Document:

Promissory Note

 EXHIBIT 10.18.1 
 PROMISSORY NOTE 
  

			
	 $26,736,443.00
	 	Charlotte, North Carolina
		 	March 27, 2012

 FOR VALUE RECEIVED, GGT CRESCENT CROSSTOWN FL VENTURE, LLC, a Delaware limited
liability company (hereinafter called “Borrower”), promises to pay to the order of U.S. Bank National Association, a national banking association (hereinafter, together with any subsequent holder hereof, called
“Bank”), or assigns, the principal sum of Twenty-Six Million Seven Hundred Thirty-Six Thousand Four Hundred Forty-Three and No/100 Dollars ($26,736,443.00) or so much thereof as may have been advanced to or for the benefit of
Borrower pursuant to the Loan Agreement and remains unpaid from time to time (hereinafter called “Principal Balance”), with interest on the Principal Balance, until paid in full, at the rates per annum hereinafter specified, in coin
or currency, which, at the time or times of payment, is legal tender for the payment of public and private debts in the United States of America, all in accordance with the terms hereinafter set forth. All interest payable hereunder shall be
computed on the basis of a 360 day year, but shall be charged for the actual number of days principal is unpaid. 
 1. Payment Location. All payments of principal and interest under this Note shall be made in lawful money of the United States of America in immediately available funds to U.S. Bank National
Association at Bank’s office at 214 N. Tryon Street, 30th Floor, Charlotte, North Carolina 28202, Attention: Commercial Real Estate, or at such other place as may be designated by Bank to Borrower in writing. 

2. Capitalized Terms. Unless the context otherwise indicates, capitalized terms not otherwise defined herein shall
have the meanings provided for such terms in that certain Construction Loan Agreement of even date herewith by and between Borrower and Bank (hereinafter as it may be amended, modified or supplemented from time to time called the “Loan
Agreement”), and which terms are incorporated by this reference as if fully set forth herein. 
 3.
Identification of Note. This Promissory Note (the “Note”) is the Promissory Note referred to in the Loan Agreement. The Loan Agreement governs the terms of the indebtedness of Borrower to Bank evidenced by this Note and such
other indebtedness as more particularly set forth in the Loan Documents. 
 4. Payments. This Note shall
be payable by Borrower to Bank as follows: 
 (a) Interest accruing in
accordance herewith shall be payable, as accrued, on the first (1st) day of each calendar month hereafter, commencing on the first day of the first calendar month after the first Advance is disbursed to Borrower, and continuing until the Maturity Date. 

 
 THIS NOTE IS SECURED BY A MORTGAGE FROM THE BORROWER TO THE
BANK DATED OF EVEN DATE HEREWITH. THE FLORIDA DOCUMENTARY STAMP AND INTANGIBLE TAXES DUE IN CONNECTION WITH THE INDEBTEDNESS EVIDENCED BY THIS NOTE WERE PAID UPON THE RECORDATION OF THE MORTGAGE. 

 (b) The entire unpaid Principal Balance and all interest
accrued thereon shall be due and payable in full on March 27, 2015 (hereinafter called the “Maturity Date”); provided, however, subject to Borrower’s compliance with the terms and conditions set forth in
Section 1.10 and Section 1.11 of the Loan Agreement, Borrower shall have two (2) options to extend the Maturity Date for one (1) year each until March 27, 2016 and March 27, 2017, respectively, which
extended dates shall thereafter become the Maturity Date. 
 (c) In the event that the Maturity
Date is extended as set forth in Section 4(b) above, during any extension period, in addition to the monthly installments of interest payable hereunder, Borrower shall make consecutive, monthly installments of principal in the amount of the
Monthly Principal Installments. 
 (d) Except as otherwise provided in the succeeding sentence,
from and after the date hereof, and until the date on which this Note is paid in full, Borrower shall pay interest on the Principal Balance at the Loan Rate. Following any Event of Default hereunder or under the Loan Agreement, interest shall accrue
at the Default Rate together with, as applicable, any Late Charge. 
 (e) No payment of interest
or other consideration made or agreed to be made by Borrower pursuant to this Note or any other instrument referring to or securing this Note shall, at any time, be deemed to have been computed at an interest rate in excess of the maximum rate of
interest permissible by law, if any. In the event such payments of interest or other consideration provided for in this Note or any other instrument referring to or securing this Note shall result in payment of an effective rate of interest which,
for any period of time, is in excess of the limit of the usury law or any other law applicable to the loan evidenced hereby, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or
notice between or by any party or parties hereto, be applied to the Principal Balance immediately upon receipt of such monies by Bank with the same force and effect as though Borrower had specifically designated, and Bank had agreed to accept, such
extra payments as a principal payment, without premium or penalty. If the Principal Balance has been fully paid, any such excess amount shall be refunded to Borrower. This provision shall control over every other obligation of Borrower hereunder and
under any instrument which secures this Note. 
 (f) Except as set forth in Section 4(e)
above, all payments made hereunder shall be applied to amounts due in accordance with the Loan Agreement. 
 5.
Prepayment. The Principal Balance and accrued interest thereon may be prepaid in full or in part as provided in Section 1.3 Prepayment of the Loan Agreement and subject to any fees payable by Borrower under
Section 1.4 Regulatory Change of the Loan Agreement. 

  
 2 

 6. Security. The payment and performance of this Note and other
Obligations are secured by the lien of that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing of even date herewith (the “Mortgage”), encumbering certain real and personal property located in
Hillsborough County, Florida, as more specifically described therein (the Project”), and by other documents (hereinafter collectively called “Other Security Documents”), all of even date herewith and by
(i) an Agreement of Guaranty and Suretyship (Payment) of even date herewith from the Guarantor (the “Payment Guaranty”), (ii) an Agreement of Guaranty and Suretyship (Completion) of even date herewith from the Guarantor
(the “Completion Guaranty”), and (iii) a Recourse Carve-Out Guaranty Agreement of even date herewith from the Guarantor (the “Carve-Out Guaranty”). The Mortgage, the Other Security Documents, the Payment
Guaranty, the Completion Guaranty and the Carve-Out Guaranty are sometimes herein collectively called the “Security Documents.” Advances of the sums evidenced by this Note are to be made pursuant to the Loan Agreement. 

Each Borrower, co-maker, endorser, surety and guarantor hereby guaranties payment of this Note, and waives demand for
payment, presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intention to accelerate maturity, notice of acceleration of maturity, notice of intent to foreclose on any collateral securing this
Note, all other notices as to this Note, diligence in collection as to each and every payment due hereunder, and all other requirements necessary to charge or hold such person or entity to any obligation hereunder, and agrees that without any notice
Bank may take additional security herefor or may release any or all security herefor, or alone or together with any present or future owner or owners of all or any part of the Project or by any Other Security Documents, may from time to time extend,
renew, or otherwise modify the date or dates or amount or amounts of payment above recited, or Bank may from time to time release any part or parts of the property and interest subject to the Mortgage or the Other Security Documents from the
Mortgage and/or the Other Security Documents, with or without consideration, and that, in any such case, each Borrower, co-maker, endorser, surety and guarantor shall continue to be bound hereby and to be liable to pay the unpaid balance of the
indebtedness evidenced hereby, as so additionally secured, extended, renewed or modified, and notwithstanding any such release, and further agrees to indemnify Bank against and hold Bank harmless from and pay all costs and expenses of collection,
including court costs and reasonable attorneys’ fees (prior to trial, at trial and on appeal) incurred in collecting the indebtedness evidenced hereby, or in exercising or defending, or obtaining the right to exercise, the rights of Bank
hereunder, under the Loan Agreement or under any Security Document, whether suit be brought or not, and in foreclosure, in bankruptcy, insolvency, arrangement, reorganization and other debtor-relief proceedings, in probate, in other court
proceedings, or otherwise, whether or not Bank prevails therein, and all costs and expenses incurred by Bank in protecting or preserving the property and interests which are subject to the Mortgage and/or the Other Security Documents. 

7. Default. Time is of the essence hereof. The occurrence of an Event of Default under the Loan Agreement shall
constitute an Event of Default under this Note. Upon the occurrence of an Event of Default, Bank shall have the right to declare the unpaid principal balance and accrued but unpaid interest on this Note, and all other amounts due hereunder and under
the other Loan Documents, at once due and payable (and upon such declaration, the same shall be at once due and payable), to foreclose any liens and security interests securing payment hereof and to exercise any of its other rights, powers and
remedies under this Note, under the Mortgage and Other Security Documents and under any other Loan Document, or at law or in equity. From and after the date of the occurrence of any such Event of Default, and from and after the Maturity Date,
interest shall accrue on the Principal Balance at the Default Rate and shall be payable on the first business day of each calendar month or on demand, at the option of Bank. 

  
 3 

 Bank shall not by any act, delay, omission or otherwise be deemed to have
waived any of its rights or remedies, and no waiver of any kind shall be valid unless in writing and signed by Bank. All rights and remedies of Bank under the terms of this Note, under the terms of the Loan Agreement and/or of any Security Document,
and under any statutes or rules of law shall be cumulative and may be exercised successively or concurrently by Bank. Borrower agrees that Bank shall be entitled to all the rights of a holder in due course of negotiable instruments. Any provision of
this Note which may be unenforceable or invalid under any law shall be ineffective to the extent of such unenforceability or invalidity without affecting the enforceability or validity of any other provision hereof. 

8. Applicable Law; Jury Trial. THIS NOTE WAS NEGOTIATED, EXECUTED AND DELIVERED IN THE STATE OF NORTH CAROLINA. IN
ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY RIGHT TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE. 
 TO THE EXTENT ENFORCEABLE UNDER APPLICABLE LAW, BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION WITH RESPECT TO OR ARISING FROM THIS NOTE, THE LOAN AGREEMENT OR THE SECURITY
DOCUMENTS. 
 AT THE OPTION OF BANK, THIS NOTE, THE LOAN AGREEMENT AND THE SECURITY DOCUMENTS MAY BE ENFORCED IN
THE UNITED STATES DISTRICT COURT FOR THE DISTRICT IN WHICH THE PROJECT LIES OR THE STATE COURT SITTING IN THE COUNTY IN WHICH THE PROJECT LIES; BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURTS AND WAIVES ANY ARGUMENT THAT
JURISDICTION IN SUCH FORUMS IS NOT PROPER OR THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT. IN THE EVENT ANY ACTION IS COMMENCED IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP
CREATED BY THIS NOTE, THE LOAN AGREEMENT OR THE SECURITY DOCUMENTS, BANK AT ITS OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE
LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE. 

  
 4 

 [Signature page 1 of 1 to Promissory Note] 

IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed and delivered under seal as of the day and year
first above set forth. 
  

													
	BORROWER:
		
	GGT CRESCENT CROSSTOWN FL VENTURE, LLC,	  	
	a Delaware limited liability company	  	(SEAL)
			
	By:	 	Crescent Crosstown II, LLC,	  	
		 	 a Delaware limited liability company
 its Operating Member
	  	(SEAL)
			
		 	By:	 	Crescent Multifamily Holdings, LLC,
		 		 	 a Delaware limited liability company

its sole member and manager
	  	 (SEAL)

				
		 		 	By:	 	 Crescent Resources, LLC,
 a Georgia limited liability company
 its sole member

				
		 		 	By:	 	 /s/ Brian J. Natwick

		 		 		 	Brian J.Natwick,
		 		 		 	President, Multifamily Division
				
		 		 		 	 Address for notices:
 227 West Trade Street
 Suite 1000
 Charlotte, North Carolina 28202

  
 5Form of Operating and Services Agreement

 Exhibit 10.3 
 OPERATING AND SERVICES AGREEMENT 
 This OPERATING AND SERVICES AGREEMENT (this “Agreement”) is dated as of [•], 2012 by and between Pacific Coast Energy Company LP, a limited partnership formed under the laws of the
State of Delaware (the “Partnership”), and Pacific Coast Oil Trust, a statutory trust formed under the laws of the State of Delaware (the “Trust”). 

WHEREAS, pursuant to the Conveyance of Net Profits Interests and Overriding Royalty Interest dated as of even date herewith (the
“Conveyance”), the Partnership has conveyed to the Trust net profits interests and an overriding royalty interest in certain oil and gas properties located in the State of California (the “Conveyed Interests”);

 WHEREAS, in connection with the conveyance of the Conveyed Interests, the Partnership has agreed to provide certain
administrative services for the Trust in exchange for an operating and services fee as described herein. 
 NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intended to be legally bound hereby, it is
agreed as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. As used in this
Agreement, the following terms have the respective meanings set forth below or set forth in the Sections referred to below: 

“Affiliate” means with respect to a specified Person, any Person that directly or indirectly controls, is controlled by,
or is under common control with, the specified Person. As used in this definition, the term “control” (and the correlative terms “controlling,” “controlled by,” and “under common control”) shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

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

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in Los Angeles, California or Austin, Texas are authorized or obligated by law or executive order to close. 

“Conveyance” has the meaning set forth in the recitals. 

 “Conveyed Interests” has the meaning set forth in the recitals. 

“CPI” shall mean the year-over-year unadjusted percent change of the all items index (as of December of the then-current
calendar year) of the Consumer Price Index for All Urban Consumers (CPI-U) for the US City Average, 1982-1984 = 100, published by the United States Department of Labor, Bureau of Labor Statistics or, if such index becomes unavailable, any successor
or substitute index designated by the Partnership and reasonably acceptable to the Trustee. 
 “Developed
Properties” has the meaning assigned to such term in the Trust Agreement. 
 “External Expenses” means
the actual out-of-pocket fees, costs and expenses reasonably incurred by the Partnership in connection with the provision of the Services. 
 “Force Majeure” shall mean any cause beyond the reasonable control of the Partnership, including the following causes: acts of God; strikes; lockouts; acts of the public enemy, wars or
warlike action (whether actual or impending); arrests and other restraints of government (civil or military); blockades; embargoes; insurrections; riots; epidemics or pandemics; landslides; lightning; earthquakes; fires; sabotage; tornadoes; named
tropical storms and hurricanes and floods; civil disturbances; terrorism; mechanical breakdown of machinery or equipment; explosions; confiscation or seizure by any government or other public authority; any order of any court of competent
jurisdiction, regulatory agency or governmental body having jurisdiction. 
 “Operating and Services Fee” has
the meaning set forth in Section 3.01(a). 
 “Partnership” has the meaning set forth in the
introductory paragraph. 
 “Person” shall mean any individual, partnership, limited liability company,
corporation, trust, unincorporated association, governmental agency, subdivision, or instrumentality, or other entity or association. 
 “Remaining Properties” has the meaning assigned to such term in the Trust Agreement. 
 “Services” has the meaning set forth in Section 2.01. 

“Termination Date” means the date that is the earliest of (i) the date that all of the Conveyed Interests are terminated
or are no longer held by the Trust, (ii) the date that the Trust is finally wound up and liquidated in accordance with Section 9.03 of the Trust Agreement and (iii) the date that either the Partnership or the Trustee may designate by delivering a
written notice no less than 90 days prior to such date; provided, that the Partnership shall not terminate this Agreement except in connection with the Partnership’s transfer of some or all of the Subject Interests (as defined in the
Conveyance) and then only with respect to the Services to be provided with respect to the Subject Interests being transferred, and only upon the delivery to the Trustee of an agreement of the transferee of such Subject Interests, reasonably
satisfactory to the Trustee, in which such transferee assumes the responsibility to perform the Services relating to the Subject Interests being transferred. 
 “Trust” has the meaning set forth in the introductory paragraph. 

“Trust Agreement” means that certain Amended and Restated Trust Agreement of the Trust of even date herewith among the
Partnership, the Trustee and Wilmington Trust, National Association, as the same may be amended from time to time. 

“Trustee” means The Bank of New York Mellon Trust Company, N.A., in its capacity as trustee of the Trust. 

 Section 1.02 Construction. Unless the context requires otherwise: (a) any
pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to
Articles and Sections of this Agreement; (c) the terms “include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation;” and (d) the terms
“hereof,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement. The headings contained in this Agreement are for reference purposes only, and shall not affect
in any way the meaning or interpretation of this Agreement. 
 ARTICLE II 

SERVICES 

Section 2.01 Services. Subject to the terms of this Agreement and in exchange for the payment described in
Section 3.01, the Partnership hereby agrees to provide the Trust with such services as are necessary for the Trust and the Trustee to comply with the Trust Agreement and Article IV of the Conveyance and such other operating and
administrative services of similar character and scope to the foregoing that the Trustee may reasonably request the Partnership to provide during the term of this Agreement, including such accounting, bookkeeping and informational services and other
services as may be necessary for the preparation of reports the Trust is or may be required to prepare and/or file in accordance with applicable tax and securities laws, exchange listing rules and other requirements, including reserve reports and
tax returns (all of the foregoing being herein called the “Services”). 
 Section 2.02 Performance of
Services by Others. The parties hereby agree that in discharging the Partnership’s obligations under this Agreement, the Partnership may, in its sole discretion, engage any other Person, including its Affiliates, to perform the Services (or
any part of the Services) on its behalf and that the performance of the Services (or any part of the Services) by any such Person shall be treated as if the Partnership performed such Services itself. Notwithstanding the foregoing, nothing contained
herein shall relieve the Partnership of its obligations hereunder. 
 Section 2.03 Intellectual Property. Any
(i) inventions, whether patentable or not, developed or invented, or (ii) copyrightable material (and the intangible rights of copyright therein) developed, in each case by the Partnership, its Affiliates or its or their employees in
connection with the performance of the Services shall be the property of the Partnership; provided, however, that the Trust shall be granted an irrevocable, royalty-free, non-exclusive and non-transferable right and license to use such
inventions or material; and provided further, however, that the Trust shall only be granted such a right and license to the extent such grant does not conflict with, or result in a breach, default, or violation of a right or license to use
such inventions or material granted to the Partnership by any Person other than an Affiliate of the Partnership. Notwithstanding the foregoing, the Partnership will use all commercially reasonable efforts to grant such right and license to the
Trust. 
 Section 2.04 Independent Status. It is expressly acknowledged by the parties hereto that each party is an
“independent contractor” and nothing in this Agreement is intended nor shall be construed to create an employer/employee relationship, or a joint venture or partnership relationship, or to allow any party to exercise control or direction
over the other party. Except as 

 
required in connection with the performance of the Services, neither the Partnership nor any agent, employee, servant, contractor or subcontractor of the Partnership or any of its Affiliates
shall have the authority to bind the Trust to any contract or arrangement. Neither the Trust nor the Trustee shall be liable for the salary, wages or benefits, including workers’ compensation insurance and unemployment insurance, of any
employee, agent, servant, contractor or subcontractor of the Partnership or its Affiliates by virtue of this Agreement. 

Section 2.05 Warranties; Limitation of Liability. The Partnership will use commercially reasonable efforts to provide the
Services in a good and workmanlike manner in accordance with the sound and prudent practices of providers of similar services. EXCEPT AS SET FORTH IN THE PRECEDING SENTENCE, THE PARTNERSHIP MAKES NO (AND HEREBY DISCLAIMS AND NEGATES ANY AND ALL)
WARRANTIES OR REPRESENTATIONS WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICES. IN NO EVENT WILL THE PARTNERSHIP, THE TRUST, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES BE LIABLE TO ANY OTHER PERSON FOR ANY EXEMPLARY, PUNITIVE,
DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, WHETHER RESULTING FROM ANY ERROR IN THE PERFORMANCE OF SERVICE, OR OTHERWISE, REGARDLESS OF WHETHER SUCH PERSON, ITS AFFILIATES OR OTHERS MAY BE WHOLLY, CONCURRENTLY, PARTIALLY OR
SOLELY NEGLIGENT OR OTHERWISE AT FAULT, EXCEPT TO THE EXTENT SUCH EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES ARE PAID BY THE PARTY INCURRING SUCH DAMAGES TO A PERSON THAT IS NOT A PARTY TO THIS AGREEMENT. THE
PROVISIONS OF THIS SECTION 2.05 WILL SURVIVE TERMINATION OF THIS AGREEMENT. 
 Section 2.06 Disputes. Should
there be a dispute over the nature or quality of the Services or the calculation or allocation of the Operating and Services Fee, the Partnership and the Trustee, on behalf of the Trust, shall first attempt to resolve such dispute, acting diligently
and in good faith, using the past practices of the Partnership and the Trustee as guidelines for such resolution. If the Partnership and the Trustee are unable to resolve any such dispute within thirty days, or such additional time as may be
reasonable under the circumstances, the dispute shall be resolved by arbitration in accordance with the provisions of Article XI of the Trust Agreement. The provisions of this Section 2.06 will survive termination of this Agreement.

 ARTICLE III 
 OPERATING AND SERVICES FEE 
 Section 3.01 Operating and Services
Fee. 
 (a) The Trust shall pay to the Partnership a monthly operating and services fee of $83,333.33, subject to the
adjustments described in clause (b) below (the “Operating and Services Fee”). The Operating and Services Fee shall be paid in immediately available funds, on or before the end of the following month, with the first payment
being made on or about May 30, 2012. In the event that this Agreement is terminated during a month pursuant to Section 5.01, the amount of the Operating and Services Fee for such month shall be based upon the pro rata

 
portion of the Operating and Services Fee that shall have accrued during such month up to and including the date of termination of this Agreement. In addition to the Operating and Services Fee,
the Trust shall reimburse the Partnership on or before the end of the following month for all reasonable and necessary External Expenses associated with the provision of Services in the preceding month as set forth in a reasonably detailed invoice
provided by the Partnership to the Trust on or before the 15th day of the following month. 
 (b) Beginning April 1,
2013 and on April 1 of each year thereafter, the Operating and Services Fee payable in each month through March of the following year shall increase or decrease, as applicable, by an amount equal to the product of (x) the then-current
Operating and Services Fee and (y) the CPI. 
 Section 3.02 Set-Off. In the event that the Partnership owes the
Trust a sum certain in an uncontested amount under any other agreement, then any such amounts may, in the sole discretion of the Partnership, be aggregated and the Trust and the Partnership shall discharge their obligations by netting those amounts
against any amounts owed by the Trust to the Partnership under this Agreement. 
 ARTICLE IV 

FORCE MAJEURE 
 Section 4.01 Force Majeure. The Partnership’s obligation under this Agreement shall be excused when and to the extent its performance of that obligation is prevented due to Force Majeure.
The Partnership shall promptly notify the Trustee that it is prevented from performing its obligations by reason of Force Majeure and shall exercise due diligence to end its inability to perform as promptly as practicable. Notwithstanding the
foregoing, the Partnership shall not be required to settle any strike, lockout or other labor dispute in which it or any of its Affiliates may be involved. 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.01 Term and Termination. This Agreement shall become effective on the date of this Agreement and shall continue
until the Termination Date unless earlier terminated by mutual agreement of the parties to this Agreement. Upon termination of this Agreement in accordance with this Section 5.01, all rights and obligations under this Agreement shall
cease except for (i) obligations that expressly survive termination of this Agreement, (ii) liabilities and obligations that have accrued prior to such termination, including the obligation to pay any amounts that have become due and
payable prior to such termination, and (iii) the obligation to pay any portion of the Operating and Services Fee that has accrued prior to such termination, even if such portion has not become due and payable at the time of termination.

 Section 5.02 Notice. All notices and other communications provided for or permitted hereunder shall be made in
writing by hand delivery, by facsimile, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i)

 
when made, if made by hand delivery, (ii) upon confirmation, if made by facsimile, (iii) one (1) Business Day after being deposited with such courier, if made by overnight courier
or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as follows: 
  

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

 Pacific Coast Oil Trust 
 c/o The Bank of New York Mellon Trust Company 

919 Congress Avenue, Suite 500 
 Austin, Texas 78701 
 Attention: Michael J. Ulrich 

Fax: (512) 479-2253 
 with a copy to: 
 Bracewell & Giuliani LLP 

111 Congress Avenue, Suite 2300 
 Austin, Texas 78701 
 Attention: Thomas W. Adkins 

Fax: (512) 479-3940 
  

	 	(b)	if to the Partnership, to: 

Pacific Coast Energy Company LP 
 515 South Flower Street, Suite 4800 
 Los Angeles, California 90071 

Attention: Gregory C. Brown 
 Fax: (213) 225-5916 
 with a copy to: 

Latham & Watkins LLP 
 811 Main Street, Suite 3700 
 Houston, Texas 77002 

Attention: Sean T. Wheeler 
 Fax: (713) 546-5401 
 or to such other address as such Person may have furnished to the other
Persons identified in this Section 5.02 in writing in accordance herewith. 
 Section 5.03 Entire Agreement;
Supersedure. This Agreement constitutes the entire agreement of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether written or oral, relating to the matters contained herein. 

Section 5.04 Effect of Waiver or Consent. Except as otherwise provided in this Agreement, a waiver or consent, express or
implied, to or of any breach or default by any party in the performance by that party of its obligations under this Agreement is not a consent or waiver to or of any other breach or default in the performance by that party of the same or any other
obligations of that party under this Agreement. 

 Section 5.05 Amendment or Modification. This Agreement may be amended or
modified from time to time only by a written instrument executed by each of the parties to this Agreement. 

Section 5.06 Assignment. Except as provided in Section 2.02, and except for any transfer of rights of the Trustee
hereunder to a successor trustee of the Trust, no party to this Agreement shall have the right to assign its rights or obligations under this Agreement without the consent of the other party to this Agreement. 

Section 5.07 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all
parties to this Agreement had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 
 Section 5.08 Severability. If any provision of this Agreement or the application thereof to any party to this Agreement or circumstance shall be held invalid or unenforceable to any extent,
the remainder of this Agreement and the application of such provision to the other party to this Agreement or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 

Section 5.09 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each
party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this
Agreement and all such transactions. 
 Section 5.10 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF THE LAWS OF ANY OTHER JURISDICTION. 

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

			
	 PACIFIC COAST ENERGY COMPANY LP

		
	By:	 	 PCEC (GP) LLC, its general partner

		
	 By:
	 	 
		 	Name: Randall H. Breitenbach
		 	Title: Chief Executive Officer
	
	 PACIFIC COAST OIL TRUST

		
	 By:
	 	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., as Trustee of
 Pacific Coast
Oil Trust

		
	 By:
	 	 
		 	Name: Michael Ulrich
		 	Title: Vice President

 [Signature Page to Operating and Services Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]