance copy of such filing or to provide JMP an
opportunity to object to such filing if such filing does not name JMP or does not relate to the transactions contemplated hereunder); (iv) the Company will furnish to JMP at the time of filing thereof a copy of any document that upon filing is
deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via IDEA; and (v) the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission
as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time
period prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section 7(a), based on the Company’s reasonable opinion or reasonable objections, shall be made exclusively by the
Company). 
 (b) The Company will advise JMP, promptly after it receives notice or obtains knowledge thereof, of the
issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the
initiation or threatening of any proceeding for any such purpose; and it will promptly use its reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. 

(c) During any period in which a Prospectus relating to the Placement Shares is required to be delivered by JMP under the Securities
Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to comply in all material respects with all requirements imposed upon it
by the Securities Act, as from time to time in force, so far as necessary to permit the continuance of sales of the Placement Shares during such period in accordance with the provisions hereof and the Prospectus, and will file on or before their
respective due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during
such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify JMP to suspend the offering of
Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 

(d) During any period in which the Prospectus relating to the Placement Shares is required to be delivered by JMP under the
Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on the

  

 15 

 
Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions as JMP reasonably designates and to continue such qualifications in effect so long as
required for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities, file a general consent to service of
process in any jurisdiction, or meet any other requirement in connection with this Section 7(d) deemed by the Company to be unduly burdensome. 

(e) The Company will furnish to JMP and its counsel (at the expense of the Company) copies of the Registration Statement, the
Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the
Placement Shares is required to be delivered under the Securities Act (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and
in such quantities as JMP may from time to time reasonably request and, at JMP’s request, will also furnish copies of the Prospectus to each exchange or market on which sales of Shares may be made; provided, however, that the
Company shall not be required to furnish any document (other than the Prospectus) to JMP to the extent such document is available on IDEA. 

(f) The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15
months after the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act. 

(g) The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, in
accordance with the provisions of Section 12 hereunder, will pay all expenses incident to the performance of its obligations hereunder, including, but not limited to, expenses relating to (i) the preparation, printing and filing of
the Registration Statement and each amendment and supplement thereto, of each Prospectus and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery of the Placement Shares, (iii) the qualification of the
Placement Shares under securities laws in accordance with the provisions of Section 7(d) of this Agreement, including filing fees and any reasonable fees or disbursements of counsel for JMP in connection therewith, (iv) the printing
and delivery to JMP of copies of the Prospectus and any amendments or supplements thereto, and of this Agreement, (v) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for trading on the
Exchange, or (vi) filing fees and charges, if any, of the Commission and the FINRA Corporate Finance Department. In addition, the Company shall reimburse JMP for up to $50,000 of out-of-pocket legal expenses in connection with the preparation
of this Agreement, the due diligence investigation of the Company and the transactions contemplated hereunder; provided that if the Company issues three million or more Placement Shares hereunder such reimbursed legal expenses shall be credited to
the Company by JMP against future commissions payable hereunder. 
 (h) The Company will use the Net Proceeds as described
in the Prospectus in the section entitled “Use of Proceeds”. 
  

 16 

 (i) During either the pendency of any Placement Notice given hereunder, or any period
in which the Prospectus relating to the Placement Shares is required to be delivered by JMP, the Company shall provide JMP notice as promptly as reasonably practicable before it offers to sell, contracts to sell, sells, grants any option to sell or
otherwise disposes of any shares of Common Stock (other than Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for shares of Common Stock, warrants or any rights to purchase or
acquire shares of Common Stock; provided, that such notice shall not be required in connection with the (i) issuance, grant or sale of shares of Common Stock, options to purchase shares of Common Stock or shares of Common Stock issuable
upon the exercise of options, or other equity awards pursuant to any stock option, stock bonus or other stock plan or arrangement then in effect or which the Company may from time to time adopt provided the implementation of such is disclosed to JMP
in advance, (ii) the issuance of shares of Common Stock in connection with an acquisition, merger or sale or purchase of assets described in the Prospectus, (iii) any shares of Common Stock issuable upon conversion or exchange of
securities or the exercise of warrants, options or other rights in effect or outstanding or (iv) the issuance or sale of shares of Common Shares pursuant to any dividend reinvestment plan that the Company may adopt from time to time provided
the implementation of such is disclosed to JMP in advance. 
 (j) The Company will, at any time during the term of this
Agreement, as supplemented from time to time, advise JMP promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or
other document required to be provided to JMP pursuant to this Agreement. 
 (k) The Company will cooperate with any
reasonable due diligence review conducted by JMP or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, as JMP may
reasonably request; provided, however, that the Company shall be required to make available documents and senior corporate officers only (i) at the Company’s principal offices and (ii) during the Company’s ordinary
business hours. 
 (l) The Company shall disclose in its quarterly reports on Form 10-Q and in its annual report on Form
10-K the number of Placement Shares sold through JMP under this Agreement, the Net Proceeds to the Company and the compensation payable by the Company to JMP with respect to such Placement Shares pursuant to this Agreement during the relevant
quarter. 
 (m) On the date of this Agreement and each time the Company: 

(i)     files the Prospectus relating to the Shares or amends or supplements (other than a prospectus supplement
relating solely to an offering of securities other than the Shares) the Registration Statement or the Prospectus relating to the Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by
reference into the Registration Statement or the Prospectus relating to the Shares; 
 (ii)   files an annual report on
Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material amendment to the previously filed Form 10-K); 
  

 17 

 (iii)    files its quarterly reports on Form 10-Q under the Exchange Act; or

 (iv)     files a current report on Form 8-K containing amended financial information (other than
information “furnished” pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with
Statement of Financial Accounting Standards No. 144 or any successor thereto) under the Exchange Act. 
 Each date of
filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation Date.” The Company shall furnish JMP with a certificate, in the form attached hereto as Exhibit E
within three (3) Trading Days of the applicable Representation Date. The requirement to provide a certificate under this Section 7(m) shall be waived for any Representation Date occurring during a fiscal quarter during which the
Company does not intend to sell Placement Shares prior to the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form
10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide JMP with a certificate under this Section 7(m),
then before the Company either delivers the Placement Notice or JMP sells any Placement Shares, the Company shall provide JMP with a certificate, in the form attached hereto as Exhibit E, dated the date of the Placement Notice. 

(n) On the date hereof and thereafter within three (3) Trading Days of each Representation Date, the Company shall cause to be
furnished to JMP the written opinion of Troutman Sanders LLP (the “Company Counsel”), dated the Representation Date, in substantially the form attached hereto as Exhibit F-1 (for the filing of the Prospectus relating
to the Placement Shares), and Exhibit F-2 (for subsequent Representation Dates), but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided, however,
that in lieu of such opinion, the Company Counsel may furnish JMP with a letter to the effect that JMP may rely on a prior opinion delivered under this Section 7(n) to the same extent as if it were dated the date of such letter (except
that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). The requirement to provide such opinion shall be waived for any Representation
Date occurring during a fiscal quarter during which the Company does not intend to sell Placement Shares prior to the next occurring Representation Date; provided, further, however, that such waiver shall not apply for any
Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did
not provide JMP with an opinion from Troutman Sanders LLP, then before the Company delivers the Placement Notice or JMP sells any Placement Shares, the Company shall provide JMP with an opinion from Troutman Sanders LLP dated the date of the
Placement Notice. 
 (o) On the date hereof and thereafter within three (3) Trading Days of each Representation Date
on which the Registration Statement is amended or the Prospectus supplemented to include additional amended financial information or there is filed with the Commission any document incorporated by reference into the Prospectus which contains
additional amended financial information, the Company shall cause BDO Seidman LLP to 
  

 18 

 
furnish JMP a letter (a “Comfort Letter”), dated the date of such Representation Date, in form and substance satisfactory to JMP, (i) confirming that it is an
independent registered public accounting firm within the meaning of the Securities Act and is in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission,
(ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with
registered public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information which would have been included in the Initial Comfort Letter had it
been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such Comfort Letter. The requirement to provide a Comfort Letter under this
Section 7(o) shall be waived for any Representation Date occurring during a fiscal quarter during which the Company does not intend to sell Placement Shares prior to the next occurring Representation Date; provided,
however, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a
Representation Date when the Company relied on such waiver and did not provide JMP with a Comfort Letter under this Section 7(o), then before the Company delivers the Placement Notice or JMP sells any Placement Shares, the Company shall
provide JMP with a Comfort Letter dated the date of the Placement Notice. 
 (p) The Company will not, directly or
indirectly take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the
Placement Shares. 
 (q) The Company acknowledges and agrees that JMP has informed the Company that JMP may, to the extent
permitted under the Securities Act and the Exchange Act, purchase and sell Placement Shares for its own account at the same time as Placement Shares are being sold by the Company pursuant to this Agreement, provided that the Company shall not
be deemed to have authorized or consented to any such purchases or sales by JMP. 
 (r) Each Placement Notice issued by the
Company to JMP to solicit offers to purchase Placement Shares shall be deemed to be an affirmation that the representations and warranties made by it in this Agreement are true and correct in all material respects at the time such Placement Notice
is issued, and that the Company has complied in all material respects with all of the agreements to be performed by it hereunder at or prior to such time. 

(s) The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as
a REIT under the Code, and the Company’s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code for subsequent taxable years. 

(t) Other than a “free writing prospectus” (as defined in Rule 405 under the Securities Act) approved in advance by the
Company and JMP in its capacity as principal or agent hereunder, neither JMP nor the Company (including its agents and representatives, other than JMP in its capacity as such) will make, use, prepare, authorize, approve or refer to any “written
communication” (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Shares hereunder. 

 

 19 

 (u) The Company will not be or become, at any time prior to the termination of this
Agreement, an “investment company,” as such term is defined in the Investment Company Act, assuming no change in the Commission’s current interpretation as to entities that are not considered an “investment company”.

 (v) The Company will substantially comply with all material requirements imposed upon it by the Securities Act and the
Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus. 

(w) The Company will maintain such controls and other procedures, including, without limitation, those required by Sections 302 and
906 of the Sarbanes-Oxley Act and the applicable regulations thereunder, that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the Commission’s rules and forms, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports
that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure and to ensure that material information relating to the Company is made known. 

8. Conditions to JMP’s Obligations. The obligations of JMP hereunder with respect to a Placement will be subject to the
continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by JMP of a due diligence review satisfactory to JMP in its
reasonable judgment, and to the continuing satisfaction (or waiver by JMP in its sole discretion) of the following additional conditions: 

(a) The Registration Statement shall have become effective and shall be available for the sale of (i) all Placement Shares
covered by prior Placement Notices and not yet sold by JMP and (ii) all Placement Shares contemplated to be issued by the Placement Notice relating to such Placement. 

(b) None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for
additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any amendments or supplements to the Registration
Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that
purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any document 

 

 20 

 
incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or documents
incorporated therein by reference so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading and, that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; and (v) the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate. 

(c) JMP shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto,
contains an untrue statement of fact that in JMP’s opinion is material, or omits to state a fact that in JMP’s opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.

 (d) Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission,
there shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any Material Adverse Effect, or any development that may reasonably be expected to cause a Material Adverse Effect, or
a downgrading in or withdrawal of the rating assigned to any of the Company’s securities by any rating organization or a public announcement by any rating organization that it has under surveillance or review its rating of any of the
Company’s securities, the effect of which, in the case of any such action by a rating organization described above, in the reasonable judgment of JMP (without relieving the Company of any obligation or liability it may otherwise have), is so
material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus. 

(e) JMP shall have received the opinion of Company Counsel required to be delivered pursuant Section 7(n) on or before
the date on which such delivery of such opinion is required pursuant to Section 7(n). 
 (f) JMP shall have
received the Comfort Letter required to be delivered pursuant Section 7(o) on or before the date on which such delivery of such opinion is required pursuant to Section 7(o). 

(g) JMP shall have received the certificates required to be delivered pursuant to Section 7(m) on or before the date on
which delivery of such opinion is required pursuant to Section 7(m). 
 (h) Trading in the Common Stock shall
not have been suspended on the Exchange. 
 (i) On each date on which the Company is required to deliver a certificate
pursuant to Section 7(m), the Company shall have furnished to JMP such appropriate further information, certificates and documents as JMP may reasonably request. All such certificates and other documents will be in compliance with the
provisions hereof. The Company will furnish JMP with such conformed copies of such certificates and other documents as JMP shall reasonably request. 
  

 21 

 (j) Prior to the giving of any Placement Notice, (i) no stop order with respect to
the effectiveness of the Registration Statement shall have been issued under the Securities Act or proceedings initiated under Section 8(d) or 8(e) of the Securities Act; (ii) the Registration Statement and all amendments thereto, or
modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and (iii) the Prospectus and all
amendments or supplements thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they are made, not misleading. 
 (k) All filings with the Commission required by Rule 424
under the Securities Act to have been filed prior to the giving of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424. 

(l) The Placement Shares shall either have been (i) approved for listing on the Exchange, subject only to notice of issuance,
or (ii) the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the giving of any Placement Notice. 

(m) There shall not have occurred any event that would permit JMP to terminate this Agreement pursuant to Section 12(a).

 (n) With respect to the first Placement under this Agreement, JMP shall have received, in form and substance reasonably
satisfactory to JMP, an opinion or opinions of Company counsel to the effect that (i) the Placement Shares have been approved for listing on the Exchange, and (ii) the Company is not an “investment company” or a company
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

9. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless JMP, the directors, officers, partners, employees and agents of JMP and each
person, if any, who (i) controls JMP within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under common control with JMP (a “JMP
Affiliate”) from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all investigative, legal and other expenses reasonably incurred in connection with, and any and all
amounts paid in settlement of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to
which JMP, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise
out of or are based, directly or indirectly, on (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or supplement to the Registration Statement or
the Prospectus, or in any application or other document executed by or on behalf of the Company or based on written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify

  

 22 

 
the Placement Shares under the securities laws thereof or filed with the Commission, (ii) the omission or alleged omission to state in such document a material fact required to be stated in
it or necessary to make the statements in it not misleading or (iii) any breach by any of the indemnifying parties of any of their respective representations, warranties and agreements contained in this Agreement; provided,
however, that this indemnity agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused directly or indirectly by an untrue
statement or omission made in reliance on and in conformity with information relating to JMP and furnished in writing to the Company by JMP expressly stating that such information is intended for inclusion in any document described in clause (a)(i)
above. This indemnity agreement will be in addition to any liability that the Company might otherwise have. 
 (b) JMP
agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company (a “Company Affiliate”) against any and all losses, claims, liabilities, expenses and damages
described in the indemnity contained in Section 9(a), as and when incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments
thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information and relating to JMP furnished to the Company by JMP expressly stating that such information is intended for use in the
Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto). 
 (c) Any
party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying
party or parties under this Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying
party from (i) any liability that it might have to any indemnified party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this
Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the
indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the
action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the
indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently
incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such
indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably 

 

 23 

 
concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying
party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the
defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in
each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All
such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written
consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters
contemplated by this Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising or that may
arise out of such claim, action or proceeding. Notwithstanding any other provision of this Section 9(c), if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of
counsel for which it is entitled to reimbursement pursuant to this Section 9(c), such indemnifying party agrees that it shall be liable for any settlement effected without its written consent if (i) such settlement is entered into more
than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into, and
(iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement; provided, however, that an indemnifying party shall not be liable for any such settlement
effected without its consent if such indemnifying party, at least five days prior to the date of such settlement, (1) reimburses such indemnified party in accordance with such request for the amount of such fees and expenses of counsel as the
indemnifying party believes in good faith to be reasonable and (2) provides written notice to the indemnified party that the indemnifying party disputes in good faith the reasonableness of the unpaid balance of such fees and expenses.

 (d) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for
in the foregoing paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or JMP, the Company and JMP will contribute to the total losses, claims, liabilities,
expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution
received by the Company from persons other than JMP, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration Statement and directors of the Company, who also may be liable
for contribution) to which the Company and JMP may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the 

 

 24 

 
one hand and JMP on the other. The relative benefits received by the Company on the one hand and JMP on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from
the offering (before deducting expenses) received by the Company bear to the total compensation (before deducting expenses) received by JMP from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the
foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of
the Company, on the one hand, and JMP, on the other, with respect to the statements or omission which resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations
with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by the Company or JMP, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and JMP agree that it would not be just and
equitable if contributions pursuant to this Section 9(d) were to be determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to herein. The amount paid
or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the purpose of this
Section 9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding
the foregoing provisions of this Section 9(d), JMP shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d), any person who controls a party to this
Agreement within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of JMP, will have the same rights to contribution as that party, and each officer of the Company who signed the Registration Statement
will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a
claim for contribution may be made under this Section 9(d), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be
sought from any other obligation it or they may have under this Section 9(d) except to the extent that the failure to so notify such other party materially prejudiced the defenses of the party from whom contribution is sought. Except for
a settlement entered into pursuant to the last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to
Section 9(c) hereof. 
 10. Representations and Agreements to Survive Delivery. All representations and
warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of JMP, any controlling persons, or the Company (or any of their
respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement. 

 

 25 

 11. Separate Public Offerings. The Company and JMP agree that, subject to the
accuracy at each Applicable Time of the representations and warranties in Section 5(n) and Section 5(mm), nothing in this Agreement shall prohibit the Company from undertaking a registered public offering of its Common Stock
with an underwriter, agent or financial advisor other than JMP. 
 12. Termination. 

(a) Termination; General. JMP may terminate this Agreement, by notice to the Company, as hereinafter specified at any time
(1) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any change, or any development or event involving a prospective change, in the condition, financial or
otherwise, or in the business, properties, earnings, results of operations or prospects of the Company and its Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, which individually or in the
aggregate, in the reasonable judgment of JMP has a Material Adverse Effect and makes it impractical or inadvisable to market the Shares hereunder, (2) if there has occurred any material adverse change in the financial markets in the United
States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic
conditions, in each case the effect of which is such as to make it, in the judgment of JMP, impracticable or inadvisable to market the Shares or to enforce contracts for the sale of the Shares, (3) if trading in the Placement Shares has been
suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities of
the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or
(6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. 
 (b) The Company shall
have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions
of Section 7(g), Section 7(v), Section 9, Section 10, Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination. 

(c) JMP shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole
discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g), Section 7(v), Section 9, Section 10,
Section 12(g), Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination. 

(d) This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a), (b), or
(c) above or otherwise by mutual agreement of the parties or until automatic termination upon the issuance and sale of the Maximum Amount of Shares through JMP on the terms and subject to the conditions set forth herein; provided,
however, that any such termination by mutual agreement shall in all cases be deemed to provide that Section 7(g), Section 7(v), Section 9, Section 10, Section 17 and
Section 18 shall remain in full force and effect. 
  

 26 

 (e) Subject to the ten (10) days notice required by Section 12(b) and
Section 12(c), any termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination shall not be effective until the close of business on the
date of receipt of such notice by JMP or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this
Agreement. 
 (f) If any condition specified in Section 8 shall not have been fulfilled when and as required to be
fulfilled, this Agreement may be terminated by JMP by notice to the Company. Notice of such cancellation shall be given in writing and addressed to each of the individuals of the Company set forth on Exhibit B. 

(g) If this Agreement is terminated by JMP in accordance with the provisions of Section Section 12(f) hereof or by the Company
pursuant to Section 12(b) hereof, the Company shall reimburse JMP for all of its out-of-pocket expenses, including the reasonable fees and disbursements of counsel for JMP. 

13. Notices. 
 All
notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing and if sent to JMP, shall be delivered to JMP at JMP Securities LLC, 600 Montgomery Street,
Suite 1100, San Francisco, CA 94111, with copies to Janet Tarkoff, General Counsel, at the same address, and DLA Piper LLP (US), 1251 Avenue of the Americas, New York, NY 10020, fax no.: (212) 884-8494, Attention: James T. Seery; or if sent to
the Company, shall be delivered to Dynex Capital, Inc., 4551 Cox Road, Suite 300, Glen Allen, VA 23060, phone: (804) 217-5800, fax no.: (804) 217-5860, Attention: Stephen J. Benedetti, with a copy to Troutman Sanders LLP, 222 Central Park
Avenue, Suite 2000, Virginia Beach, VA 23462, phone: (757) 687-7719, fax no.: (757) 687-1501, Attention: James J. Wheaton. Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written
notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City
time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, “Business Day” shall mean any day on which the Exchange and commercial banks in
the City of New York are open for business. 
 14. Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the Company and JMP and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 9 hereof. References to any of the parties contained in this Agreement
shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other
party. 
  

 27 

 15. Adjustments for Stock Splits. The parties acknowledge and agree that all
share related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Common Stock. 

16. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and
placement notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.
Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and JMP. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

17. Applicable Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the
internal laws of the State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of
Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. 

18. Waiver of Jury Trial. The Company and JMP each hereby irrevocably waives any right it may have to a trial by jury in
respect of any claim based upon or arising out of this agreement or any transaction contemplated hereby. 

19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission. 

20. Absence of Fiduciary Relationship. The Company acknowledges and agrees that: 

(a) JMP has been retained solely to act as underwriter and agent in connection with the sale of the Shares and that no fiduciary or
advisory relationship between the Company and JMP has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether JMP has advised or is advising the Company on other matters; 

(b) the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the
transactions contemplated by this Agreement; and 
  

 28 

 (c) the Company has been advised that JMP and its affiliates are engaged in a broad
range of transactions which may involve interests that differ from those of the Company and that JMP has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship.

 21. Defined Terms. As used in this Agreement, the following terms have the respective meanings set forth below:

 (a) “Applicable Time” means the date of this Agreement, each Representation Date, the date on
which a Placement Notice is given, any date on which Placement Shares are sold hereunder, or such other time as agreed to by the Company and JMP. 

(b) “Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in
Rule 433, relating to the Shares that (1) is required to be filed with the Commission by the Company, (2) is a “road show” that is a “written communication” within the meaning of Rule 433(d)(8)(i) whether or not
required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Shares or of the offering that does not reflect the final terms, and all free writing prospectuses
that are listed in Exhibit F hereto, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) under the Securities Act
Regulations. 
 (c) “Rule 158,” “Rule 172,” “Rule 405,” “Rule 415,” “Rule
424,” “Rule 430B,” “Rule 433” and “Rule 462” to such rules under the Securities Act regulations. 

(d) All references in this Agreement to financial statements and schedules and other information that is “contained,”
“included” or “stated” in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is
incorporated by reference in the Registration Statement or the Prospectus, as the case may be. 
 22. Permitted Free
Writing Prospectuses. 
 The Company represents, warrants and agrees that, unless it obtains the prior written consent of
JMP, and JMP represents, warrants and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus, or that would
otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by JMP or by the Company, as the case may be, is hereinafter referred to as a
“Permitted Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and
has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties
hereto agree that all free writing prospectuses, if any, listed in Exhibit G hereto are Permitted Free Writing Prospectuses. 

[Remainder of Page Intentionally Blank] 
  

 29 

 If the foregoing correctly sets forth the understanding between the Company and JMP, please
so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and JMP. 
  

			
	Very truly yours,
	
	DYNEX CAPITAL, INC.
		
	By:	 	 /s/ Stephen J. Benedetti

	Name:	 	Stephen J. Benedetti
	Title:	 	Executive Vice President, Chief Operating Officer and Chief Financial Officer
	
	 ACCEPTED as of the date

first-above written:

	
	JMP SECURITIES LLC
		
	By:	 	 /s/ Carter Mack

	Name:	 	Carter Mack
	Title:	 	President

  

 30 

 EXHIBIT A 

FORM OF PLACEMENT NOTICE 
  

			
	From:	  	[                             
                       ]
	Cc:	  	[                             
                       ]
	To:	  	[                             
                       ]
	Subject:	  	Equity Distribution Offering—Placement Notice

Gentlemen: 
 Pursuant to the terms and subject
to the conditions contained in the Equity Distribution Agreement between DYNEX CAPITAL, INC., (the “Company”) and JMP Securities LLC (“JMP”) dated June 24, 2010 (the “Agreement”), I hereby
request on behalf of the Company that JMP sell up to [    ] shares (the “Placement Shares”) of the Company’s common stock, par value $0.01 per share, at a minimum market price of
$             per Placement Share between [    ], 20[    ] and [    ],
20[    ]. [There shall be no limitation on the number of Placement Shares that may be sold on any one (1) day.][No more than [    ] Placement Shares may be sold on any one (1) day.]

  

			
	Very truly yours,
		
	By:	 	  

	Name:	 	[                             
                               ]
	Title:	 	[                             
                               ]

ADDITIONAL SALES PARAMETERS MAY BE ADDED, SUCH AS THE SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY JMP,
AND/OR THE CAPACITY IN WHICH JMP MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH). 

 EXHIBIT B 

Compensation 
 The
amount of any discount, commission or other compensation to be paid by the Company to JMP shall be up to two percent (2.0%) of the gross proceeds with respect to sales of the Placement Shares actually effected by JMP. 

 EXHIBIT C 

JMP SECURITIES LLC 
  

			
	 Andy Lee
 (Director, Corporate
Services)
	  	(alee@jmpsecurities.com)
	 Janet Tarkoff
 (Managing
Director, General Counsel)
	  	(jtarkoff@jmpsecurities.com)
	 Tosh Chandra
 (Vice President,
Investment Banking)
	  	(tchandra@jmpsecurities.com)

 DYNEX CAPITAL, INC.

  

			
	 Tom Akin
 (Chairman and Chief
Executive Officer)
	  	tom.akin@dynexcapital.com
	 Steve Benedetti
 (Executive
Vice President, Chief Operating Officer and Chief Financial Officer)
	  	stephen.benedetti@dynexcapital.com
	 Jeff Childress
 (Vice President
and Controller)
	  	jeff.childress@dynexcapital.com

 EXHIBIT D 

Subsidiaries 

Mortgage Investment Corporation 
 MSC I L.P.

 Investment Capital Access, Inc.* 

Commercial Capital Access One, Inc.* 

MERIT Securities Corporation* 

Financial Asset Securitization, Inc.* 

Issued Holdings Capital Corporation* 

Resource Finance Co. One 

Resource Finance Co. Two 

ND Holding Co. 

GLS Capital, Inc. 

GLS Properties, LLC 

Allegheny Commercial Properties I, LLC 

Allegheny Income Properties I, LLC 

Allegheny Special Properties, LLC 

Dynex Commercial Services, Inc. 
 Dynex
Securities Corporation 
 GLS Capital Services, Inc. 

GLS Development, Inc. 
 SMFC
Funding Corporation 
 GLS Capital - Cuyahoga, Inc. 

GGLS - Cuyahoga Lien Pool One, Inc. 

GLS Capital Services - Marlborough, Inc. 
 Samma
Properties Limited Partnership 
 SHF Corp. 

St. Paul Acquisition Limited Partnership 
  

	*	Denotes a “significant subsidiary”, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Exchange Act. 

 

			
	NOTE:	  	All companies were incorporated in Virginia except for GLS Properties, LLC, Allegheny Commercial Properties I, LLC, Allegheny Income Properties I, LLC, and Allegheny Special
Properties, LLC (Pennsylvania).

 EXHIBIT E 

OFFICER CERTIFICATE 

The undersigned, the duly qualified and elected
                                        ,
of DYNEX CAPITAL, INC. (“Company”), a Virginia corporation, does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement dated June 24, 2010 (the
“Sales Agreement”) between the Company and JMP Securities LLC (“JMP”), that to the best of the knowledge of the undersigned: 

(i)     Except for non-material exceptions, the representations and warranties of the Company in
Section 5 of the Sales Agreement are true and correct on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof; and 

(ii)   The Company has complied in all material respects with all material agreements and satisfied all conditions to be
performed or satisfied on its part pursuant to the Sales Agreement at or prior to the date hereof to the extent not waived by JMP. 
  

											
		 		 		 	By:	 	  

		 		 		 		 	Name:	  	
		 		 		 		 	Title:	  	
						
	Date:	 	  
	 		 		 		  	

 EXHIBIT F-1 

MATTERS TO BE COVERED BY INITIAL OPINION OF 

TROUTMAN SANDERS LLP 
  

DYNEX CAPITAL, INC. 

5,000,000 Shares of Common Stock, par value $0.01 per share 

June 24, 2010 
 JMP
Securities LLC 
 499 Park Avenue 
 New
York, New York 10022 
 Ladies and Gentlemen: 

We have acted as counsel to Dynex Capital, Inc., a Virginia corporation (the “Company”), in connection with the offering and
sale by the Company of up to 5,000,000 shares of its common stock, $0.01 par value per share (the “Common Stock”), pursuant to an Equity Distribution Agreement, dated June 24, 2010, by and between the Company and JMP Securities LLC
(the “Agreement”). This letter is being delivered to you pursuant to Section 7(n) of the Agreement. All terms not otherwise defined herein have the meanings set forth in the Agreement. 

We have examined originals or copies certified to our satisfaction, of such corporate records of the Company, indentures, agreements and
other instruments, certificates of public officials, certificates of officers and representatives of the Company, and other documents as we have deemed necessary to require as a basis for the opinions hereinafter expressed. As to various questions
of fact material to such opinions, we have, when relevant facts were not independently established, relied upon certification by officers of the Company and other appropriate persons and statements contained in the Registration Statement and the
Prospectus. In addition, we have relied upon the representations contained in the Agreement. In our examination of records and other documents, we have assumed the authenticity of all such documents submitted to us as originals, the genuineness of
all signatures, the due authority of the persons executing such documents and the conformity to the originals of all documents submitted to us as copies. 

In addition, we have made such other investigations of applicable law as we deemed necessary to enable us to provide you with the
opinions hereafter expressed. Except as set forth in this letter, we have not undertaken any independent investigation, examination or inquiry to confirm or determine the existence or absence of any facts, searched any of the books, records or files
of the Company, searched any internal file, court file, public record or other information collection, or examined or reviewed any communication, instrument, agreement, document, file, financial statement, tax return, record, lien records, or other
item. 

 Additionally, in rendering the opinions hereafter expressed, we have assumed that each
certificate, report or other document issued by any governmental official, office or agency concerning any person, asset, property or status is, and all public records (including their proper indexing and filing) are, accurate, complete, authentic
and current and remain so as of the date hereof. 
 The assumptions and qualifications expressly stated in this letter are in
addition to (and not in lieu or limitation of) any others presumed by customary usage. 
 The opinions hereafter expressed are
given as of the date hereof, and we do not in any event undertake to advise you on any facts or circumstances occurring or coming to our attention after the date hereof. 

Based upon the foregoing, and having regard to legal considerations that we deem relevant, we are of the opinion that: 

1.     As of December 31, 2009, the Company had an authorized capitalization as set forth in its
consolidated balance sheets included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. 

2.     The Company has been duly incorporated and is validly existing as a corporation in good standing under
the laws of the Commonwealth of Virginia. The Company has full corporate power and authority to own its assets and to conduct its business as described in the Prospectus. 

3.     The Company is duly qualified as a foreign corporation to transact business in each jurisdiction set
forth on Schedule A to this opinion letter. To our knowledge, other than the Company’s interests in the Subsidiaries, the Company does not own, directly or indirectly, any capital stock or other equity securities of any other corporation or any
ownership interest in any limited liability company, partnership, joint venture or other association. 

4.     The execution, delivery and performance of the Agreement by the Company and the consummation by the
Company of the transactions contemplated thereby do not conflict with, or result in any breach of, or constitute a default under (nor constitute any event that with notice, lapse of time or both would constitute a breach of or default under),
(i) the articles of incorporation or bylaws of the Company, (ii) to our knowledge, violate any U.S. federal or Virginia state law or regulation binding upon or applicable to the Company or any of its properties or assets,
(iii) violate any decree, judgment or order known to us to be applicable to the Company or (iv) result in any breach of, or constitute a default under (nor constitute any event that with notice, lapse of time, or both would constitute a
breach of or default under), any provision of any of the agreements and contracts of the Company filed as Exhibits 10 to the Company’s Form 10-K for the year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010,
except in the case of clauses (ii) and (iv) for such violations, conflicts, breaches or defaults that individually or in the aggregate would not be reasonably expected to have a Material Adverse Effect; provided, however,
that we express no opinion regarding any state securities, blue sky or real estate syndication laws or Section 9 of the Agreement. 
  

 1 

 5.     The Company has full corporate power and authority to enter
into, and to perform its obligations under, the Agreement and to consummate the transactions contemplated therein. The execution and delivery of the Agreement has been duly authorized by all necessary corporate action of the Company and the
Agreement has been duly executed and delivered by the Company. 
 6.     No approval, authorization,
consent or order of, or filing with, any U.S. federal or Virginia governmental or regulatory commission, board, body, authority or agency is required in connection with the execution, delivery and performance of the Agreement and the consummation of
the transactions contemplated therein, including the sale and delivery of the Placement Shares by the Company as contemplated therein, other than such as have been obtained or made under the Securities Act or the Exchange Act (except that we express
no opinion as to any necessary qualification under the state securities, blue sky or real estate syndication laws of the various jurisdictions in which the Placement Shares are being offered by JMP or under the rules and regulations of the FINRA).

 7.     The Placement Shares have been duly authorized by the Company for issuance and sale pursuant
to the Agreement. The Placement Shares, when issued and delivered by the Company in accordance with such authorization and pursuant to the Agreement against payment of the consideration specified in the Agreement, will be validly issued, fully paid
and nonassessable. 
 8.     The issuance and sale of the Placement Shares by the Company is not
subject to preemptive or other similar rights arising by operation of the Company’s articles of incorporation and bylaws or the laws of the Commonwealth of Virginia, or under any provision of any of the agreements and contracts of the Company
filed as Exhibits 10 to the Company’s Form 10-K for the year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010. 

9.     To our knowledge, except as otherwise described in the Registration Statement, the Prospectus, the
documents incorporated therein by reference or the exhibits filed in connection therewith, there are no persons with registration or other similar rights to have any securities registered pursuant to the Registration Statement or otherwise
registered by the Company under the Securities Act. 
 10.   The Registration Statement, at the last deemed
effective date of the Registration Statement pursuant to Rule 430B(f)(2) of the Securities Act, and Prospectus, as of the date of this letter, complied as to form in all material respects with the requirements of the Securities Act (it being
understood that we express no opinion with respect to the financial statements, related schedules and other data derived from such financial statements, schedules and other financial information included or incorporated by reference therein or
excluded therefrom). 
 11.   The statements under the captions “DESCRIPTION OF OUR CAPITAL STOCK” and
“DESCRIPTION OF OUR COMMON STOCK” in the Prospectus, insofar as such statements purport to summarize or describe matters of law and legal conclusions, constitute accurate summaries thereof in all material respects. 

 

 2 

 12.   To our knowledge, there are no actions, suits or proceedings, inquiries, or
investigations pending or threatened against the Company or any of its officers or directors which are required to be described in the Registration Statement or the Prospectus but are not so described. 

13.   The statements under the captions “FEDERAL INCOME TAX CONSEQUENCES OF OUR STATUS AS A REIT” and
“FEDERAL INCOME TAX CONSEQUENCES OF OUR STATUS AS A REIT – RECENT DEVELOPMENTS” in the Prospectus, insofar as such statements constitute matters of law, summaries of legal matters, or legal conclusions, have been reviewed by such
counsel and fairly present and summarize, in all material respects, the matters referred to therein. 

*            *          
  *            * 
 In addition, we have participated in
the preparation of the Registration Statement and the Prospectus and in discussions with officers, directors, employees and other representatives of the Company, with representatives of its independent public accountants, and with you and your
representatives, at which time the contents of the Registration Statement and the Prospectus and related matters were discussed, and we have reviewed certain company records, documents and proceedings. On the basis of the foregoing, nothing has come
to our attention that leads us to believe that (1) any part of the Registration Statement, at the last deemed effective date of the Registration Statement pursuant to Rule 430B(f)(2) of the Securities Act, contained an untrue statement of a
material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or (2) the Prospectus, as of date of this letter, included or includes an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood that we express no belief with respect to the
financial statements, related schedules and other data derived from such financial statements, schedules and other financial information included or incorporated by reference therein or excluded therefrom). 

The limitations inherent in the independent verification of factual matters and the character of determinations involved in the
preparation of a disclosure document are such, however, that (other than with respect to paragraphs 11 and 13 above) we do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration
Statement or the Prospectus or any amendments or supplements to them (including any of the documents incorporated by reference in them). 

We have been informed by the Commission that the Registration Statement is effective under the Securities Act and, to our knowledge,
(i) no stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act, and (ii) no proceedings seeking the issuance of such a stop order have been initiated or threatened by the Commission.

  

 3 

 As used herein, the phrase “to our knowledge” means knowledge based upon and
limited to the representations and warranties of the Company contained in the Agreement and in the documents delivered by the Company pursuant to the Agreement, inquiries of an appropriate officer of the Company whom we have determined is likely to
have personal knowledge of the matters covered by the opinion, and the current conscious awareness of facts of the attorneys currently practicing law with our firm who had involvement in the transaction contemplated by the Agreement. 

In rendering the opinions set forth in paragraphs 1 through 13 above, we do not purport to express an opinion on any laws other than
those of the Commonwealth of Virginia, the State of New York and the United States of America. This opinion may not be relied upon by, nor may copies be delivered to, any person without our prior written consent. 

Very truly yours, 
  

 
 4 

 

 EXHIBIT F-2 

Matters to be covered by subsequent Company Counsel Opinions 

 
 DYNEX CAPITAL, INC. 

5,000,000 Shares of Common Stock, par value $0.01 per share 

[            ], 2010 

JMP Securities LLC 
 499 Park Avenue 

New York, New York 10022 
 Ladies and
Gentlemen: 
 We have acted as counsel to Dynex Capital, Inc., a Virginia corporation (the “Company”), in connection
with the offering and sale by the Company of up to 5,000,000 shares of its common stock, $0.01 par value per share, pursuant to an Equity Distribution Agreement, dated June 24, 2010, by and between the Company and JMP Securities LLC (the
“Agreement”). This letter is being delivered to you pursuant to Section 7(n) of the Agreement. All terms not otherwise defined herein have the meanings set forth in the Agreement. 

We have participated in the preparation of the Registration Statement and the Prospectus and in discussions with officers, directors,
employees and other representatives of the Company, with representatives of its independent public accountants, and with you and your representatives, at which time the contents of the Registration Statement and the Prospectus and related matters
were discussed, and we have reviewed certain company records, documents and proceedings. On the basis of the foregoing, nothing has come to our attention that leads us to believe that (1) any part of the Registration Statement, at the last
deemed effective date of the Registration Statement pursuant to Rule 430B(f)(2) of the Securities Act, contained an untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, or (2) the Prospectus, as of the date of this letter, included or includes an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading (it being understood that we express no belief with respect to the financial statements, related schedules and other data derived from such financial statements, schedules and
other financial information included or incorporated by reference therein or excluded therefrom). 
 The limitations inherent in
the independent verification of factual matters and the character of determinations involved in the preparation of a disclosure document are such, 

 
however, that we do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement or the Prospectus or any amendments or
supplements to them (including any of the documents incorporated by reference in them). 
 We have been informed by the
Commission that the Registration Statement is effective under the Securities Act and, to our knowledge, (i) no stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act and (ii) no
proceedings seeking the issuance of such a stop order have been initiated or threatened by the Commission. 
 As used herein,
the phrase “to our knowledge” means knowledge based upon and limited to the representations and warranties of the Company contained in the Agreement and in the documents delivered by the Company pursuant to the Agreement, inquiries of an
appropriate officer of the Company whom we have determined is likely to have personal knowledge of the matters covered by the opinion, and the current conscious awareness of facts of the attorneys currently practicing law with our firm who had
involvement in the transaction contemplated by the Agreement. 
 This letter may not be relied upon by, nor may copies be
delivered to, any person without our prior written consent. 
 Very truly yours, 

 
  

 1 

 EXHIBIT F 

PERMITTED FREE WRITING PROSPECTUSES 
  

 

 2Credit Agreement

 EXECUTION VERSION 

Exhibit 10.1 
  

 
  

CREDIT AGREEMENT 

dated as of June 18, 2010, 

among 
 ATP
OIL & GAS CORPORATION, 
 as Borrower, 

THE LENDERS PARTY HERETO 

and 
 CREDIT
SUISSE AG, 
 as Administrative Agent and Collateral Agent 

 
  

CREDIT SUISSE SECURITIES (USA) LLC 

as Sole Bookrunner and Sole Lead Arranger 
  

 
  

[CS&M Ref. No. 5865-238] 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	
	 ARTICLE I

Definitions and Accounting Matters

			
	 SECTION 1.01.
	  	 [Reserved]
	  	1
	 SECTION 1.02.
	  	 Certain Defined Terms
	  	1
	 SECTION 1.03.
	  	 [Reserved]
	  	44
	 SECTION 1.04.
	  	 Terms Generally; Rules of Construction
	  	44
	 SECTION 1.05.
	  	 Accounting Terms and Determinations; GAAP
	  	44
	
	ARTICLE II
	The Credits
			
	 SECTION 2.01.
	  	 Commitments
	  	45
	 SECTION 2.02.
	  	 Loans and Borrowings
	  	45
	 SECTION 2.03.
	  	 Requests for Borrowings
	  	45
	 SECTION 2.04.
	  	 [Reserved]
	  	46
	 SECTION 2.05.
	  	 Funding of Borrowings
	  	46
	 SECTION 2.06.
	  	 Termination and Reduction of Commitments
	  	46
	 SECTION 2.07.
	  	 Evidence of Debt; Repayment of Loans
	  	47
	 SECTION 2.08.
	  	 Incremental Loans
	  	47
	
	ARTICLE III
	Payments of Principal and Interest; Prepayments; Fees
			
	 SECTION 3.01.
	  	 Repayment of Loans
	  	50
	 SECTION 3.02.
	  	 Interest
	  	50
	 SECTION 3.03.
	  	 [Reserved]
	  	51
	 SECTION 3.04.
	  	 Prepayments
	  	51
	 SECTION 3.05.
	  	 Administrative Agent Fees
	  	52
	
	ARTICLE IV
	Payments; Pro Rata Treatment; Sharing of Set-offs
			
	 SECTION 4.01.
	  	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	52
	 SECTION 4.02.
	  	 Presumption of Payment by the Borrower
	  	53
	 SECTION 4.03.
	  	 [Reserved]
	  	54
	 SECTION 4.04.
	  	 Disposition of Proceeds
	  	54
	
	ARTICLE V
	Taxes
			
	 SECTION 5.01.
	  	 [Reserved]
	  	54
	 SECTION 5.02.
	  	 [Reserved]
	  	54

  

 i 

					
	 SECTION 5.03.
	  	 Taxes
	  	54
	 SECTION 5.04.
	  	 Mitigation Obligations; Replacement of Lenders
	  	57
	
	ARTICLE VI
	Conditions Precedent
	 SECTION 6.01.
	  	 Closing Date
	  	57
	
	ARTICLE VII
	Representations and Warranties
	 SECTION 7.01.
	  	 Organization; Powers
	  	60
	 SECTION 7.02.
	  	 Authority; Enforceability
	  	61
	 SECTION 7.03.
	  	 Approvals; No Conflicts
	  	61
	 SECTION 7.04.
	  	 Financial Condition; No Material Adverse Change
	  	61
	 SECTION 7.05.
	  	 Litigation
	  	62
	 SECTION 7.06.
	  	 Environmental Matters
	  	62
	 SECTION 7.07.
	  	 Compliance with the Laws and Agreements; No Defaults
	  	63
	 SECTION 7.08.
	  	 Investment Company Act
	  	63
	 SECTION 7.09.
	  	 Taxes
	  	64
	 SECTION 7.10.
	  	 Employee Benefit Plans
	  	64
	 SECTION 7.11.
	  	 Disclosure; No Material Misstatements
	  	65
	 SECTION 7.12.
	  	 Insurance
	  	65
	 SECTION 7.13.
	  	 Restriction on Liens
	  	66
	 SECTION 7.14.
	  	 Subsidiaries; Foreign Operations
	  	66
	 SECTION 7.15.
	  	 Location of Business and Offices
	  	66
	 SECTION 7.16.
	  	 Properties; Titles, Etc.
	  	66
	 SECTION 7.17.
	  	 Maintenance of Properties
	  	67
	 SECTION 7.18.
	  	 Prepayments
	  	68
	 SECTION 7.19.
	  	 Marketing of Production
	  	68
	 SECTION 7.20.
	  	 Swap Agreements
	  	68
	 SECTION 7.21.
	  	 Use of Loans
	  	68
	 SECTION 7.22.
	  	 Solvency
	  	69
	 SECTION 7.23.
	  	 Foreign Corrupt Practices
	  	69
	 SECTION 7.24.
	  	 Money Laundering
	  	69
	 SECTION 7.25.
	  	 OFAC
	  	69
	
	ARTICLE VIII
	Affirmative Covenants
			
	 SECTION 8.01.
	  	 Financial Statements; Other Information
	  	70
	 SECTION 8.02.
	  		  	71
	 SECTION 8.03.
	  	 Organizational Existence
	  	72
	 SECTION 8.04.
	  	 Payment of Taxes and Other Claims
	  	72
	 SECTION 8.05.
	  	 Performance of Obligations under Loan Documents
	  	72
	 SECTION 8.06.
	  	 Maintenance of Properties
	  	72
	 SECTION 8.07.
	  	 Insurance
	  	73

  

 ii 

					
	 SECTION 8.08.
	  	 Books and Records; Inspection Rights
	  	73
	 SECTION 8.09.
	  	 Compliance with Laws
	  	73
	 SECTION 8.10.
	  	 Environmental Matters
	  	73
	 SECTION 8.11.
	  	 Further Assurances
	  	74
	 SECTION 8.12.
	  	 Reserve Reports
	  	75
	 SECTION 8.13.
	  	 Title Information
	  	76
	 SECTION 8.14.
	  	 Additional Collateral; Additional Guarantors
	  	76
	 SECTION 8.15.
	  	 ERISA Compliance
	  	77
	 SECTION 8.16.
	  	 Capital Stock in Infrastructure Subsidiaries
	  	78
	
	ARTICLE IX
	Negative Covenants
			
	 SECTION 9.01.
	  	 [Reserved]
	  	78
	 SECTION 9.02.
	  	 Debt
	  	78
	 SECTION 9.03.
	  	 Liens
	  	81
	 SECTION 9.04.
	  	 Dividends, Distributions and Redemptions; Repayment of Second Lien Notes
	  	82
	 SECTION 9.05.
	  	 [Reserved]
	  	87
	 SECTION 9.06.
	  	 Nature of Business; International Operations
	  	87
	 SECTION 9.07.
	  	 [Reserved]
	  	87
	 SECTION 9.08.
	  	 Proceeds of Loans
	  	87
	 SECTION 9.09.
	  	 ERISA Compliance
	  	87
	 SECTION 9.10.
	  	 [Reserved]
	  	88
	 SECTION 9.11.
	  	 Merger, Consolidation and Sale of All or Substantially All Assets
	  	88
	 SECTION 9.12.
	  	 Sale of Properties
	  	90
	 SECTION 9.13.
	  	 Environmental Matters
	  	91
	 SECTION 9.14.
	  	 Transactions with Affiliates
	  	91
	 SECTION 9.15.
	  	 Subsidiaries
	  	93
	 SECTION 9.16.
	  	 Negative Pledge Agreements; Dividend Restrictions
	  	93
	 SECTION 9.17.
	  	 [Reserved]
	  	96
	 SECTION 9.18.
	  	 Designation and Conversion of Restricted and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries
	  	96
	
	ARTICLE X
	Events of Default; Remedies
			
	 SECTION 10.01.
	  	 Events of Default
	  	98
	 SECTION 10.02.
	  	 Remedies
	  	100
	
	ARTICLE XI
	The Agents
			
	 SECTION 11.01.
	  	 Appointment; Powers
	  	101
	 SECTION 11.02.
	  	 Duties and Obligations of Agents
	  	101
	 SECTION 11.03.
	  	 Actions by Agent
	  	102
	 SECTION 11.04.
	  	 Reliance by Agents
	  	102

  

 iii 

					
	 SECTION 11.05.
	  	 Subagents
	  	103
	 SECTION 11.06.
	  	 Resignation or Removal of Agents
	  	103
	 SECTION 11.07.
	  	 Agents as Lenders
	  	103
	 SECTION 11.08.
	  	 No Reliance
	  	103
	 SECTION 11.09.
	  	 Administrative Agent May File Proofs of Claim
	  	104
	 SECTION 11.10.
	  	 Authority of Agents to Release Collateral and Release or Subordinate Liens
	  	105
	 SECTION 11.11.
	  	 The Arranger
	  	105
	 SECTION 11.12.
	  	 Intercreditor Agreement
	  	105
	
	ARTICLE XII
	Miscellaneous
			
	 SECTION 12.01.
	  	 Notices
	  	105
	 SECTION 12.02.
	  	 Waivers; Amendments
	  	106
	 SECTION 12.03.
	  	 Expenses, Indemnity; Damage Waiver
	  	107
	 SECTION 12.04.
	  	 Successors and Assigns
	  	109
	 SECTION 12.05.
	  	 Survival; Revival; Reinstatement
	  	112
	 SECTION 12.06.
	  	 Counterparts; Integration; Effectiveness
	  	113
	 SECTION 12.07.
	  	 Severability
	  	113
	 SECTION 12.08.
	  	 Right of Setoff
	  	113
	 SECTION 12.09.
	  	 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS
	  	114
	 SECTION 12.10.
	  	 Headings
	  	115
	 SECTION 12.11.
	  	 Confidentiality
	  	115
	 SECTION 12.12.
	  	 Interest Rate Limitation
	  	115
	 SECTION 12.13.
	  	 EXCULPATION PROVISIONS
	  	116
	 SECTION 12.14.
	  	 Collateral Matters; Swap Agreements
	  	117
	 SECTION 12.15.
	  	 No Third Party Beneficiaries
	  	117
	 SECTION 12.16.
	  	 USA Patriot Act Notice
	  	117

  

 iv 

 Annexes, Exhibits and Schedules 

 

			
	Annex I	  	Commitments
		
	EXHIBITS	  	
		
	Exhibit A	  	 [Reserved]

	Exhibit B	  	 Form of Borrowing Request

	Exhibit C	  	 Form of Incremental Joinder Agreement

	Exhibit D	  	 Form of Compliance Certificate

	Exhibit E	  	 Security Instruments

	Exhibit F	  	 Form of Assignment and Assumption

	Exhibit G	  	 Form of Reserve Report Certificate

		
	SCHEDULES	  	
		
	Schedule 1.01(a)	  	 Investments

	Schedule 6.01(n)	  	 Existing Debt

	Schedule 7.05	  	 Litigation

	Schedule 7.06	  	 Environmental

	Schedule 7.10	  	 ERISA

	Schedule 7.14	  	 Subsidiaries and Partnerships

	Schedule 7.15	  	 Subsidiary Organizational Information

	Schedule 7.18	  	 Prepayments

	Schedule 7.19	  	 Marketing Contracts

	Schedule 7.20	  	 Swap Agreements

  

 v 

 CREDIT AGREEMENT dated as of June 18,
2010, among ATP Oil & Gas Corporation, a corporation duly formed and existing under the laws of the State of Texas (the “Borrower”), each of the Lenders (as defined in Article I) from time to time party hereto and CREDIT
SUISSE AG, as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, together with its successors in such capacity, the
“Collateral Agent”) for the Lenders. 
 R E C I T A L S 

The Borrower has requested the Lenders to extend credit in the form of Loans (such term and each other capitalized term used but not
defined in this introductory statement having the meaning given it in Article I) on the Closing Date, in an aggregate principal amount not to exceed $150,000,000. The proceeds of the Loans are to be used solely for general corporate and working
capital purposes. 
 The Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions
set forth herein. 
 In furtherance of the foregoing, and in consideration of the mutual covenants and agreements herein
contained and of the Loans and Commitments hereinafter referred to, the parties hereto hereby agree as follows: 
 ARTICLE I

 Definitions and Accounting Matters 

SECTION 1.01. [Reserved]. 

SECTION 1.02. Certain Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Act” has the meaning assigned such term in Section 12.16. 

“Additional Assets” means: 

(a) any properties or assets (i) to be used or that will be useful by the Borrower or a Restricted Subsidiary in the
Oil and Gas Business or (ii) that replace properties or assets that were the subject of an Asset Disposition; 

(b) Capital Expenditures by the Borrower or a Restricted Subsidiary in the Oil and Gas Business; 

(c) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital
Stock by the Borrower or a Restricted Subsidiary; or 
 (d) Capital Stock constituting a minority interest in any
Person that at such time is a Restricted Subsidiary;  

 provided, however, that, in the case of clauses (c) and
(d) above, such Restricted Subsidiary is primarily engaged in the Oil and Gas Business. 
 “Adjusted Consolidated
Net Tangible Assets” of a Person means (without duplication), as of the date of determination, the remainder of: 
 (a)
the sum of: 
 (i) discounted future net revenues from proved oil and gas reserves of such Person and its
Restricted Subsidiaries calculated in accordance with SEC guidelines before any state or federal income taxes, as estimated by the Borrower in a Reserve Report prepared as of the end of the Borrower’s most recently completed fiscal year for
which audited financial statements are available, as increased by, as of the date of determination, the estimated discounted future net revenues from: 

(A) estimated proved oil and gas reserves acquired since such year end, which reserves were not reflected in such year-end
Reserve Report, and 
 (B) estimated oil and gas reserves attributable to extensions, discoveries and other
additions and upward revisions of estimates of proved oil and gas reserves since such year end due to exploration, development or exploitation, production or other activities which would, in accordance with standard industry practice, cause such
revisions, in each case of clauses (A) and (B) calculated in accordance with SEC guidelines (utilizing the prices utilized in such Person’s year-end reserve report), 

and decreased by, as of the date of determination, the estimated discounted future net revenues from 

(C) estimated proved oil and gas reserves produced or disposed of since such year end, and 

(D) estimated oil and gas reserves attributable to downward revisions of estimates of proved oil and gas reserves since
such year end due to changes in geological conditions or other factors which would, in accordance with standard industry practice, cause such revisions, in each case calculated on a pretax basis and substantially in accordance with SEC guidelines in
the case of clauses (C) and (D) (utilizing the prices utilized in such Person’s year-end reserve report); 

provided, however, that in the case of each of the determinations made pursuant to clauses (A) through (D), such
increases and decreases shall be as estimated by the Borrower’s petroleum engineers; 
 (ii) the capitalized
costs that are attributable to Oil and Gas Properties of such Person and its Restricted Subsidiaries to which no proved oil and gas reserves are attributable, based on such Person’s books and records as of a date no earlier than the date of
such Person’s latest available annual or quarterly financial statements; 
  

 2 

 (iii) the Net Working Capital of such Person on a date no earlier than the
date of such Person’s latest annual or quarterly financial statements; and 
 (iv) the greater of:

 (A) the net book value of other tangible assets of such Person and its Restricted Subsidiaries, as of a date
no earlier than the date of such Person’s latest annual or quarterly financial statements, and 
 (B) the
appraised value, as estimated by independent appraisers, of other tangible assets of such Person and its Restricted Subsidiaries, as of a date no earlier than the date of such Person’s latest audited financial statements; provided that
if no such appraisal has been performed the Borrower shall not be required to obtain such an appraisal and only clause (a)(iv)(A) of this definition shall apply; minus 

(b) the sum of: 

(i) Minority Interests; 

(ii) any net gas balancing liabilities of such Person and its Restricted Subsidiaries reflected in such Person’s
latest annual or quarterly balance sheet (to the extent not deducted in calculating Net Working Capital of such Person in accordance with clause (a)(iii) above of this definition); 

(iii) to the extent included in (a)(i) above, the discounted future net revenues, calculated in accordance with SEC
guidelines (utilizing the prices utilized in such Person’s year end reserve report), attributable to reserves which are required to be delivered to third parties to fully satisfy the obligations of the Borrower and its Restricted Subsidiaries
with respect to Volumetric Production Payments (determined, if applicable, using the schedules specified with respect thereto); 

(iv) the discounted future net revenues, calculated in accordance with SEC guidelines, attributable to reserves subject to
Dollar-Denominated Production Payments which, based on the estimates of production and price assumptions included in determining the discounted future net revenues specified in clause (a)(i) above, would be necessary to fully satisfy the payment
obligations of such Person and its Subsidiaries with respect to Dollar-Denominated Production Payments (determined, if applicable, using the schedules specified with respect thereto); and 

(v) the present value of any overriding royalty interests in the form of net profits interests which are recorded as
liabilities on the Borrower’s most recent balance sheet included in its annual or quarterly financial statements. 
 If the
Borrower changes its method of accounting from the successful efforts method of accounting to the full cost or a similar method, “Adjusted Consolidated Net Tangible Assets” shall continue to be calculated as if the Borrower were
still using the successful efforts method of accounting. 
  

 3 

 “Administrative Questionnaire” means an Administrative Questionnaire in a
form supplied by the Administrative Agent. 
 “Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Affiliate Transaction” has the meaning assigned such term in Section 9.14(a). 

“Agents” means, collectively, the Administrative Agent and the Collateral Agent. 

“Agreement” means this Credit Agreement, as the same may be amended, modified, supplemented or restated from time to
time. 
 “Applicable Prepayment Premium” means, for any day on which Loans are prepaid pursuant to
Section 3.04(a), the amount (expressed as a percentage of the principal amount of the Loans to be so prepaid) set forth below opposite the period in which such day occurs: 

 

				
	 Period
	  	Amount	 
		
	 Prior to the first anniversary of the Closing Date
	  	4.0	% 
		
	 On or after the first anniversary of the Closing Date but prior to the second anniversary of the Closing Date
	  	3.0	% 
		
	 On or after the second anniversary of the Closing Date but prior to the third anniversary of the Closing Date
	  	2.0	% 

 in each case, subject to
adjustment in accordance with Section 2.08(b). 
 “Applicable Rate” means 11.0% per annum, subject to
adjustment in accordance with Section 2.08(b). 
 “Approved Fund” means any Person (other than a natural
person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Approved Petroleum
Engineers” means (a) Ryder Scott Company Petroleum Consultants, L.P., (b) Collarini Associates and (c) any other independent petroleum engineers reasonably acceptable to the Administrative Agent. 

 

 4 

 “Arranger” means Credit Suisse Securities (USA) LLC, in its capacity as
sole lead arranger and sole bookrunner hereunder. 
 “Asset Disposition” means any direct or indirect sale,
lease (other than an operating lease entered into in the ordinary course of the Oil and Gas Business), transfer, issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions that are part of a common
plan, of (a) shares of Capital Stock of a Subsidiary (other than Preferred Stock of Restricted Subsidiaries issued in compliance with Section 9.02, and directors’ qualifying shares or shares required by applicable law to be held by a
Person other than the Borrower or a Restricted Subsidiary), (b) all or substantially all the assets of any division or line of business of the Borrower or any Restricted Subsidiary (excluding any division or line of business the assets of which
are owned by an Unrestricted Subsidiary) or (c) any other assets of the Borrower or any Restricted Subsidiary outside of the ordinary course of business of the Borrower or such Restricted Subsidiary (each referred to for the purposes of this
definition as a “disposition”), in each case by the Borrower or any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction. 

Notwithstanding the foregoing, the following shall not be deemed to be Asset Dispositions: 

(i) any disposition by a Restricted Subsidiary to the Borrower or by the Borrower or a Restricted Subsidiary to a Restricted Subsidiary;

 (ii) the sale of cash and Cash Equivalents in the ordinary course of business; 

(iii) a disposition of Hydrocarbons or mineral products inventory in the ordinary course of business; 

(iv) a disposition of damaged, unserviceable, obsolete or worn-out equipment or equipment that is no longer necessary for the proper
conduct of the business of the Borrower and its Restricted Subsidiaries and that is disposed of in each case in the ordinary course of business; 

(v) Transactions in accordance with Section 9.11; 

(vi) an issuance of Capital Stock by a Restricted Subsidiary to the Borrower or to a Restricted Subsidiary; 

(vii) the making of a Permitted Investment or a Restricted Payment (or a disposition that would constitute a Restricted Payment but for
the exclusions from the definition thereof) permitted under Section 9.04; 
 (viii) an Asset Swap; 

(ix) dispositions of assets with a fair market value (as determined by the Borrower’s Board of Directors in good faith) of less than
$20,000,000 in the aggregate in any fiscal year; 
 (x) Permitted Liens; 

 

 5 

 (xi) dispositions of receivables in connection with the compromise, settlement or collection
thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(xii) the licensing or sublicensing of intellectual property (including, without limitation, the licensing of seismic data) or other
general intangibles and licenses, leases or subleases of other property in the ordinary course of business which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries; 

(xiii) foreclosure on assets; 

(xiv) any Production Payments and Reserve Sales solely to the extent that any such Production Payments and Reserve Sales, other than
incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists and other providers of technical services to the Borrower or a Restricted Subsidiary, are created, Incurred, issued,
assumed or Guaranteed in connection with the financing of, and within 60 days after the acquisition of, the property that is subject thereto; 

(xv) a disposition of oil and natural gas properties in connection with tax credit transactions complying with Section 29 or any
successor or analogous provisions of the Code; 
 (xvi) surrender or waiver of contract rights, oil and gas leases, or the
settlement, release or surrender of contract, tort or other claims of any kind; 
 (xvii) the abandonment, farm-out, lease or
sublease of developed or undeveloped Oil and Gas Properties in the ordinary course of business; 
 (xviii) the sale or transfer
(whether or not in the ordinary course of business) of any Oil and Gas Property or interest therein to which no proved reserves are attributable at the time of such sale or transfer; 

(xix) any overriding royalty interests in the form of net profits interests in Oil and Gas Properties granted to vendors in exchange for
Oil and Gas Property development services related to such Oil and Gas Properties; and 
 (xx) a designation of any
Infrastructure Subsidiary as an Unrestricted Subsidiary in accordance with the requirements therefor set forth in Section 9.18. 

“Asset Swap” means any substantially contemporaneous (and in any event occurring within 180 days of each other) purchase
and sale or exchange of any oil or natural gas properties or assets or interest therein between the Borrower or any of the Restricted Subsidiaries and another Person; provided that any cash received must be applied in accordance with
Section 9.12 as if the Asset Swap were an Asset Disposition. 
 “Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 12.04(b)), and accepted by the Administrative Agent, in the form of Exhibit F or any other form approved by
the Administrative Agent. 
  

 6 

 “ATP Octabuoy” means the Borrower’s semi-submersible production
platform currently under construction in China for initial deployment at the Borrower’s Cheviot Hub in the North Sea during 2012. 

“ATP Titan” means the Borrower’s floating production unit, official number CG865556, an ABS classed floating
production system of the MISDOC 3 SPAR design, including the hull, production facilities, onboard and sub-sea mooring components, and all permanently installed equipment. 

“Average Life” means, as of the date of determination, with respect to any Debt or Preferred Stock, the quotient
obtained by dividing (a) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Debt or redemption or similar payment with respect to such Preferred
Stock multiplied by the amount of such payment by (b) the sum of all such payments. 
 “Banking Services
Provider” means any Lender or Affiliate of a Lender party to a Treasury Management Agreement. 
 “Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the
Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or
is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America or any successor
Governmental Authority. 
 “Board of Directors” means, as to any Person that is a corporation, the board of
directors of such Person or any duly authorized committee thereof or as to any Person that is not a corporation, the board of managers or such other individual or group serving a similar function. 

“Borrowing” means Loans made on the same date. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or
Houston, Texas are authorized or required by law to remain closed. 
 “Capital Expenditures” means, in respect
of any Person, for any period, the aggregate (determined without duplication) of all exploration and development expenditures and costs that are capital in nature and any other expenditures that are capitalized on the balance sheet of such Person in
accordance with GAAP. 
  

 7 

 “Capital Stock” of any Person means any and all shares, units, interests,
rights to purchase, warrants, options, participation or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 

“Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized
lease for financial reporting purposes in accordance with GAAP, and the amount of Debt represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined in accordance
with GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 

“Cash Collateral Agreement” means the cash collateral agreement dated as of June 18, 2010, between the Borrower and
the Collateral Agent. 
 “Cash Equivalents” means: 

(a) securities issued or directly and fully Guaranteed or insured by the United States Government or any agency or instrumentality of the
United States (provided that the full faith and credit of the United States is pledged in support thereof), having maturities of not more than one year from the date of acquisition; 

(b) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of “A” (or the equivalent thereof) or better from either S&P or Moody’s; 

(c) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having
maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the short-term deposit of which is rated at the time of acquisition thereof at least “A2” or the equivalent thereof by S&P, or
“P-2” or the equivalent thereof by Moody’s, and having combined capital and surplus in excess of $250,000,000; 

(d) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (a),
(b) and (c) entered into with any commercial bank meeting the qualifications specified in clause (c) above; 

(e) commercial paper rated at the time of acquisition thereof at least “A2” or the equivalent thereof by S&P or
“P-2” or the equivalent thereof by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of investments, and in any case maturing within
one year after the date of acquisition thereof; 
 (f) interests in any investment company or money market fund which invests
95% or more of its assets in instruments of the type specified in clauses (a) through (e) above; and 
  

 8 

 (g) other short-term investments utilized by Foreign Subsidiaries in accordance with normal
investment practices for cash management in investments of a type analogous to the foregoing. 
 “Cash-Pay
Preferred” shall mean any Preferred Stock of the Borrower the terms of which (a) require the payment of cash dividends but otherwise do not contain any other provisions that would cause such Preferred Stock to constitute
“Disqualified Stock,” (b) do not contain any significant restrictive or negative covenants, as determined in good faith by the Borrower, and (c) otherwise are materially consistent with those customarily found in cash pay
preferred stock offerings, as determined in good faith by the Borrower. 
 “Casualty Event” means any loss,
casualty or other insured damage to, or any nationalization, taking under power of eminent domain or by condemnation or similar proceeding of, any Property of the Borrower or any of its Restricted Subsidiaries having a fair market value in excess of
$25,000,000 at such date of determination (as determined in good faith by the Board of Directors). 
 “Change in
Control” means: 
 (a) any “person” or “group” of related persons (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Borrower (or its successor by merger, consolidation or purchase of all or
substantially all of its assets) (for the purposes of this clause (a), such person or group shall be deemed to Beneficially Own any Voting Stock of the Borrower held by a parent entity, if such person or group Beneficially Owns, directly or
indirectly, more than 50% of the total voting power of the Voting Stock of such parent entity); 
 (b) the first day on which a
majority of the members of the Board of Directors of the Borrower are not Continuing Directors; 
 (c) the sale, lease,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Borrower and its Restricted Subsidiaries taken as a whole to any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act); or 
 (d) the adoption by the
shareholders of the Borrower of a plan or proposal for the liquidation or dissolution of the Borrower. 
 “Closing
Date” means the date on which the conditions specified in Section 6.01 are satisfied (or waived in accordance with Section 12.02). 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, and any successor statute.

 “Collateral” means all the assets and properties subject to the Liens created by the Security Instruments.

  

 9 

 “Commitment” means, with respect to each Lender, the commitment of such
Lender to make Loans hereunder as set forth on Annex I or in the Assignment and Assumption pursuant to which such Lender assumed its Commitment, as applicable, as such commitment may be (a) modified from time to time pursuant to
Section 2.06 and (b) modified from time to time pursuant to assignments by or to such Lender pursuant to Section 12.04(b). Unless the context otherwise requires, the term “Commitments” shall include the Incremental
Commitments. 
 “Commodity Agreement” means, in respect of any Person, any forward contract, commodity swap
agreement, commodity option agreement or other similar agreement or arrangement in respect of Hydrocarbons used, produced, processed or sold by such Person entered into in the ordinary course of business and that are designed to protect such Person
against fluctuation in Hydrocarbon prices. 
 “Common Stock” means, with respect to any Person, any and all
shares, interests or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock, whether or not outstanding on the Closing Date, and includes, without limitation, all series
and classes of such common stock. 
 “Consolidated Coverage Ratio” means as of any date of determination, the
ratio of (a) the aggregate amount of Consolidated EBITDAX of such Person for the period of the most recent four full consecutive fiscal quarters ending prior to the date of such determination for which financial statements of the Borrower have
been delivered or made available to the Lenders and the Administrative Agent in accordance with Section 8.01(b) to (b) Consolidated Interest Expense for such four fiscal quarters; provided, however, that: 

(i) if the Borrower or any Restricted Subsidiary: 

(A) has Incurred any Debt since the beginning of such period that remains outstanding on such date of determination or if the transaction
giving rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Debt, Consolidated EBITDAX and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to the Incurrence of
such Debt and the use of proceeds thereof as if such Debt had been Incurred on the first day of such period and such proceeds had been applied as of such date (except that in making such computation, the amount of Debt under any revolving credit
facility secured on a pari passu basis with the Indebtedness hereunder outstanding on the date of such calculation will be deemed to be (1) the average daily balance of such Debt during such four fiscal quarters or such shorter period for which
such facility was outstanding or (2) if such facility was created after the end of such four fiscal quarters, the average daily balance of such Debt during the period from the date of creation of such revolving credit facility to the date of
such calculation, in each case; provided that such average daily balance shall take into account any repayment of Debt under such revolving credit facility as provided in clause (b)); or 

(B) has repaid, repurchased, defeased or otherwise discharged any Debt since the beginning of the period, including with the proceeds of
such new Debt, that is no longer outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio involves a discharge of Debt (in each case other than Debt Incurred under any
revolving credit facility unless such Debt has been permanently repaid and 
  

 10 

 
the related commitment terminated), Consolidated EBITDAX and Consolidated Interest Expense for such period will be calculated after giving effect on a pro forma basis to such discharge of such
Debt as if such discharge had occurred on the first day of such period; 
 (ii) if, since the beginning of such period, the
Borrower or any Restricted Subsidiary has made any Asset Disposition or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is such an Asset Disposition, the Consolidated EBITDAX for such period will be reduced by
an amount equal to the Consolidated EBITDAX (if positive) directly attributable to the assets which are the subject of such Asset Disposition for such period or increased by an amount equal to the Consolidated EBITDAX (if negative) directly
attributable thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Debt of the Borrower or any Restricted Subsidiary repaid,
repurchased, defeased or otherwise discharged with respect to the Borrower and its continuing Restricted Subsidiaries in connection with, or with the proceeds from, such Asset Disposition for such period (or, if the Capital Stock of any Restricted
Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Debt of such Restricted Subsidiary to the extent the Borrower and its continuing Restricted Subsidiaries are no longer liable for such Debt after such
sale); 
 (iii) if, since the beginning of such period, the Borrower or any Restricted Subsidiary (by merger or otherwise) has
made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary or is merged with or into the Borrower or a Restricted Subsidiary) or an acquisition (or will have received a contribution) of assets, including any
acquisition or contribution of assets occurring in connection with a transaction causing a calculation to be made hereunder, which constitutes, all or substantially all of a company, division, operating unit, segment, business, group of related
assets or line of business, Consolidated EBITDAX and Consolidated Interest Expense for such period will be calculated after giving pro forma effect thereto (including the Incurrence of any Debt) as if such Investment or acquisition or contribution
had occurred on the first day of such period; and 
 (iv) if, since the beginning of such period, any Person (that subsequently
became a Restricted Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such period) made any Asset Disposition or any Investment or acquisition of assets that would have required an adjustment
pursuant to clause (ii) or (iii) above if made by the Borrower or a Restricted Subsidiary during such period, Consolidated EBITDAX and Consolidated Interest Expense for such period will be calculated after giving pro forma effect thereto
as if such Asset Disposition or Investment or acquisition of assets had occurred on the first day of such period. 
 For
purposes of this definition, whenever pro forma effect is to be given to any calculation under this definition, the pro forma calculations will be determined in good faith by a Financial Officer of the Borrower; provided that such Financial
Officer may in his or her discretion include any reasonably identifiable and factually supportable pro forma changes to Consolidated EBITDAX, including any pro forma expenses and cost reductions, that have occurred or in the judgment of such
Financial Officer are reasonably expected to occur within 12 months of the date of the applicable transaction to the extent that such expense or cost reduction or any other operating improvements could then be reflected properly in pro forma
financial 
  

 11 

 
statements prepared in accordance with Regulation S-X under the Securities Act or any other regulation or policy of the SEC. If any Debt bears a floating rate of interest and is being given pro
forma effect, the interest expense on such Debt will be calculated as if the average rate in effect from the beginning of such period to the date of determination had been the applicable rate for the entire period (taking into account any Interest
Rate Agreement applicable to such Debt, but if the remaining term of such Interest Rate Agreement is less than 12 months, then such Interest Rate Agreement shall only be taken into account for that portion of the period equal to the remaining term
thereof). If any Debt that is being given pro forma effect bears an interest rate at the option of the Borrower, the interest rate shall be calculated by applying such optional rate chosen by the Borrower. Interest on Debt that may optionally be
determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate
chosen as the Borrower may designate. 
 “Consolidated EBITDAX” for any period means, without duplication, the
Consolidated Net Income for such period, plus the following: 
 (a) increased by, without duplication and to the extent deducted
(and not added back) in calculating such Consolidated Net Income: 
 (i) Consolidated Interest Expense; 

(ii) Consolidated Income Taxes of the Borrower and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such period;

 (iii) consolidated depletion and depreciation expense of the Borrower and its Restricted Subsidiaries; 

(iv) consolidated amortization expense or impairment charges of the Borrower and its Restricted Subsidiaries recorded in connection with
the application of Statement of Financial Accounting Standard No. 142, “Goodwill and Other Intangibles” and Statement of Financial Accounting Standard No. 144, “Accounting for the Impairment or Disposal of Long Lived
Assets”; 
 (v) other non-cash charges of the Borrower and its Restricted Subsidiaries (excluding any such non-cash charge
to the extent it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period not included in the calculation); and 

(vi) consolidated exploration expense of the Borrower and its Restricted Subsidiaries; and 

(b) increased or decreased by, without duplication any gain or loss realized upon the sale or other disposition of any property, plant or
equipment of the Borrower or its consolidated Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business and any gain (loss) realized upon the sale or other
disposition of any Capital Stock of any Person, if applicable for such period; and 
  

 12 

 (c) less, to the extent included in calculating such Consolidated Net Income and in excess of any costs or
expenses attributable thereto that were deducted (and not added back) in calculating such Consolidated Net Income, the sum of (x) the amount of deferred revenues that are amortized during such period and are attributable to reserves that are
subject to Volumetric Production Payments, (y) amounts recorded in accordance with GAAP as repayments of principal and interest pursuant to Dollar-Denominated Production Payments and (z) other non-cash gains (excluding any non-cash gain to
the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDAX in any prior period). 

Notwithstanding the preceding sentence, amounts under clauses (ii) through (vi) of paragraph (a) above relating to a
Restricted Subsidiary of a Person shall be added back to Consolidated Net Income in the calculation of Consolidated EBITDAX of such Person only to the extent (and in the same proportion) that the net income (loss) of such Restricted Subsidiary was
included in calculating the Consolidated Net Income of such Person and, to the extent the amounts set forth in such clauses (ii) through (vi) are in excess of those necessary to offset a net loss of such Restricted Subsidiary or if such
Restricted Subsidiary has net income for such period included in Consolidated Net Income, only if a corresponding amount would be permitted at the date of determination to be distributed as a dividend to the Borrower by such Restricted Subsidiary
without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Restricted Subsidiary or its
stockholders. 
 “Consolidated Income Taxes” means, with respect to any Person for any period, taxes imposed
upon such Person or other payments required to be made by such Person by any Governmental Authority which taxes or other payments are calculated by reference to the income, profits or capital of such Person or such Person and its Restricted
Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any Governmental Authority. 

“Consolidated Interest Expense” means, for any period, the total consolidated interest expense of the Borrower and the
Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, plus, to the extent not included in such interest expense and without duplication: 

(a) interest expense for such period attributable to Capitalized Lease Obligations, Synthetic Lease Obligations and the interest
component of any deferred payment obligations; 
 (b) amortization of debt discount and debt issuance cost (provided that
any amortization of bond premium will be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has otherwise reduced Consolidated Interest Expense); 

(c) non-cash interest expense; 
  

 13 

 (d) commissions, discounts and other fees and charges owed with respect to letters of credit
and bankers’ acceptance financing; 
 (e) the interest expense on Debt of another Person that is Guaranteed by the Borrower
or one of the Restricted Subsidiaries or secured by a Lien on assets of the Borrower or one of the Restricted Subsidiaries, to the extent such Guarantee becomes payable or such Lien becomes subject to foreclosure; 

(f) costs associated with Interest Rate Agreements (including amortization of fees); provided, however, that if Interest
Rate Agreements result in net benefits rather than costs, such benefits shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such net benefits are otherwise reflected in Consolidated Net Income; 

(g) the consolidated interest expense of the Borrower and the Restricted Subsidiaries that was capitalized during such period; and

 (h) all dividends paid or payable in cash, Cash Equivalents or Debt or dividends accrued during such period on any Specified
Convertible Preferred and on any series of Disqualified Stock (including Cash-Pay Preferred) of the Borrower or on Preferred Stock of its Restricted Subsidiaries payable to a party other than the Borrower or a Wholly-Owned Subsidiary; 

minus, to the extent included above, write-off of deferred financing costs (and interest) attributable to Dollar-Denominated Production Payments.

 For purposes of calculating the Consolidated Coverage Ratio in connection with the Incurrence of any Debt described in the
final paragraph of the definition of “Debt”, the calculation of Consolidated Interest Expense shall include all interest expense (including any amounts described in clauses (a) through (e) above) relating to any Debt of the
Borrower or any Restricted Subsidiary described in the final paragraph of the definition of “Debt”. 

“Consolidated Net Income” means, for any period, the aggregate net income (loss) of the Borrower and its consolidated
Subsidiaries determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends of the Borrower and its Restricted Subsidiaries (excluding non-controlling interests); provided, however, that there will
not be included (to the extent otherwise included therein) in such Consolidated Net Income: 
 (a) any net income (loss) of any
Person (other than the Borrower) if such Person is not a Restricted Subsidiary, except that: 
 (i) subject to the limitations
contained in clauses (c) and (d) below, the Borrower’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person
during such period to the Borrower or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (b) below);
provided that cash dividends from any Infrastructure Subsidiary to the extent that such dividends were funded, directly or indirectly, from the proceeds of debt or equity financing at such Infrastructure Subsidiary shall not be included in
such Consolidated Net Income; and 
  

 14 

 (ii) the Borrower’s equity in a net loss of any such Person for such period will be
included in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Borrower or a Restricted Subsidiary during such period; 

(b) any net income (but not loss) of any Restricted Subsidiary if such Subsidiary is subject to restrictions, directly or indirectly, on
the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Borrower, except that: 

(i) subject to the limitations contained in clauses (c), (d) and (e) below, the Borrower’s equity in the net income of any
such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Borrower or another Restricted
Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause); and 

(ii) the Borrower’s equity in a net loss of any such Restricted Subsidiary for such period will be included in determining such
Consolidated Net Income; 
 (c) any gain (loss) realized upon the sale or other disposition of any property, plant or equipment
of the Borrower or its consolidated Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business and any gain (loss) realized upon the sale or other disposition of
any Capital Stock of any Person; 
 (d) any extraordinary or nonrecurring gains or losses, together with any related provision
for taxes on such gains or losses and all related fees and expenses; 
 (e) the cumulative effect of a change in accounting
principles; 
 (f) any asset impairment write-downs on Oil and Gas Properties under GAAP or SEC guidelines; 

(g) any unrealized non-cash gains or losses or charges in respect of Hedging Obligations (including those resulting from the application
of Statement of Financial Accounting Standard No. 133); 
 (h) income or loss attributable to discontinued operations
(including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued); and 

(i) any non-cash compensation charge arising from any grant of stock, stock options or other equity based awards; provided that
the proceeds resulting from any such grant will be excluded from Section 9.04(b)(2). 
 “Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Borrower who: (a) was a member of such Board of Directors on the date of this Agreement; or (b) was nominated for election or elected
to such Board of Directors with the 
  

 15 

 
approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Credit Party” means the Borrower and each Guarantor. 

“Currency Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement, futures
contract, option contract or other similar agreement as to which such Person is a party or a beneficiary. 

“Debt” means, with respect to any Person on any date of determination (without duplication): 

(a) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; 

(b) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments; 
 (c) the principal component of all obligations of such Person in respect of letters of credit, bankers’
acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade payable, to the extent such letters of credit are not drawn upon or, if and to
the extent drawn upon, such obligation is satisfied within 30 days of payment on the letter of credit); 
 (d) the principal
component of all obligations of such Person (other than obligations payable solely in Capital Stock that is not Disqualified Stock) to pay the deferred and unpaid purchase price of property (except as described in clause (h) of the penultimate
paragraph of this definition of Debt), which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto to the extent such obligations would appear as liabilities upon the
consolidated balance sheet of such Person in accordance with GAAP; 
 (e) Capitalized Lease Obligations and Synthetic Lease
Obligations of such Person to the extent such Capitalized Lease Obligations and Synthetic Lease Obligations would appear as liabilities on the consolidated balance sheet of such Person in accordance with GAAP; 

(f) the principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or
other repurchase of any Disqualified Stock (including, for clarification purposes only, Cash-Pay Preferred) or, with respect to any Subsidiary that is not a Guarantor, any Preferred Stock (but excluding, in each case, any accrued dividends);

  

 16 

 (g) the principal component of all indebtedness of other Persons secured by a Lien on any
asset of such Person, whether or not such indebtedness is assumed by such Person; provided, however, that the amount of such indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination
(as determined in the good faith by the Board of Directors) and (b) the amount of such indebtedness of such other Persons so secured; 

(h) the principal component of indebtedness of other Persons to the extent Guaranteed by such Person; and 

(i) to the extent not otherwise included in this definition, net obligations of such Person under Commodity Agreements, Currency
Agreements and Interest Rate Agreements; 
 provided, however, that any indebtedness which has been defeased in accordance with
GAAP or defeased pursuant to the deposit of cash or Cash Equivalents (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or
account created or pledged for the sole benefit of the holders of such indebtedness, and subject to no other Liens, shall not constitute “Debt.” 

The amount of Debt of any Person at any date will be the outstanding balance at such date of all unconditional obligations as described above and the
maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. 

Notwithstanding the preceding, “Debt” shall not include: 

(i) Production Payments and Reserve Sales; 

(ii) any obligation of a Person in respect of a farm-in agreement or similar arrangement whereby such Person agrees to pay all or a share
of the drilling, completion or other expenses of an exploratory or development well (which agreement may be subject to a maximum payment obligation, after which expenses are shared in accordance with the working or participation interest therein or
in accordance with the agreement of the parties) or perform the drilling, completion or other operation on such well in exchange for an ownership interest in an oil or gas property; 

(iii) any obligations under Currency Agreements, Commodity Agreements and Interest Rate Agreements; provided that such Agreements
are entered into for bona fide hedging purposes of the Borrower or its Restricted Subsidiaries (as determined in good faith by the Board of Directors or senior management of the Borrower, whether or not accounted for as a hedge in accordance with
GAAP) and, in the case of Currency Agreements or Commodity Agreements, such Currency Agreements or Commodity Agreements are related to business transactions of the Borrower or its Restricted Subsidiaries entered into in the ordinary course of
business and, in the case of Interest Rate Agreements, such Interest Rate Agreements substantially correspond in terms of notional amount, duration and interest rates, as applicable, to Debt of the Borrower or its Restricted Subsidiaries Incurred
without violation of this Agreement; 
 (iv) any obligation arising from agreements of the Borrower or a Restricted Subsidiary
providing for indemnification, Guarantees, adjustment of purchase price, holdbacks, contingency payment obligations or similar obligations (other than Guarantees of Debt), in each 

 

 17 

 
case, Incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Stock of a Restricted Subsidiary; provided that such Debt is not reflected on
the face of the balance sheet of the Borrower or any Restricted Subsidiary; 
 (v) any obligation arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided that such Debt is extinguished within ten
business days of Incurrence; 
 (vi) in-kind obligations relating to net oil or natural gas balancing positions arising in the
ordinary course of business; 
 (vii) all contracts and other obligations, agreements, instruments or arrangements described in
clauses (s), (t), (u), (bb)(i) or (cc) of the definition of “Permitted Liens”; 
 (viii) accrued expenses and trade
payables and other accrued liabilities arising in the ordinary course of business that are not overdue by 90 days past the invoice or billing date or more or are being contested in good faith by appropriate proceedings promptly instituted and
diligently conducted; and 
 (ix) Specified Convertible Preferred. 

In addition, “Debt” of any Person shall include Debt described in the first paragraph of this definition of “Debt” that would not
appear as a liability on the balance sheet of such Person if: 
 (x) such Debt is the obligation of a partnership or joint
venture that is not a Restricted Subsidiary (a “Joint Venture”); 
 (y) such Person or a Restricted Subsidiary
of such Person is a general partner of the Joint Venture or otherwise liable for all or a portion of the Joint Venture’s liabilities (a “General Partner”); and 

(z) there is recourse, by contract or operation of law, with respect to the payment of such Debt to property or assets of such Person or
a Restricted Subsidiary of such Person; and then such Debt shall be included in an amount not to exceed: 
 (A) the lesser of
(1) the net assets of the General Partner and (2) the amount of such obligations to the extent that there is recourse, by contract or operation of law, to the property or assets of such Person or a Restricted Subsidiary of such Person; or

 (B) if less than the amount determined pursuant to clause (A) immediately above, the actual amount of such Debt that is
recourse to such Person or a Restricted Subsidiary of such Person, if the Debt is evidenced by a writing and is for a determinable amount. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Default Rate” has the meaning assigned such term
in Section 3.02(c). 
  

 18 

 “Disqualified Stock” means, with respect to any Person, that portion of
Capital Stock of such Person which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) at the option of the holder of the Capital Stock or upon the happening of any event: 

(i) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself Disqualified
Stock) pursuant to a sinking fund obligation or otherwise; 
 (ii) is convertible or exchangeable for Debt or Disqualified Stock
(excluding Capital Stock which is convertible or exchangeable solely at the option of the Borrower or a Restricted Subsidiary); or 

(iii) is redeemable at the sole option of the holder of the Capital Stock in whole or in part, 

in each case on or prior to the Maturity Date; provided that only the portion of Capital Stock which so matures or is mandatorily redeemable, is
so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock. 

The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price will be calculated in
accordance with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to this Agreement; provided,
however, that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price will be the book value of such Disqualified Stock as
reflected in the most recent financial statements of such Person. 
 “Dollar-Denominated Production Payments”
means production payment obligations recorded as liabilities in accordance with GAAP, together with all undertakings and obligations in connection therewith. 

“dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiary” means any Restricted Subsidiary that is organized under the laws of the United States of America
or any state thereof or the District of Columbia. 
 “Environmental Laws” means any and all Governmental
Requirements pertaining in any way to health, safety, the environment, the preservation or reclamation of natural resources, or the management, Release or threatened Release of any Hazardous Materials, in effect in any and all jurisdictions in which
the Borrower or any Restricted Subsidiary is conducting, or at any time has conducted, business, or where any Property of the Borrower or any Restricted Subsidiary is located, including, the Oil Pollution Act of 1990, as amended, the Clean Air Act,
as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 (“CERCLA”), as amended, the Federal Water Pollution Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended,
the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act, as amended, the 

 

 19 

 
Toxic Substances Control Act, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Law, as amended, and other environmental
conservation or protection Governmental Requirements. 
 “Environmental Permit” means any permit, registration,
license, notice, approval, consent, exemption, variance, or other authorization required under or issued pursuant to applicable Environmental Laws. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute. 

“ERISA Affiliate” means each trade or business (whether or not incorporated) which together with the Borrower or a
Subsidiary would be deemed to be a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections (b), (c), (m) or (o) of section 414 of the Code. 

“Event of Default” has the meaning assigned such term in Section 10.01. 

“Excess Proceeds” means any Net Available Cash in respect of Asset Dispositions not applied or invested as provided in
Section 9.12 hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Exchange Rate” means, on any day, with respect to
any foreign currency, the noon buying rate in New York City for such foreign currency on such date for cable transfers as certified for customs purposes by the Federal Reserve Bank of New York. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any obligation of the Borrower or any Guarantor hereunder or under any other Loan Document, (a) income or franchise taxes imposed on (or measured by) its net income (however denominated) by the United States of America
(or any political subdivision thereof) or such other jurisdiction under the laws of which such recipient is organized or is resident or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is
located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower or any Guarantor is located or by any jurisdiction described in (a) above, (c) in
the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 5.04(a)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to
this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 5.03(f), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of
designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding tax pursuant to Section 5.03(a) or Section 5.03(c), (d) in the case of a Foreign Lender, any withholding taxes imposed
on amounts payable to such Foreign Lender as a result of such Foreign Lender’s failure to comply with the requirements of FATCA to establish a complete exemption from withholding thereunder and (e) interest and penalties with respect to
taxes referred to in subsection (a)-(d) hereof. 
  

 20 

 “Existing Credit Agreement” means that certain Credit Agreement dated as of
April 23, 2010, among the Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Credit Suisse Securities (USA) LLC, as Syndication Agent, Natixis, as Documentation Agent and the Lenders party thereto, as amended, supplemented or
otherwise modified from time to time. 
 “FATCA” means Sections 1471 through 1474 of the Code and any
regulations promulgated thereunder. 
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and
the rules and regulations thereunder. 
 “Fee Letter” means the engagement letter dated as of the date hereof,
between the Arranger and the Borrower. 
 “Federal Funds Effective Rate” means, for any day, the weighted
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by
the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Financial
Officer” means, for any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person. Unless otherwise specified, all references herein to a Financial Officer means a Financial Officer of the
Borrower. 
 “Foreign Lender” means any Lender that is not a “United States person” within the
meaning of section 7701(a)(30) of the Code. 
 “Foreign Pension Plan” means any benefit plan that under
applicable law of any jurisdiction other than the United States is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. 

“Foreign Pledge Agreement” means the Charge of Shares in ATP Oil & Gas (UK) Limited, in a form acceptable to
the Administrative Agent, between the Borrower and the Administrative Agent or any subsequent Security Instrument creating a Lien on Foreign Pledged Collateral. 

“Foreign Pledged Collateral” means the Capital Stock pledged by the Borrower or any Subsidiary under the Foreign Pledge
Agreement, for the ratable benefit of the Lenders, to secure the Indebtedness. 
 “Foreign Subsidiary” means
any Restricted Subsidiary that is not a Domestic Subsidiary. 
 “GAAP” means generally accepted accounting
principles in the United States of America as in effect from time to time subject to the terms and conditions set forth in Section 1.05. At 

 

 21 

 
any time after the Closing Date, the Borrower may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to
mean IFRS (except as otherwise provided in this Agreement); provided that (a) any such election, once made, shall be irrevocable and (b) any such election shall be subject to the terms and conditions set forth in Section 1.05;
provided, further, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Borrower’s election to apply IFRS shall remain as
previously calculated or determined in accordance with GAAP. The Borrower shall give notice of any such election made in accordance with this definition to the Administrative Agent and the Lenders. 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Governmental Requirement” means any law, statute, code, ordinance, order,
determination, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, rules of common law, authorization or other directive or requirement, whether now or hereinafter in effect, of any Governmental Authority.

 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly Guaranteeing
any Debt of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Debt of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to
take-or-pay, or to maintain financial statement conditions or otherwise); or 
 (b) entered into for purposes of assuring in any
other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

provided, however, that the term “Guarantee” will not include endorsements for collection or deposit in the
ordinary course of business or any obligation to the extent it is payable only in Capital Stock of a Guarantor that is not Disqualified Stock. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantee and Collateral Agreement” means an agreement executed by the Guarantors in a form acceptable to the
Administrative Agent, unconditionally guarantying on a joint and several basis, payment of the Indebtedness, as the same may be amended, modified or supplemented from time to time. 

“Guarantor Unsecured Obligations” means, with respect to any Guarantor, any Debt of such Guarantor (whether outstanding
on the Closing Date or thereafter Incurred) that is not Secured Debt. 
  

 22 

 “Guarantors” means each Material Domestic Subsidiary or other Domestic
Subsidiary that Guarantees Debt and accordingly is required to Guarantee the Indebtedness pursuant to Section 8.14(b). 

“Hazardous Material” means any substance regulated or as to which liability might arise under any applicable
Environmental Law including: (a) any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition or meaning of “hazardous substance,” “hazardous material,” “hazardous
waste,” “solid waste,” “toxic waste,” “extremely hazardous substance,” “toxic substance,” “contaminant,” “pollutant,” or words of similar meaning or import found in any applicable
Environmental Law; (b) Hydrocarbons, petroleum products, petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, fractions, or derivatives thereof; and (c) radioactive materials, explosives, asbestos or
asbestos containing materials, polychlorinated biphenyls, radon, infectious or medical wastes. 
 “Hedging
Obligation” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement. 

“Highest Lawful Rate” means, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any
time or from time to time may be contracted for, taken, reserved, charged or received on the Loans or on other Indebtedness under laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable
laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof. 

“Hydrocarbon Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas
leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests
of whatever nature. 
 “Hydrocarbons” means oil, natural gas, casing head gas, drip gasoline, natural gasoline,
condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom. 

“Incremental Commitment” means the commitment of any Lender, established pursuant to Section 2.08, to make
Incremental Loans to the Borrower. 
 “Incremental Joinder Agreement” means a joinder agreement substantially
in the form of Exhibit C hereto. 
 “Incremental Lender” means a Lender with an Incremental Commitment or an
outstanding Incremental Loan. 
 “Incremental Loan Amount” means, at any time, the excess, if any, of
(a) $350,000,000 over (b) the sum of (i) the net Swap Termination Value of all outstanding Swap Agreements (other than Commodity Agreements) at such time that are secured on a pari passu basis with the Indebtedness plus (ii) the
aggregate amount of all Incremental Commitments established prior to such time pursuant to Section 2.08. 
  

 23 

 “Incremental Loan Assumption Agreement” means an Incremental Loan
Assumption Agreement among, and in form and substance reasonably satisfactory to, the Borrower, the Administrative Agent and one or more Incremental Lenders. 

“Incremental Loan Maturity Date” means the final maturity date of any Incremental Loan, as set forth in the applicable
Incremental Loan Assumption Agreement. 
 “Incremental Loan Repayment Dates” shall mean the dates scheduled for
the repayment of principal of any Incremental Loan, as set forth in the applicable Incremental Loan Assumption Agreement. 

“Incremental Loans” mean the Loans made by one or more Lenders to the Borrower pursuant to Section 2.08.
Incremental Loans may be made in the form of additional Loans or, to the extent permitted by Section 2.08 and provided for in the relevant Incremental Loan Assumption Agreement, Other Loans. 

“Incur” means issue, create, assume, Guarantee, incur or otherwise become directly or indirectly liable for,
contingently or otherwise; provided, however, that any Debt or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by
such Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. 

“Indebtedness” means any and all amounts owing or to be owing by the Borrower, any Subsidiary or any Guarantor (whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising) (a) to the Administrative Agent, the Collateral Agent or any Lender under any Loan Document,
(b) under each Swap Agreement that is (i) in effect on the Closing Date with a counterparty that is a Lender or an Affiliate of a Lender as of the Closing Date or (ii) is entered into after the Closing Date with any counterparty that
is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered into, (c) obligations under all Treasury Management Agreements with Lenders or Affiliates of Lenders while such Person (or in the case of its Affiliate, the
Person affiliated therewith) is a Lender hereunder and (d) all renewals, extensions and/or rearrangements of any of the above. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Indemnitee” has the meaning assigned to such term in Section 12.03(b). 

“Indenture” means the Indenture under or pursuant to which the Second Lien Notes are issued, together with any
supplemental indentures related thereto. 
 “Infrastructure Subsidiaries” means ATP Infrastructure Partners,
L.P., ATP IP-GP, LLC, ATP IP-LP, LLC, ATP Holdco, LLC and any other Person: (a) (i) in which the Borrower or any of its Subsidiaries owns Capital Stock and (ii) to which the Borrower or any Restricted Subsidiary has transferred or
transfers any of the following infrastructure assets: ATP Innovator drilling and production platform and related assets, ATP Titan drilling and production platform and related assets and ATP Octabuoy drilling and production platform and related
assets; or (b) 
  

 24 

 
that owns or holds, directly or indirectly through one or more subsidiaries, Capital Stock of a Person described in the preceding clause (a). 

“Initial Lender” means a Lender that purchased a Loan in connection with the initial syndication of the Loans and any
Affiliate thereof. 
 “Initial Reserve Report” means, collectively, (i) those certain reserve reports
which were prepared by Ryder Scott Company, L.P., each dated February 3, 2010, and (ii) that certain reserve report which was prepared by Collarini Associates, dated February 15, 2010, evaluating the Oil and Gas Properties of the
Borrower and its Subsidiaries prepared as of December 31, 2009, or January 1, 2010, as applicable. 

“Intercreditor Agreement” means that certain Intercreditor Agreement dated as of April 23, 2010, among the Borrower
and the Guarantors, the agent under the Existing Credit Agreement (to be replaced by the Administrative Agent as of the Closing Date), as first lien collateral agent and The Bank of New York Mellon Trust Company, N.A., as second lien collateral
agent, as amended, restated or otherwise modified from time to time. 
 “Interest Payment Date” means with
respect to any Loan, each six-month anniversary of the Closing Date or if any such date is not a Business Day, the next succeeding Business Day. 

“Interest Rate Agreement” means with respect to any Person any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a
beneficiary. 
 “Investment” means, with respect to any Person, all investments by such Person in other Persons
(including Affiliates) in the form of any direct or indirect advance, loan or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension of credit represented by a bank deposit other than a
time deposit and advances or extensions of credit to customers in the ordinary course of business) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or
use of others), or any purchase or acquisition of Capital Stock, Debt or other similar instruments (excluding any interest in a crude oil or natural gas leasehold to the extent constituting a security under applicable law) issued by, such other
Person and all other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP; provided that none of the following will be deemed to be an Investment: 

 

	 	(a)	Swap Agreements entered into in the ordinary course of business and in compliance with this Agreement; 

 

	 	(b)	endorsements of negotiable instruments and documents in the ordinary course of business; and 

 

 25 

	 	(c)	an acquisition of assets, Capital Stock or other securities by the Borrower or a Subsidiary for consideration to the extent such consideration consists of Common Stock
of the Borrower. 

 The amount of any Investment shall not be adjusted for increases or decreases in value,
writeups, write-downs or write-offs with respect to such Investment. 
 For purposes of the definition of “Unrestricted
Subsidiary”, clause (m) of the definition of “Permitted Investment” and Section 9.04, (i) “Investment” shall include the portion (proportionate to the Borrower’s equity interest in a Restricted Subsidiary
to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon
a redesignation of such Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (A) the Borrower’s
“Investment” in such Subsidiary at the time of such redesignation less (B) the portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary (as
determined by the Board of Directors of the Borrower in good faith) at the time that such Subsidiary is so redesignated a Restricted Subsidiary; provided, further, that the amount of any Investment in an Infrastructure Subsidiary at
the time of its designation as an Unrestricted Subsidiary in accordance with the requirements therefore set forth in the definition of “Unrestricted Subsidiary” shall be deemed to be zero dollars and (ii) any property transferred to
or from an Unrestricted Subsidiary will be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Borrower. 

“Investment Grade Rating” means a Moody’s rating of Baa3 or higher or an S&P rating of BBB- or higher.

 “IRS” means the U.S. Internal Revenue Service. 

“Joint Venture” has the meaning assigned such term in the definition of “Debt.” 

“Lenders” means the Persons listed on Annex I and any Person that shall have become a party hereto pursuant to an
Assignment and Assumption or Incremental Joinder Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“Lien” means, with respect to any Property, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge,
security interest, preference, priority or encumbrance of any kind in respect of such Property, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease
in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the UCC (or equivalent statutes) of any jurisdiction; provided that in no event
shall an operating lease be deemed to constitute a Lien. 
 “Loan Documents” means this Agreement, the Notes,
if any, the Fee Letter and the Security Instruments. 
  

 26 

 “Loans” means the loans made by the Lenders to the Borrower pursuant to
this Agreement. Unless the context otherwise requires, the term “Loans” includes any Incremental Loans. 

“Majority Lenders” means, at any time, Lenders having Loans representing more than 50% of the sum of all Loans
outstanding at such time. 
 “Material Adverse Effect” means a material adverse change in, or material adverse
effect on (a) the business, operations, Property, condition (financial or otherwise) of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Borrower or any Guarantor to perform any of its obligations under
any Loan Document to which it is a party, (c) the validity or enforceability of any Loan Document or (d) the rights and remedies of or benefits available to the Administrative Agent, the Collateral Agent or any Lender under any Loan
Document. 
 “Material Domestic Subsidiary” means, as of any date, any Domestic Subsidiary whose total assets
(based on fair market value), as of such date (as determined in good faith by the Board of Directors), are at least $5,000,000 or whose total revenues for the most recent 12-month period exceed $5,000,000. 

“Material Foreign Subsidiary” means any Foreign Subsidiary whose total assets (based on fair market value), as of such
date (as determined in good faith by the Board of Directors), are at least $5,000,000 or whose total revenues for the most recent 12-month period exceed $5,000,000. 

“Material Indebtedness” means Debt (other than the Loans and Letters of Credit), or obligations in respect of one or
more Swap Agreements, of any one or more of the Borrower and its Restricted Subsidiary in an aggregate principal amount equal to or greater than $25,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the Swap Termination Value. 

“Maturity Date” means October 15, 2014. 

“Minerals Management Service” means the Minerals Management Service of the United States Department of the Interior.

 “Minority Interest” means the percentage interest represented by any shares of any class of Capital Stock of
a Restricted Subsidiary that are not owned by the Borrower or a Restricted Subsidiary. 
 “Money Laundering
Laws” means the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency. 
 “Moody’s” means Moody’s Investors
Service, Inc. and any successor thereto that is a nationally recognized rating agency. 
  

 27 

 “Mortgaged Property” means any Property owned by the Borrower or any
Guarantor which is subject to the Liens existing and to exist under the terms of the Mortgages and Security Instruments. 

“Mortgages” means the mortgages and deeds of trust described or referred to in Exhibit E. 

“Net Available Cash” from an Asset Disposition means cash payments received (including any cash payments received by way
of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other
consideration received in the form of assumption by the acquiring Person of Debt or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case
net of: 
 (a) all legal, accounting, investment banking, title and recording tax expenses, commissions and other
fees and expenses Incurred, and all federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP (after taking into account any available tax credits or deductions and any tax sharing agreements), as a
consequence of such Asset Disposition; 
 (b) all payments made on any Indebtedness which is secured by any
assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law be repaid out of the proceeds
from such Asset Disposition; 
 (c) all distributions and other payments required to be made to minority interest
holders in Subsidiaries or joint ventures or to holders of royalty or similar interests as a result of such Asset Disposition; and 

(d) the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any
liabilities associated with the assets disposed of in such Asset Disposition and retained by the Borrower or any Restricted Subsidiary after such Asset Disposition. 

“Net Cash Proceeds” means, with respect to any issuance or sale of Capital Stock or any contribution to equity capital,
the cash proceeds of such issuance, sale or contribution net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and
charges actually Incurred in connection with such issuance, sale or contribution and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing
arrangements). 
 “Net Working Capital” means (a) all current assets of the Borrower and the Restricted
Subsidiaries, less (b) all current liabilities of the Borrower and the Restricted Subsidiaries, in each case as set forth in the consolidated financial statements of the Borrower prepared in accordance with GAAP, except that non-cash changes to
current assets or current liabilities in 
  

 28 

 
any period relating to mark-to-market accounting for derivatives pursuant to FASB 133 and related pronouncements shall not be taken into account. 

“Non-Recourse Debt” means Debt of a Person: 

(a) as to which neither the Borrower nor any Restricted Subsidiary (i) provides any Guarantee or credit support of any kind
(including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Debt) or (ii) is directly or indirectly liable (as a guarantor or otherwise); 

(b) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Debt of the Borrower or any Restricted Subsidiary to declare a default under such other Debt or cause the payment thereof to be accelerated or payable
prior to its stated maturity; and 
 (c) the explicit terms of which provide there is no recourse against any of the assets of
the Borrower or its Restricted Subsidiaries. 
 “Notes” has the meaning assigned such term in
Section 2.02(d). 
 “North Sea” means the UK Sector and surrounding areas of the North Sea. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Officer’s Certificate” means a certificate signed by a Responsible Officer of the Borrower. 

“OID” has the meaning assigned such term in Section 2.08(d). 

“Oil and Gas Business” means: 

(a) the business of acquiring, exploring, exploiting, developing, producing, operating and disposing of interests in oil, natural gas,
liquid natural gas and other Hydrocarbon and mineral properties or products produced in association with any of the foregoing; 

(b) the business of gathering, marketing, distributing, treating, processing, storing, refining, selling and transporting of any
production from such interests or properties and products produced in association therewith and the marketing of oil, natural gas, other Hydrocarbons and minerals obtained from unrelated Persons; 

(c) any other related energy business, including, without limitation, power generation and electrical transmission business, directly or
indirectly, from oil, natural gas and other Hydrocarbons and minerals produced substantially from properties in which the Borrower or its Subsidiaries, directly or indirectly, participates; 

(d) any business relating to oil field sales and service; and 

 

 29 

 (e) any business or activity relating to, arising from, or necessary, appropriate or
incidental to the activities described in the foregoing clauses (a) through (d) of this definition. 
 “Oil
and Gas Properties” means (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized with Hydrocarbon Interests; (c) all presently existing or future unitization, pooling agreements and declarations of
pooled units and the units created thereby (including without limitation all units created under orders, regulations and rules of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating
agreements, contracts and other agreements, including production sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange or processing of Hydrocarbons from or attributable to
such Hydrocarbon Interests; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other
incomes from or attributable to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests and (g) all Properties,
rights, titles, interests and estates described or referred to above, including any and all Property, real or personal, now owned or hereafter acquired and situated upon, used, held for use or useful in connection with the operating, working or
development of any of such Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be on such premises for the purpose of drilling a well or for other similar temporary
uses) and including any and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, tanks and tank batteries,
fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way, easements and servitudes together with all
additions, substitutions, replacements, accessions and attachments to any and all of the foregoing. 
 “Organizational
Documents” means, with respect to any Person, (a) in the case of any corporation, the certificate of incorporation and by-laws (or similar documents) of such Person, (b) in the case of any limited liability company, the
certificate of formation and limited liability company agreement (or similar documents) of such Person, (c) in the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such
Person, (d) in the case of any general partnership, the partnership agreement (or similar document) of such Person and (e) in any other case, the functional equivalent of the foregoing. 

“Other Loans” has the meaning set forth in Section 2.08. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or Property taxes,
charges or similar levies imposed by any Governmental Authority arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement and any other Loan Document. 

“Outer Continental Shelf” shall have the meaning ascribed to such term in the Outer Continental Shelf Lands Act, 43
U.S.C. 1331, et seq. 
  

 30 

 “Participant” has the meaning set forth in Section 12.04(c)(i).

 “Participant Register” has the meaning set forth in Section 12.04(c)(i) 

“Permitted Acquisition Debt” means Debt or Disqualified Stock of the Borrower or any of the Restricted Subsidiaries to
the extent such Debt or Disqualified Stock was Debt or Disqualified Stock (a) of an acquired Person prior to the date on which such Person became a Restricted Subsidiary as a result of having been acquired and not incurred in contemplation of
such acquisition or (b) of a Person that was merged, consolidated or amalgamated into the Borrower or a Restricted Subsidiary that was not incurred in contemplation of such merger, consolidation or amalgamation; provided that on the date
such Subsidiary became a Restricted Subsidiary or the date such Person was merged, consolidated and amalgamated into the Borrower or a Restricted Subsidiary, as applicable, after giving pro forma effect thereto, (i) the Restricted Subsidiary or
the Borrower, as applicable, would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Coverage Ratio test described under paragraph (n) of Section 9.02; or (ii) the Consolidated Coverage Ratio
for the Restricted Subsidiary or the Borrower, as applicable, would be greater than the Consolidated Coverage Ratio for such Restricted Subsidiary or the Borrower immediately prior to such transaction. 

“Permitted Business Investment” means any Investment made in the ordinary course of, and of a nature that is or shall
have become customary in, the Oil and Gas Business including investments or expenditures for actively exploiting, exploring for, acquiring, developing, producing, processing, gathering, marketing, storing, treating or transporting oil, natural gas
or other hydrocarbons and minerals through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved
through the conduct of the Oil and Gas Business jointly with third parties, including (a) ownership interests in oil, natural gas, other hydrocarbons and minerals properties, liquid natural gas facilities, processing facilities, gathering
systems, pipelines, storage facilities or related systems or ancillary real property interests, (b) Investments in the form of or pursuant to operating agreements, working interests, royalty interests, mineral leases, processing agreements,
farm-in agreements, farm-out agreements, division orders, contracts for the sale, transportation or exchange of oil, natural gas, other hydrocarbons and minerals, production sharing agreements, participation agreements, development agreements, area
of mutual interest agreements, unitization agreements, pooling agreements, joint bidding agreements, service contracts, joint venture agreements, partnership agreements (whether general or limited), subscription agreements, stock purchase
agreements, stockholder agreements and other similar agreements (including for limited liability companies) with third parties (including Unrestricted Subsidiaries), and (c) direct or indirect ownership interests in drilling rigs and related
equipment, including, without limitation, transportation equipment. 
 “Permitted Investment” means an
Investment by the Borrower or any Restricted Subsidiary in: 
 (a) the Borrower, a Restricted Subsidiary or a Person that will,
upon the making of such Investment, become a Restricted Subsidiary; provided that the primary business of such Restricted Subsidiary is the Oil and Gas Business; 
  

 31 

 (b) any Person whose primary business is the Oil and Gas Business if as a result of such
Investment such other Person becomes a Restricted Subsidiary or is merged or consolidated with or into, or transfers or conveys all or substantially all its assets to, the Borrower or a Restricted Subsidiary and, in each case, any Investment held by
such Person; provided that such Investment was not made by such Person in contemplation of such acquisition, merger, consolidation or transfer; 

(c) cash and Cash Equivalents; 

(d) receivables owing to the Borrower or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Borrower or such Restricted Subsidiary deems reasonable under the circumstances;

 (e) payroll, commission, travel, relocation and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(f) loans or advances to employees made in the ordinary course of business consistent with past practices of the Borrower or such
Restricted Subsidiary in an aggregate amount not to exceed $1,000,000 at any time outstanding; 
 (g) Capital Stock, obligations
or securities received in settlement of debts (i) created in the ordinary course of business and owing to the Borrower or any Restricted Subsidiary or in satisfaction of judgments or (ii) pursuant to any plan of reorganization or similar
arrangement in a bankruptcy or insolvency proceeding; 
 (h) Investments made as a result of the receipt of non-cash
consideration from an Asset Disposition that was made pursuant to and in compliance with Section 9.12; provided that such securities or other assets received in such Asset Disposition or an exchange or swap of assets shall be pledged as
Collateral under the Security Instruments to the extent the assets subject to such Asset Disposition or exchange or swap of assets constituted Collateral, with the Lien on such Collateral securing the Indebtedness being of the same priority with
respect to the Indebtedness as the Lien on the assets disposed of; 
 (i) Investments in existence on the Closing Date;

 (j) Commodity Agreements, Currency Agreements, Interest Rate Agreements and related Hedging Obligations, which transactions
or obligations are Incurred in compliance with Section 9.02; 
 (k) Guarantees issued in accordance with Section 9.02
and set forth on Schedule 1.01(a) hereto; 
 (l) any Asset Swap or acquisition of Additional Assets, in each case, made in
accordance with Section 9.12; provided that such securities or other assets received in an Asset Disposition or an exchange or swap of assets shall be pledged as Collateral under the Security Instruments to the extent the assets subject
to such Asset Disposition or exchange or swap of assets constituted 
  

 32 

 
Collateral, with the Lien on such Collateral securing the Indebtedness being of the same priority with respect to the Indebtedness as the Lien on the assets disposed of; 

(m) Investments in Infrastructure Subsidiaries at a time when such Infrastructure Subsidiaries are Unrestricted Subsidiaries in an
aggregate amount not to exceed $100,000,000 plus the amount equal to the aggregate net reduction in Permitted Investments made pursuant to this clause (m) resulting from dividends paid to the Borrower or a Restricted Subsidiary by such
Infrastructure Subsidiaries with proceeds from debt or equity financings from any third party that is not the Borrower or an Affiliate of the Borrower or a Restricted Subsidiary (the amount of any such dividends shall be deemed to reduce, on a
dollar for dollar basis, the aggregate amount of Investments previously made in Infrastructure Subsidiaries pursuant to this clause (m) but such Investment amount, as so reduced, shall not be less than zero unless the increment of such
dividends that would have reduced such Investment amount below zero is not otherwise available to make a Restricted Payment pursuant to Section 9.04; 

(n) Permitted Business Investments; 

(o) any Person where such Investment was acquired by the Borrower or any of its Restricted Subsidiaries (i) in exchange for any
other Investment or accounts receivable held by the Borrower or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts
receivable or (ii) as a result of a foreclosure by the Borrower or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(p) any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility
and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Borrower or any Restricted Subsidiary; 

(q) Guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course in the Oil and Gas Business,
including obligations under oil and natural gas exploration, development, joint operating, and related agreements and licenses, concessions or operating leases related to the Oil and Gas Business; 

(r) Investments for consideration consisting of Capital Stock (other than Disqualified Stock) of the Borrower; and 

(s) Investments by the Borrower or any of its Restricted Subsidiaries, together with all other Investments pursuant to this clause (s),
in an aggregate amount outstanding at the time of such Investment not to exceed the greater of $40,000,000 and 1.0% of the Borrower’s Adjusted Consolidated Net Tangible Assets (with the fair market value (as determined by the Borrower’s
Board of Directors in good faith) of such Investment being measured at the time such Investment is made and without giving effect to subsequent changes in value). 

“Permitted Liens” means: 

(a) Liens created under the Loan Documents; 
  

 33 

 (b) pledges or deposits under workmen’s compensation laws, unemployment insurance laws,
social security or old age pension laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases, or deposits (which may be secured by a Lien) to secure public or
statutory obligations of such Person including letters of credit or bank Guarantees required or requested by the United States, any State thereof or any foreign government or any subdivision, department, agency, organization or instrumentality of
any of the foregoing in connection with any contract or statute (including lessee or operator obligations under statutes, governmental regulations, contracts or instruments related to the ownership, exploration and production of oil, natural gas,
other hydrocarbons and minerals on State, Federal or foreign lands or waters), or deposits of cash or United States government bonds to secure indemnity performance, surety or appeal bonds or other similar bonds, or deposits as security for
contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business; 

(c) statutory and contractual Liens of landlords and Liens imposed by law, including carriers’, warehousemen’s,
mechanics’, materialmen’s and repairmen’s Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by GAAP shall
have been made in respect thereof and, in the case of Collateral, such proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to such Lien; 

(d) Liens for taxes, assessments or other governmental charges or claims not yet due or which are being contested in good faith by
appropriate proceedings; provided that appropriate reserves, if any, required pursuant to GAAP have been made in respect thereof and, in the case of Collateral, such proceedings have the effect of preventing the forfeiture or sale of the
property or assets subject to such Lien; 
 (e) Liens in favor of issuers of surety or performance bonds or bankers’
acceptances issued pursuant to the request of and for the account of the Borrower or any Restricted Subsidiary in the ordinary course of its business; provided, however, that such Liens do not constitute Debt. 

(f) survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way,
sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of
real properties or Liens incidental to the conduct of the business of the Borrower or any Restricted Subsidiary or to the ownership of the Borrower’s or such Restricted Subsidiary’s properties so long as any such survey exceptions,
encumbrances, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions are subordinate in all
respects to the security interests and Liens granted to the Collateral Agent and do not in the aggregate materially adversely affect the value of the assets of the Borrower and the Restricted Subsidiaries, taken as a whole, or materially impair
their use in the operation of the business of the Borrower; 
  

 34 

 (g) Liens securing Hedging Obligations so long as the related Debt is, and is permitted to
be under this Agreement, secured by a Lien on the same property securing such Hedging Obligation; 
 (h) leases, licenses,
subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere with the ordinary conduct of the business of the Borrower or any of the Restricted Subsidiaries;

 (i) prejudgment Liens and judgment Liens not giving rise to an Event of Default; 

(j) Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, Synthetic
Lease Obligations, purchase money obligations or other payments Incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to, assets or property acquired or constructed in the ordinary course of business
pursuant to paragraph (f) of Section 9.02 so long as (i) the aggregate principal amount of Debt secured by such Liens is otherwise permitted to be Incurred under this Agreement and does not exceed the lesser of the cost or fair market
value (as determined by the Borrower’s Board of Directors in good faith) of the assets or property so acquired or constructed and (ii) such Liens are created within 180 days of the later of the acquisition, lease, completion of
improvements, construction, repairs or additions or commencement of full operation of the assets or property subject to such Lien and do not encumber any other assets or property of the Borrower or any Restricted Subsidiary other than such assets or
property and assets affixed or appurtenant thereto; 
 (k) Liens arising solely by virtue of any statutory or common law
provisions relating to banker’s Liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that (i) such deposit account is not a dedicated cash
collateral account and is not subject to restrictions against access by the Borrower in excess of those set forth by regulations promulgated by the Board and (ii) such deposit account is not intended by the Borrower or any Restricted Subsidiary
to provide collateral to the depository institution; 
 (l) Liens arising from operating leases entered into by the Borrower and
the Restricted Subsidiaries in the ordinary course of business; 
 (m) Liens existing on the Closing Date (and any extensions,
replacements or renewals thereof covering property or assets secured by such Liens on the Closing Date) other than Liens described under clauses (a) and (q) of this definition; 

(n) Liens on property or shares of Capital Stock of a Person at the time such Person becomes a Subsidiary; provided,
however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided further, however, that any such Lien may not extend to any other property
owned by the Borrower or any Restricted Subsidiary (other than assets or property affixed or appurtenant thereto); 
 (o) Liens
on property at the time the Borrower or any of its Subsidiaries acquired the property, including any acquisition by means of a merger or consolidation with or into the 

 

 35 

 
Borrower or any of its Subsidiaries; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided
further, however, that such Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary (other than assets or property affixed or appurtenant thereto); 

(p) Liens securing Debt or other obligations of a Subsidiary owing to the Borrower or a Wholly-Owned Subsidiary; 

(q) Liens on Property securing the Second Lien Notes and any guaranties thereof and any Permitted Refinancing Debt in respect thereof as
permitted by Section 9.02(d); provided, however, that (i) such Liens securing such Debt are subordinate to the Liens securing the Indebtedness, this Agreement and the other Loan Documents pursuant to the Intercreditor
Agreement and (ii) both before and after giving effect to the incurrence of any such Lien, the Borrower is in compliance with Section 8.14(d); 

(r) Liens securing Permitted Refinancing Debt Incurred to refinance Debt secured by a Lien Incurred under clauses (m) or (n) of
this definition; provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements
under which the original Lien arose, could secure) the Debt being refinanced or is in respect of property or assets that is the security for a Permitted Lien hereunder; 

(s) Liens in respect of Production Payments and Reserve Sales, which Liens shall be limited to the property that is the subject of such
Production Payments and Reserve Sales; 
 (t) Liens arising under farm-out agreements, farm-in agreements, division orders,
contracts for the sale, purchase, exchange, transportation, gathering or processing of Hydrocarbons, unitizations and pooling designations, declarations, orders and agreements, development agreements, joint venture agreements, partnership
agreements, operating agreements, royalties, working interests, net profits interests, joint interest billing arrangements, participation agreements, production sales contracts, area of mutual interest agreements, oil and gas leases, gas balancing
or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, and other agreements which are customary in the Oil and Gas Business;
provided, however, in all instances that such Liens are limited to the assets that are the subject of the relevant agreement, program, order or contract; 

(u) Liens on pipelines or pipeline facilities that arise by operation of law; 

(v) Liens securing Debt in an aggregate principal amount outstanding at any one time, added together with all other Debt secured by Liens
Incurred pursuant to this clause (v), not to exceed $25,000,000, as determined on the date of Incurrence of such Debt after giving effect to such Incurrence and the application of the proceeds therefrom; 

(w) Liens in favor of the Borrower or any Guarantor; 

(x) deposits made in the ordinary course of business to secure liability to insurance carriers; 

 

 36 

 (y) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (z) Liens deemed to
exist in connection with Investments in repurchase agreements permitted in Section 9.02; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 

(aa) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 
 (bb) any
(i) interest or title of a lessor or sublessor under any lease, liens reserved in oil, gas or other Hydrocarbons, minerals, leases for bonus, royalty or rental payments and for compliance with the terms of such leases, (ii) restriction or
encumbrance that the interest or title of such lessor or sublessor may be subject to (including, without limitation, ground leases or other prior leases of the demised premises, mortgages, mechanics’ liens, tax liens, and easements) or
(iii) subordination of the interest of the lessee or sublessee under such lease to any restrictions or encumbrance referred to in the preceding clause (ii); 

(cc) Liens (other than Liens securing Debt) on, or related to, assets to secure all or part of the costs incurred in the ordinary course
of the Oil and Gas Business for the exploration, drilling, development, production, processing, transportation, marketing, storage or operation thereof; 

(dd) Liens upon specific items of inventory or other goods and proceeds securing obligations in respect of bankers’ acceptances
issued or created for the account of the Borrower or any Restricted Subsidiary to facilitate the purchase, shipment or storage of such inventory or other goods; 

(ee) Liens arising under this Agreement in favor of each of the Administrative Agent and the Collateral Agent for its own benefit and
similar Liens in favor of other trustees, agents and representatives arising under instruments governing Debt permitted to be Incurred under this Agreement; provided, however, that such Liens are solely for the benefit of the trustees,
agents or representatives in their capacities as such with respect to the payment of fees, expenses and similar obligations payable to such Persons acting in such capacities and not for the benefit of the holders of such Debt; 

(ff) Liens arising from the deposit of funds or securities in trust for the purpose of decreasing or defeasing Debt so long as such
deposit of funds or securities and such decreasing or defeasing of Debt are permitted under Section 9.04; 
 (gg) Liens in
favor of collecting or payer banks having a right of setoff, revocation, or charge back with respect to money or instruments of the Borrower or any Subsidiary of the Borrower on deposit with or in possession of such bank; 

(hh) Protective Liens; and 
  

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 (ii) Liens on the Collateral securing Subordinated Obligations; provided that the
aggregate principal amount of all Secured Debt shall not exceed the greater of (x) $1,600,000,000 and (y) an amount equal to 50.0% of the Borrower’s Adjusted Consolidated Net Tangible Assets determined as of the date of Incurrence;
provided, further, that the Debt secured by Liens pursuant to this clause (ii) shall be incurred pursuant to paragraph (n) of Section 9.02. 

In each case set forth above, notwithstanding any stated limitation on the assets that may be subject to such Lien, a Permitted Lien on a specified asset
or group or type of assets may include Liens on all improvements, additions and accessions thereto and all products and proceeds thereof (including dividends, distributions and increases in respect thereof). 

“Permitted Refinancing Debt” means Debt that is Incurred to refund, refinance, replace, exchange, renew, repay, extend,
prepay, redeem or retire (including pursuant to any defeasance or discharge mechanism) (collectively, “refinance,” “refinances” and “refinanced” shall have correlative meanings) any Debt (including Debt of the Borrower
that refinances Debt of any Restricted Subsidiary and Debt of any Restricted Subsidiary that refinances Debt of another Restricted Subsidiary, but excluding Debt of a Subsidiary that is not a Restricted Subsidiary that refinances Debt of the
Borrower or a Restricted Subsidiary), including Debt that refinances Refinancing Debt; provided, however, that: 

(a) the Permitted Refinancing Debt has a Stated Maturity no earlier than the Stated Maturity of the Debt being refinanced; 

(b) the Permitted Refinancing Debt has an Average Life at the time such Permitted Refinancing Debt is Incurred that is equal to or
greater than the Average Life of the Debt being refinanced; 
 (c) such Permitted Refinancing Debt is Incurred in an aggregate
principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding
of the Debt being refinanced (plus, without duplication, any additional Debt Incurred to pay interest, premiums or defeasance costs required by the instruments governing such existing Debt and fees and expenses Incurred in connection therewith); and

 (d) if the Debt being Refinanced is (i) Unsecured Debt such Permitted Refinancing Debt also constitutes Unsecured Debt,
as the case may be, or (ii) contractually subordinated in right of payment to the Loans or the Guarantees of the Guarantors, such Permitted Refinancing Debt is subordinated in right of payment to the Loans or such Guarantees on terms at least
as favorable to the Lenders as those contained in the documentation governing the Debt being Refinanced. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan, as
defined in section 3(2) of ERISA, which (a) is currently or hereafter sponsored, maintained or contributed to by the Borrower, a Subsidiary or an ERISA Affiliate or (b) was at any time during the six calendar years preceding

  

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the date hereof, sponsored, maintained or contributed to by the Borrower or a Subsidiary or an ERISA Affiliate. 

“Pledge Agreements” means the Foreign Pledge Agreement. 

“Preferred Stock” as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes
(however designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such
corporation. 
 “pro forma” means, with respect to any calculation made or required to be made pursuant to the
terms of this Agreement, a calculation in accordance with Article 11 of Regulation S-X under the Securities Act, as determined by the Board of Directors of the Borrower in consultation with its independent public accountants. 

“Production Payments and Reserve Sales” means the grant or transfer by the Borrower or a Subsidiary to any Person of a
royalty, overriding royalty, net profits interest, Volumetric Production Payments, Dollar-Denominated Production Payments, partnership or other interest in Oil and Gas Properties, reserves or the right to receive all or a portion of the production
or the proceeds from the sale of production attributable to such properties where the holder of such interest has recourse solely to such production or proceeds of production, subject to the obligation of the grantor or transferor to operate and
maintain, or cause the subject interests to be operated and maintained, in a reasonably prudent manner or other customary standard or subject to the obligation of the grantor or transferor to indemnify for environmental, title or other matters
customary in the Oil and Gas Business, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists or other providers of
technical services to the Borrower or a Subsidiary and including overriding royalty interests in the form of net profits interests in Oil and Gas Properties granted to vendors in exchange for Oil and Gas Property development services. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible, including, without limitation, cash, securities, accounts and contract rights. 
 “Protective
Liens” means Liens granted in connection with the disposition of an asset in order to protect the economic rights of the purchaser of such asset therein in the event such disposition were recharacterized as a financing transaction in which
ownership was retained by the seller of such asset. 
 “Proved Reserves” means the estimated quantities of
crude oil, condensate, natural gas and natural gas liquids that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions (i.e.,
prices and costs as of the date the estimate is made). 
 “PV-10 Value” means, as of any date of determination,
the present value of future cash flows from Proved Reserves on the Borrower’s and the Subsidiaries’ Oil and Gas Properties as set forth in the Initial Reserve Report or the most recent Reserve Report delivered pursuant to

  

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Section 8.12, utilizing (a) in the case of any Oil and Gas Properties located in, or in U.S. Federal waters adjacent to, the United States or any of its territories or possessions, the
average of the Three-Year Strip Price for crude oil (WTI Cushing) and natural gas (Henry Hub), quoted on the New York Mercantile Exchange (or its successor), (b) in the case of any Oil and Gas Properties located in the North Sea, the average of
the Three-Year Strip Price for crude oil (North Sea Brent) and natural gas (UK National Balancing Point), in each case quoted on the International Petroleum Exchange (or its successor) and (c) in the case of any Oil and Gas Properties located
in any other jurisdiction, the average of the Three-Year Strip Price for crude oil and natural gas, in each case quoted on any commodities exchange or other price quotation source generally recognized in the oil and gas industry in such jurisdiction
and reasonably acceptable to the Administrative Agent, in the case of each of clauses (a), (b) and (c), as of the date as of which the information set forth in such Reserve Report is provided (as adjusted for basis differentials) and
utilizing a 10% discount rate. PV-10 Value shall be adjusted to give effect to the Swap Agreements of the Borrower and the Subsidiaries then in effect. For purposes of calculating PV-10 Value, any future cash flow calculations set forth in any
Reserve Report and made in any currency other than dollars shall be converted into dollars based on the Exchange Rate on the date as of which the information set forth in such Reserve Report is provided. 

“Register” has the meaning assigned such term in Section 12.04(b)(iv). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors (including attorneys, accountants and experts) of such Person and such Person’s Affiliates. 

“Release” means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning,
emptying, discharging, migrating, injecting, escaping, leaching, dumping, or disposing. 
 “Remedial Work” has
the meaning assigned such term in Section 8.10(a). 
 “Repayment Date” has the meaning assigned such term
in Section 3.01(a). 
 “Reserve Report” means a report, in form and substance
reasonably satisfactory to the Administrative Agent, setting forth, as of each
December 31st or
June 30th, the oil and gas reserves attributable to
the Oil and Gas Properties of the Borrower and the Guarantors, together with a projection of the rate of production and future net income, taxes, operating expenses and Capital Expenditures with respect thereto as of such date. Until superseded, the
Initial Reserve Report will be considered the Reserve Report. 
 “Reserve Report Certificate” means a
certificate of a Responsible Officer in substantially the form of Exhibit H attached hereto certifying as the matters set forth in Section 8.12(c). 

“Responsible Officer” means, as to any Person, the Chief Executive Officer, the President, any Financial Officer or any
Vice President of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrower. 

“Restricted Investment” means any Investment other than a Permitted Investment. 

 

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 “Restricted Payment” has the meaning assigned such term in
Section 9.04. 
 “Restricted Subsidiary” means any Subsidiary of the Borrower that is not an Unrestricted
Subsidiary. 
 “Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter
acquired whereby the Borrower or a Restricted Subsidiary transfers such property to a Person and the Borrower or a Restricted Subsidiary leases it from such Person. 

“SEC” means the Securities and Exchange Commission or any successor Governmental Authority. 

“Second Lien Notes” means the Borrower’s 11.875% Senior Second Lien Notes due 2015, in an aggregate principal
amount of $1,500,000,000. 
 “Secured Debt” means any Debt of the Borrower or any Restricted Subsidiary secured
by a Lien. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of
the SEC promulgated thereunder. 
 “Security Instruments” means the Guarantee and Collateral Agreement, the
Pledge Agreements, the Mortgages, the Cash Collateral Agreement and other agreements, instruments or certificates described or referred to in Exhibit E, and any and all other agreements, instruments, consents or certificates now or hereafter
executed and delivered by the Borrower or any other Person (other than Swap Agreements with the Lenders or any Affiliate of a Lender or participation or similar agreements between any Lender and any other Lender or Treasury Management Agreements) in
connection with, or as security for the payment or performance of the Indebtedness, the Loans and this Agreement, as such agreements may be amended, modified, supplemented or restated from time to time. 

“Specified Convertible Preferred” means 1,400,000 shares of the Borrower’s 8% convertible perpetual preferred stock
issued September 29, 2009. 
 “S&P” means Standard & Poor’s Ratings Group, a division of
The McGraw-Hill Companies, Inc., and any successor thereto that is a nationally recognized rating agency. 
 “Stated
Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall
not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 

“Subordinated Obligation” means any Debt of a Person (whether outstanding on the Closing Date or thereafter Incurred)
which is expressly subordinate in right of payment to the Indebtedness pursuant to a written agreement upon terms and conditions satisfactory to the Administrative Agent and, so long as the Initial Lenders constitute the Majority Lenders, the
Majority Lenders. 
  

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 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any other Person whose Capital Stock representing more than 50% of the equity or more than 50% of the ordinary voting power (irrespective of whether or not at the time Capital Stock of any other class or
classes of such Person shall have or might have voting power by reason of the happening of any contingency) or, in the case of a partnership, any general partnership interests are, as of such date, owned, controlled or held by the parent or one or
more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary”
means any subsidiary of the Borrower. 
 “Successor Borrower” has the meaning assigned such term in
Section 9.11(a). 
 “Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement, whether exchange traded, “over the counter” or otherwise, involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities,
or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions, including any Commodity Agreement, Currency Agreement, or Interest Rate
Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap Agreements, after taking into
account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such
termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined by the counterparties to such Swap Agreements. 

“Synthetic Lease” shall mean, as to any Person, any lease (including leases that may be terminated by the lessee at any
time) of any property (whether real, personal or mixed) (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax
purposes, other than any such lease under which such Person is the lessor. For clarification purposes only, operating leases that do not also have the characteristics described in clause (b) above shall not constitute Synthetic Leases.

 “Synthetic Lease Obligations” shall mean, as to any Person, an amount equal to the capitalized amount of the
remaining lease payments under any Synthetic Lease that would appear on a balance sheet of such Person in accordance with GAAP if such obligations were accounted for as Capitalized Lease Obligations. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority. 
 “Transactions” means, with respect to (a) the Borrower, the execution,
delivery and performance by the Borrower of this Agreement and each other Loan Document to which it is a party, the borrowing of Loans, and the grant of Liens by the Borrower on Mortgaged Properties and other Properties pursuant to the Security
Instruments and (b) each Guarantor, the execution, 
  

 42 

 
delivery and performance by such Guarantor of each Loan Document to which it is a party, the Guaranteeing of the Indebtedness and the other obligations under the Guarantee and Collateral
Agreement by such Guarantor and such Guarantor’s grant of the security interests and provision of collateral under the Security Instruments, and the grant of Liens by such Guarantor on Mortgaged Properties and other Properties pursuant to the
Security Instruments. 
 “Treasury Management Agreements” means any agreements regarding bank services provided
to any Credit Party for commercial credit cards, stored value cards and treasury management services, including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository
network services. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York, and
any successor statute, as in effect from time to time (except that terms used herein which are defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the same meaning notwithstanding
any replacement or amendment of such statute except as the Administrative Agent may otherwise determine). 
 “UK
Sector” means the jurisdiction of the United Kingdom commonly referred to as the UK Sector—North Sea. 

“Unrestricted Subsidiary” means (a) ATP Infrastructure Partners, L.P., ATP IP-GP, LLC, ATP IP-LP, LLC and ATP
Holdco, LLC and any other Infrastructure Subsidiary, whether in existence on the Closing Date or created thereafter, designated an Unrestricted Subsidiary by the Borrower in accordance with the requirements of Section 9.18, (b) any
Subsidiary of the Borrower that at the time of determination shall be designated an Unrestricted Subsidiary by the Borrower in accordance with the requirements of Section 9.18 and (c) any subsidiary of an Unrestricted Subsidiary.

 “Unsecured Debt” means any Debt that is not Secured Debt. 

“Volumetric Production Payments” means production payment obligations recorded as deferred revenue in accordance with
GAAP, together with all undertakings and obligations in connection therewith. 
 “Voting Stock” of an entity
means all classes of Capital Stock of such entity then outstanding and normally entitled to vote in the election of members of such entity’s Board of Directors. 

“Wholly-Owned Subsidiary” means (a) any Restricted Subsidiary of which all of the outstanding Capital Stock (other
than any directors’ qualifying shares mandated by applicable law), on a fully-diluted basis, are owned by the Borrower or one or more of the Wholly-Owned Subsidiaries or are owned by the Borrower and one or more of the Wholly-Owned Subsidiaries
or (b) any Subsidiary that is organized in a foreign jurisdiction and is required by the applicable laws and regulations of such foreign jurisdiction to be partially owned by the government of such foreign jurisdiction or individual or
corporate citizens of such foreign jurisdiction; provided that the Borrower, directly or indirectly, owns the remaining Capital Stock in such Subsidiary and, by contract or otherwise, controls the management and business of such Subsidiary
and derives 
  

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economic benefits of ownership of such Subsidiary to substantially the same extent as if such Subsidiary were a Wholly-Owned Subsidiary. 

“Withholding Agent” means the Borrower, any Guarantor or the Administrative Agent. 

“Yield Differential” has the meaning set forth in Section 2.08(b). 

SECTION 1.03. [Reserved]. 

SECTION 1.04. Terms Generally; Rules of Construction. The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” as used in this
Credit Agreement shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth in the Loan Documents), (b) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted, in whole or in
part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained in the Loan Documents), (d) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) with respect to the determination of
any time period, the word “from” means “from and including” and the word “to” means “to and including” and (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. No provision of this Agreement or any other Loan Document shall be interpreted or construed against any Person solely because such Person or its
legal representative drafted such provision. 
 SECTION 1.05. Accounting Terms and Determinations; GAAP. Unless otherwise
specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and reports as to financial matters required to be
furnished to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, applied on a basis consistent with the Financial Statements except for changes in which Borrower’s independent certified public
accountants concur and which are disclosed to the Administrative Agent; provided that, unless the Borrower and the Majority Lenders shall otherwise agree in writing, no such change (including, for the avoidance of doubt, any election to apply
IFRS accounting principles in lieu of GAAP) shall modify or affect the manner in which compliance with the covenants contained herein is computed such that all such computations shall be conducted utilizing financial information presented
consistently with prior periods. 
  

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 ARTICLE II 

The Credits 

SECTION 2.01. Commitments. (a) Subject to the terms and conditions and relying upon the representations and warranties set
forth herein, each Lender agrees, severally and not jointly, to make a Loan to the Borrower on the Closing Date in an aggregate principal amount not to exceed its Commitment; provided that each Loan made on the Closing Date shall be funded
net of an upfront fee in an amount equal to 2.0% of the principal amount of such Loan. Amounts paid or prepaid in respect of Loans may not be reborrowed. 

(b) Each Lender having an Incremental Commitment, severally and not jointly, hereby agrees, subject to the terms and conditions and
relying upon the representations and warranties set forth herein and in the applicable Incremental Loan Assumption Agreement, to make Incremental Loans to the Borrower, in an aggregate principal amount not to exceed its Incremental Commitment.
Amounts paid or prepaid in respect of Incremental Loans may not be reborrowed. 
 SECTION 2.02. Loans and Borrowings.

 (a) Borrowings; Several Obligations. Each Loan shall be made as part of a Borrowing consisting of Loans made by the
Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments are several
and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) [Reserved]. 

(c) [Reserved]. 

(d) Notes. Any Lender may request that Loans made by it hereunder be evidenced by a single promissory note of the Borrower (a
“Note”). In such event, the Borrower shall execute and deliver to such Lender a Note payable to such Lender and its registered assigns and in form and substance reasonably acceptable to the Administrative Agent, such Lender and the
Borrower. The date, amount and interest rate of each Loan made by each Lender, and all payments made on account of the principal thereof, shall be recorded by such Lender on its books for its Note, and, prior to any transfer, may be endorsed by such
Lender on a schedule attached to such Note or any continuation thereof or on any separate record maintained by such Lender. Failure to make any such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or
obligations in respect of such Loans or affect the validity of such transfer by any Lender of its Note. 
 SECTION 2.03.
Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing.
Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in substantially the form of Exhibit B and signed by the
Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 
  

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 (a) the aggregate amount of the requested Borrowing; 

(b) the date of such Borrowing, which shall be a Business Day; and 

(c) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.05. 
 Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent
shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

SECTION 2.04. [Reserved]. 

SECTION 2.05. Funding of Borrowings. 

(a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer
of immediately available funds by 2:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to the account designated by Borrower in the applicable Borrowing Request. Nothing herein shall be deemed to obligate any Lender to obtain the funds for its Loan in any
particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for its Loan in any particular place or manner. 

(b) Presumption of Funding by the Lenders. Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with Section 2.05(a) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount together with the accrued interest thereon without duplication, for each day from and
including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to the Loans included in such Borrowing. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.06.
Termination and Reduction of Commitments. 
 (a) The Commitments (other than any Incremental Commitments, which shall
terminate as provided in the related Incremental Loan Assumption Agreement) shall automatically terminate upon the making of the Loans on the Closing Date. 
  

 46 

 (b) Upon at least three Business Days’ prior irrevocable written or fax notice to the
Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments; provided, however, that each partial reduction of the Commitments shall be in an
integral multiple of $1,000,000 and in a minimum amount of $5,000,000. 
 (c) Each reduction in the Commitments hereunder shall
be made ratably among the Lenders in accordance with their respective applicable Commitments. 
 SECTION 2.07. Evidence of
Debt; Repayment of Loans. 
 (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the principal amount of each Loan of such Lender as provided in Section 3.01. 
 (b) Each Lender
shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time under this Agreement. 
 (c) The Administrative Agent shall maintain accounts
in which it will record (i) the amount of each Loan made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum
received by the Administrative Agent hereunder from the Borrower or any Guarantor and each Lender’s share thereof. 
 (d)
The entries made in the accounts maintained pursuant to paragraphs (b) and (c) above shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided, however, that the failure of any
Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans in accordance with their terms. 

SECTION 2.08. Incremental Loans. (a) The Borrower may, by written notice to the Administrative Agent from time to time,
request Incremental Commitments in an amount not to exceed the Incremental Loan Amount determined as of the date of such request from one or more Incremental Lenders, which may include any existing Lender; provided that each Incremental
Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld, conditioned or delayed). Such notice shall set forth (i) the amount of the Incremental
Commitments being requested (which shall be in minimum increments of $1,000,000 and a minimum amount of $25,000,000 or such lesser amount equal to the remaining Incremental Loan Amount), (ii) the date on which such Incremental Commitments are
requested to become effective (which shall not be less than 10 Business Days (or such shorter period as the Administrative Agent and the relevant Incremental Lenders may agree) nor more than 60 days after the date of such notice), and
(iii) whether such Incremental Commitments are commitments to make additional Loans or commitments to make loans with terms different from the Loans (“Other Loans”), in which case such notice shall specify the terms of such
Other Loans. 
  

 47 

 (b) The Borrower and each Incremental Lender shall execute and deliver to the Administrative
Agent an Incremental Loan Assumption Agreement, an Incremental Joinder Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Commitment of each Incremental Lender. Each Incremental
Loan Assumption Agreement shall specify the terms of the Incremental Loans to be made thereunder; provided that, without the prior written consent of the Majority Lenders, (i) the final maturity date of any Other Loans shall be no
earlier than the Maturity Date, (ii) the Average Life of any Other Loans shall be no shorter than the Average Life of the Loans, (iii) if the yield on such Other Loans (as determined by the Administrative Agent to be equal to the sum of
(x) the interest rate per annum applicable to such Other Loans and (y) if such Other Loans are initially made at a discount or the Lenders making the same receive a fee directly or indirectly from the Borrower or any Subsidiary for doing
so (the amount of such discount or fee, expressed as a percentage of the Other Loans, being referred to herein as “OID”), the amount of such OID divided by the lesser of (A) the Average Life of such Other Loans and
(B) four and (z) any transaction fees, commitment fees, exit fees (other than any prepayment premium) or other similar fees payable in respect of the Other Loans and the fair market value of any warrants, options, stock or other non-cash
consideration payable in respect thereof) exceeds the Applicable Rate by more than 25 basis points (the amount of such excess above the Applicable Rate being referred to herein as the “Yield Differential”), then the Applicable Rate
shall automatically be increased by the Yield Differential, effective upon the making of the Other Loans and (iv) if the optional prepayment of such Other Loans during any period is subject to a prepayment premium that would exceed the
Applicable Prepayment Premium in respect of the Loans during such period (without regard to the amount of any Applicable Prepayment Premium applicable to the Loans in prior periods) by more than 25 basis points, then the Applicable Prepayment
Premium shall be increased by an amount equal to the amount by which such prepayment premium exceeds the Applicable Prepayment Premium in respect of the Loans. The other terms of the Incremental Loans and the Incremental Loan Assumption Agreement,
to the extent not consistent with the terms applicable to the Loans hereunder, shall otherwise be reasonably satisfactory to the Administrative Agent and, to the extent that such Incremental Loan Assumption Agreement contains any covenants, events
of default, representations or warranties or other rights or provisions that place greater restrictions on the Borrower and the Restricted Subsidiaries or are more favorable to the Lenders making such Other Loans, the existing Lenders shall be
entitled to the benefit of such rights and provisions so long as such Other Loans remain outstanding and such additional rights and provisions shall be deemed automatically incorporated by reference into this Agreement, mutatis mutandis, as if fully
set forth herein, without any further action required on the part of any Person effective as of the date of such Incremental Loan Assumption Agreement. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each
Incremental Loan Assumption Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Loan Assumption Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to
reflect the existence and terms of the Incremental Commitment and the Incremental Loans evidenced thereby. 
 (c)
Notwithstanding the foregoing, no Incremental Commitment shall become effective under this Section 2.08 unless (i) at the time thereof and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing,
(ii) except as otherwise specified in the applicable Incremental Loan Assumption Agreement, the Administrative Agent shall have received (with sufficient copies for each of the Incremental Lenders) legal opinions,

  

 48 

 
board resolutions and other closing certificates reasonably requested by the Administrative Agent and consistent with those delivered on the Closing Date under Section 6.01 and
(iii) all fees an expenses owing in respect of such Incremental Commitment to the Administrative Agent, the Collateral Agent and the Lenders shall have been paid. 

(d) To the extent any Incremental Loans are not Other Loans, the scheduled amortization payments under Section 3.01(a) required to
be made after the making of such Incremental Loans shall be ratably increased to provide for the pro rata payment of the principal of such Incremental Loans. 

(e) The Borrower hereby agrees that if the Borrower obtains commitments from any bank or financial institution (other than any Initial
Lender) to provide Incremental Commitments (the “Proposed Incremental Commitments”), the Borrower shall, without regard to whether the terms on which such Proposed Incremental Commitments are offered to it by any such institution
are more or less favorable to it than any previously offered by the Initial Lenders, provide written notice thereof (an “Incremental Offer Notice”) to the Initial Lenders setting forth such terms and shall offer the Initial Lenders
the right (a “Participation Right”) to provide (on such terms) the portion of the Proposed Incremental Commitments that, after giving effect to the provision of the Proposed Incremental Commitments and the making of the Incremental
Loans thereunder, would result in the Initial Lenders (taken together) holding Loans representing no less than 51% of the outstanding principal amount of all Loans. Within three Business Days following receipt of such notice, one or more Initial
Lenders shall provide written notice to the Borrower in the event that such Initial Lenders elect to exercise such Participation Right (in whole or in part). If any Initial Lender elects to exercise such Participation Rights through one or more of
its Affiliates or Approved Funds, the portion of the Proposed Incremental Commitments to be provided by such Initial Lender shall be allocated among such Affiliates or Approved Funds as such Initial Lender shall designate to the Borrower in writing.
If the Initial Lenders elect not to exercise all or any portion of such Participation Right to provide the Proposed Incremental Commitments, such Proposed Incremental Commitments and Incremental Loans to be made thereunder and the portion of the
Proposed Incremental Commitments and Incremental Loans not subject to such Participation Right shall be made by the bank or other financial institutions that originally agreed to make such Proposed Incremental Loans, in each case on terms no more
favorable to such Incremental Lenders than those specified in the Incremental Offer Notice, on or before the date that is 60 days after the date on which the Initial Lender’s right to exercise the Participation Right expired. For the avoidance
of doubt, the Borrower shall not be obligated to offer any Participation Right to the Initial Lenders, if, after giving effect to the provision of the Proposed Incremental Commitments and the making of the Incremental Loans thereunder, in each case
by one or more other Incremental Lenders, the Initial Lenders would nevertheless hold Loans representing at least 51% of the outstanding principal amount of all Loans. The acceptance or rejection of any offer to the Initial Lenders by the Borrower
in respect of the Proposed Incremental Commitments contemplated by any Incremental Offer Notice shall not operate as a waiver or affect in any other manner such party’s rights hereunder in respect of any other Incremental Offer Notice or the
Proposed Incremental Commitments contemplated thereby. 
  

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 ARTICLE III 

Payments of Principal and Interest; Prepayments; Fees 

SECTION 3.01. Repayment of Loans. (a) (i) The Borrower shall pay to the Administrative Agent, for the account of the Lenders,
on the dates set forth below, or if any such date is not a Business Day, on the next succeeding Business Day (each such date being called a “Repayment Date”), a principal amount of the Loans (other than Other Loans) (as adjusted
from time to time pursuant to Section 2.08(d) and Section 3.04) equal to the amount set forth below for such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such
payment: 
  

				
	 Repayment Date
	  	Amount
		
	 December 18, 2010
	  	$	750,000
		
	 June 18, 2011
	  	$	750,000
		
	 December 18, 2011
	  	$	750,000
		
	 June 18, 2012
	  	$	750,000
		
	 December 18, 2012
	  	$	750,000
		
	 June 18, 2013
	  	$	750,000
		
	 December 18, 2013
	  	$	750,000
		
	 June 18, 2014
	  	$	750,000
		
	 October 15, 2014
	  	$	144,000,000

 (ii) The
Borrower shall pay to the Administrative Agent, for the account of the Incremental Lenders, on each Incremental Loan Repayment Date, a principal amount of the Other Loans (as adjusted from time to time pursuant to Section 3.04) equal to the
amount set forth for such date in the applicable Incremental Loan Assumption Agreement, in each case, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment. 

(b) To the extent not previously paid, all Loans and Other Loans shall be due and payable on the Maturity Date and the Incremental Loan
Maturity Date, respectively, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment. 

SECTION 3.02. Interest. 

(a) The Loans (other than Other Loans) shall bear interest (computed in accordance with paragraph (e) below) at the Applicable Rate.

 (b) The Other Loans shall bear interest at the rate per annum provided in the applicable Incremental Loan Assumption
Agreement. 
  

 50 

 (c) Post-Default Rate. Notwithstanding the foregoing, during the continuance of an
Event of Default the Majority Lenders may, at their option, by notice to the Borrower and the Administrative Agent, declare that the Loans shall bear interest until such Event of Default shall cease to exist (or such earlier time as the Majority
Lenders may declare) at the rate of interest applicable thereto pursuant to paragraph (a) or (b) above, as applicable, plus 4.0% per annum (the “Default Rate”); provided that, during the continuance of an Event
of Default under Section 10.01(h) or Section 10.01(i), the Default Rate shall be applicable to all Loans without any election or action on the part of the Administrative Agent or any Lender. 

(d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan
and on the Maturity Date; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand and (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount
repaid or prepaid shall be payable on the date of such repayment or prepayment. 
 (e) Interest Rate Computations. All
interest hereunder shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), in each
case payable for the actual number of days elapsed (including the first day but excluding the last day). 
 SECTION 3.03.
[Reserved]. 
 SECTION 3.04. Prepayments. 

(a) Optional Prepayments. Subject to prior written notice in accordance with Section 3.04(b), the Borrower shall have the
right at any time and from time to time to prepay the Loans in whole in or in part, in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof or if less than $5,000,000, the remaining balance of such Loans.
Prepayments pursuant to this paragraph (a) shall be allocated pro rata between the Loans and the Other Loans and shall be applied pro rata against the remaining scheduled installments of principal due in respect of the Loans and the Other Loans
under Section 3.01(a). 
 (b) Notice and Terms of Optional Prepayment. The Borrower shall notify the Administrative
Agent by telephone (confirmed by telecopy) of any prepayment hereunder not later than 12:00 noon, New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of the Loans and the Other Loans to be prepaid and shall commit the Borrower to prepay such Loans and such Other Loans by the amount stated therein on the date stated therein. Promptly following receipt of any such notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 3.02 to but excluding the date of payment, (ii) the Applicable
Prepayment Premium, if any, in respect of the Loans prepaid and (iii) the prepayment premium, if any, specified in the applicable Incremental Loan Assumption Agreement in respect of the Other Loans prepaid. 

 

 51 

 (c) Mandatory Prepayments. (i) Not later than the first Business Day following
the date that is one year from the later of (A) the date of an Asset Disposition or (B) the receipt of Net Available Cash in respect thereof, if the aggregate amount of Excess Proceeds exceeds $20,000,000, the Borrower shall apply 100% of
such Excess Proceeds to prepay outstanding Loans in accordance with paragraphs (ii), (iii) and (iv) below. 
 (ii)
Notwithstanding the foregoing, any Lender may elect, by written notice to the Administrative Agent at the time and in the manner specified by the Administrative Agent (but in no event later than 5:00 p.m., New York City time, one Business Day prior
to the date of prepayment), to decline all (but not less than all) of any prepayment of its Loans pursuant to paragraph (i) above. Such declined amounts may be retained by the Borrower and used for any purpose not prohibited by this Agreement.

 (iii) Subject to paragraph (ii) above, mandatory prepayments of outstanding Loans under this Agreement shall be
allocated pro rata between the Loans and the Other Loans based on the outstanding principal amount thereof and applied pro rata against the remaining scheduled installments of principal due in respect of the Loans and the Other Loans under
Section 3.01(a). 
 (iv) At least one Business Day prior to any prepayment required under this paragraph (c), the Borrower
shall deliver to the Administrative Agent (i) a certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail the calculation of the amount of such prepayment and (ii) written notice of such prepayment. Each
notice of prepayment shall specify the prepayment date and the principal amount of the Loans and the Other Loans (or portion thereof) to be prepaid. All prepayments of Loans under this paragraph (c) shall be without premium or penalty, and
shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment. 

SECTION 3.05. Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times agreed upon between the Borrower and the Administrative Agent in the Fee Letter. 
 ARTICLE IV

 Payments; Pro Rata Treatment; Sharing of Set-offs 

SECTION 4.01. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest or fees, or of amounts payable under Section 5.03 or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without defense, deduction, recoupment, set-off or counterclaim. Fees, once
paid, shall be fully earned and shall not be refundable under any circumstances. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day
for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices specified in Section 12.01, except that payments pursuant to Section 5.03 and Section 12.03 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall 
  

 52 

 
distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day
that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder
shall be made in dollars. 
 (b) Application of Insufficient Payments. If at any time insufficient funds are received by
and available to the Administrative Agent to pay fully all amounts of principal, interest fees and any Applicable Prepayment Premium (or prepayment premium in respect of Other Loans) then due hereunder, such funds shall be applied (i) first,
towards payment of interest, fees and any Applicable Prepayment Premium (or prepayment premium in respect of Other Loans) then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest, fees and any
Applicable Prepayment Premium (or prepayment premium in respect of Other Loans) then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal then due to such parties. 
 (c) Sharing of Payments by Lenders. If any Lender shall, by exercising
any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued
interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of
all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price returned to the extent of such recovery, without interest, and (ii) the provisions of this Section 4.01(c) shall not be
construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this Section 4.01(c) shall apply). The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of the Borrower in the amount of such participation. 
 SECTION 4.02. Presumption of Payment by
the Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to
but excluding the date of payment 
  

 53 

 
to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. 
 SECTION 4.03. [Reserved]. 

SECTION 4.04. Disposition of Proceeds. The Security Instruments contain an assignment by the Borrower and/or the Guarantors unto
and in favor of the Administrative Agent for the benefit of the Lenders of all of the Borrower’s or each Guarantor’s interest in and to production and all proceeds attributable thereto which may be produced from or allocated to the
Mortgaged Property. The Security Instruments further provide in general for the application of such proceeds to the satisfaction of the Indebtedness and other obligations described therein and secured thereby. Notwithstanding the assignment
contained in such Security Instruments, until the occurrence of an Event of Default, (a) the Administrative Agent and the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to
cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the Borrower and its Restricted Subsidiaries and (b) the Lenders hereby authorize the Administrative
Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Restricted Subsidiaries. 

ARTICLE V 

Taxes 

SECTION 5.01. [Reserved]. 

SECTION 5.02. [Reserved]. 

SECTION 5.03. Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any Guarantor under any
Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the Borrower or any Guarantor shall be required by applicable law to deduct or withhold any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums
payable under this Section 5.03(a)), the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the Borrower or such Guarantor
shall make such deductions or withholdings and (iii) the Borrower or such Guarantor shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law. 
 (c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent and each Lender, within 10 days after written demand therefor, for the full 
  

 54 

 
amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender as the case may be, on or with respect to any payment by or on account of any obligation of the
Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate of the Administrative Agent or a Lender as to the amount of such payment or liability under this
Section 5.03(c) shall be delivered to the Borrower and shall be conclusive absent manifest error. 
 (d) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after written demand therefor, for the full amount of any Excluded Taxes paid by the Administrative Agent on or with respect to any payment to such
Lender by or on account of any obligation of the Borrower or a Guarantor hereunder and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Excluded Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate of the Administrative Agent as to the amount of such payment or liability under this Section 5.03(d) shall be delivered to the Borrower and shall be conclusive absent manifest
error. 
 (e) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower or a Guarantor to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (f) Status of
Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located or is resident for tax purposes, or any treaty to which such jurisdiction is a
party, with respect to payments under this Agreement or any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate. In addition, any Lender, if requested by the Borrower or
the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements. 
 Without limiting the generality of the
foregoing, each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
  

 55 

 (i) two (2) properly completed and executed IRS Forms W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States of America is a party, 
 (ii) two
(2) properly completed and executed IRS Forms W-8ECI, 
 (iii) in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
(B) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code or (D) conducting a trade
or business in the United States with which the relevant interest payments are effectively connected and (y) two (2) properly completed and executed IRS Forms W-8BEN, 

(iv) two (2) properly completed and executed Forms W-8IMY (together with forms listed under clauses (i) through
(iii) or (v) hereof, as may be required), 
 (v) If a payment made to a Foreign Lender under any Loan
Document would be subject to any withholdings taxes as a result of such Foreign Lender’s failure to comply with the requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code), at the time or times
prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Foreign Lender has complied with such Foreign Lender’s obligations under FATCA or to
determine the amount to deduct and withhold from such payment, or 
 (vi) any other form prescribed by applicable
law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax properly completed and executed together with any supplementary documentation as may be prescribed by applicable law to permit the Borrower and the
Administrative Agent to determine the withholding or deduction required to be made. 
 (g) Tax Refunds. If the
Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or any Guarantor or with respect to which the Borrower or
any Guarantor has paid additional amounts pursuant to this Section 5.03, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower or such Guarantor under this
Section 5.03 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower or any Guarantor (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event 

 

 56 

 
the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section 5.03 shall not be construed to require the Administrative Agent or any
Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 

SECTION 5.04. Mitigation Obligations; Replacement of Lenders. 

(a) Designation of Different Lending Office. If any Credit Party is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 5.03, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.03 in the future and
(ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment. 
 (b) Replacement of Lenders. If any Credit Party is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04(b)), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld,
(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees (if any) and all other amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from payments required to be made pursuant to Section 5.03, such assignment will
result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to
require such assignment and delegation cease to apply. 
 ARTICLE VI 

Conditions Precedent 

SECTION 6.01. Closing Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on
which each of the following conditions is satisfied (or waived in accordance with Section 12.02): 
 (a) The Administrative
Agent and the Arranger shall have received all fees and other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the

  

 57 

 
Borrower hereunder (including, without limitation, the fees and expenses of Cravath, Swaine & Moore LLP, counsel to the Administrative Agent). 

(b) The Administrative Agent shall have received a certificate of the secretary or an assistant secretary of the Borrower and each
Guarantor setting forth (i) resolutions of its board of directors with respect to the authorization of the Borrower or such Guarantor to execute and deliver the Loan Documents to which it is a party and to enter into the transactions
contemplated in those documents, (ii) the officers of the Borrower or such Guarantor (y) who are authorized to sign the Loan Documents to which the Borrower or such Guarantor is a party and (z) who will, until replaced by another
officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby,
(iii) specimen signatures of such authorized officers, and (iv) the Organizational Documents of the Borrower and such Guarantor, certified as being true and complete. The Administrative Agent and the Lenders may conclusively rely on such
certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary. 
 (c) The
Administrative Agent shall have received certificates of the appropriate State agencies with respect to the existence, qualification and good standing of the Borrower and each Guarantor. 

(d) The Administrative Agent shall have received a compliance certificate which shall be substantially in the form of Exhibit D, duly and
properly executed by a Responsible Officer and dated as of the date of Closing Date. 
 (e) The Administrative Agent shall have
received from each party hereto counterparts (in such number as may be requested by the Administrative Agent) of this Agreement signed on behalf of such party. 

(f) The Administrative Agent shall have received from each party thereto duly executed counterparts (in such number as may be requested
by the Administrative Agent) of the Security Instruments, including the Guarantee and Collateral Agreement and the other Security Instruments described on Exhibit E and shall provide each Lender with fully executed copies thereof. In connection with
the execution and delivery of the Security Instruments, the Administrative Agent shall: 
 (i) be reasonably satisfied that the
Security Instruments create first priority, perfected Liens (subject only to Permitted Liens) on at least 80% of the PV-10 Value of the Oil and Gas Properties evaluated in the Initial Reserve Report and located in, or in U.S. Federal waters adjacent
to, the United States; and 
 (ii) have received certificates, together with undated, blank stock powers for each such
certificate, representing all of the issued and outstanding Capital Stock of ATP Holdco, LLC, a Delaware limited liability company, and not less than 65% of all of the issued and outstanding capital stock of ATP Oil & Gas (UK) Limited, a UK
Limited Company. 
 (g) The Administrative Agent shall have received an opinion of (i) Jackson Walker L.L.P., special
counsel to the Borrower, in a form acceptable to the Administrative 
  

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Agent, (ii) local counsel in the state of Louisiana, in a form acceptable to the Administrative Agent and (iii) Slaughter and May for matters relating to the Foreign Pledge Agreement,
in a form acceptable to the Administrative Agent. 
 (h) The Administrative Agent shall have received a certificate of insurance
coverage of the Borrower evidencing that the Borrower is carrying insurance in accordance with Section 7.12, each of which shall be endorsed or otherwise amended to include a customary lender’s loss payable endorsement and to name the
Collateral Agent as additional insured, in form and substance reasonably satisfactory to the Administrative Agent. 
 (i) The
Administrative Agent shall have received such title information as the Administrative Agent may reasonably require satisfactory to the Administrative Agent setting forth the status of title to at least 80% of the PV-10 Value of the Oil and Gas
Properties evaluated in the Initial Reserve Report and located in, or in U.S. Federal waters adjacent to, the United States. 

(j) The Administrative Agent shall be reasonably satisfied with the environmental condition of the Oil and Gas Properties evaluated in
the Initial Reserve Report and located in, or in U.S. Federal waters adjacent to, the United States. 
 (k) The Administrative
Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that the Borrower has received all consents and approvals required by Section 7.03. 

(l) The Administrative Agent shall have received the financial statements referred to in Section 7.04(a) and the Initial Reserve
Report accompanied by a Reserve Report Certificate. 
 (m) The Collateral Agent shall have received a Perfection Certificate
with respect to the Borrower and the Guarantors (if any), dated the Closing Date and duly executed by a Responsible Officer of the Borrower and the Guarantors, as the case may be, and shall have received appropriate UCC search certificates
reflecting no prior Liens encumbering the Properties of the Borrower and the Restricted Subsidiaries for each of the following jurisdictions: Texas, Delaware, Louisiana, and any other jurisdiction requested by the Administrative Agent; other than
those being assigned or released on or prior to the Closing Date or Liens permitted by Section 9.03, and accompanied by evidence satisfactory to the Collateral Agent that the Liens indicated in any such financing statement (or similar document)
would be permitted under Section 9.03 or have been or will be contemporaneously released or terminated. 
 (n) The
Administrative Agent shall have received evidence reasonably satisfactory to it that (i) all commitments to lend under the Existing Credit Agreement shall have been terminated, all amounts outstanding thereunder have been paid in full and all
Liens related thereto shall be fully released, (ii) the Borrower and the Subsidiaries have no outstanding Debt in respect of borrowed money other than the Debt listed on Schedule 6.01(n) and the Second Lien Notes, (iii) the Borrower and
its Subsidiaries have no obligations or liabilities in respect of Production Payments and Reserve Sales or other similar burdens on oil and gas production other 

 

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than as set forth in the Final Offering Memorandum for the Second Lien Notes dated April 19, 2010. 

(o) The Administrative Agent shall have received evidence reasonably satisfactory to it that (i) the Borrower and the Subsidiaries
are qualified under all applicable laws, rules and regulations (including, without limitation, the regulations of the Minerals Management Service and any applicable state regulatory agency or other Governmental Authority) to own and operate the Oil
and Gas Properties, rights of way, and other rights of the Borrower and the Subsidiaries issued by the Minerals Management Service and any applicable Governmental Authority regulating activities on the Outer Continental Shelf or in state waters and
(ii) the Borrower and the Subsidiaries are in compliance with all bonding requirements for ownership and operation of such properties. 

(p) The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the
Administrative Agent may reasonably request. 
 (q) All legal matters incident to this Agreement, the Borrowings and the other
Loan Documents shall be satisfactory to the Lenders and the Administrative Agent. 
 (r) At the time of and immediately after
giving effect to the making of the Loans on the Closing Date, no Default or Event of Default shall have occurred and be continuing. 

(s) The representations and warranties of the Borrower and the Guarantors set forth in this Agreement and in the other Loan Documents
shall be true and correct in all material respects. 
 (t) The Administrative Agent shall have received a Borrowing Request in
accordance with Section 2.03. 
 (u) Arrangements satisfactory to the Administrative Agent and the Initial Lenders shall
have been made for the Administrative Agent to become party to the Intercreditor Agreement and to entitle the Indebtedness to the benefits thereof as “First-Lien Obligations” thereunder. 

The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding.

 ARTICLE VII 

Representations and Warranties 

The Borrower represents and warrants to the Lenders that: 

SECTION 7.01. Organization; Powers. Each of the Borrower and the Restricted Subsidiaries is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its
business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such 

 

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power, authority, licenses, authorizations, consents, approvals and qualifications could not reasonably be expected to have a Material Adverse Effect. 

SECTION 7.02. Authority; Enforceability. The Transactions are within the Borrower’s and each Guarantor’s corporate
powers and have been duly authorized by all necessary corporate and, if required, stockholder action (including, without limitation, any action required to be taken by any class of directors of the Borrower or any other Person, whether interested or
disinterested, in order to ensure the due authorization of the Transactions). Each Loan Document to which the Borrower and each Guarantor is a party has been duly executed and delivered by the Borrower and such Guarantor and constitutes a legal,
valid and binding obligation of the Borrower and such Guarantor, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 7.03. Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing
with, or any other action by, any Governmental Authority or any other third Person (including shareholders or any class of directors, whether interested or disinterested, of the Borrower or any other Person), nor is any such consent, approval,
registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect other
than (i) the recording and filing of the Security Instruments as required by this Agreement and (ii) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, could not reasonably be
expected to have a Material Adverse Effect or do not have an adverse effect on the enforceability of the Loan Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other Organizational Documents of the
Borrower or any Restricted Subsidiary or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any Restricted Subsidiary or its
Properties, or give rise to a right thereunder to require any payment to be made by the Borrower or such Restricted Subsidiary and (d) will not result in the creation or imposition of any Lien on any Property of the Borrower or any Restricted
Subsidiary (other than the Liens created by the Loan Documents). 
 SECTION 7.04. Financial Condition; No Material Adverse
Change. 
 (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of
operations, stockholders’ equity and comprehensive income (loss), and cash flows (i) as of and for the fiscal year ended December 31, 2009, reported on by the Borrower’s independent public accountants and certified by its chief
financial officer and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2010, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the
financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject, in the case of unaudited financial statements, to year-end audit
adjustments and the absence of footnotes. 
  

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 (b) Since December 31, 2009, (i) there has been no event, development or
circumstance that has had or could reasonably be expected to have a Material Adverse Effect and (ii) the business of the Borrower and its Restricted Subsidiaries has been conducted only in the ordinary course consistent with past business
practices. 
 (c) Neither the Borrower nor any Restricted Subsidiary has on the date hereof any material Debt (including
Disqualified Stock) or any contingent liabilities, off-balance sheet liabilities or partnerships, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except as
referred to or reflected or provided for in the Financial Statements or otherwise disclosed to the Administrative Agent and the Lenders in writing. 

SECTION 7.05. Litigation. Except as set forth on Schedule 7.05, there are no actions, suits, investigations or proceedings by
or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any Restricted Subsidiary (i) not fully covered by insurance (except for normal
deductibles) as to which there is a reasonable possibility of an adverse determination that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve
any Loan Document or the Transactions. 
 SECTION 7.06. Environmental Matters. Except for such matters as set forth on
Schedule 7.06 or that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 

(a) the Borrower and the Subsidiaries and each of their respective Properties and operations thereon are, and within all applicable
statute of limitation periods have been, in compliance with all applicable Environmental Laws. 
 (b) the Borrower and the
Subsidiaries have obtained all Environmental Permits required for their respective operations and each of their Properties, with all such Environmental Permits being currently in full force and effect, and none of Borrower or the Subsidiaries has
received any written notice or otherwise has knowledge that any such existing Environmental Permit will be revoked or that any application for any new Environmental Permit or renewal of any existing Environmental Permit will be protested or denied.

 (c) there are no claims, demands, suits, orders, inquiries, or proceedings concerning any violation of, or any liability
(including as a potentially responsible party) under, any applicable Environmental Laws that is pending or, to Borrower’s knowledge, threatened against the Borrower or any Subsidiary or any of their respective Properties or as a result of any
operations at such Properties. 
 (d) none of the Properties of the Borrower or any Subsidiary contain or have contained any:
(i) underground storage tanks; (ii) asbestos-containing materials; (iii) landfills or dumps; (iv) hazardous waste management units as defined pursuant to RCRA or any comparable state law; or (v) sites on or nominated for the
National Priority List promulgated pursuant to CERCLA or any state remedial priority list promulgated or published pursuant to any comparable state law. 
  

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 (e) there has been no Release or, to the Borrower’s knowledge, threatened Release, of
Hazardous Materials at, on, under or from the Borrower’s or any Subsidiary’s Properties, there are no investigations, remediations, abatements, removals, or monitorings of Hazardous Materials required under applicable Environmental Laws at
such Properties and, to the knowledge of the Borrower, none of such Properties are adversely affected by any Release or threatened Release of a Hazardous Material originating or emanating from any other real property. 

(f) neither the Borrower nor any Subsidiary has received any written notice asserting an alleged liability or obligation under any
applicable Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials at, under, or Released or threatened to be Released from any real properties offsite the Borrower’s or
any Subsidiary’s Properties and there are no conditions or circumstances that could reasonably be expected to result in the receipt of such written notice. 

(g) there has been no exposure of any Person or Property to any Hazardous Materials as a result of or in connection with the operations
and businesses of any of the Borrower’s or the Subsidiaries’ Properties that could reasonably be expected to form the basis for a claim for damages or compensation. 

(h) The Borrower and the Subsidiaries have provided to the Lenders complete and correct copies of all environmental site assessment
reports, investigations, studies, analyses, and correspondence on environmental matters (including matters relating to any alleged non-compliance with or liability under Environmental Laws) that are in any of the Borrower’s or the
Subsidiaries’ possession or control and relating to their respective Properties or operations thereon. 
 SECTION 7.07.
Compliance with the Laws and Agreements; No Defaults. 
 (a) Each of the Borrower and each Restricted Subsidiary is in
compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental
authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b) Neither the Borrower nor any Restricted Subsidiary is in default nor has any event or circumstance occurred which, but for the
expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require the Borrower or a Restricted Subsidiary to redeem or make any offer to redeem under any indenture, note, credit agreement or
instrument (including, without limitation, the Indenture and the Second Lien Notes) pursuant to which any Material Indebtedness is outstanding or by which the Borrower or any Restricted Subsidiary or any of their Properties is bound. 

(c) No Default has occurred and is continuing. 

SECTION 7.08. Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment company” or a company
“controlled” by an “investment company,” 
  

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within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended. 

SECTION 7.09. Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports
required to have been filed by or with respect to it and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or
such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The charges, accruals
and reserves on the books of the Borrower and its Subsidiaries in respect of Taxes and other governmental charges are, in the reasonable opinion of the Borrower, adequate. No Tax Lien has been filed and, to the knowledge of the Borrower, no claim is
being asserted with respect to any such Tax or other such governmental charge. 
 SECTION 7.10. Employee Benefit Plans.

 (a) The Borrower, the Subsidiaries and each ERISA Affiliate have complied in all material respects with ERISA and, where
applicable, the Code regarding each Plan. 
 (b) Except as disclosed on Schedule 7.10, each Plan is, and has been, established
and maintained in substantial compliance with its terms, ERISA and, where applicable, the Code. 
 (c) No act, omission or
transaction has occurred which could result in imposition on the Borrower, any Subsidiary or any ERISA Affiliate (whether directly or indirectly) of (i) either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of
section 502 of ERISA or a tax imposed pursuant to Chapter 43 of Subtitle D of the Code or (ii) breach of fiduciary duty liability damages under section 409 of ERISA, except as where such penalty or damages would not have a Material Adverse
Effect. 
 (d) Full payment when due has been made of all amounts which the Borrower, the Subsidiaries or any ERISA Affiliate is
required under the terms of each Plan or applicable law to have paid as contributions to such Plan as of the date hereof, except where a failure would not have a Material Adverse Effect or any amount being contested in good faith and pursuant to
appropriate action being pursued diligently. 
 (e) Except as disclosed in Schedule 7.10, neither the Borrower, the Subsidiaries
nor any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare benefit plan, as defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities,
that may not be terminated by the Borrower, a Subsidiary or any ERISA Affiliate in its sole discretion at any time without any material liability. 

(f) Neither the Borrower, the Subsidiaries nor any ERISA Affiliate sponsors, maintains or contributes to, or has at any time in the
six-year period preceding the date hereof sponsored, maintained or contributed to, any employee pension benefit plan, as defined in section 3(2) of ERISA, that is subject to Title IV of ERISA, section 302 of ERISA or section 412 of the Code.

  

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 (g) Each Foreign Pension Plan is in compliance in all material respects with all
requirements of law applicable thereto and the respective requirements of the governing documents for such plan. With respect to each Foreign Pension Plan, none of the Borrower, its Affiliates or any of their respective directors, officers,
employees or agents has engaged in a transaction that could subject the Borrower or any Subsidiary, directly or indirectly, to a tax or civil penalty that could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect. With respect to each Foreign Pension Plan, reserves have been established in the financial statements furnished to the Lenders in respect of any unfunded liabilities in accordance with applicable law and prudent business practice or,
where required, in accordance with ordinary accounting practices in the jurisdiction in which such Foreign Pension Plan is maintained. The aggregate unfunded liabilities with respect to such Foreign Pension Plans could not reasonably be expected to
result in a Material Adverse Effect; the present value of the aggregate accumulated benefit liabilities of all such Foreign Pension Plans (based on those assumptions used to fund each such Foreign Pension Plan) did not, as of the last annual
valuation date applicable thereto, exceed by more than $25,000,000 the fair market value of the assets of all such Foreign Pension Plans. 

SECTION 7.11. Disclosure; No Material Misstatements. The Borrower has disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any of its Restricted Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrower or any Restricted Subsidiary to the Administrative Agent or any Lender or any of their Affiliates in connection
with the negotiation of this Agreement or any other Loan Document or delivered hereunder or under any other Loan Document (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time. There is no fact peculiar to the Borrower or any Restricted Subsidiary which could reasonably be expected to have a Material Adverse Effect or in
the future is reasonably likely to have a Material Adverse Effect and which has not been set forth in this Agreement or the Loan Documents or the other documents, certificates and statements furnished to the Administrative Agent or the Lenders by or
on behalf of the Borrower or any Restricted Subsidiary prior to, or on, the date hereof in connection with the transactions contemplated hereby. There are no statements or conclusions in any Reserve Report which are based upon or include misleading
information or fail to take into account material information regarding the matters reported therein, it being understood that projections concerning volumes attributable to the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries
and production and cost estimates contained in each Reserve Report are necessarily based upon professional opinions, estimates and projections and that the Borrower and the Restricted Subsidiaries do not warrant that such opinions, estimates and
projections will ultimately prove to have been accurate. 
 SECTION 7.12. Insurance. The Borrower has, and has caused all
of its Restricted Subsidiaries to have, (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements and all material agreements and (b) insurance coverage

  

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in at least amounts and against such risk (including, without limitation, public liability) that are usually insured against by companies similarly situated and engaged in the same or a similar
business for the assets and operations of the Borrower and its Restricted Subsidiaries. The Administrative Agent and the Lenders have been named as additional insureds in respect of such liability insurance policies and the Administrative Agent has
been named as loss payee with respect to Property loss insurance. 
 SECTION 7.13. Restriction on Liens. Neither the
Borrower nor any of the Restricted Subsidiaries is a party to any material agreement or arrangement, or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to the Administrative
Agent and the Lenders on or in respect of their Properties to secure the Indebtedness and the Loan Documents, other than the Indenture and the Intercreditor Agreement. 

SECTION 7.14. Subsidiaries; Foreign Operations. Except as set forth on Schedule 7.14 or as disclosed in writing to the
Administrative Agent (which shall promptly furnish a copy to the Lenders), which shall be a supplement to Schedule 7.14, the Borrower has no Subsidiaries and the Borrower has no Restricted Subsidiaries. Schedule 7.14 identifies each Subsidiary
as either Restricted or Unrestricted, and each Restricted Subsidiary on such schedule is a Wholly-Owned Subsidiary. 
 SECTION
7.15. Location of Business and Offices. The Borrower’s jurisdiction of organization is Texas; the name of the Borrower as listed in the public records of its jurisdiction of organization is ATP Oil & Gas Corporation; and the
organizational identification number of the Borrower in its jurisdiction of organization is 0120230900 (or, in each case, as set forth in a notice delivered to the Administrative Agent pursuant to Section 8.01 in accordance with
Section 12.01). The Borrower’s principal place of business and chief executive offices are located at the address specified in Section 12.01 (or as set forth in a notice delivered pursuant to Section 8.01 and in accordance with
Section 12.01). Each Restricted Subsidiary’s jurisdiction of organization, name as listed in the public records of its jurisdiction of organization, organizational identification number in its jurisdiction of organization, and the location
of its principal place of business and chief executive office is stated on Schedule 7.15 (or as set forth in a notice delivered pursuant to Section 8.01(e)(ii) in accordance with Section 12.01). 

SECTION 7.16. Properties; Titles, Etc. 

(a) Each of the Borrower and the Restricted Subsidiaries has good and defensible title to the Oil and Gas Properties evaluated in the
most recently delivered Reserve Report and good title to all its personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Permitted Liens, the Borrower or the
Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties shall not in any material
respect obligate the Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the
most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Borrower’s or such Restricted Subsidiary’s net 

 

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revenue interest in such Property. The quantum and nature of the interest of the Borrower and the Subsidiaries in and to the Oil and Gas Properties as set forth in each Reserve Report includes or
will include the entire interest of the Borrower and the Subsidiaries in such Oil and Gas Properties as of the date of such Reserve Report and are or will be complete and accurate in all material respects as of the date of such Reserve Report; and
there are no “back-in” or “reversionary” interests held by third parties which could reduce the interest of the Borrower and the Subsidiaries in such Oil and Gas Properties in any material respect, except as expressly set forth
or given effect to in such Reserve Report. 
 (b) All material licenses, leases and agreements necessary for the conduct of the
business of the Borrower and the Restricted Subsidiaries are valid and subsisting, in full force and effect, and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a
default under any such lease or leases, which could reasonably be expected to have a Material Adverse Effect. 
 (c) The rights
and Properties presently owned, leased or licensed by the Borrower and the Restricted Subsidiaries including, without limitation, all easements and rights of way, include all rights and Properties necessary to permit the Borrower and the Restricted
Subsidiaries to conduct their business in all material respects in the same manner as its business has been conducted prior to the date hereof. 

(d) All of the Properties of the Borrower and the Restricted Subsidiaries which are reasonably necessary for the operation of their
businesses are in good working condition and are maintained in accordance with prudent business standards. 
 (e) The Borrower
and each Restricted Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual Property material to its business, and the use thereof by the Borrower and such Restricted Subsidiary does not
infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower and its Restricted Subsidiaries either own
or have valid licenses or other rights to use all databases, geological data, geophysical data, engineering data, seismic data, maps, interpretations and other technical information used in their businesses as presently conducted, subject to the
limitations contained in the agreements governing the use of the same, which limitations are customary for companies engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not reasonably be expected
to have a Material Adverse Effect. 
 SECTION 7.17. Maintenance of Properties. Except for such acts or failures to act as
could not be reasonably expected to have a Material Adverse Effect, the Oil and Gas Properties (and Properties unitized therewith) of the Borrower and its Restricted Subsidiaries have been maintained, operated and developed in a good and workmanlike
manner and in conformity with all Governmental Requirements and in conformity with the provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements forming a part of the Oil
and Gas Properties of the Borrower and its Restricted Subsidiaries. Specifically in connection with the foregoing, except for those as could not be reasonably expected to have a Material Adverse Effect, (i) no Oil and Gas Property of the

  

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Borrower or any Restricted Subsidiary is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any
overproduction (whether or not the same was permissible at the time) and (ii) none of the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith) of the Borrower or any Restricted Subsidiary is deviated from the
vertical more than the maximum permitted by Governmental Requirements, and such wells are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties (or in the case of wells located on
Properties unitized therewith, such unitized Properties) of the Borrower or such Restricted Subsidiary. All pipelines, wells, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the
Borrower or any of its Restricted Subsidiaries that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations, and with respect to such of the foregoing which are operated by the Borrower or any
of its Restricted Subsidiaries, in a manner consistent with the Borrower’s or its Restricted Subsidiaries’ past practices (other than those the failure of which to maintain in accordance with this Section 7.17 could not reasonably be
expected to have a Material Adverse Effect). 
 SECTION 7.18. Prepayments. Except as set forth on Schedule 7.18 or on the
most recent Reserve Report Certificate, on a net basis there are no take or pay or other prepayments which would require the Borrower or any of its Restricted Subsidiaries to deliver Hydrocarbons produced from their Oil and Gas Properties at some
future time without then or thereafter receiving full payment therefor. 
 SECTION 7.19. Marketing of Production. Except
for contracts listed on Schedule 7.19 and in effect on the date hereof, and thereafter either disclosed in writing to the Administrative Agent or included in the most recently delivered Reserve Report (with respect to all of which contracts the
Borrower represents that it or its Restricted Subsidiaries are receiving a price for all production sold thereunder which is computed substantially in accordance with the terms of the relevant contract and are not having deliveries curtailed
substantially below the subject Property’s delivery capacity), no material agreements exist which are not cancelable on 60 days notice or less without penalty or detriment for the sale of production from the Borrower’s or its Restricted
Subsidiaries’ Hydrocarbons (including, without limitation, calls on or other rights to purchase, production, whether or not the same are currently being exercised) that (a) pertain to the sale of production at a fixed price and
(b) have a maturity or expiry date of longer than six months from the date hereof. 
 SECTION 7.20. Swap Agreements.
Schedule 7.20, as of the date hereof, sets forth, a true and complete list of all Swap Agreements of the Borrower and each Restricted Subsidiary, the material terms thereof (including, without limitation, the type, term, effective date, termination
date and notional amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including, without limitation, any margin required or supplied) and the counterparty to each such agreement. 

SECTION 7.21. Use of Loans. The proceeds of the Loans shall be used to pay fees and expenses incurred in connection with this
Agreement and the Loan Documents, to provide working capital for exploration and production operations and for general corporate purposes. The Borrower and its Subsidiaries are not engaged principally, or as one of its or their

  

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important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or
X of the Board). No part of the proceeds of any Loan will be used for any purpose which violates the provisions of Regulations T, U or X of the Board. 

SECTION 7.22. Solvency. After giving effect to the transactions contemplated hereby, (a) the aggregate assets (after giving
effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any similar arrangement), at a fair valuation, of the Borrower and the Guarantors, taken as a whole, will exceed the aggregate Debt of the Borrower and
the Guarantors on a consolidated basis, as the Debt becomes absolute and matures, (b) each of the Borrower and the Guarantors will not have incurred or intended to incur, and will not believe that it will incur, Debt beyond its ability to pay
such Debt (after taking into account the timing and amounts of cash to be received by each of the Borrower and the Guarantors and the amounts to be payable on or in respect of its liabilities, and giving effect to amounts that could reasonably be
received by reason of indemnity, offset, insurance or any similar arrangement) as such Debt becomes absolute and matures and (c) each of the Borrower and the Guarantors will not have (and will have no reason to believe that it will have
thereafter) unreasonably small capital for the conduct of its business. 
 SECTION 7.23. Foreign Corrupt Practices.
Neither the Borrower nor any of its Subsidiaries, nor any director, officer, agent, employee or Affiliate of the Borrower or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a material
violation by such Persons of the FCPA, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any
money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for
foreign political office, in contravention of the FCPA; and, the Borrower, its Subsidiaries and its and their Affiliates have conducted their business in material compliance with the FCPA and have instituted and maintain policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 
 SECTION 7.24.
Money Laundering. The operations of the Borrower and its Subsidiaries are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements of the Money Laundering Laws, and no
action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Borrower or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the
Borrower, threatened. 
 SECTION 7.25. OFAC. Neither the Borrower nor any of its Subsidiaries, nor any director, officer,
agent, employee or Affiliate of the Borrower or any of its Subsidiaries is currently subject to any material U.S. sanctions administered by OFAC, and the Borrower will not directly or indirectly use the proceeds from the Loans or lend, contribute or
otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC. 

 

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 ARTICLE VIII 

Affirmative Covenants 

Until the Commitments have terminated and the principal of and interest on each Loan and all fees payable hereunder and all other amounts
payable under the Loan Documents (other than contingent indemnification obligations) shall have been paid in full, the Borrower covenants and agrees with the Lenders that: 

SECTION 8.01. Financial Statements; Other Information. 

(a) The Borrower shall deliver to the Administrative Agent, within 120 days after the end of each of its fiscal years, an Officer’s
Certificate (provided, however, that one of the signatories to each such Officer’s Certificate must state that he or she is the Borrower’s principal executive officer, principal financial officer or principal accounting
officer), as to such Officer’s knowledge, without independent investigation, of the Borrower’s compliance with all conditions and covenants under this Agreement (without regard to any period of grace or requirement of notice provided under
this Agreement) and in the event any Default or Event of Default under this Agreement exists, such Officer’s Certificate shall specify the nature of such Default or Event of Default. Each such Officer’s Certificate shall also notify the
Administrative Agent should the Borrower elect to change the manner in which it fixes its fiscal year end. 
 (b) Whether or not
the Borrower is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, to the extent not prohibited by the Exchange Act, the Borrower will make available to the Administrative Agent and the Lenders, the
annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that are specified in Sections 13 and 15(d) of the Exchange Act and applicable to
a U.S. corporation within the time periods specified therein with respect to an accelerated filer. In the event that the Borrower is not permitted to file such reports, documents and information with the SEC pursuant to the Exchange Act, the
Borrower will nevertheless make available such Exchange Act information to the Administrative Agent as if the Borrower were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act within the time periods specified
therein with respect to a non-accelerated filer. The availability of the foregoing materials on the SEC’s website or on the Borrower’s website shall be deemed to satisfy the foregoing delivery obligations. 

(c) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the annual
financial statements delivered pursuant to paragraph (b) above shall be accompanied by a written report of the Borrower’s independent certified public accountants (who shall be a firm of established national reputation) stating
(A) that their audit examination has included a review of the terms of this Agreement and the Indebtedness hereunder as they relate to accounting matters, and (B) whether, in connection with their audit examination, any Default or Event of
Default has come to their attention and if such a Default or Event of Default has come to their attention, specifying the nature and period of existence thereof; provided, however, that, without any restriction as to the scope of the
audit examination, such independent certified public accountants shall not be liable by reason of any failure to obtain knowledge of any such Default or Event of Default that would not be disclosed

  

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in the course of an audit examination conducted in accordance with generally accepted auditing standards. 

(d) (i) If any Default or Event of Default has occurred and is continuing or (ii) if the Administrative Agent seeks to exercise
any remedy under this Agreement with respect to a claimed Default or Event of Default under this Agreement, the Borrower shall promptly, and in any event within five days after a Responsible Officer becoming aware thereof, deliver notice thereof to
the Administrative Agent, at its address set forth in Section 12.01 hereof, by registered or certified mail or by facsimile transmission followed by hard copy by registered or certified mail, accompanied by an Officer’s Certificate setting
forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto 

(e) The Borrower will furnish to the Administrative Agent and each Lender: 

(i) Notice of Casualty Events. Prompt written notice, and in any event within three Business Days, of the occurrence of any
Casualty Event or the commencement of any action or proceeding that could reasonably be expected to result in a Casualty Event. 

(ii) Information Regarding Borrower and Guarantors. Prompt written notice (and in any event within 30 days prior thereto) of any
change (A) in the Borrower or any Guarantor’s corporate name or in any trade name used to identify such Person in the conduct of its business or in the ownership of its Properties, (B) in the location of the Borrower or any
Guarantor’s chief executive office or principal place of business, (C) in the Borrower or any Guarantor’s identity or corporate structure or in the jurisdiction in which such Person is incorporated or formed, (D) in the Borrower
or any Guarantor’s jurisdiction of organization or such Person’s organizational identification number in such jurisdiction of organization, and (E) in the Borrower or any Guarantor’s federal taxpayer identification number.

 (iii) Notices of Certain Changes. Promptly, but in any event within five Business Days after the execution thereof,
copies of any amendment, modification or supplement to the Organizational Documents, any preferred stock designation or any other organic document of the Borrower or any Subsidiary. 

(iv) Other Requested Information. Promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of the Borrower or any Subsidiary (including, without limitation, any Plan and any reports or other information required to be filed with respect thereto under the Code or under ERISA), or compliance with the
terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request. 
 SECTION
8.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of (a) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation
or arbitration by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof not previously disclosed in writing to the Lenders or any material adverse development in any action, suit, proceeding,
investigation or arbitration (whether or not 
  

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previously disclosed to the Lenders) that, in either case, if adversely determined, could reasonably be expected to result in a Material Adverse Effect and (b) any other development that
results in, or could reasonably be expected to result in, a Material Adverse Effect. 
 SECTION 8.03. Organizational
Existence. The Borrower shall do or cause to be done, at its own cost and expense, all things necessary to preserve and keep in full force and effect its organizational existence and the organizational existence of each of its Restricted
Subsidiaries in accordance with the respective Organizational Documents of each such Restricted Subsidiary and the material rights (charter and statutory) and franchises of the Borrower and each such Restricted Subsidiary; provided,
however, that the Borrower shall not be required to preserve, with respect to itself, any material right or franchise and, with respect to any of its Restricted Subsidiaries, any such existence, material right or franchise, if the Board of
Directors of the Borrower shall determine in good faith that the preservation thereof is no longer desirable in the conduct of the business of the Borrower and its Subsidiaries, taken as a whole. 

SECTION 8.04. Payment of Taxes and Other Claims. The Borrower shall pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (i) all material Taxes, assessments and governmental charges (including withholding taxes and any penalties, interest and additions to taxes) levied or imposed upon it or any of its Restricted Subsidiaries or
properties of it or any of its Restricted Subsidiaries and (ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of the Borrower or any of the Restricted Subsidiaries;
provided, however, that the Borrower shall not be required to pay or discharge or cause to be paid or discharged any such Tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by
appropriate negotiations or proceedings properly instituted and diligently conducted for which adequate reserves, to the extent required under GAAP, have been taken. 

SECTION 8.05. Performance of Obligations under Loan Documents. The Borrower will pay the Indebtedness (including the Notes
according to the reading, tenor and effect thereof) pursuant to the terms hereof, and the Borrower will, and will cause each Restricted Subsidiary to, do and perform every act and discharge all of the obligations to be performed and discharged by
them under the Loan Documents, including, without limitation, this Agreement, at the time or times and in the manner specified. 

SECTION 8.06. Maintenance of Properties. The Borrower shall, and shall cause each of the Restricted Subsidiaries to, maintain all
properties used or useful in the conduct of its business in good working order and condition (subject to ordinary wear and tear) and make all necessary repairs, renewals, replacements, additions, betterments and improvements thereto and actively
conduct and carry on its business; provided, however, that nothing in this Section 8.06 shall prevent the Borrower or any of the Restricted Subsidiaries from discontinuing the operation and maintenance of any of its properties, if
such discontinuance is (i) in the ordinary course of business pursuant to customary business terms or (ii) in the good faith judgment of the respective Boards of Directors or other governing body of the Borrower or such Restricted
Subsidiary, as the case may be, desirable in the conduct of their respective businesses and is not disadvantageous in any material respect to the Lenders. 
  

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 SECTION 8.07. Insurance. The Borrower shall provide or cause to be provided, for
itself and each of the Restricted Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds that, in the good faith judgment of the Borrower, are adequate and appropriate for the conduct of the business of
the Borrower and its Restricted Subsidiaries in a prudent manner, with reputable insurers or with the government of the United States of America, Canada or an agency or instrumentality thereof, in such amounts, with such deductibles, and by such
methods as shall be customary, in the good faith judgment of the Borrower, for companies similarly situated in the industry. The loss payable clauses or provisions in said insurance policy or policies insuring any of the collateral for the Loans
shall be endorsed in favor of and made payable to the Administrative Agent as its interests may appear and such policies shall name the Administrative Agent and the Lenders as “additional insureds” and provide that the insurer will
endeavor to give at least 30 days (or 10 days as to any failure to pay premium) prior notice of any cancellation to the Administrative Agent. Any such insurance policies may also cover risks attributable to the assets and operations of Unrestricted
Subsidiaries, and in such event, the loss payable clauses or provisions may name parties other than the Administrative Agent as “additional insureds” as such other parties’ interests may appear in respect of such loss. 

SECTION 8.08. Books and Records; Inspection Rights. The Borrower will, and will cause each Restricted Subsidiary to, keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each Restricted Subsidiary to, permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice and during normal business hours, to visit and inspect its Properties, to examine and make extracts from its books and records, and to discuss its affairs, finances
and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 

SECTION 8.09. Compliance with Laws. The Borrower shall comply, and shall cause each of its Restricted Subsidiaries to comply, with
all applicable statutes, rules, regulations, orders and restrictions of the United States of America, all states and municipalities thereof, and of any governmental department, commission, board, regulatory authority, bureau, agency and
instrumentality of the foregoing, in respect of the conduct of its respective businesses and the ownership of its respective properties, except for such noncompliance as could not singly or in the aggregate reasonably be expected to have a Material
Adverse Effect. 
 SECTION 8.10. Environmental Matters. 

(a) The Borrower shall at its sole expense: (i) comply, and shall cause its Properties and operations and each Restricted Subsidiary
and each Restricted Subsidiary’s Properties and operations to comply, with all applicable Environmental Laws, the breach of which could be reasonably expected to have a Material Adverse Effect; (ii) not Release or threaten to Release, and
shall cause each Restricted Subsidiary not to Release or threaten to Release, any Hazardous Material on, under, about or from any of the Borrower’s or its Subsidiaries’ Properties or any other property offsite the Property to the extent
caused by the Borrower’s or any of its Subsidiaries’ operations except in compliance with applicable Environmental Laws, the Release or threatened Release of which could reasonably be expected

  

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to have a Material Adverse Effect; (iii) timely obtain or file, and shall cause each Subsidiary to timely obtain or file, all Environmental Permits, if any, required under applicable
Environmental Laws to be obtained or filed in connection with the operation or use of the Borrower’s or its Subsidiaries’ Properties, which failure to obtain or file could reasonably be expected to have a Material Adverse Effect;
(iv) promptly commence and diligently prosecute to completion, and shall cause each Subsidiary to promptly commence and diligently prosecute to completion, any assessment, evaluation, investigation, monitoring, containment, cleanup, removal,
repair, restoration, remediation or other remedial obligations (collectively, the “Remedial Work”) in the event any Remedial Work is required or reasonably necessary under applicable Environmental Laws because of or in connection
with the actual or suspected past, present or future Release or threatened Release of any Hazardous Material on, under, about or from any of the Borrower’s or its Subsidiaries’ Properties, which failure to commence and diligently prosecute
to completion could reasonably be expected to have a Material Adverse Effect; (v) conduct, and cause its Subsidiaries to conduct, their respective operations and businesses in a manner that will not expose any Property or Person to Hazardous
Materials that could reasonably be expected to form the basis for a claim for damages or compensation; and (vi) establish and implement, and shall cause each Subsidiary to establish and implement, such procedures as may be necessary to
continuously determine and assure that the Borrower’s and its Subsidiaries’ obligations under this Section 8.10 (a) are timely and fully satisfied, which failure to establish and implement could reasonably be expected to have a
Material Adverse Effect. 
 (b) The Borrower will promptly, but in no event later than five Business Days following the
occurrence of a triggering event, notify the Administrative Agent and the Lenders in writing of any threatened action, investigation or inquiry by any Governmental Authority or any threatened demand or lawsuit by any Person against the Borrower or
its Subsidiaries or their Properties of which the Borrower has knowledge in connection with any Environmental Laws if the Borrower could reasonably anticipate that such action will result in liability (whether individually or in the aggregate) that
would have a Material Adverse Effect. 
 (c) The Borrower will, and will cause each Subsidiary to, provide environmental
assessments, audits and tests in accordance with the most current version of the American Society of Testing Materials standards upon request by the Administrative Agent and the Lenders and no more than once per year in the absence of any Event of
Default (or as otherwise required to be obtained by the Administrative Agent or the Lenders by any Governmental Authority), in connection with any future acquisitions of Oil and Gas Properties or other Properties. 

SECTION 8.11. Further Assurances. 

(a) The Borrower at its sole expense will, and will cause each Restricted Subsidiary to, promptly execute and deliver to the
Administrative Agent all such other documents, agreements and instruments reasonably requested by the Administrative Agent to comply with, cure any defects or accomplish the conditions precedent, covenants and agreements of the Borrower or any
Restricted Subsidiary, as the case may be, in the Loan Documents, including the Notes, or to further evidence and more fully describe the collateral intended as security for the Indebtedness, or to correct any omissions in this Agreement or the
Security Instruments, or to state more fully the obligations secured therein, or to perfect, protect or 
  

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preserve any Liens created pursuant to this Agreement or any of the Security Instruments or the priority thereof, or to make any recordings, file any notices or obtain any consents, all as may be
reasonably necessary or appropriate, in the sole discretion of the Administrative Agent, in connection therewith. 
 (b) The
Borrower hereby authorizes the Administrative Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Mortgaged Property without the signature of the Borrower or any other Guarantor
where permitted by law. A carbon, photographic or other reproduction of the Security Instruments or any financing statement covering the Mortgaged Property or any part thereof shall be sufficient as a financing statement where permitted by law.

 SECTION 8.12. Reserve Reports. 

(a) On or before April 1st and October 1st of each year, commencing October 1, 2010, the Borrower shall furnish to the
Administrative Agent and the Lenders a Reserve Report evaluating the oil and gas reserves attributable to the Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as of the immediately preceding December 31 and June 30,
respectively. The Reserve Report as of December 31 of each year shall be prepared by one or more Approved Petroleum Engineers, and the June 30 Reserve Report of each year shall be prepared by or under the supervision of the chief engineer
of the Borrower who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding December 31 Reserve Report. 

(b) [Reserved]. 

(c) With the delivery of each Reserve Report, the Borrower shall provide to the Administrative Agent and the Lenders a Reserve Report
Certificate certifying that in all material respects: (i) the information contained in the Reserve Report and any other information delivered in connection therewith is true and correct, (ii) the Borrower or its Restricted Subsidiaries
owns good and defensible title to the Oil and Gas Properties evaluated in such Reserve Report and such Properties are free of all Liens except for Liens permitted by Section 9.03, (iii) except as set forth on an exhibit to the certificate,
on a net basis there are no take or pay or other prepayments, with respect to its Oil and Gas Properties evaluated in such Reserve Report which would require the Borrower or any Restricted Subsidiary to deliver Hydrocarbons either generally or
produced from such Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor, (iv) none of their Oil and Gas Properties have been sold since the date of the last Reserve Report except as set forth on
an exhibit to the certificate, which certificate shall list all of its Oil and Gas Properties sold and in such detail as reasonably required by the Administrative Agent, (v) attached to the certificate is a list of all marketing agreements
entered into subsequent to the later of the date hereof or the most recently delivered Reserve Report which the Borrower could reasonably be expected to have been obligated to list on Schedule 7.19 had such agreement been in effect on the date
hereof and (vi) attached thereto is a schedule of the Oil and Gas Properties evaluated by such Reserve Report that are Mortgaged Properties and demonstrating the percentage of the PV-10 Value of the Oil and Gas Properties that the value of such
Mortgaged Properties represent in compliance with Section 8.14(a). 
  

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 SECTION 8.13. Title Information. 

(a) Within 60 days following the request of the Administrative Agent, the Borrower will deliver title information in form and substance
acceptable to the Administrative Agent covering enough of the Oil and Gas Properties evaluated by the Reserve Report most recently delivered pursuant to Section 8.12 so that the Administrative Agent shall have received together with title
information previously delivered to the Administrative Agent, satisfactory title information on at least 80% of the PV-10 Value of the Oil and Gas Properties evaluated by such Reserve Report and located in, or in U.S. Federal waters adjacent to, the
United States. 
 (b) If the Borrower has provided title information for additional Properties under Section 8.13(a), the
Borrower shall, within 60 days of notice from the Administrative Agent that title defects or exceptions exist with respect to such additional Properties, either (i) cure any such title defects or exceptions (including defects or exceptions as
to priority) which are not permitted by Section 9.03 raised by such information, (ii) substitute acceptable Mortgaged Properties with no title defects or exceptions except for Permitted Liens (other than Permitted Liens described in
clauses (k), (e) and (i) of such definition) having an equivalent value or (iii) deliver title information in form and substance acceptable to the Administrative Agent so that the Administrative Agent shall have received, together
with title information previously delivered to the Administrative Agent, satisfactory title information on at least 80% of the PV-10 Value of the Oil and Gas Properties evaluated by such Reserve Report and located in, or in U.S. Federal waters
adjacent to, the United States. 
 SECTION 8.14. Additional Collateral; Additional Guarantors. 

(a) If as of the date of delivery of any Reserve Report in accordance with Section 8.12 the Mortgaged Properties do not represent at
least 80% of the total PV-10 Value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report and located in, or in U.S. Federal waters adjacent to, the United States, after giving effect to exploration and production
activities, acquisitions, dispositions and production, then the Borrower shall, and shall cause its Restricted Subsidiaries to, grant, within 30 days, to the Administrative Agent as security for the Indebtedness a first-priority Lien interest
(provided that Permitted Liens may exist, but subject to the provisos at the end of such definition) on additional Oil and Gas Properties not already subject to a Lien of the Security Instruments such that after giving effect thereto, the
Mortgaged Properties will represent at least 80% of such PV-10 Value of the Oil and Gas Properties located in, or in U.S. Federal waters adjacent to, the United States. All such Liens will be created and perfected by and in accordance with the
provisions of deeds of trust, security agreements and financing statements or other Security Instruments, all in form and substance reasonably satisfactory to the Administrative Agent and in sufficient executed (and acknowledged where necessary or
appropriate) counterparts for recording purposes. In order to comply with the foregoing, if any Restricted Subsidiary places a Lien on its Oil and Gas Properties and such Restricted Subsidiary is not a Guarantor, then it shall become a Guarantor and
comply with Section 8.14(b). 
 (b) In the event that (i) the Borrower determines that any Restricted Subsidiary is a
Material Domestic Subsidiary or (ii) any Domestic Subsidiary (other than an Unrestricted Subsidiary) incurs or Guarantees any Debt, the Borrower shall promptly cause such Restricted 

 

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Subsidiary to Guarantee the Indebtedness pursuant to the Guarantee and Collateral Agreement. In connection with any such guaranty, the Borrower shall, or shall cause such Restricted Subsidiary
to, (A) execute and deliver a supplement to the Guarantee and Collateral Agreement executed by such Subsidiary, (B) pledge all of the Capital Stock of such Subsidiary (including, without limitation, delivery of original stock certificates
evidencing the Capital Stock of such Subsidiary, together with an appropriate undated stock powers for each certificate duly executed in blank by the registered owner thereof) owned by the Borrower or such Material Domestic Subsidiary and
(C) execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 

(c) In the event that the Borrower or any Domestic Subsidiary becomes the owner of a Material Foreign Subsidiary, then the Borrower shall
promptly, or shall cause such Domestic Subsidiary to promptly, pledge Capital Stock representing 65% of the total combined voting power of all classes of stock entitled to vote and 100% of any other class of stock of such Material Foreign Subsidiary
(including, without limitation, delivery of original stock certificates evidencing such Capital Stock of such Material Foreign Subsidiary, together with appropriate stock powers for each certificate duly executed in blank by the registered owner
thereof) owned by the Borrower or such Domestic Subsidiary and execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 

(d) The Borrower agrees that it will not, and will not permit any Subsidiary to, grant a Lien on any Property to secure the Second Lien
Notes, except for such Liens granted on or before the date hereof, without first (i) giving fifteen days’ prior written notice to the Administrative Agent thereof and (ii) granting to the Administrative Agent to secure the
Indebtedness a first-priority, perfected Lien on this same Property pursuant to Security Instruments in form and substance satisfactory to the Administrative Agent and, so long as the Initial Lenders constitute the Majority Lenders, the Majority
Lenders. In connection therewith, the Borrower shall, or shall cause its Subsidiaries to, execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent and,
so long as the Initial Lenders constitute the Majority Lenders, the Majority Lenders. 
 (e) In the event that the Borrower
shall, or shall cause a Restricted Subsidiary to, register and/or document any of its floating infrastructure assets, including, without limitation, the ATP Titan and related assets or the ATP Octabuoy and related assets, but excluding any
infrastructure assets held by Unrestricted Subsidiaries, as a vessel in the ownership of the Borrower or such Restricted Subsidiary under the laws and flag of the United States or any other jurisdiction, then the Borrower shall, and shall cause such
Restricted Subsidiaries to, promptly execute as security for the Indebtedness a first preferred ship mortgage for each such vessel, in a form satisfactory to the Administrative Agent. 

SECTION 8.15. ERISA Compliance. The Borrower will promptly furnish and will cause the Subsidiaries and any ERISA Affiliate to
promptly furnish to the Administrative Agent (i) promptly after the filing thereof with the United States Secretary of Labor or the Internal Revenue Service, copies of each annual and other report with respect to each Plan or any trust created
thereunder, and (ii) immediately upon becoming aware of the occurrence of any 
  

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non-exempt “prohibited transaction,” as described in section 406 of ERISA or in section 4975 of the Code, in connection with any Plan or any trust created thereunder, a written notice
signed by a Responsible Officer of the Borrower, the Subsidiary or the ERISA Affiliate, as the case may be, specifying the nature thereof, what action the Borrower, the Subsidiary or the ERISA Affiliate is taking or proposes to take with respect
thereto, and, when known, any action taken or proposed by the Internal Revenue Service or the Department of Labor with respect thereto. 

SECTION 8.16. Capital Stock in Infrastructure Subsidiaries. The Borrower shall, and shall cause each Restricted Subsidiary to,
pledge all of the Capital Stock owned directly by such Person in any first-tier Infrastructure Subsidiary to the Administrative Agent to secure the Indebtedness. 

ARTICLE IX 

Negative Covenants 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder and all
other amounts payable under the Loan Documents (other than contingent indemnification obligations) have been paid in full, the Borrower covenants and agrees with the Lenders that: 

SECTION 9.01. [Reserved]. 

SECTION 9.02. Debt. The Borrower will not, and will not permit any Restricted Subsidiary to, incur, create, assume or suffer to
exist any Debt and the Borrower will not permit any Restricted Subsidiary to issue any Preferred Stock, except: 
 (a)
Indebtedness created hereunder or under the other Loan Documents. 
 (b) Guarantees by the Borrower or any Guarantor of Debt of
the Borrower or any Guarantor, as the case may be, Incurred in accordance with the provisions of this Agreement; provided that in the event that such Debt is a Subordinated Obligation of the Borrower or a Guarantor, the related Guarantee
shall be subordinated in right of payment to the Indebtedness arising under the Loan Documents to at least the same extent as such Debt. 

(c) Debt of the Borrower owing to and held by any Restricted Subsidiary or Debt of a Restricted Subsidiary owing to and held by the
Borrower or any Restricted Subsidiary or between Restricted Subsidiaries to the extent permitted by Section 9.04; provided that any subsequent issuance or transfer of Capital Stock or any other event (including the sale or other transfer
of any such Debt to a Person other than the Borrower or a Restricted Subsidiary) that results in any such Debt being owed to a Person other than the Borrower or a Restricted Subsidiary shall be deemed to constitute an Incurrence of such Debt by the
Borrower or such Restricted Subsidiary. 
 (d) The Second Lien Notes and any Guarantees thereof and any Permitted Refinancing
Debt in respect thereof; provided that such Debt and the holders thereof shall be at all times subject to and in compliance with the Intercreditor Agreement. 

 

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 (e) Debt of a Person that becomes a Restricted Subsidiary or is acquired by or merged into
the Borrower or a Restricted Subsidiary in accordance with the provisions of this Agreement outstanding on the date on which such Person became a Restricted Subsidiary or was acquired by or merged into the Borrower or a Restricted Subsidiary, other
than Debt Incurred (i) to provide all or any portion of the funds utilized to consummate the transaction (or related series of transactions) pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by or merged
into the Borrower or a Restricted Subsidiary or (ii) otherwise in connection with, or in contemplation of, such acquisition, so long as at the time such Person becomes a Restricted Subsidiary or is acquired by or merged into the Borrower or a
Restricted Subsidiary and after giving effect to the Incurrence of such Debt pursuant to this paragraph (e), the Borrower would have been able to Incur at least $1.00 of additional Debt pursuant to paragraph (n) below. 

(f) Debt Incurred by the Borrower or any Restricted Subsidiary pursuant to Capitalized Lease Obligations, Synthetic Lease Obligations,
mortgage financings and purchase money obligations, in each case Incurred to finance all or any portion of the purchase price or cost of construction or improvements or carrying costs of property used in the business of the Borrower or such
Restricted Subsidiary, and Permitted Refinancing Debt in respect thereof, in an aggregate principal amount not to exceed $60,000,000 at any one time outstanding. 

(g) Permitted Acquisition Debt. 

(h) Debt in the form of workers’ compensation claims, payment obligations in respect of health or other types of social security
benefits, unemployment or other insurance or self-insurance obligations, reclamation, statutory obligations, bankers’ acceptances, bid, appeal, reimbursement, performance, surety and similar bonds and completion Guarantees provided by the
Borrower or a Restricted Subsidiary in the ordinary course of business and any Guarantees or letters of credit functioning as or supporting any of the foregoing bonds or obligations or other similar obligations in the ordinary course of business and
consistent with past practice (in each case, other than for an obligation for money borrowed). 
 (i) Debt, including Permitted
Refinancing Debt, Incurred by a Foreign Subsidiary in an aggregate principal amount not to exceed an amount equal to 10.0% of such Foreign Subsidiary’s Adjusted Consolidated Net Tangible Assets at any time outstanding. 

(j) Capital Stock (other than Disqualified Stock) of the Borrower or any of the Guarantors. 

(k) Cash-Pay Preferred issued by the Borrower so long as at the time of and after giving effect to the issuance of such Cash-Pay
Preferred, the Borrower would have been able to Incur at least $1.00 of additional Debt pursuant to paragraph (n) below. 

(l) Debt Incurred after the Closing Date by a wholly-owned Foreign Subsidiary pursuant to vendor financings for the construction of the
ATP Octabuoy and related assets and an unsecured Guarantee thereof by the Borrower not to exceed $250,000,000 in the aggregate at any time outstanding; provided, however, that in the event that such Foreign Subsidiary shall cease to be
a Wholly-Owned Subsidiary, any such Guarantee of such Debt by the Borrower shall be 
  

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deemed to be an Incurrence of Debt by the Borrower that is not permitted pursuant to this paragraph (l). 

(m) Other Debt in an aggregate principal amount outstanding not to exceed the greater of (i) $50,000,000 and (ii) 1.25% of the
Borrower’s Adjusted Consolidated Net Tangible Assets, determined on a pro forma basis after giving effect to the Incurrence of such Debt and the application of the proceeds thereof. 

(n) Other Debt of the Borrower or any Guarantor and the issuance of any Preferred Stock by any Restricted Subsidiary if, at the time of
and after giving effect to the Incurrence of such Debt or the issuance of such Preferred Stock, the Consolidated Coverage Ratio is at least 2.50 to 1.00. 

For purposes of determining compliance with, and the outstanding principal amount of any particular Debt Incurred pursuant to and in
compliance with, this Section 9.02: 
 (i) in the event an item of that Debt meets the criteria of more than one of the
types of Debt described in the first and second paragraphs of this Section 9.02, the Borrower, in its sole discretion, will classify such item of Debt on the date of Incurrence and, subject to clause (ii) below may later classify,
reclassify or redivide all or a portion of such item of Debt, in any manner that complies with this Section 9.02; 
 (ii)
Guarantees of, or obligations in respect of letters of credit supporting, Debt which is otherwise included in the determination of a particular amount of Debt shall not be included; 

(iii) if obligations in respect of letters of credit are Incurred pursuant to a credit facility and are being treated as Incurred
pursuant to clause (i) of the second paragraph above and the letters of credit relate to other Debt, then such other Debt shall not be included; 

(iv) the principal amount of any Disqualified Stock of the Borrower or a Restricted Subsidiary, or Preferred Stock of a Restricted
Subsidiary that is not a Subsidiary Guarantor, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof;

 (v) Debt permitted by this Section 9.02 need not be permitted solely by reference to one provision permitting such Debt
but may be permitted in part by one such provision and in part by one or more other provisions of this Section 9.02 permitting such Debt; and 

(vi) the amount of Debt issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in
respect thereof determined in accordance with GAAP. 
 Accrual of interest, accrual of dividends, the amortization of debt
discount or the accretion of accreted value, the payment of interest in the form of additional Debt, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock and

  

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unrealized losses or charges in respect of Hedging Obligations (including those resulting from the application of Statement of Financial Accounting Standard No. 133) will not be deemed to be
an Incurrence of Debt for purposes of this Section 9.02. The amount of any Debt outstanding as of any date shall be (i) the accreted value thereof in the case of any Debt issued with original issue discount and (ii) the principal
amount or liquidation preference thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Debt. 

If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Debt of such Subsidiary shall be deemed to be Incurred by
a Restricted Subsidiary as of such date (and, if such Debt is not permitted to be Incurred as of such date under this Section 9.02, the Borrower shall be in Default of this Section 9.02). 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Debt, the U.S. dollar-equivalent
principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred, in the case of term Debt, or first committed, in the case of revolving credit
Debt; provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Debt does not exceed the principal amount of such Debt
being refinanced. Notwithstanding any other provision of this Section 9.02, the maximum amount of Debt that the Borrower may Incur pursuant to this Section 9.02 shall not be deemed to be exceeded solely as a result of fluctuations in the
exchange rate of currencies. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies
in which such Refinancing Debt is denominated that is in effect on the date of such refinancing. This Agreement will not treat (1) unsecured Debt as subordinated or junior to secured Debt merely because it is unsecured or (2) senior Debt
as subordinated or junior to any other senior Debt merely because it has a junior priority with respect to the same collateral. 

SECTION 9.03. Liens. The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly,
create, Incur or suffer to exist (i) any Lien on any asset or property that is not Collateral of the Borrower or such Restricted Subsidiary securing Debt unless the Loans are equally and ratably secured with (or on a senior basis to, in the
case of obligations subordinated in right of payment to the Loans) the obligations so secured or (ii) any Lien on any asset or property that is Collateral. 

The preceding paragraph shall not prohibit Permitted Liens nor shall it require the Borrower or any Restricted Subsidiary of the Borrower to secure the
Loans if the Lien consists of a Permitted Lien. Any Lien which is granted to secure the Loans or such Guarantee under clause (i) of the preceding paragraph (unless also granted pursuant to clause (ii) of the preceding paragraph) shall be
automatically released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Loans or such Guarantee under such clause (i). 

 

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 SECTION 9.04. Dividends, Distributions and Redemptions; Repayment of Second Lien
Notes. 
 (a) The Borrower will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to:

 (i) declare or pay any dividend or make any payment or distribution on or in respect of the Borrower’s Capital Stock
(including any payment or distribution in connection with any merger or consolidation involving the Borrower or any of its Restricted Subsidiaries), except (A) dividends or distributions by the Borrower payable solely in Capital Stock of the
Borrower (other than Disqualified Stock) or in options, warrants or other rights to purchase such Capital Stock of the Borrower and (B) dividends or distributions payable to the Borrower or a Restricted Subsidiary and if such Restricted
Subsidiary is not a Wholly-Owned Subsidiary, to minority stockholders (or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation) so long as the Borrower or a Restricted Subsidiary receives at least
its pro rata share of such dividend or distribution, 
 (ii) purchase, redeem, defease, retire or otherwise acquire for value
any Capital Stock of the Borrower or any direct or indirect parent of the Borrower held by Persons other than the Borrower or a Restricted Subsidiary (other than in exchange for Capital Stock of the Borrower (other than Disqualified Stock)),

 (iii) purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled
repayment or scheduled sinking fund payment, any Unsecured Debt (other than (A) Debt permitted under Section 9.02(c) or (B) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Unsecured Debt
purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement), or

 (iv) make any Restricted Investment in any Person, 

(each of the foregoing actions set forth in clauses (i) through (iv), a “Restricted Payment”) if at the time the Borrower or such
Restricted Subsidiary makes such Restricted Payment: 
 (x) a Default or Event of Default shall have occurred and be continuing
(or would result therefrom), 
 (y) the Borrower is not able to Incur an additional $1.00 of Debt pursuant to paragraph
(n) of Section 9.02 after giving effect, on a pro forma basis, to such Restricted Payment, or 
 (z) the aggregate
amount of such Restricted Payment and all other Restricted Payments declared or made subsequent to the Closing Date would exceed the sum of (A) 50% of Consolidated Net Income for such period (treated as one accounting period) from
January 1, 2010, to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which internal financial statements of the Borrower have been delivered or made available to the Lenders and the
Administrative Agent in accordance with Section 8.01(b) (or, in 
  

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case such Consolidated Net Income is a deficit, minus 100% of such deficit), plus (B) 100% of the aggregate Net Cash Proceeds, and the fair market value (as determined by the
Borrower’s Board of Directors in good faith) of property or securities other than cash (including Capital Stock of Persons engaged primarily in the Oil and Gas Business or assets used in the Oil and Gas Business), in each case received by the
Borrower from the issuance or sale of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to the Closing Date (other than Net Cash Proceeds received from the issuance or sale of such Capital Stock to
(1) management, employees, directors or any direct or indirect parent of the Borrower, to the extent such Net Cash Proceeds have been used to make a Restricted Payment pursuant to clause (v)(A) of paragraph (b) below, (2) a Subsidiary
of the Borrower or (3) an employee stock ownership plan, option plan or similar trust (to the extent that such sale is financed by loans from or Guaranteed by the Borrower or any Restricted Subsidiary unless such loans have been repaid with
cash on or prior to the date of determination hereunder), plus (C) the amount by which Debt of the Borrower or its Restricted Subsidiaries is reduced on the Borrower’s balance sheet upon the conversion or exchange (other than by a
Wholly-Owned Subsidiary of the Borrower) subsequent to the Closing Date of any Debt of the Borrower or its Restricted Subsidiaries convertible into or exchangeable for Capital Stock (other than Disqualified Stock) of the Borrower (less the amount of
any cash, or the fair market value of any other property (other than such Capital Stock), distributed by the Borrower upon such conversion or exchange), together with the net proceeds, if any, received by the Borrower or any of its Restricted
Subsidiaries upon such conversion or exchange, plus (D) the amount equal to the aggregate net reduction in Restricted Investments made by the Borrower or any of its Restricted Subsidiaries in any Person after the Closing Date resulting
from (1) repurchases, repayments or redemptions of such Restricted Investments by such Person, proceeds realized upon the sale of such Restricted Investment (other than to a Subsidiary), repayments of loans or advances or other transfers of
assets (including by way of dividend or distribution) by such Person to the Borrower or any Restricted Subsidiary, (2) the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition
of “Investment”) not to exceed, in the case of any Unrestricted Subsidiary, the amount of Investments previously made by the Borrower or any Restricted Subsidiary in such Unrestricted Subsidiary, in each case under this clause
(D) which amount was included in the calculation of the amount of Restricted Payments (but without duplication of any such amount) included in calculating cumulative Consolidated Net Income) and (3) the sale by the Borrower or any
Restricted Subsidiary (other than to the Borrower or any other Restricted Subsidiary) of all or a portion of the Capital Stock of an Unrestricted Subsidiary or a distribution or dividend from an Unrestricted Subsidiary (whether any such distribution
or dividend is made with proceeds from the issuance by such Unrestricted Subsidiary of its Capital Stock or otherwise). 
 (b)
Notwithstanding the foregoing, the provisions of paragraph (a) above will not prohibit: 
 (i) any Restricted Payment made
by exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Borrower (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar
trust to the extent such sale is financed by loans from or Guaranteed by the Borrower or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination) or a substantially concurrent capital
contribution in cash received by the 
  

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Borrower from its shareholders; provided that (A) such Restricted Payment shall be excluded from subsequent calculations of the amount of Restricted Payments and (B) the Net Cash
Proceeds from such sale of Capital Stock or capital contribution shall be excluded from the calculation under clause (z)(B) of paragraph (a) above; 

(ii) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Unsecured Debt of the Borrower or Guarantor
Unsecured Obligations of any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Unsecured Debt of the Borrower or any Guarantor that, in each case, is permitted to be Incurred pursuant to
Section 9.02; provided, however, that such purchase, repurchase, redemption, defeasance, acquisition or retirement will be excluded from subsequent calculations of the amount of Restricted Payments; 

(iii) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Borrower or a
Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, Disqualified Stock of the Borrower or such Restricted Subsidiary, as the case may be, that, in each case, is permitted to be Incurred
pursuant to Section 9.02; provided that such purchase, repurchase, redemption, defeasance, acquisition or retirement shall be excluded from subsequent calculations of the amount of Restricted Payments; 

(iv) dividends paid or distributions made within 60 days following the date of declaration if at such date of declaration such dividend
or distribution would have complied with this Section 9.04; provided that such dividends and distributions shall be included in subsequent calculations of the amount of Restricted Payments made hereunder; provided further
that for purposes of clarity, this clause (iv) shall not include any cash payments made in lieu of the issuance of fractional shares under clause (ix) below; 

(v) so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the purchase of Capital
Stock or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock of the Borrower held by any existing or former employees, management or directors of the Borrower or any Restricted Subsidiary or their
assigns, estates or heirs, in each case in connection with the repurchase provisions under employee stock option or stock purchase agreements or other agreements to compensate management, employees or directors in an aggregate amount in any calendar
year not to exceed $5,000,000 plus an amount not to exceed (A) the cash proceeds received by the Borrower from the sale of Capital Stock of the Borrower to then current or former members of management or directors of the Borrower and the
Restricted Subsidiaries after the Closing Date (to the extent the cash proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments pursuant to clause (z) of paragraph (a) above),
plus (B) the cash proceeds of key man life insurance policies received by the Borrower and the Restricted Subsidiaries after the Closing Date, minus (C) the amount of any Restricted Payments made pursuant to clauses
(A) and (B) above; provided that the amount of any such repurchase or redemption under this clause (v) shall be excluded from subsequent calculations of the amount of Restricted Payments and the proceeds received from any such
sale shall be excluded from clause (z)(B) of paragraph (a) above; 
  

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 (vi) repurchases, redemptions or other acquisitions or retirements for value of Capital
Stock deemed to occur upon the exercise of stock options, warrants, rights to acquire Capital Stock or other convertible securities if such Capital Stock represents a portion of the exercise or exchange price thereof, and any repurchases,
redemptions or other acquisitions or retirements for value of Capital Stock made in lieu of withholding taxes in connection with any exercise or exchange of warrants, options or rights to acquire Capital Stock; provided that such repurchases
shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (vii) the purchase, repurchase,
redemption, defeasance or other acquisition or retirement for value of any Unsecured Debt at a purchase price not greater than 100% of the principal amount thereof in accordance with provisions similar to Section 9.12; provided that,
prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Borrower has made the mandatory prepayments as provided in Section 3.04 with respect to the Loans; provided,
however, that such repurchases will be included in subsequent calculations of the amount of Restricted Payments pursuant to clause (z) of paragraph (a) above; 

(viii) cash payments in lieu of the issuance of fractional shares; provided that any payments pursuant to this clause
(viii) shall be excluded from the calculation of the amount of Restricted Payments; 
 (ix) the declaration and payment of
scheduled or accrued dividends to holders of any class or series of Disqualified Stock (including Cash-Pay Preferred) of the Borrower or any of its Restricted Subsidiaries issued on or after the Closing Date in accordance with Section 9.02;
provided that any payment pursuant to this clause (ix) shall be excluded in the calculation of the amount of Restricted Payments; 

(x) so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of scheduled or accrued
dividends to the holders of any Specified Convertible Preferred to the extent such dividends are included in Consolidated Interest Expense; provided that any payment pursuant to this clause (x) shall be included in the calculation of the
amount of Restricted Payments pursuant to clause (z) of paragraph (a) above; 
 (xi) Restricted Payments in an aggregate
amount not to exceed $30,000,000, plus an amount equal to the aggregate net reduction in any Restricted Investments made pursuant to this clause (xi); provided that the amount of such Restricted Payments shall be included in subsequent
calculations of the amount of Restricted Payments pursuant to clause (z) of paragraph (a) above; 
 (c) The amount of any
Restricted Payment (other than cash) shall be the fair market value on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Borrower or the applicable Restricted Subsidiary, as the case
may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount and the fair market value of any non-cash Restricted Payment shall be determined conclusively by the Board of Directors of the
Borrower acting in good faith whose resolution with respect thereto shall be delivered to the Administrative Agent, such 

 

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determination to be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if such fair market value is estimated in good faith by
the Board of Directors of the Borrower to exceed $50,000,000. 
 (d) On or prior to the date on which the Borrower or any
Restricted Subsidiary makes a Restricted Payment, the Borrower shall deliver to the Administrative Agent an Officer’s Certificate certifying that such Restricted Payment is permitted and setting forth the basis upon which the calculations
required pursuant to this Section 9.04 were computed, together with a copy of any fairness opinion or appraisal required hereunder. 

(e) In the event that a Restricted Payment meets the criteria of more than one of the exceptions described in (i) through
(xi) of paragraph (b) above or is entitled to be made pursuant to the paragraph (a) above, the Borrower shall, in its sole discretion, classify such Restricted Payment. 

(f) As of the Closing Date, all of the Borrower’s Subsidiaries will be Restricted Subsidiaries, except for the Infrastructure
Subsidiaries. The Borrower will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to Section 9.18. For purpose of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding
Investments by the Borrower and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of
“Investment”. Such designation shall be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to the first paragraph of this Section 9.04 or under clause (b)(xi) of the second
paragraph of this Section 9.04, or pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the
restrictive covenants set forth in this Agreement. 
 (g) Redemption of Second Lien Notes; Amendment of Indenture. The
Borrower will not, and will not permit any Restricted Subsidiary to, prior to the date that is ninety-one days after the Maturity Date: (i) call, make or offer to make any optional or voluntary redemption of or otherwise optionally or
voluntarily redeem (whether in whole or in part) the Second Lien Notes; provided that so long as (A) no Default or Event of Default shall have occurred and be continuing (or would result therefrom) and (B) the Borrower is able to
Incur an additional $1.00 of Debt pursuant to paragraph (n) of Section 9.02 after giving effect, on a pro forma basis, to such redemption, the Borrower may redeem all or any portion of the Second Lien Notes in an amount not to exceed
(x) the sum of (1) $155,000,000 plus (2) an amount equal to 50% of Consolidated EBITDAX for the period (taken as one accounting period) from April 1, 2010, to the last day of the most recently ended fiscal quarter for which
internal financial statements of the Borrower have been delivered or made available to the Lenders and the Administrative Agent in accordance with Section 8.01(b), minus (y) the amount of all redemptions of Second Lien Notes made
since the Closing Date pursuant to this paragraph (g), or (ii) amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Second Lien Notes or the Indenture if
(A) the effect thereof would be to shorten its maturity or average life or increase the amount of any payment of principal thereof or increase the rate or shorten any period for payment of interest thereon, (B) such action requires the
payment of a consent fee (howsoever described); provided that the foregoing shall 
  

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not prohibit the execution of supplemental indentures to add guarantors if required by the terms of any Indenture provided such Person complies with Section 8.14(b) or (C) such
amendment, modification, waiver or change is not permitted under the Intercreditor Agreement; provided further that the Borrower shall not apply the proceeds of any sale or other disposition of any portion of the Collateral to the
redemption of Second Lien Notes pursuant to this paragraph (g). 
 SECTION 9.05. [Reserved]. 

SECTION 9.06. Nature of Business; International Operations. The Borrower will not, and will not permit any Restricted Subsidiary
to, engage in any business other than the Oil and Gas Business, except to the extent as would not be material to the Borrower and the Restricted Subsidiaries, taken as a whole. 

SECTION 9.07. [Reserved]. 

SECTION 9.08. Proceeds of Loans. The Borrower will not permit the proceeds of the Loans to be used for any purpose other than
those permitted by Section 7.21. Neither the Borrower nor any Person acting on behalf of the Borrower has taken or will take any action which might cause any of the Loan Documents to violate Regulations T, U or X or any other regulation of the
Board or to violate Section 7 of the Exchange Act, in each case as now in effect or as the same may hereinafter be in effect. If requested by the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a
statement to the foregoing effect in conformity with the requirements of FR Form U-1 or such other form referred to in Regulation U, Regulation T or Regulation X of the Board, as the case may be. 

SECTION 9.09. ERISA Compliance. The Borrower will not, and will not permit any Restricted Subsidiary to, at any time: 

(a) engage in, or permit any ERISA Affiliate to engage in, any transaction (i) in connection with which the Borrower, a Subsidiary
or any ERISA Affiliate could be subjected to either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of section 502 of ERISA or a tax imposed by Chapter 43 of Subtitle D of the Code except where such penalty
or tax would not have a Material Adverse Effect or (ii) that could be reasonably expected to result in a Foreign Benefit Event; 

(b) fail to make, or permit any ERISA Affiliate to fail to make, full payment when due of all amounts which, under the provisions of any
Plan, agreement relating thereto or applicable law, the Borrower, a Subsidiary or any ERISA Affiliate is required to pay as contributions thereto except where failure would not have a Material Adverse Effect; or 

(c) contribute to or assume an obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume an obligation to
contribute to (i) any employee welfare benefit plan, as defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by such
entities in their sole discretion at any time without material liability in excess of $25,000,000, or (ii) any employee pension benefit plan, as defined in section 3(2) of ERISA, that is subject to Title IV of ERISA, section 302 of ERISA or
section 412 of the Code. 
  

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 SECTION 9.10. [Reserved]. 

SECTION 9.11. Merger, Consolidation and Sale of All or Substantially All Assets. The Borrower will not consolidate with or merge
with or into or wind up into (whether or not the Borrower is the surviving corporation), or convey, transfer or lease all or substantially all its assets (determined on a consolidated basis) in one or more related transactions to, any Person,
unless: 
 (a) either (i) the Borrower shall be the surviving corporation or (ii) the resulting, surviving or
transferee Person (the “Successor Borrower”) (A) will be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State of the United States or the
District of Columbia and the Successor Borrower (if not the Borrower) and (B) will expressly assume, by supplemental agreement, executed and delivered to the Borrower, in form reasonably satisfactory to the Administrative Agent, all the
obligations of the Borrower under the Loans, this Agreement, the Intercreditor Agreement and the Security Instruments, and all such obligations shall remain in full force and effect and the Successor Borrower shall cause such amendments, supplements
or other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral pledged by or transferred to such Person, together with the financing statements
and comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the UCC or other similar statute or regulation of the relevant
states or jurisdictions, in each case in a form reasonably satisfactory to the Administrative Agent and, so long as the Initial Lenders shall constitute the Majority Lenders, the Majority Lenders; 

(b) immediately after giving effect to such transaction and the assumption contemplated by clause (ii)(B) of paragraph (a) above
(including, without limitation, giving effect to any Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default shall have occurred and be continuing;

 (c) immediately after giving effect to such transaction and the assumption contemplated by clause (ii)(B) of paragraph
(a) above (including, without limitation, giving effect to any Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction) and the application of any net proceeds therefrom, (i) the Borrower or
the Successor Borrower would, on the date of such transaction, after giving pro forma effect thereto and to any related financing transactions as if the same had occurred at the beginning of the applicable four quarter period, be able to Incur at
least an additional $1.00 of Debt pursuant to paragraph (n) of Section 9.02 or (ii) the Consolidated Coverage Ratio of the Borrower or the Successor Borrower, as the case may be, is equal to or greater than the Consolidated Coverage
Ratio of the Borrower immediately before such transaction; 
 (d) each Guarantor (unless it is the other party to the
transactions above, in which case clause (1) shall apply) shall have confirmed in writing that its Guarantee shall apply to such Person’s obligations in respect of this Agreement and the Loans and its obligations under the Intercreditor
Agreement and the Security Instruments (if applicable) shall continue to be in effect; and 
  

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 (e) the Borrower or the Successor Borrower, as the case may be, shall have delivered to the
Administrative Agent an Officer’s Certificate and an opinion of counsel acceptable to the Administrative Agent, each stating that such consolidation, merger or transfer and, if a supplemental agreement and additional Security Instruments are
required in connection with such transaction, such supplemental agreement and Security Instruments comply with the applicable provisions of this Agreement and Security Instruments and that all conditions precedent in this Agreement relating to such
transaction have been satisfied; provided, however, that such counsel may rely, as to matters of fact, on a certificate or certificates of officers of the Borrower. 

For purposes of this Section 9.11, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially
all of the properties and assets of one or more Restricted Subsidiaries of the Borrower, which properties and assets, if held by the Borrower instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties and
assets of the Borrower on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Borrower. 

The Successor Borrower will succeed to, and be substituted for, and may exercise every right and power of, the Borrower under this
Agreement, the Intercreditor Agreement and the Security Instruments as if such Successor Borrower had been named in such; and its predecessor Borrower, except in the case of a lease of all or substantially all its assets, will be released from the
obligation to pay the principal of and interest on the Loans. 
 Notwithstanding paragraph (c) above, (x) any
Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the Borrower and the Borrower may consolidate with, merge into or transfer all or part of its properties and assets to a Wholly-Owned
Subsidiary and (y) the Borrower may merge with an Affiliate incorporated solely for the purpose of reincorporating the Borrower in another jurisdiction in the United States; provided that, in the case of a Restricted Subsidiary that
consolidates with, merges into or transfers all or part of its properties and assets to the Borrower, the Borrower will not be required to comply with paragraph (e) above. 

In addition, the Borrower will not permit any Guarantor to consolidate with or merge with or into, and will not permit the conveyance,
transfer or lease of substantially all of the assets of any Guarantor to, any Person (other than the Borrower or another Guarantor) unless: (A) (1) the resulting, surviving or transferee Person will be a corporation, partnership, trust or
limited liability company organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia and such Person (if not such Guarantor) will expressly assume, by supplemental agreement and
(if required) additional Security Instruments, executed and delivered to the Administrative Agent, all the obligations of such Guarantor under its Guarantee and (2) immediately after giving effect to such transaction (and treating any Debt that
becomes an obligation of the resulting, surviving or transferee Person or any Restricted Subsidiary as a result of such transaction as having been Incurred by such Person or such Restricted Subsidiary at the time of such transaction), no Default or
Event of Default shall have occurred and be continuing or (B) the transaction is made in compliance with Section 9.12 and Section 12.02. 
  

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 SECTION 9.12. Sale of Properties. (a) The Borrower shall not, and shall not
permit any of its Restricted Subsidiaries to, make any Asset Disposition unless (i) the Borrower or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Disposition at least equal to the fair market
value (such fair market value to be determined on the date on which a binding agreement was entered into with respect to such Asset Disposition), as determined in good faith by the Borrower’s Board of Directors (including as to the value of all
non-cash consideration), of the shares and assets subject to such Asset Disposition, (ii) at least 75% of the consideration received by the Borrower or such Restricted Subsidiary, as the case may be, from such Asset Disposition is in the form
of cash or Cash Equivalents or Additional Assets, or any combination thereof and (iii) except as provided in Section 3.04, an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied, within one year from the
later of the date of such Asset Disposition or the receipt of such Net Available Cash, by the Borrower or such Restricted Subsidiary, as the case may be, to invest in Additional Assets; provided that to the extent that the assets disposed of
in such Asset Disposition were Collateral, such Additional Assets which would constitute Collateral are pledged as Collateral under the Security Instruments with the Lien on such Collateral securing the Loans being of the same priority with respect
to the Loans as the Lien on the assets disposed of; provided further that the foregoing requirement shall be deemed to be satisfied if an agreement (including a lease, whether a capital lease or an operating lease) committing to make
the acquisitions or expenditures referred to therein is entered into by the Borrower or such Restricted Subsidiary within the period of time specified above and such Net Available Cash is subsequently applied in accordance with such agreement within
six months following the date thereof. Pending the final application of any such Net Available Cash in accordance with this paragraph (a), the Borrower and its Restricted Subsidiaries may temporarily reduce Debt or otherwise invest such Net
Available Cash in any manner not prohibited by this Agreement. 
 (b) For the purposes of clause (ii) of paragraph
(a) above, the following will be deemed to be cash or Cash Equivalents: 
 (i) the assumption by the
transferee of Debt (other than Unsecured Debt or Disqualified Stock) of the Borrower or Debt of a Restricted Subsidiary (other than Unsecured Debt or Disqualified Stock of any Restricted Subsidiary that is a Guarantor) and the release of the
Borrower or such Restricted Subsidiary from all liability on such Debt in connection with such Asset Disposition (or in lieu of such a release, the agreement of the acquirer or its parent company to indemnify and hold the Borrower or such Restricted
Subsidiary harmless from and against any loss, liability or cost in respect of such assumed Indebtedness; provided, however, that such indemnity is (x) from an indemnifying party (or its long term debt securities) with an
Investment Grade Rating (with no indication of a negative outlook or credit watch with negative implications, in any case, that contemplates such indemnifying party (or its long term debt securities) failing to have an Investment Grade Rating) or
(y) accompanied by the posting of a letter of credit (issued by a commercial bank that has an Investment Grade Rating) in favor of the Borrower or such Restricted Subsidiary for the full amount of the liability and for so long as the liability
remains outstanding; and 
 (ii) securities, notes or other obligations received by the Borrower or any such
Restricted Subsidiary from the transferee that are converted by the Borrower or such 
  

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Restricted Subsidiary into cash within 90 days after receipt thereof (to the extent of the cash received in that conversion). 

Notwithstanding the foregoing, the 75% limitation referred to in clause (ii) of paragraph (a) above shall be deemed satisfied with respect to
any Asset Disposition in which the portion of the consideration received therefrom in the form of cash and Cash Equivalents, determined in accordance with the foregoing provision on an after-tax basis, is equal to or greater than what the after-tax
proceeds would have been had such Asset Disposition complied with such limitation. 
 SECTION 9.13. Environmental
Matters. The Borrower will not, and will not permit any Restricted Subsidiary to, cause or permit any of its Property to be in violation of, or do anything or permit anything to be done which will subject any such Property to a Release or
threatened Release of Hazardous Materials, exposure to any Hazardous Materials, or to any Remedial Work under any Environmental Laws, assuming disclosure to the applicable Governmental Authority of all relevant facts, conditions and circumstances,
if any, pertaining to such Property where such violations, Release or threatened Release, exposure, or Remedial work could reasonably be expected to have a Material Adverse Effect. 

SECTION 9.14. Transactions with Affiliates. 

(a) The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, make, amend or
conduct any transaction (including making a payment to, the purchase, sale, lease or exchange of any property or the rendering of any service), contract, agreement or understanding with or for the benefit of any Affiliate of the Borrower (an
“Affiliate Transaction”) unless: 
 (i) the terms of such Affiliate Transaction are no less favorable to the
Borrower or such Restricted Subsidiary, as the case may be, than those that might reasonably have been obtained in a comparable transaction at the time of such transaction in arm’s-length dealings with a Person who is not an Affiliate of the
Borrower or such Restricted Subsidiary; 
 (ii) if such Affiliate Transaction involves an aggregate consideration in excess of
$15,000,000, the terms of such transaction have been approved by a majority of the disinterested members of the Board of Directors of the Borrower (and such majority determines that such Affiliate Transaction satisfies the criteria in clause
(i) above); and 
 (iii) if such Affiliate Transaction involves an aggregate consideration in excess of $50,000,000, the
Borrower has received a written opinion from an independent investment banking, accounting or appraisal firm of nationally recognized standing that such Affiliate Transaction is fair, from a financial standpoint, to the Borrower or such Restricted
Subsidiary or is not materially less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate; provided, that with
respect to any operating, management or other agreement entered into between the Borrower or any Restricted Subsidiary and an Infrastructure Subsidiary at the time such Infrastructure Subsidiary is an Unrestricted Subsidiary, the terms of such
agreement need only comply with clauses (i) and (ii) of this Section 9.14(a). 
 (b) Section 9.14(a) will
not apply to: 
  

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 (i) any Investment or Restricted Payment permitted by this Agreement; 

(ii) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment or severance agreements and other compensation arrangements, options to purchase securities of the Borrower, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee
benefits plans and/or indemnity provided on behalf of directors, officers and employees approved by the Board of Directors of the Borrower; 

(iii) loans or advances to employees, officers or directors in the ordinary course of business of the Borrower or any of its Restricted
Subsidiaries; 
 (iv) advances to or reimbursements of employees for moving, entertainment and travel expenses, drawing
accounts and similar expenditures in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries; 

(v) any transaction between the Borrower and a Restricted Subsidiary or between Restricted Subsidiaries and Guarantees issued by the
Borrower or a Restricted Subsidiary for the benefit of the Borrower or a Restricted Subsidiary, as the case may be, not otherwise prohibited under this Agreement; 

(vi) any transaction with a Joint Venture or similar entity which would constitute an Affiliate Transaction solely because the Borrower
or a Restricted Subsidiary owns, directly or indirectly, any Capital Stock in or otherwise controls such Joint Venture or similar entity; 

(vii) the issuance or sale of any Capital Stock (other than Disqualified Stock) of the Borrower or the receipt by the Borrower of any
capital contribution from its shareholders; 
 (viii) indemnities of officers, directors and employees of the Borrower or any
of its Restricted Subsidiaries required or permitted by bylaw or statutory provisions and any employment agreement or other employee compensation plan or arrangement entered into in the ordinary course of business by the Borrower or any of its
Restricted Subsidiaries; 
 (ix) the payment of reasonable compensation and fees paid to, and indemnity provided on behalf of,
officers, directors or employees of the Borrower or any Restricted Subsidiary; 
 (x) the performance of obligations of the
Borrower or any of its Restricted Subsidiaries under the terms of any agreement to which the Borrower or any of its Restricted Subsidiaries is a party as of or on the date hereof, as these agreements may be amended, modified, supplemented, extended
or renewed from time to time; provided, however, that any future amendment, modification, supplement, extension or renewal entered into after the date hereof will be permitted to the extent that its terms are not materially more
disadvantageous, taken as a whole, to the Lenders than the terms of the agreements in effect on the date hereof; 
 (xi)
transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance 

 

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with the terms of this Agreement which are materially no less favorable to the Borrower and its Restricted Subsidiaries than those that would have been obtained in a comparable transaction with
an unrelated Person, in the reasonable determination of the Borrower or the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(xii) transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Borrower solely because the
Borrower owns, directly or through a Restricted Subsidiary, Capital Stock in such Person; and 
 (xiii) pledges of Capital
Stock of Unrestricted Subsidiaries of the Borrower for the benefit of lenders to Unrestricted Subsidiaries of the Borrower. 

SECTION 9.15. Subsidiaries. The Borrower will not, and will not permit any Restricted Subsidiary to, create or acquire any
additional Restricted Subsidiary unless the Borrower gives written notice to the Administrative Agent of such creation or acquisition and complies with Section 8.14(b) and Section 8.14(c). 

SECTION 9.16. Negative Pledge Agreements; Dividend Restrictions. (a) The Borrower will not, and will not permit any
Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 

(i) pay dividends or make any other distributions on its Capital Stock or pay any Debt or other obligations owed to the Borrower or any
Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on
the ability to make distributions on Capital Stock); 
 (ii) make any loans or advances to the Borrower or any Restricted
Subsidiary (it being understood that the subordination of loans or advances made to the Borrower or any Restricted Subsidiary to other Debt Incurred by the Borrower or any Restricted Subsidiary shall not be deemed a restriction on the ability to
make loans or advances); or 
 (iii) sell, lease or transfer any of its property or assets to the Borrower or any Restricted
Subsidiary. 
 (b) The preceding provisions will not prohibit: 

(i) any encumbrance or restriction pursuant to or by reason of an agreement in effect at or entered into on the Closing Date, including,
without limitation, this Agreement, the Security Instruments and the Intercreditor Agreement in effect on such date but excluding the Second Lien Notes; 

(ii) any encumbrance or restriction with respect to a Person pursuant to or by reason of an agreement relating to any Capital Stock or
Debt Incurred by a Person on or before the date on which such Person was acquired by the Borrower or another Restricted Subsidiary (other than Capital Stock or Debt Incurred, as consideration in, or to provide all or any portion of

  

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the funds utilized to consummate, the transaction or series of related transactions pursuant to which such Person was acquired by the Borrower or a Restricted Subsidiary or in contemplation of
such transaction) and outstanding on such date; provided, that any such encumbrance or restriction shall not extend to any assets or property of the Borrower or any other Restricted Subsidiary other than the assets and property so acquired;

 (iii) encumbrances and restrictions contained in contracts entered into in the ordinary course of business, not relating to
any Debt, and that do not, individually or in the aggregate, detract from the value of, or from the ability of the Borrower and the Restricted Subsidiaries to realize the value of, property or assets of the Borrower or any Restricted Subsidiary in
any manner material to the Borrower or any Restricted Subsidiary; 
 (iv) any encumbrance or restriction with respect to an
Unrestricted Subsidiary pursuant to or by reason of an agreement that the Unrestricted Subsidiary is a party to entered into before the date on which such Unrestricted Subsidiary became a Restricted Subsidiary; provided, that such agreement
was not entered into in anticipation of the Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction shall not extend to any assets or property of the Borrower or any other Restricted Subsidiary other than the
assets and property so acquired; 
 (v) with respect to any Foreign Subsidiary, any encumbrance or restriction contained in the
terms of any Debt or any agreement pursuant to which such Debt was Incurred if either (A) the encumbrance or restriction applies only in the event of a payment default or a default with respect to a financial covenant in such Debt or agreement
or (B) the Borrower determines that any such encumbrance or restriction will not materially affect the Borrower’s ability to make principal or interest payments in respect of the Indebtedness, as determined in good faith by the Board of
Directors of the Borrower, which determination shall be conclusive; 
 (vi) any encumbrance or restriction with respect to a
Restricted Subsidiary pursuant to an agreement effecting a refunding, replacement or refinancing of Debt Incurred pursuant to an agreement referred to in clauses (i) through (v) or clause (xii) of this paragraph (b) or this
clause (vi) or contained in any amendment, restatement, modification, renewal, supplemental, refunding, replacement or refinancing of an agreement referred to in any such clause; provided that the encumbrances and restrictions with
respect to such Restricted Subsidiary contained in any such agreement taken as a whole are no less favorable in any material respect to the Lenders than the encumbrances and restrictions contained in the agreements governing the Debt being refunded,
replaced or refinanced; 
 (vii) in the case of clause (iii) of paragraph (a) above, any encumbrance or restriction:

 (A) that restricts in a customary manner the subletting, assignment or transfer of any property or asset
that is subject to a lease (including leases governing leasehold interests or farm-in agreements or farm-out agreements relating to leasehold interests in Oil and Gas Properties), license or similar contract, or the assignment or transfer of any
such lease (including leases governing leasehold interests or farm-in agreements or farm-out agreements 
  

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relating to leasehold interests in Oil and Gas Properties), license (including, without limitation, licenses of intellectual property) or other contract; 

(B) contained in mortgages, pledges or other security agreements permitted under this Agreement securing Debt of the
Borrower or a Restricted Subsidiary to the extent such encumbrances or restrictions restrict the transfer of the property subject to such mortgages, pledges or other security agreements; 

(C) contained in Hedging Obligations permitted from time to time under this Agreement; 

(D) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal
easement agreements of the Borrower or any Restricted Subsidiary; 
 (E) restrictions on cash or other deposits
imposed by customers under contracts entered into in the ordinary course of business; or 
 (F) provisions with
respect to the disposition or distribution of assets or property in operating agreements, joint venture agreements, development agreements, area of mutual interest agreements and other agreements that are customary in the Oil and Gas Business and
entered into in the ordinary course of business; 
 (viii) (A) purchase money obligations for property acquired in the
ordinary course of business and (B) Capitalized Lease Obligations permitted under this Agreement, in each case, that impose encumbrances or restrictions of the nature described in clause (iii) of paragraph (a) above on the property so
acquired; 
 (ix) any encumbrance or restriction with respect to a Restricted Subsidiary (or any of its property or assets)
imposed pursuant to an agreement entered into for the direct or indirect sale or disposition of all or a portion of the Capital Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending
the closing of such sale or disposition; 
 (x) any customary encumbrances or restrictions imposed pursuant to any agreement of
the type described in the definition of “Permitted Business Investment”; 
 (xi) encumbrances or restrictions arising
or existing by reason of applicable law or any applicable rule, regulation or order; 
 (xii) other Debt of the Borrower or any
of the Restricted Subsidiaries permitted to be Incurred pursuant to an agreement entered into subsequent to the Closing Date in accordance with Section 9.02; provided that the provisions relating to such encumbrance or restriction
contained in such Debt are not materially less favorable to the Borrower taken as a whole, as determined by the Board of Directors of the Borrower in good faith, than the provisions contained in this Agreement and in the Indenture as in effect on
the Closing Date; 
  

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 (xiii) the issuance of Preferred Stock by a Restricted Subsidiary or the payment of
dividends thereon in accordance with the terms thereof; provided that issuance of such Preferred Stock is permitted pursuant to Section 9.02 and the terms of such Preferred Stock do not expressly restrict the ability of a Restricted
Subsidiary to pay dividends or make any other distributions on its Capital Stock (other than requirements to pay dividends or liquidation preferences on such Preferred Stock prior to paying any dividends or making any other distributions on such
other Capital Stock); 
 (xiv) supermajority voting requirements existing under corporate charters, bylaws, stockholders
agreements and similar documents and agreements; 
 (xv) restrictions on cash or other deposits or net worth imposed by
customers under contracts entered into in the ordinary course of business; and 
 (xvi) the Indenture as in effect as of the
Closing Date, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are no more restrictive with respect to such dividend and other payment restrictions than those contained in the Indenture as in effect on the Closing Date. 

SECTION 9.17. [Reserved]. 

SECTION 9.18. Designation and Conversion of Restricted and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries.

 (a) Schedule 7.14 sets forth all the Restricted Subsidiaries. Unless designated as an Unrestricted Subsidiary on Schedule
7.14 as of the date hereof or thereafter, assuming compliance with Section 9.18(b), any Person that becomes a Subsidiary of the Borrower or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary. 

(b) The Borrower may designate any Subsidiary (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary
through merger or consolidation or Investment therein) to be an Unrestricted Subsidiary only if (1) such Subsidiary is an Infrastructure Subsidiary and substantially concurrently with such designation such Infrastructure Subsidiary (or any
Infrastructure Subsidiary owned by it, directly or indirectly through one or more subsidiaries) receives debt and/or equity financing from a third party that is not the Borrower, a Restricted Subsidiary of the Borrower or an Affiliate of the
Borrower or any Restricted Subsidiary, or (2) such Subsidiary satisfies the following requirements: 
 (i) such Subsidiary
or any of its subsidiaries does not own any Capital Stock or Debt of or have any Investment in, or own or hold any Lien on any property of, any other subsidiary of the Borrower which is not a subsidiary of the subsidiary to be so designated or
otherwise an Unrestricted Subsidiary; 
 (ii) all the Debt of such Subsidiary and its subsidiaries shall, at the date of
designation, and will at all times thereafter, consist of Non-Recourse Debt; 
  

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 (iii) on the date of such designation, such designation and the Investment of the Borrower
or the Restricted Subsidiary in such Subsidiary complies with Section 9.04; 
 (iv) such Subsidiary is a Person with
respect to which neither the Borrower nor any of its Restricted Subsidiaries has any direct or indirect obligation: 

(A) to subscribe for additional Capital Stock of such Person; or 

(B) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified
levels of operating results; and 
 (v) on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary
is not a party to any agreement, contract, arrangement or understanding with the Borrower or any Restricted Subsidiary with terms substantially less favorable to the Borrower than those that might have been obtained from Persons who are not
Affiliates of the Borrower. 
 (c) Any such designation by the Borrower shall be evidenced by written notice to the
Administrative Agent giving effect to such designation and a certificate of Financial Officer certifying that such designation complies with the foregoing conditions and accompanied by a resolution of the Board of Directors of the Borrower giving
effect to such designation. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and any
Debt of such Subsidiary shall be deemed to be Incurred as of such date. 
 (d) The Borrower may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that (i) immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof, (ii) the
Borrower could Incur at least $1.00 of additional Debt under paragraph (n) of Section 9.02 on a pro forma basis after taking into account such designation and (iii) upon the designation of any Restricted Subsidiary as an Unrestricted
Subsidiary, all outstanding Investments by the Borrower and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the last sentence
of the definition of “Investment”. 
 (e) The Borrower and its Restricted Subsidiaries shall cause any Infrastructure
Subsidiary which obtains proceeds from debt or equity financings to pay dividends to the Borrower or any Restricted Subsidiary in amounts equal to the proceeds of such financings, promptly after the receipt thereof, to the extent that such proceeds
are not required for budgeted or otherwise anticipated expenditures by such Infrastructure Subsidiary necessary for the completion and placing in service of any equipment then under construction by such Infrastructure Subsidiary; provided
that if the payment of any such dividends were to be unlawful under the laws of the state of incorporation or organization of such Infrastructure Subsidiary, then the payment of such dividends shall be deferred until the earliest possible date when
the payment of such dividends shall then be lawful. Any dividends so paid to the Borrower or any Restricted Subsidiary in accordance with the preceding sentence shall be deemed to be “Net Available Cash” from an Asset Disposition and shall
be applied pursuant to the requirements of Section 9.12 and Section 3.04 as if the date of the payment of such dividends 

 

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were the date of the deemed Asset Disposition except to the extent such dividends constitute a reduction of Permitted Investments made pursuant to clause (m) of the definition thereof.

 ARTICLE X 

Events of Default; Remedies 

SECTION 10.01. Events of Default. One or more of the following events shall constitute an “Event of Default”:

 (a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at
the due date thereof or at a date fixed for prepayment thereof, by acceleration or otherwise. 
 (b) the Borrower shall fail to
pay any interest on any Loan or any fee, Applicable Prepayment Premium (or prepayment premium in respect of Other Loans) or any other amount (other than an amount referred to in Section 10.01(a)) payable under any Loan Document, when and as the
same shall become due and payable, and such failure shall continue unremedied for a period of five days. 
 (c) any
representation or warranty made or deemed made by or on behalf of the Borrower or any Restricted Subsidiary in or in connection with any Loan Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in
any report, certificate, financial statement or other document (other than projections) furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect
in any material respect when made or deemed made. 
 (d) the Borrower or any Restricted Subsidiary shall fail to observe or
perform any covenant, condition or agreement contained in Section 8.01(d), Section 8.01(e)(ii), Section 8.03, Section 8.14 or in Article IX. 

(e) the Borrower or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in Section 10.01(a), Section 10.01(b) or Section 10.01(d)) or any other Loan Document (including any additional covenant incorporated herein pursuant to Section 2.08(b)), and such failure
shall continue unremedied for a period of 30 days (or, in the case of any such additional covenant, for the duration of any applicable grace period) after the earlier to occur of (A) notice thereof from the Administrative Agent to the Borrower
(which notice will be given at the request of any Lender) or (B) a Responsible Officer of the Borrower or such Restricted Subsidiary otherwise becoming aware of such default. 

(f) the Borrower or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount)
in respect of any Material Indebtedness, when and as the same shall become due and payable. 
 (g) any event or condition occurs
that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or

  

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any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the redemption thereof or any offer to redeem to be made in respect thereof, prior to
its scheduled maturity or require the Borrower or any Restricted Subsidiary to make an offer in respect thereof. 
 (h) an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Restricted Subsidiary or its debts, or of a substantial part of its
assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower
or any Restricted Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered.

 (i) the Borrower or any Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in Section 10.01(h), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Restricted Subsidiary
or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action
for the purpose of effecting any of the foregoing; or any stockholder of the Borrower shall make any request or take any action for the purpose of calling a meeting of the stockholders of the Borrower to consider a resolution to dissolve and wind-up
the Borrower’s affairs. 
 (j) the Borrower or any Restricted Subsidiary shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due. 
 (k) one or more judgments for the payment of money in an
aggregate amount in excess of $25,000,000 (to the extent not covered by independent third party insurance provided by insurers of the highest claims paying rating or financial strength as to which the insurer does not dispute coverage and is not
subject to an insolvency proceeding) and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed. 

(l) the Loan Documents after delivery thereof shall for any reason, except to the extent permitted by the terms thereof, cease to be in
full force and effect and valid, binding and enforceable in accordance with their terms against the Borrower or a Guarantor party thereto or shall be repudiated by any of them, or cease to create a valid and perfected Lien of the priority required
thereby on any of the collateral purported to be covered thereby, except to the extent permitted by the terms of this Agreement, or the Borrower or any Restricted Subsidiary or any of their Affiliates shall so state in writing. 

(m) the Intercreditor Agreement shall for any reason, except to the extent permitted by the terms thereof, cease to be in full force and
effect and valid, binding and 
  

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enforceable in accordance with its terms against the Borrower, any party thereto or any holder of the Liens subordinated thereby, or shall be repudiated by any of them, or be amended, modified or
supplemented to cause the Liens securing the obligations of the Second Lien Notes to be senior or pari passu in priority to the Liens securing the obligations of this Agreement, or this Agreement shall for any reason fail to constitute the
“First Lien Credit Agreement” or the Indebtedness shall for any reason fail to constitute the “First-Lien Obligations”, in each case referred to therein. 

(n) a Change in Control shall occur. 

SECTION 10.02. Remedies. 

(a) In the case of an Event of Default other than one described in Section 10.01(h), Section 10.01(i) or Section 10.01(j),
at any time thereafter during the continuance of such Event of Default, the Administrative Agent shall, at the request of the Majority Lenders, and, at any time that the Initial Lenders, together with their respective Affiliates, hold less than 51%
of the outstanding principal amount of the Loans, the Administrative Agent may, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the
Commitments shall terminate immediately, and (ii) declare the Notes and the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be
due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the
other Loan Documents, shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by the Borrower and each
Guarantor; and in case of an Event of Default described in Section 10.01(h), Section 10.01(i) or Section 10.01(j), the Commitments shall automatically terminate and the Notes and the principal of the Loans then outstanding, together
with accrued interest thereon and all fees and the other obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the other Loan Documents, shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower and each Guarantor. 
 (b) In the case of
the occurrence of an Event of Default, the Administrative Agent and the Lenders will have all other rights and remedies available at law and equity. 

(c) [Reserved]. 

(d) Except as otherwise provided in Section 4.03, all proceeds realized from the liquidation or other disposition of collateral or
otherwise received after maturity of the Loans, whether by acceleration or otherwise, shall be applied: 
 (i) first, to
payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and indemnities payable to each of the Administrative Agent and the Collateral Agent in its capacity as such; 

 

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 (ii) second, pro rata to payment or reimbursement of that portion of the
Indebtedness constituting fees, expenses and indemnities payable to the Lenders; 
 (iii) third, pro rata to payment of
accrued interest on the Loans; 
 (iv) fourth, pro rata to payment of principal outstanding on the Loans and
Indebtedness referred to in Clause (b) of the definition of Indebtedness owing to a Lender or an Affiliate of a Lender and in Clause (c) under Treasury Management Agreements; 

(v) fifth, pro rata to any other Indebtedness; 

(vi) sixth, any excess, after all of the Indebtedness shall have been indefeasibly paid in full in cash, shall be paid to the
Borrower or as otherwise required by the Intercreditor Agreement or any Governmental Requirement. 
 ARTICLE XI

 The Agents 

SECTION 11.01. Appointment; Powers. Each of the Lenders hereby irrevocably appoints each of the Administrative Agent and the
Collateral Agent as its agent and authorizes each Agent to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms hereof and the other Loan Documents, together with such actions and powers as are
reasonably incidental thereto. 
 SECTION 11.02. Duties and Obligations of Agents. Neither Agent shall have any duties or
obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing (the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine
of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties), (b) neither Agent shall have any duty to
take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03, and (c) except as expressly set forth herein, neither Agent shall have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity. Neither Agent shall be
deemed to have any knowledge of any Default unless and until written notice thereof is given to such Agent by the Borrower or a Lender, and neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or under any other Loan Document or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth in Article VI or 

 

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elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent or as to those conditions precedent expressly required to be to such Agent’s
satisfaction, (vi) the existence, value, perfection or priority of any collateral security or the financial or other condition of the Borrower and its Subsidiaries or any other obligor or guarantor, or (vii) any failure by the Borrower or
any other Person (other than itself) to perform any of its obligations hereunder or under any other Loan Document or the performance or observance of any covenants, agreements or other terms or conditions set forth herein or therein. For purposes of
determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed closing date specifying its objection thereto. 

SECTION 11.03. Actions by Agent. Neither Agent shall have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such Agent is required to exercise in writing as directed by the Majority Lenders (or such other number or percentage of the Lenders as
shall be necessary under the circumstances as provided in Section 12.02) and in all cases such Agent shall be fully justified in failing or refusing to act hereunder or under any other Loan Documents unless it shall (a) receive written
instructions from the Majority Lenders or the Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) specifying the action to be taken and
(b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions as aforesaid and any action taken or
failure to act pursuant thereto by such Agent shall be binding on all of the Lenders. If a Default has occurred and is continuing, then each Agent shall take such action with respect to such Default as shall be directed by the requisite Lenders in
the written instructions (with indemnities) described in this Section 11.03; provided that, unless and until such Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall either Agent be required to take any action which exposes such Agent to personal liability or which is
contrary to this Agreement, the Loan Documents or applicable law. Neither Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Majority Lenders or the Lenders (or such other number or percentage of
the Lenders as shall be necessary under the circumstances as provided in Section 12.02), and otherwise neither Agent shall be liable for any action taken or not taken by it hereunder or under any other Loan Document or under any other document
or instrument referred to or provided for herein or therein or in connection herewith or therewith INCLUDING ITS OWN ORDINARY NEGLIGENCE, except for its own gross negligence or willful misconduct. Subject to the foregoing limitations, each Agent
shall follow the written instructions of the Majority Lenders with respect to actions to be taken under this Agreement and the other Loan Documents. 

SECTION 11.04. Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon any statement made to it

  

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orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon and each of the Borrower and the Lenders hereby waives the right
to dispute such Agent’s record of such statement, except in the case of gross negligence or willful misconduct by such Agent. Each Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. Each Agent may deem and treat the payee of any Note as the holder thereof for all
purposes hereof unless and until a written notice of the assignment or transfer thereof permitted hereunder shall have been filed with the Administrative Agent. 

SECTION 11.05. Subagents. Each Agent may perform any and all its duties and exercise its rights and powers by or through any one
or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding Sections of
this Article XI shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well
as activities as Agent. 
 SECTION 11.06. Resignation or Removal of Agents. Subject to the appointment and acceptance of
a successor Agent as provided in this Section 11.06, either Agent may resign at any time by notifying the Lenders and the Borrower, and either Agent may be removed at any time with or without cause by the Majority Lenders. Upon any such
resignation or removal, the Majority Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30
days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties
and obligations hereunder. The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After an Agent’s resignation hereunder, the
provisions of this Article XI and Section 12.03 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it
was acting as Agent. 
 SECTION 11.07. Agents as Lenders. Each bank serving as an Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with
the Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder. 
 SECTION 11.08. No
Reliance. 
 (a) Each Lender acknowledges that it has, independently and without reliance upon the Agents or any other
Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and 

 

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each other Loan Document to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon the Agents or any other Lender and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or
thereunder. The Agents shall not be required to keep themselves informed as to the performance or observance by the Borrower or any of its Subsidiaries of this Agreement, the Loan Documents or any other document referred to or provided for herein or
to inspect the Properties or books of the Borrower or its Subsidiaries. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent or the
Arrangers shall have any duty or responsibility to provide any Lender with any credit or other information concerning the affairs, financial condition or business of the Borrower (or any of its Affiliates) which may come into the possession of such
Agent or any of its Affiliates. In this regard, each Lender acknowledges that Cravath, Swaine & Moore LLP is acting in this transaction as special counsel to the Agents only, except to the extent otherwise expressly stated in any legal
opinion or any Loan Document. Each other party hereto will consult with its own legal counsel to the extent that it deems necessary in connection with the Loan Documents and the matters contemplated therein. 

(b) The Lenders acknowledge that the Agents and the Arranger are acting solely in administrative capacities with respect to the
structuring and syndication of this facility and have no duties, responsibilities or liabilities under this Agreement and the other Loan Documents other than their administrative duties, responsibilities and liabilities specifically as set forth in
the Loan Documents and in their capacity as Lenders hereunder. In structuring, arranging or syndicating this facility, each Lender acknowledges that the Administrative Agent, the Collateral Agent and/or the Arranger may be an agent or lender under
this Agreement, the Second Lien Notes, other loans or other securities and waives any existing or future conflicts of interest associated with the their role in such other debt instruments. If in its administration of this facility or any other debt
instrument, the Administrative Agent or Collateral Agent determines (or is given written notice by any Lender) that a conflict exists, then it shall eliminate such conflict within 90 days or resign pursuant to Section 11.06 and shall have no
liability for action taken or not taken while such conflict existed. 
 SECTION 11.09. Administrative Agent May File Proofs
of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrower or any of its Subsidiaries, each Agent
(irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether either Agent shall have made any demand on the Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans and all other Indebtedness that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Agents (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Agents and their respective agents and 

 

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counsel and all other amounts due the Lenders and the Agents under Section 12.03) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender to make such payments to the Agents and, in the event that the Agents shall consent to the making of such payments directly to the Lenders, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements
and advances of each Agent and its agents and counsel, and any other amounts due such Agent under Section 12.03. 
 Nothing contained
herein shall be deemed to authorize either Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Indebtedness or the rights of any Lender or to
authorize either Agent to vote in respect of the claim of any Lender in any such proceeding. 
 SECTION 11.10. Authority of
Agents to Release Collateral and Release or Subordinate Liens. Each Lender hereby authorizes each Agent to release or subordinate, to the rights of the transferee of any such collateral, its Liens against any collateral that is permitted to be
sold or released pursuant to the terms of the Loan Documents. Each Lender hereby authorizes each Agent to execute and deliver to the Borrower, at the Borrower’s sole cost and expense, any and all releases of Liens, termination statements,
assignments or other documents reasonably requested by the Borrower in connection with any sale or other disposition of Property to the extent such sale or other disposition is permitted by the terms of Section 9.12 or is otherwise authorized
by the terms of the Loan Documents. 
 SECTION 11.11. The Arranger. The Arranger shall have no duties, responsibilities
or liabilities under this Agreement and the other Loan Documents. 
 SECTION 11.12. Intercreditor Agreement. Each Lender
hereby authorizes the Administrative Agent and the Collateral Agent to become party to the Intercreditor Agreement and to enter into any amendments and any other agreements necessary to effectuate each Agent’s joinder thereto and each Lender
acknowledges that it will be bound thereby. 
 ARTICLE XII 

Miscellaneous 

SECTION 12.01. Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to
Section 12.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or e-mail, as follows:

 (i) if to the Borrower, to it at 4600 Post Oak Place, Suite 200, Houston, Texas 77027-9726, Attention of Chief Financial
Officer (Telecopy No.713-622-6829); 
  

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 (ii) if to the Administrative Agent or the Collateral Agent, to Credit Suisse AG, Eleven
Madison Avenue, New York, NY 10010, Attention of Sean Portrait, Agency Group (Fax No. (212) 322-2291, e-mail: Agency.loanops@credit-suisse.com); and 

(iii) if to any Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II, Article IV and Article V unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. 
 (c) Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

 SECTION 12.02. Waivers; Amendments. 

(a) No failure on the part of the Administrative Agent, any other Agent or any Lender to exercise and no delay in exercising, and no
course of dealing with respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Administrative Agent, the
Collateral Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or
consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for
which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, the Collateral Agent or any Lender may have had notice or
knowledge of such Default at the time. 
 (b) Neither this Agreement nor any provision hereof nor any Security Instrument nor
any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Majority Lenders; provided that no such agreement shall (i) increase the Commitment of
any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder (if any), or reduce any other Indebtedness hereunder or under any
other Loan Document, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment or prepayment of the principal 

 

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amount of any Loan, or any interest thereon, or any fees payable hereunder, or any other Indebtedness hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such
payment, or postpone or extend the Maturity Date without the written consent of each Lender affected thereby, (iv) change Section 4.01(b) or Section 4.01(c) in a manner that would alter the pro rata sharing of payments required
thereby, without the written consent of each Lender, (v) waive or amend Section 2.08, Section 3.04(b), Section 8.14, Section 10.02(d) or Section 12.14 without the written consent of each Lender, (vi) release any
Guarantor (except as set forth in the Guarantee and Collateral Agreement), release all or substantially all of the collateral (other than as provided in Section 11.10), or reduce the percentage set forth in Section 8.14(a) without the
written consent of each Lender or (vii) change any of the provisions of this Section 12.02(b) or the definition of “Majority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive,
amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any consent hereunder or any other Loan Documents, without the written consent of each Lender; provided further that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Collateral Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent or the Collateral
Agent, as the case may be. Notwithstanding the foregoing, any supplement to Schedule 7.14 (Subsidiaries) shall be effective simply by delivering to the Administrative Agent a supplemental schedule clearly marked as such and, upon receipt, the
Administrative Agent will promptly deliver a copy thereof to the Lenders. 
 SECTION 12.03. Expenses, Indemnity; Damage
Waiver. 
 (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the (A) Administrative
Agent, the Collateral Agent, the Arranger and their Affiliates and (B) the Initial Lenders, including, without limitation, the reasonable fees, charges and disbursements of counsel and other outside consultants for the Administrative Agent and
the Collateral Agent and of counsel to the Initial Lenders, the reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, and the cost of environmental invasive and non-invasive assessments and audits and surveys and
appraisals, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration (both before and after the execution hereof and including advice of counsel to the
Administrative Agent and the Collateral Agent as to the rights and duties of the Administrative Agent and the Collateral Agent and the Lenders with respect thereto) of this Agreement and the other Loan Documents and any amendments, modifications or
waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all costs, expenses, Taxes, assessments and other charges incurred by the
Administrative Agent, the Collateral Agent or any Lender in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other document referred to
therein, (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent or any Lender, including, without limitation, the fees, charges and disbursements of any counsel for the Administrative Agent, the
Collateral Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement or any other Loan Document, including, without limitation, its rights under this Section 12.03, or in connection
with the Loans 
  

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made hereunder, including, without limitation, all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(b) THE BORROWER SHALL INDEMNIFY THE AGENTS, THE ARRANGER AND EACH LENDER, AND EACH RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH
SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND DEFEND AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED EXPENSES, INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE
ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF ANY CLAIM, LITIGATION, PROCEEDING OR INVESTIGATION, INCLUDING ANY CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING BROUGHT BY THE BORROWER OR ANY SUBSIDIARY, RELATING TO: 

(i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE
BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (ii) THE FAILURE OF THE BORROWER
OR ANY SUBSIDIARY TO COMPLY WITH THE TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, (iii) ANY LOAN OR THE USE OF THE PROCEEDS THEREFROM, (iv) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE THE PROCEEDS RECEIVED PURSUANT
TO THE SECURITY INSTRUMENTS, (v) ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWER OR ANY SUBSIDIARY OR ANY OF THEIR PROPERTIES OR OPERATIONS, INCLUDING, THE PRESENCE, GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT, DISPOSAL,
ARRANGEMENT OF DISPOSAL OR TREATMENT OF HAZARDOUS MATERIALS ON OR AT ANY OF THEIR PROPERTIES, (vi) THE BREACH OR NON-COMPLIANCE BY THE BORROWER OR ANY SUBSIDIARY WITH ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWER OR ANY SUBSIDIARY,
(vii) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF HAZARDOUS MATERIALS ON OR AT ANY OF THE PROPERTIES OWNED OR OPERATED BY THE
BORROWER OR ANY SUBSIDIARY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWER OR ANY OF ITS SUBSIDIARIES, (viii) ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE
BORROWER OR ANY OF ITS SUBSIDIARIES, OR (ix) ANY OTHER ENVIRONMENTAL, HEALTH OR SAFETY CONDITION IN CONNECTION WITH THE LOAN DOCUMENTS, OR (x) ANY CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR CHARACTER WHATSOEVER,
WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT 
  

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OR AN OMISSION, INCLUDING, WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT LIABILITY
IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT
OF COMPETENT JURISDICTION BY FINAL JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILFUL MISCONDUCT OF SUCH INDEMNITEE. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent
or the Arranger under Section 12.03(a) or (b), each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent or the Arranger, as the case may be, such Lender’s ratable portion (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent, the Collateral Agent or the Arranger in its capacity as such. 
 (d) To the extent permitted
by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof. 

(e) All amounts due under this Section 12.03 shall be payable promptly after written demand therefor. 

SECTION 12.04. Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of (A) each Lender (and any attempted assignment or transfer by
the Borrower without such consent shall be null and void) and (B) the Administrative Agent and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 12.04. Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in Section 12.03(c)) and, to
the extent expressly contemplated hereby, the Related Parties of each of the Agents and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the conditions set forth in Section 12.04(b)(ii), any Lender may assign to one or more assignees all or a
portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 

 

 109 

 (A) the Borrower, provided that no consent of the Borrower
shall be required if such assignment is to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, is to any other assignee; and 

(B) the Administrative Agent. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of
the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an
Event of Default has occurred and is continuing; 
 (B) each partial assignment shall be made as an assignment of
a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent or, if previously agreed with the Administrative Agent, manually
execute and deliver to the Administrative Agent an Assignment and Assumption, in each case together with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent); and

 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire and all applicable tax forms. 
 (iii) Subject to Section 12.04(b)(iv) and the acceptance and recording
thereof, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of
a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of Section 5.03
and Section 12.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.04 shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with Section 12.04(c). 
  

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 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Agents and the Lenders may treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. In connection with any changes to the Register (including, without limitation, as a result of any Incremental Loan), if necessary, the Administrative Agent will reflect the revisions on Annex I and, upon request, forward a
copy of such revised Annex I to the Borrower and each Lender. 
 (v) Upon its receipt of a duly completed Assignment and
Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in
Section 12.04(b), if applicable, any written consent to such assignment required by Section 12.04(b) and any applicable tax forms, the Administrative Agent shall accept such Assignment and Assumption and promptly record the information
contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this Section 12.04(b). 

(vi) No Assignment shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 

(c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such
Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Agents and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 12.02 that affects such Participant. In addition such agreement must provide that the Participant be bound by the
provisions of Section 12.03. Subject to Section 12.04(c)(ii), the Borrower agrees that each Participant shall be entitled to the benefits of Section 5.03 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to Section 12.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 4.01(c) as though it were a Lender. Each Lender that sells a participation, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices a register for the recordation of the names

  

 111 

 
and addresses of each Participant and the principal amount (and stated interest) of each participant’s interest in the Loans or other obligations under any Loan Document (the
“Participant Register”). The entries in the Participant Register shall be conclusive, and such Lender may treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation
for all purposes of this Agreement notwithstanding notice to the contrary. 
 (ii) A Participant shall not be entitled to
receive any greater payment under Section 5.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent (which consent, if any, expressly acknowledges any additional obligations of the Borrower in respect of Indemnified Taxes or Other Taxes). A Participant that would be a Foreign Lender if it were a Lender shall
not be entitled to the benefits of Section 5.03 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 5.03(f) as though it were a
Lender. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 12.04(d) shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(e) Notwithstanding any other provisions of this Section 12.04, no transfer or assignment of the interests or obligations of any
Lender or any grant of participations therein shall be permitted if such transfer, assignment or grant would require the Borrower and the Guarantors to file a registration statement with the SEC or to qualify the Loans under the “Blue Sky”
laws of any state. 
 SECTION 12.05. Survival; Revival; Reinstatement. 

(a) All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any
Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Collateral Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid
and so long as the Commitments have not expired or terminated. The provisions of Section 5.03 and Section 12.03 and Article XI shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement, any other Loan Document or any provision hereof or thereof. 

 

 112 

 (b) To the extent that any payments on the Indebtedness or proceeds of any collateral are
subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any bankruptcy law, common law or equitable cause, then to such extent, the
Indebtedness so satisfied shall be revived and continue as if such payment or proceeds had not been received and the Agents’ and the Lenders’ Liens, security interests, rights, powers and remedies under this Agreement and each Loan
Document shall continue in full force and effect. In such event, each Loan Document shall be automatically reinstated and the Borrower shall take such action as may be reasonably requested by the Administrative Agent, the Collateral Agent and the
Lenders to effect such reinstatement. 
 SECTION 12.06. Counterparts; Integration; Effectiveness. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. 
 (b) This Agreement, the
other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof and thereof. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO 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. 

(c) Except as provided in Section 6.01, this Agreement shall become effective when it shall have been executed by the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy (or other electronic transmission) shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 SECTION 12.07. Severability. Any provision of this Agreement or any other Loan Document held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 12.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations
(of whatsoever kind, including, without limitations obligations under Swap Agreements) at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower or any 

 

 113 

 
Restricted Subsidiary against any of and all the obligations of the Borrower or any Restricted Subsidiary owed to such Lender now or hereafter existing under this Agreement or any other Loan
Document, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured. The rights of each Lender under this Section 12.08 are in addition
to other rights and remedies (including other rights of setoff) which such Lender or its Affiliates may have. 
 SECTION 12.09.
GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS. 
 (a) THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THE LOAN
DOCUMENTS SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT
PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED
ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO JURISDICTION IS NON-EXCLUSIVE AND DOES NOT PRECLUDE A PARTY FROM
OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION. 
 (c) EACH PARTY IRREVOCABLY CONSENTS TO
THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT THE ADDRESS SPECIFIED IN SECTION 12.01 OR SUCH OTHER ADDRESS AS
IS SPECIFIED PURSUANT TO SECTION 12.01 (OR ITS ASSIGNMENT AND ASSUMPTION), SUCH SERVICE TO BECOME EFFECTIVE THIRTY DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY OR ANY HOLDER OF A NOTE TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION. 
 (d)
EACH PARTY HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN;
(ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, 

 

 114 

 
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR
ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE
LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 12.09. 

SECTION 12.10. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 12.11. Confidentiality. Each of the Administrative Agent, the Collateral Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or any
self-regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement or any other Loan Document, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section 12.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any Swap Agreement relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other
than as a result of a breach of this Section 12.11 or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section 12.11,
“Information” means all information received from the Borrower or any Restricted Subsidiary relating to the Borrower or any Restricted Subsidiary and their businesses, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or a Restricted Subsidiary; provided that, in the case of information received from the Borrower or any Restricted Subsidiary after the date
hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 12.11 shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 12.12. Interest Rate Limitation. It is the intention of the parties hereto that each Lender shall conform strictly to
usury laws applicable to it. Accordingly, if the 
  

 115 

 
transactions contemplated hereby would be usurious as to any Lender under laws applicable to it (including the laws of the United States of America and the State of New York or any other
jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of the Loan Documents or any agreement entered into in
connection with or as security for the Loans, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under law applicable to any Lender that is contracted for, taken, reserved, charged or received by such
Lender under any of the Loan Documents or agreements or otherwise in connection with the Loans shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be canceled automatically and if theretofore
paid shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Lender to the Borrower); and
(ii) in the event that the maturity of the Loans is accelerated by reason of an election of the holder thereof resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then
such consideration that constitutes interest under law applicable to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled
automatically by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness
shall have been or would thereby be paid in full, refunded by such Lender to the Borrower). All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable
to such Lender, be amortized, prorated, allocated and spread throughout the stated term of the Loans evidenced hereby and by the Notes until payment in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the
maximum amount allowed by such applicable law. If at any time and from time to time (i) the amount of interest payable to any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Lender pursuant to this
Section 12.12 and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to such Lender computed at the Highest Lawful Rate
applicable to such Lender, then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be computed at the Highest Lawful Rate applicable to such Lender until the total amount of
interest payable to such Lender shall equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed without giving effect to this Section 12.12. 

SECTION 12.13. EXCULPATION PROVISIONS. EACH OF THE PARTIES HERETO SPECIFICALLY AGREES THAT IT HAS A DUTY TO READ THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; THAT IT HAS IN FACT READ THIS AGREEMENT AND IS FULLY INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE
TERMS, CONDITIONS AND EFFECTS OF THIS AGREEMENT; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND HAS RECEIVED THE

  

 116 

 
ADVICE OF ITS ATTORNEY IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS RESULT IN ONE
PARTY ASSUMING THE LIABILITY INHERENT IN SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY
EXCULPATORY PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.” 

SECTION 12.14. Collateral Matters; Swap Agreements. The benefit of the Security Instruments and of the provisions of this
Agreement relating to any collateral securing the Indebtedness shall also extend to and be available to those Lenders or their Affiliates which are counterparties to any Swap Agreement with the Borrower or any of its Subsidiaries on a pro
rata basis in respect of any obligations of the Borrower or any of its Subsidiaries which arise under any such Swap Agreement while such Person or its Affiliate is a Lender, including any Swap Agreements between such Persons in existence prior
to the date hereof. No Lender or any Affiliate of a Lender shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap Agreements. 

SECTION 12.15. No Third Party Beneficiaries. This Agreement, the other Loan Documents, and the agreement of the Lenders to make
Loans hereunder are solely for the benefit of the Borrower, and no other Person (including, without limitation, any Subsidiary of the Borrower, any obligor, contractor, subcontractor, supplier or materialsman) shall have any rights, claims, remedies
or privileges hereunder or under any other Loan Document against the Administrative Agent, the Collateral Agent or any Lender for any reason whatsoever. There are no third party beneficiaries. 

SECTION 12.16. USA Patriot Act Notice. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of
the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
  

 117 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	ATP OIL & GAS CORPORATION,
		
	By:	 	 /s/ Leland E. Tate

		 	Leland E. Tate
		 	President

 Signature Page to Credit
Agreement 

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually, as Administrative Agent and as Collateral Agent,
		
	By:	 	 /s/ James Moran

		 	Name: James Moran
		 	Title: Managing Director
		
	By:	 	 /s/ Vipul Dhadda

		 	Name: Vipul Dhadda
		 	Title: Associate

 Signature Page to
Credit Agreement 

 ANNEX I 

COMMITMENTS 
  

				
	 Name of Lender
	  	Commitment
	 Credit Suisse AG
	  	$	150,000,000.00
		  	 	 
	 TOTAL
	  	$	150,000,000.00
		  	 	 

  

 Annex I 

 EXHIBIT B 

FORM OF BORROWING REQUEST 

[            ], 20[    ] 

ATP Oil & Gas Corporation, the “Borrower”), pursuant to Section 2.03 of the Credit Agreement dated as of
June 18, 2010 (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”; unless otherwise defined herein, each capitalized term used herein is defined in the Credit
Agreement), among the Borrower, the Lenders from time to time party thereto and Credit Suisse AG, as Administrative Agent and Collateral Agent, hereby requests a Borrowing as follows: 

 

	(i)	Aggregate amount of the requested Borrowing is $[            ]; 

 

	(ii)	Date of such Borrowing is [            ], 20[    ]; 

 

	(iii)	Location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05 of the
Credit Agreement, is as follows: 

[                        
                ] 

[                        
                ] 

[                        
                ] 

[                         
               ] 
  

 Exhibit B 

 The undersigned certifies that he/she is the
[            ] of the Borrower, and that as such he/she is authorized to execute this certificate on behalf of the Borrower. The undersigned further certifies, represents and warrants on
behalf of the Borrower that on the date of this Borrowing Request and on the date of the related Borrowing, the conditions to lending specified in paragraphs (r) and (s) of Section 6.01 of the Credit Agreement have been satisfied and
that the Borrower is entitled to receive the requested Borrowing under the terms and conditions of the Credit Agreement. 
  

			
	ATP OIL & GAS CORPORATION
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

 

 Exhibit B 

 EXHIBIT C 

FORM OF INCREMENTAL JOINDER AGREEMENT 

JOINDER AGREEMENT, dated as of [            ,
201    ] (this “Agreement”), by and among [INCREMENTAL LENDERS] (each, an “Incremental Lender” and, collectively, the “Incremental Lenders”), ATP Oil and Gas Corporation,
a Texas Corporation (the “Borrower”) and Credit Suisse AG, as Administrative Agent and as Collateral Agent. 

Reference is hereby made to the Credit Agreement, dated as of June 18, 2010 (as amended, restated, supplemented or otherwise
modified, refinanced or replaced from time to time, the “Credit Agreement”), among the Borrower, Credit Suisse AG, as Administrative Agent and the other agents and lenders (the “Lenders”) which are or become parties
thereto (unless otherwise defined herein, each capitalized term used herein is defined in the Credit Agreement). 
 Each
Incremental Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Incremental Lender or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and
(iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as an Incremental Lender. 

 

			
	[INCREMENTAL LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

  

 Exhibit C 

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and as Collateral Agent,
		
	By:	 	  

		 	Name:
		 	Title:

			
		
	By:	 	
 

			
	Name:	 	
	Title:	 	

			
	
	ATP OIL & GAS CORPORATION
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

 

 Exhibit C 

 EXHIBIT D 

FORM OF COMPLIANCE CERTIFICATE 

The undersigned hereby certifies that he/she is the [            ] of ATP Oil & Gas
Corporation, a Texas corporation (the “Borrower”), and that as such he/she is authorized to execute this certificate on behalf of the Borrower. With reference to the Credit Agreement dated as of June 18, 2010 (together with all
amendments, restatements, supplements or other modifications thereto being the “Credit Agreement”; each capitalized term used herein having the same meaning given to it in the Agreement unless otherwise specified), among the
Borrower, the Lenders from time to time party thereto and Credit Suisse AG, as Administrative Agent and Collateral Agent, the undersigned represents and warrants as follows: 

(a) The representations and warranties of the Borrower and the Guarantors contained in Article VII of the Credit Agreement and in the other Loan
Documents executed on the Closing Date are true and correct on and as of the date hereof, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date hereof, such
representations and warranties are true and correct as of such specified earlier date. 
 (b) As of the date hereof and immediately after giving
effect to any Borrowing on the date hereof, no event, development or circumstance has occurred or exists that has resulted in, or could reasonably be expected to have, a Material Adverse Effect. 

(c) The Borrower has received all consents and approvals required by Section 7.03 of the Credit Agreement. 

 

	(d)	At the time of and immediately after giving effect to any Borrowing, no Default has occurred and is continuing. 

(e) After giving effect to the Transactions on the Closing Date, each of the Loan Parties is Solvent, and the Loan Parties, taken as a whole, are
Solvent. 
 EXECUTED AND DELIVERED this 18th day of June, 2010. 

 

			
	ATP OIL & GAS CORPORATION
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

 

 Exhibit D 

 EXHIBIT E 

SECURITY INSTRUMENTS 
  

	1.	Guarantee and Collateral Agreement dated as of June 18, 2010, among ATP Oil & Gas Corporation, the subsidiaries of ATP Oil & Gas Corporation
identified therein and Credit Suisse AG, as Collateral Agent. 

  

	2.	Financing Statement in respect of Item 1. 

  

	3.	Act of Mortgage, Security Agreement, Financing Statement, Fixture Filing and Assignment of Production dated as of June 18, 2010, from ATP Oil & Gas
Corporation to Credit Suisse AG, as Collateral Agent. 

  

	4.	Financing Statement in respect of Item 3. 

  

	5.	UK Pledge Agreement. 

  

	6.	Patent Security Agreement dated as of June 18, 2010, among ATP Oil & Gas Corporation and Credit Suisse AG, as Collateral Agent. 

 

	7.	Copyright Security Agreement dated as of June 18, 2010, among ATP Oil & Gas Corporation and Credit Suisse AG, as Collateral Agent.

  

	8.	Cash Collateral Agreement dated as of June 18, 2010, between ATP Oil & Gas Corporation and Credit Suisse AG, as Collateral Agent.

  

 Exhibit E 

 EXHIBIT F 

FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

					
	 1.      Assignor:
	 	
                    
                                 
	  	
			
	 2.      Assignee:
	 	
                    
                                 
	  	
		 	[and is an Affiliate/Approved Fund of [identify
Lender]1]
		
	 3.      Borrower:
	 	ATP Oil & Gas Corporation
		
	 4.      Administrative Agent:
	 	Credit Suisse AG, as the administrative agent under the Credit Agreement
		
	 5.      Credit Agreement:
	 	The Credit Agreement dated as of June 18, 2010, among ATP Oil & Gas Corporation, the Lenders from time to time party thereto and Credit Suisse AG, as
Administrative Agent and as Collateral Agent

  

	1
	 Include if applicable. 

  

 Exhibit F 

	6.	Assigned Interest: 

  

										
	 Commitment Assigned
	  	Aggregate Amount of
Commitment/Loans
for all Lenders	  	Amount of
Commitment/Loans
Assigned	  	Percentage Assigned 
of
Commitment/Loans2	 
		  	$	 	  	$	 	  	  	% 
		  	$	 	  	$	 	  	  	% 
		  	$	 	  	$	 	  	  	% 

 Effective Date:
                         , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are
hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

	2
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

 

 Exhibit F 

 ANNEX 1 

[Credit Agreement dated as of June 18, 2010, among ATP Oil & Gas Corporation, the Lenders from time to time party
thereto and Credit Suisse AG, as Administrative Agent and as Collateral
Agent]3 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT
AND ASSUMPTION 
 1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 7.04 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on
the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

  

	3
	 Describe Credit Agreement at option of Administrative Agent. 

 

 Exhibit F 

 3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

 Exhibit F 

 EXHIBIT G 

FORM OF RESERVE REPORT CERTIFICATE 

This Certificate of Initial Reserve Report is delivered pursuant to Section 6.01(l) and Section 8.12(c) of that certain Credit
Agreement dated as of June 18, 2010 (the “Credit Agreement”), by and among ATP Oil & Gas Corporation, a Texas corporation (the “Borrower”), the Lenders from time to time party thereto and Credit Suisse
AG, as Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the same meanings set forth in the Credit Agreement. 

The undersigned,
[                        ], being the duly elected
[                    ] of the Borrower, hereby certifies, to the knowledge of such Officer, after diligent inquiry, as follows: 

(a) The information contained in the reserve report attached hereto as Exhibit A (the “Reserve Report”), and any other
information delivered in connection therewith is true and correct in all material respects; 
 (b) The Borrower owns good and
defensible title to the Oil and Gas Properties evaluated in such Reserve Report and such Properties are free of all Liens except for Liens permitted by Section 9.03 of the Credit Agreement; 

(c) Except as set forth on Exhibit B attached hereto, on a net basis there are no take or pay or other prepayments with respect to the
Oil and Gas Properties evaluated in the Reserve Report which would require the Borrower or any of its Restricted Subsidiaries to deliver Hydrocarbons produced from such Oil and Gas Properties at some future time without then or thereafter receiving
full payment therefor; 
 (d) Exhibit C attached hereto is a schedule of the Oil and Gas Properties evaluated by the Reserve
Report that are Mortgaged Properties and demonstrating the percentage of the total value of the Oil and Gas Properties that the value of such Mortgaged Properties represent in compliance with Section 8.14 of the Credit Agreement. 

[Signature Page Follows] 
  

 Exhibit G 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Initial Reserve Report
as of this 18th day of June, 2010. 
  

							
	BORROWER:	 		 	ATP OIL & GAS CORPORATION
				
		 		 	By:	 	  

		 		 	Name:
		 		 	Title:

 Schedule 1.01(a) 

Investments 
 NONE.

 Schedule 6.01(n) 

Existing Debt 
 NONE.

 Schedule 7.05 

Litigation 
 Bison
Capital Corporation v. ATP Oil & Gas Corporation, Civil Action No. 10CV 714 in the United States district Court for the Southern district of New York. 

In February 2010, Bison Capital Corporation filed suit against ATP alleging that fees totaling $102 million related to certain financial transactions had
not been paid by ATP. We believe we have paid Bison Capital Corporation all amounts due under our 2004 agreement with them. ATP is currently preparing a response to the petition and plans to vigorously defend against these allegations. 

 Schedule 7.06 

Environmental 
 NONE.

 Schedule 7.10 

ERISA 
 7.10
(b) None 
 7.10 (e) None 

 Schedule 7.14 

Subsidiaries and Partnerships 

ATP Energy, Inc., Domestic – 100% owned by Borrower 

ATP Oil & Gas (UK) Limited, Foreign – 100% owned by Borrower 

ATP Oil & Gas (Netherlands) B.V., Foreign – 100% owned by Borrower 

ATP Holdco, LLC, Domestic – 100% owned by Borrower 

ATP IP-GP, LLC, Domestic – 100% owned by ATP Holdco, LLC 

ATP IP-LP, LLC, Domestic – 100% owned by ATP Holdco, LLC 

ATP INFRASTRUCTURE PARTNERS, L.P., Domestic – 

2% owned by ATP IP-GP, LLC, and 

49% owned by ATP IP-LP, LLC 

 Schedule 7.15 

Subsidiary Organizational Information 

ATP Energy, Inc. 
 Texas Corporation,
Organizational No. 13580900 
 Principal Place of Business 

4600 Post Oak Place 
 Suite 200 

Houston, Texas 77027 
 ATP Oil & Gas
(UK) Limited 
 UK Private Limited Company, Registered No. 3949599 

Principal Place of Business: 
 Guildford

 Surrey, England 
 ATP Oil &
Gas (Netherlands) B. V. 
 Dutch Private Limited Liability Company, Registration Number 34166395 

Principal Place of Business 
 4600 Post Oak Place

 Suite 200 
 Houston, Texas 77027

 ATP HOLDCO, LLC 
 Delaware Limited
Liability Company, Number 4603678 
 Principal Place of Business 

4600 Post Oak Place 
 Suite 200 

Houston, Texas 77027 
 ATP IP-GP, LLC

 Delaware Limited Liability Company, Number 4603674 

Principal Place of Business 
 4600 Post Oak Place

 Suite 200 
 Houston, Texas 77027

 ATP IP-LP, LLC 
 Delaware Limited
Liability Company, Number 4603679 
 Principal Place of Business 

4600 Post Oak Place 
 Suite 200 

Houston, Texas 77027 
 ATP INFRASTRUCTURE
PARTNERS, L.P. 
 Delaware Limited Partnership, Number 4603680 

Principal Place of Business 
 4600 Post Oak Place

 Suite 200 
 Houston, Texas 77027

 Schedule 7.18 

Prepayments 
 None.

 Schedule 7.19 

Marketing Contracts 

None. 

 Schedule 7.20 

Swap Agreements 
 See
Attached. 

																																														
	 	  	2010	  	2011	  	2012
	 	  	1Q	  	2Q	  	3Q	  	4Q	  	FY	  	1Q	  	2Q	  	3Q	  	4Q	  	FY	  	1Q	  	2Q	  	3Q	  	4Q	  	FY
	 Gulf of Mexico
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Fixed Forwards & Swaps
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
																
	 Natural Gas
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Volumes (MMMBtu)
	  	 	1,800	  	 	1,815	  	 	1,830	  	 	1,830	  	 	7,275	  	 	900	  			  			  			  	 	900	  			  			  			  			  		
	 Price ($/MMBtu)
	  	$	5.37	  	$	5.57	  	$	5.57	  	$	5.57	  	$	5.52	  	$	5.42	  			  			  			  	$	5.42	  			  			  			  			  		
																
	 Crude Oil
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Volumes (MBbls)
	  	 	267	  	 	364	  	 	414	  	 	414	  	 	1,459	  	 	338	  	 	546	  	 	552	  	 	552	  	 	1,988	  	 	205	  	 	91	  	 	92	  	 	92	  	 	480
	 Price ($/Bbl)
	  	$	78.83	  	$	75.13	  	$	77.83	  	$	77.83	  	$	77.34	  	$	78.76	  	$	82.18	  	$	82.18	  	$	82.18	  	$	81.60	  	$	87.87	  	$	89.95	  	$	89.95	  	$	89.95	  	$	89.06
																
	 Crude Oil
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Volumes (MBbls)
	  	 	267	  	 	182	  	 	184	  	 	184	  	 	817	  	 	270	  	 	273	  	 	184	  	 	184	  	 	911	  			  			  			  			  		
	 Price ($/Bbl)
	  	$	78.83	  	$	70.00	  	$	70.00	  	$	70.00	  	$	72.89	  	$	77.33	  	$	77.33	  	$	80.00	  	$	80.00	  	$	78.41	  			  			  			  			  		
	 Reparticipation calls ($/Bbl)
	  	$	101.48	  	$	110.00	  	$	110.00	  	$	110.00	  	$	107.22	  	$	112.50	  	$	112.50	  	$	110.00	  	$	110.00	  	$	111.49	  			  			  			  			  		
																
	 Collars
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Natural Gas
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Volumes (MMMBtu)
	  	 	450	  	 	1,365	  	 	1,380	  	 	1,380	  	 	4,575	  	 	1,350	  			  			  			  	 	1,350	  			  			  			  			  		
	 Floor Price ($/MMBtu)
	  	$	4.00	  	$	4.75	  	$	4.75	  	$	4.75	  	 $
	 4.68
	  	$	4.75	  			  			  			  	$	4.75	  			  			  			  			  		
	 Ceiling Price ($/MMBtu)
	  	$	7.00	  	$	7.95	  	$	7.95	  	$	7.95	  	$	7.86	  	$	7.95	  			  			  			  	$	7.95	  			  			  			  			  		
																
	 Puts
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Crude Oil
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Volumes (MBbls)
	  	 	90	  	 	91	  	 	92	  	 	92	  	 	275	  			  			  			  			  			  			  			  			  			  		
	 Floor Price ($/Bbl)
	  	$	24.70	  	 	24.70	  	 	24.70	  	 	24.70	  	$	24.70	  			  			  			  			  			  			  			  			  			  		
																
	 North Sea
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Fixed Forwards & Swaps
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Natural Gas
	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  		
	 Volumes (MMMBtu)
	  	 	270	  	 	728	  	 	736	  	 	736	  	 	2,470	  	 	450	  	 	273	  	 	276	  	 	276	  	 	1,275	  	 	273	  	 	276	  	 	276	  	 	276	  	 	1,101
	 Price
($/MMBtu)(1)
	  	$	5.60	  	$	5.88	  	$	5.88	  	$	5.88	  	$	5.85	  	$	5.45	  	$	7.80	  	$	7.80	  	$	7.80	  	$	6.97	  	$	7.80	  	$	7.80	  	$	7.80	  	$	8.78	  	$	8.04

  

The above are ATP’s outstanding financial and physical commodity contracts. 

Additional hedges, derivatives and fixed price contracts, if any, will be announced during the year. 

	(1)	Additional currency translation rate of $1.5 USD to $1 GBP

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