Document:

EX-10.1

 Exhibit 10.1 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 Amendment No. 2 to Amended and
Restated Purchase and Sale Agreement 
 This Amendment No. 2 (“Amendment No. 2”) to the Amended and Restated
Purchase and Sale Agreement dated as of November 24, 2014, as amended by Amendment No. 1 (“Amendment No. 1”) dated October 13, 2016 (as amended, the “Purchase and Sale Agreement”), is entered into on this 30th day
of October 2020 (the “Amendment No. 2 Effective Date”) by and between Cystic Fibrosis Foundation, a Delaware non-stock corporation (the “Seller”) (as successor in interest to Cystic Fibrosis Foundation Therapeutics,
Inc. (“CFFT”)), RPI Finance Trust (the “Purchaser”) and RPI 2019 Intermediate Finance Trust (“RPI 2019 IFT”). Capitalized terms not defined herein have the meanings assigned to them in the Purchase
and Sale Agreement. 
 RECITAL: Purchaser and Seller entered into the Purchase and Sale Agreement pursuant to which Purchaser
(i) purchased certain royalty interests owed to Seller by Counterparty under the Counterparty Agreement and (ii) agreed to remit to Seller the Excess Royalties on the terms described in Section 2.1(f) of the Purchase and Sale
Agreement. Purchaser and Seller now desire to amend the Purchase and Sale Agreement to eliminate Purchaser’s obligation to remit the Excess Royalties on the terms provided herein. 

NOW THEREFORE, for good and valuable consideration, the sufficiency of which is acknowledged by the parties hereto, Seller, Purchaser
and RPI 2019 IFT hereby agree to the following: 
 1.    Amendment to Purchase Price and Additional Purchase
Price. Section 2.2 of the Purchase and Sale Agreement is hereby amended by inserting the following Section 2.2C at the end thereof: 

“Section 2.2C Rights to Excess Royalties. 
  

	 	(a)	 The Seller and the Purchaser hereby terminate the Purchaser’s obligation pursuant to Section 2.1(f)
and 2.2 of the Purchase and Sale Agreement to remit the Excess Royalties to the Seller. 

  

	 	(b)	 In full consideration for the termination pursuant to Section 2.2C(a) of the Purchaser’s obligation
to remit the Excess Royalties to the Seller, and subject to the terms and conditions set forth in this Amendment No. 2: 

  

	 	i.	 On the Amendment No. 2 Effective Date, the RPI 2019 IFT shall pay to the Seller Five Hundred Seventy-Five
Million Dollars ($575,000,000) (the “First Amendment No. 2 Payment”), in immediately available funds by wire transfer to the account designated by Seller immediately prior to Closing. 

  
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	 	ii.	 If [***], RPI 2019 IFT shall pay to the Seller Seventy-Five Million Dollars ($75,000,000) (the “Second
Amendment No. 2 Payment”), in immediately available funds by wire transfer to the account designated by Seller immediately prior to the time such payment is to be made. For clarity, if [***] then the Second
Amendment No. 2 Payment shall not be due and payable unless and until [***](it being understood that if [***], then the Second Amendment No. 2 Payment shall not be payable [***]. 

 

	 	iii.	 If [***], then on [***]RPI 2019 IFT shall pay to the Seller the Second Amendment No. 2 Payment in
immediately available funds by wire transfer to the account designated by Seller immediately prior to the time such payment is to be made. For clarity, if [***], neither the Purchaser nor RPI 2019 IFT shall owe the Second Amendment No. 2
Payment pursuant to this Section 2.2C(b)(iii). 

  

	 	iv.	 For clarity, the Second Amendment No. 2 Payment shall not be payable more than once.

  

	 	(c)	 For purposes of this Section 2.2C, the following terms shall have the definitions set forth below:

  

	 	i.	 “Non-Royalty Bearing Product” means [***]. For
clarity, [***]. 

  

	 	ii.	 “[***]” means [***]. 

 

	 	iii.	 “[***]” means [***]. 

 

	 	(d)	 The payment of the First Amendment No. 2 Payment and, if applicable, the Second Amendment No. 2
Payment shall be deemed “Additional Purchase Price” under the Purchase and Sale Agreement. 

  

	 	(e)	 For clarity, Royalties include all amounts paid or payable under Section 5.3.1 of the Counterparty
Agreement (as such Section was amended in Amendment 7 to the Counterparty Agreement). 

2.    Financing Statements; No Further Effect of Section 2.1(f); Amendment to Escrow Agreement.
The parties agree that in order to effect the intent of this Amendment No. 2, Purchaser is hereby authorized to file a financing statement contemplated by Sections 2.1(c) and 2.1(e) of the Purchase and Sale Agreement in the form set forth in
Exhibit A hereto and a UCC termination statement with respect to the financing statement contemplated by Section 2.1(f) of the Purchase and Sale Agreement in the form set forth in Exhibit B hereto. The parties further agree that
Section 2.1(f) of the Purchase and Sale Agreement shall have no further force or effect as of the Amendment No. 2 Effective Date. The parties agree to use commercially reasonable efforts to execute, and to cause Bank of America, National
Association, to execute, an amendment to that certain Escrow Agreement, dated May 13, 2015, by and among CFFT, Purchaser and Bank of America, National Association, substantially in the form set forth in Exhibit C hereto, within ten
(10) Business Days after the Amendment No. 2 Effective Date. 

  
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 3.    Representations and Warranties of Seller. Seller hereby
represents and warrants to Purchaser as of the date hereof as follows: 
  

	 	3.1	 Organization. Seller is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted and
to exercise its rights and to perform its obligations under the Counterparty Agreement. Seller is duly qualified to transact business and is in good standing in every jurisdiction in which such qualification or good standing is required by
Applicable Law (except where the failure to be so qualified or in good standing would not be a Material Adverse Change). Neither Purchaser nor any of its partners, members or controlling Persons is an Affiliate of Seller or any Subsidiary of the
Seller. 

  

	 	3.2	 No Conflicts. (a) None of the execution and delivery by Seller of this Amendment
No. 2, the performance by Seller of the obligations contemplated hereby or the consummation of the transactions contemplated hereby will: (i) contravene, conflict with, result in a breach, violation, cancellation,
termination of or loss of benefit under, constitute a default (with or without notice, or lapse of time, or both) under, require prepayment under, give any Person the right to exercise any remedy or obtain any additional rights under, or accelerate
the maturity or performance of or payment under, in any respect, (A) any Applicable Law or any judgment, order, writ, decree, permit or license of any Governmental Authority, to which Seller or any of its Subsidiaries or any of their respective
assets or properties may be subject or bound, (B) any term or provision of any contract, agreement, indenture, lease, license, deed, commitment, obligation or instrument to which Seller or any of its Subsidiaries is a party or by which Seller
or any of its Subsidiaries or any of their respective assets or properties is bound or committed (including the Counterparty Agreement) or (C) any term or provision of any of the organizational documents of Seller or any of its Subsidiaries;
(ii) give rise to any additional right of termination, cancellation or acceleration of any right or obligation of Seller or any of its Subsidiaries; or (iii) except as provided in this Amendment No. 2, result in or require the
creation or imposition of any Lien on the Licensed Products, the Counterparty Agreement or the Excess Royalties. 

 (b)
Except for any Lien created or existing under the First Agreement and the Second Agreement, and under Section 2.1 of the Purchase and Sale Agreement, the Seller has not granted, nor does there exist, any Lien on or relating to this Amendment
No. 2, the Counterparty Agreement, the Licensed Products or the Excess Royalties. 
  

	 	3.3	 Authorization. Seller has all powers and authority to execute and deliver, and perform its obligations
under, this Amendment No. 2 and to consummate the transactions contemplated hereby. The execution and delivery of this Amendment No. 2 and the performance by Seller of its obligations hereunder have been duly authorized by all necessary
corporate action on the part of Seller. This Amendment No. 2 has been duly executed and delivered by an authorized officer of Seller and constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally and general equitable principles. 

  
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	 	3.4	 Governmental and Third Party Authorizations. The execution and delivery by Seller of this Amendment
No. 2, the performance by Seller of its obligations hereunder and the consummation of any of the transactions contemplated hereunder (including the sale, contribution, assignment, transfer, conveyance and granting of the Excess Royalties to
Purchaser and cancellation of Purchaser’s obligation to pay the Excess Royalties to Seller) do not require any consent, approval, license, order, authorization or declaration from, notice to, action or registration by or filing with any
Governmental Authority or any other Person, except for such consents as have already been obtained as of the date hereof and except for the filing of UCC financing statements. 

 

	 	3.5	 No Litigation. There is no (a) action, suit, arbitration proceeding, claim, demand, citation,
summons, subpoena, investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal) pending or, to the Knowledge of the Seller, threatened against the Seller or any of its Subsidiaries in respect of
the Seller or any of its Subsidiaries, the Counterparty, the Licensed Products or the Purchased Assets (including the Counterparty Agreement), at law or in equity, or (b) inquiry or investigation (whether civil, criminal, administrative,
regulatory, investigative or informal) by or before a Governmental Authority pending or, to the knowledge of the Seller, threatened against the Seller or any of its Subsidiaries in respect of the Seller or any of its Subsidiaries, the Counterparty,
the Licensed Products or the Purchased Assets (including the Counterparty Agreement), that, in each case, (i) if adversely determined, could be a Material Adverse Change, or (ii) challenges or seeks to prevent or delay the consummation of
any of the transactions contemplated by any of the Transaction Documents to which the Seller is party. To the knowledge of the Seller, no event has occurred or circumstance exists that may give rise to or serve as a basis for the commencement of any
such action, suit, arbitration, claim, investigation, proceeding or inquiry. 

4.    Representations and warranties of Purchaser and RPI 2019 IFT. Purchaser and RPI 2019 IFT each hereby makes
those representations and warranties contained in Sections 4.1, 4.2, 4.3, 4.4, 4.6 and 4.7 (substituting “RPI 2019 IFT” in lieu of “Purchaser” for the representations and warranties made by RPI 2019 IFT hereunder) mutatis
mutandis, of the Purchase and Sale Agreement as of the date hereof. 
 5.    Counterparty Consent. Effective
as of the effective date of the Consent (as defined below), Seller hereby assigns and delegates to Purchaser Seller’s rights and obligations under [***] of the Counterparty Agreement to Purchaser but only with respect to [***]. Seller shall
send to Counterparty a letter, in the form set forth in Exhibit D hereto (the “Consent”), requesting [***]. In addition, the Seller shall make available its relevant records to the Purchaser in connection with [***]. 

  
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 6.    Procedure for [***]. Purchaser shall promptly provide
Seller with written notice of [***]. 
  

	 	7.	 Release; Indemnification. 

 

	 	7.1	 Purchaser hereby releases Seller of all of Seller’s obligations from and after the Amendment No. 2
Effective Date under the following Sections of the Purchase and Sale Agreement: [***] (collectively, the “Released Obligations”), and such Sections shall have no further force or effect. Purchaser, its Affiliates and any of their
respective partners, directors, managers, members, officers, employees, agents, controlling persons and assigns (the “Purchaser Releasing Parties”) fully, finally and forever release, relinquish, acquit and discharge Seller, its
Affiliates, and any of their predecessors, successors, assigns, officers, directors, employees, trustees, parents, and subsidiaries (each individually a “Seller Releasee”) of and from, and covenant not to sue, not to assign to any
other entity a right to sue, and not to authorize any other entity to sue any Seller Releasee for any and all Losses of every name and nature, both at law and in equity, known or unknown, whether past, present or future, suspected or unsuspected,
accrued or unaccrued to the extent arising out of the Released Obligations or [***]. This release shall not prevent or impair the right of Purchaser to bring a claim for any breach of a representation, warranty, or covenant made in this Amendment
No. 2. If and for so long as [***], the releases granted with respect to [***] and the indemnification obligations of Purchaser below shall terminate and shall be of no further force and effect and Seller shall be obligated to perform the
[***]. If [***], such releases and indemnification obligations shall be reinstated for so long as [***]. 

  

	 	7.2	 Purchaser agrees to indemnify and hold each Seller Indemnified Party harmless from and against, and will pay to
each Seller Indemnified Party the amount of any Losses (including attorneys’ fees) awarded against or incurred or suffered by such Seller Indemnified Party, to the extent incurred as a result of a third party claim, demand, action or
proceeding, arising out of any Released Obligation or [***], and any such claim shall be resolved pursuant to and in accordance with Article VII of the Purchase and Sale Agreement. Purchaser shall not indemnify or hold harmless any Seller
Indemnified Party for (i) any breach by any Seller Indemnified Party of any representation, warranty, or covenant of Seller made in this Amendment No. 2 or (ii) any Losses incurred or suffered by any Seller Indemnified Party as a
result of any subpoena served on any Seller Indemnified Party in connection with any arbitration or proceeding between Purchaser and Counterparty to which Seller is not a party. 

  
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	 	8.	 Other Provisions. Except as amended by this Amendment No. 2, the Purchase and Sale Agreement is
unchanged and remains in full force and effect. 

  

	 	9.	 Trustee Capacity of Wilmington Trust Company. Notwithstanding anything contained herein to the contrary,
it is expressly understood and agreed by the parties hereto that (i) this Amendment No. 2 is executed and delivered by Wilmington Trust Company, not individually or personally but solely in its trustee capacity, in the exercise of the
powers and authority conferred and vested in it under the trust agreement of the Purchaser, (ii) each of the representations, undertakings and agreements herein made on the part of the Purchaser is made and intended not as a personal
representation, undertaking and agreement by Wilmington Trust Company, but is made and intended for the purpose of binding only the Purchaser, and (iii) under no circumstances shall Wilmington Trust Company be personally liable for the payment
of any indebtedness or expenses of the Purchaser or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Purchaser under this Amendment No. 2 or any related documents.

  

	 	10.	 Trustee Capacity of Wilmington Trust, National Association. Notwithstanding anything contained herein to
the contrary, it is expressly understood and agreed by the parties hereto that (i) this Amendment No. 2 is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely in its trustee capacity
with respect to RPI 2019 IFT, in the exercise of the powers and authority conferred and vested in it under the trust agreement of RPI 2019 IFT, (ii) each of the representations, undertakings and agreements herein made on the part of RPI 2019
IFT is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust, National Association, but is made and intended for the purpose of binding only RPI 2019 IFT, and, (iii) nothing herein contained shall be
construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto
and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations and warranties made by RPI 2019 IFT in this
Amendment No. 2, and (v) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of RPI 2019 IFT or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by RPI 2019 IFT under this Amendment No. 2 or any related documents. 

[Signature Page Follows] 

  
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 In witness hereof, Seller, Purchaser and RPI 2019 IFT have entered into this Amendment
No. 2 by their duly authorized representatives as of the Amendment No. 2 Effective Date. 
  

											
	RPI FINANCE TRUST	 		 	CYSTIC FIBROSIS FOUNDATION

											
						
	By:	 	Wilmington Trust Company,	 		 		 		 	
		 	not in its individual capacity but	 		 		 		 	
		 	solely in its capacity as owner trustee	 		 		 		 	
						
		 		 		 	By:	 	 /s/ Michael P. Boyle, MD 
	 	
		 		 		 	Name:	 	Michael P. Boyle, MD	 	
		 		 		 	Title:	 	President and CEO	 	
						
	By:	 	 /s/ Cynthia L. Major
	 		 		 		 	
	Name:	 	Cynthia L. Major	 		 		 		 	
	Title:	 	Officer	 		 		 		 	
						
		 		 		 	By:	 	 /s/ Vera Twigg 
	 	
		 		 		 	Name:	 	Vera Twigg	 	
		 		 		 	Title:	 	EVP and Chief Financial Officer	 	
					
	 RPI 2019 INTERMEDIATE FINANCE

TRUST
	 		 		 		 	
						
	By:	 	Wilmington Trust, National	 		 		 		 	
		 	Association,	 		 		 		 	
		 	not in its individual capacity but	 		 		 		 	
		 	solely in its capacity as owner trustee	 		 		 		 	
						
	By:	 	 /s/ Cynthia L. Major
	 		 		 		 	
	Name:	 	Cynthia L. Major	 		 		 		 	
	Title:	 	Banking Officer	 		 		 		 	

  
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 Exhibit A 

  
 8 

 Exhibit B 

  
 9 

 Exhibit C 

  
 10 

 Exhibit D 

  
 11Document

Exhibit 10.1

AMENDMENT NO. 2 to  
SUPERPRIORITY SENIOR SECURED DEBTOR-IN-POSSESSION 
CREDIT AGREEMENT

This Amendment No. 2 to Superpriority Senior Secured Debtor-In-Possession Credit Agreement (this “Agreement”) dated as of November 2, 2020, is among Extraction Oil & Gas, Inc., a Delaware corporation (the “Borrower”), 7N, LLC, a Delaware limited liability company (“7N”), 8 North, LLC, a Delaware limited liability company (“8 North”), Axis Exploration, LLC, a Delaware limited liability company (“Axis”), Extraction Finance Corp., a Delaware corporation (“Finance Corp.”), Mountaintop Minerals, LLC, a Delaware limited liability company (“MTM”), Table Mountain Resources, LLC, a Delaware limited liability company (“TMR”), XOG Services, LLC, a Delaware limited liability company (“XOG LLC”), Northwest Corridor Holdings, LLC, a Delaware limited liability company (“Northwest”), and XTR Midstream, LLC, a Delaware limited liability company (together with 7N, 8 North, Axis, Finance Corp., MTM, TMR, XOG LLC and Northwest, collectively, the “Guarantors”), the undersigned Lenders (as defined below), and Wells Fargo Bank, National Association, as administrative agent for the Lenders (in such capacity, the “DIP Agent”) and as Issuing Lender (the “Issuing Lender”).

INTRODUCTION

A.The Borrower, the Guarantors, the financial institutions party thereto as Lenders (the “Lenders”), the Issuing Lender, and the DIP Agent have entered into the Superpriority Senior Secured Debtor-In-Possession Credit Agreement dated as of June 16, 2020, as amended by that certain Amendment No. 1 to Superpriority Senior Secured Debtor-in-Possession Credit Agreement dated as of July 20, 2020 (as amended or otherwise modified, and as may be further amended, restated or modified from time to time, the “Credit Agreement”).

B. The Borrower has requested that the Lenders and the DIP Agent, subject to the terms and conditions hereof, (i) extend the Scheduled Maturity Date of the DIP Credit Agreement to January 31, 2021 and (ii) further amend the Credit Agreement as set forth herein.

THEREFORE, in fulfillment of the foregoing, the Borrower, the Guarantors, the DIP Agent, the Issuing Lender, and the undersigned Lenders hereby agree as follows:

Section 1. Definitions; References.  Unless otherwise defined in this Agreement, each term used in this Agreement which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. 

Section 2. Amendments to Credit Agreement.  Upon the satisfaction of the conditions specified in Section 6 of this Agreement, and effective as of the Effective Date, the Credit Agreement is amended as follows:

(a) Section 1.1 of the Credit Agreement (Certain Defined Terms) is hereby amended to amend and restate the defined term “Milestones” to read as follows:

“Milestones” means the following milestones related to the Cases:

(a)        The Petition Date shall occur no later than June 15, 2020;

(b)        No later than 3 Business Days after the Petition Date (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Bankruptcy Court shall have entered the Interim Order, in a form and substance reasonably satisfactory to the DIP Agent and the Majority Lenders;

(c)        No later than July 21, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Bankruptcy Court shall have entered the Final DIP Order;

(d)        No later than July 30, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Debtors shall have filed with the Bankruptcy Court a chapter 11 plan of reorganization (the “Plan of Reorganization”) and related disclosure statement (the “Disclosure Statement”), in each case, in a form and substance reasonably satisfactory to the DIP Agent and the Majority Lenders;

(e)        No later than August 13, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Debtors shall have filed the motion seeking approval of the solicitation procedures and 

Exhibit 10.1

the adequacy of the Disclosure Statement (the “Disclosure Statement Motion”), in a form and substance reasonably satisfactory to the DIP Agent and the Majority Lenders;

(f)         The deadline for submission of firm proposals, which shall include outside counsel vetted comments to definitive transaction documents for a sale to, or a combination or merger with, a third party involving all or substantially all of the Debtors’ restructured equity or assets, shall be no later than August 28, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower);

(g)        No later than November 6, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Bankruptcy Court shall have entered an order (the “Disclosure Statement Order”) approving the Disclosure Statement in the Cases, which remains in full force and effect is not subject to a stay, in a form and substance reasonably satisfactory to the DIP Agent and the Majority Lenders; 

(h)        No later than November 13, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Debtors shall have commenced solicitation in accordance with the Disclosure Statement Order and the related solicitation procedures; 

(i)         The deadline to vote on and object to the Plan of Reorganization shall be no later than December 11, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower);

(j)         No later than December 21, 2020 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Bankruptcy Court shall have entered an order (the “Confirmation Order”), in a form and substance reasonably satisfactory to the DIP Agent and the Majority Lenders; and

(k)        No later than January 18, 2021 (or such later date as the DIP Agent and the Majority Lenders may agree in writing to the Borrower), the Plan of Reorganization shall have become effective and Debtors shall have substantially consummated the transactions contemplated by the Plan of Reorganization and Confirmation Order. 

(b) Section 1.1 of the Credit Agreement (Certain Defined Terms) is further amended to amend and restate the defined term “Scheduled Maturity Date” to read as follows:

“Scheduled Maturity Date” means January 31, 2021; provided that the Scheduled Maturity Date may be extended, in whole or in part, at the request of the Borrower, to a date that is on or before March 14, 2021 with the prior written consent of the Majority Lenders.

Section 3. Reaffirmation of Liens. 
 
(a) Each of the Borrower and each Guarantor (i) is party to certain Security Documents securing and supporting the Borrower's and Guarantors’ obligations under the Loan Documents, (ii) subject to entry of, and the terms of, the DIP Orders and to any restrictions arising solely on account of the Borrower’s (or any of its Subsidiaries) current status as a “Debtor” under the Bankruptcy Code (and only so long as such status exists), represents and warrants that it has no defenses to the enforcement of the Security Documents with respect to the Liens securing the DIP Obligations, (iii) represents and warrants that notwithstanding the effectiveness of this Agreement or the amendments set forth herein, according to their terms the Security Documents are and shall continue in full force and effect to secure the Borrower’s and Guarantors’ obligations under the Loan Documents, as such obligations may have been amended by this Agreement and as the same may be further amended, supplemented, or otherwise modified, and (iv) acknowledges, represents, and reaffirms that the Liens are valid and have the priority set forth in the DIP Orders. 

(b) The delivery of this Agreement does not indicate or establish a requirement that any Loan Document requires any Guarantor's approval of amendments to the Credit Agreement.

Section 4. Reaffirmation of Guaranty.  Each Guarantor hereby ratifies, confirms, and acknowledges that, notwithstanding the effectiveness of this Agreement or the amendments set forth herein, its obligations under the Guaranty and the Loan Documents are and shall continue in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, of all of the Guaranteed Obligations, as such Guaranteed Obligations may have been amended by this Agreement and as the same may be further amended, supplemented, or otherwise modified.  Each Guarantor hereby acknowledges that its execution and delivery of this Agreement do not indicate or establish an 

Exhibit 10.1

approval or consent requirement by such Guarantor under the Credit Agreement in connection with the execution and delivery of amendments, modifications or waivers to the Credit Agreement or any of the other Loan Documents.

Section 5. Representations and Warranties.  Each of the Borrower and each Guarantor represents and warrants to the DIP Agent and the Lenders that:

(a) the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of this Agreement, except that any representation and warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) only as of such specified date;

(b) subject to entry of, and the terms of, the DIP Orders and to any restrictions arising solely on account of the Borrower’s (or any of its Subsidiaries) current status as a “Debtor” under the Bankruptcy Code (and only so long as such status exists), (i) the execution, delivery, and performance of this Agreement are within the corporate, limited partnership or limited liability company power, as appropriate, and authority of the Borrower and Guarantors and have been duly authorized by appropriate proceedings and (ii) this Agreement constitutes a legal, valid, and binding obligation of the Borrower and Guarantors, enforceable against the Borrower and Guarantors in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity whether applied by a court of law or equity; and

(c) as of the effectiveness of this Agreement and after giving effect thereto, no Default or Event of Default has occurred and is continuing.

Section 6. Effectiveness.  This Agreement shall become effective on the date of and upon the occurrence of all of the following (such date, the “Effective Date”):

(a) Documentation. The DIP Agent shall have received this Agreement, duly and validly executed by the Borrower, the Guarantors, the DIP Agent, the Issuing Bank, and the Majority Lenders, in form and substance reasonably satisfactory to the DIP Agent and each of the undersigned Lenders.

(b) Final DIP Order.  The Final DIP Order and the Credit Agreement shall remain in full force and effect, subject to modification on the Effective Date by the terms of this Agreement.

(c) Representations and Warranties.  The representations and warranties in this Agreement being true and correct in all material respects before and after giving effect to this Agreement (except to the extent such representations and warranties relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); provided that such materiality qualifier shall not apply if such representation or warranty is already subject to a materiality qualifier in the Credit Agreement or such other Loan Document.

(d) No Default or Event of Default. There being no Default or Event of Default which has occurred and is continuing.

(e) RSA Milestones.  The Borrower shall have received confirmation of an Amendment to the RSA, extending the milestones set forth therein to dates substantially similar to and no earlier than, the dates of corresponding Milestones set forth herein.

(f) Payment of Fees.  The Borrower shall have paid (i) to the DIP Agent for the account of each Lender that has submitted its executed signature page to this Amendment to the DIP Agent or its counsel on or before 5:00 p.m. central time on October 30, 2020, an upfront fee in an amount equal to 0.375% of each such Lender’s pro rata share of the sum of (x) New Money Commitments plus (y) Refinanced Loans, which fee shall be earned and due and payable on the Effective Date, and (ii) all fees which have been invoiced and are payable pursuant to Section 11.1 of the Credit Agreement.

Section 7. Effect on Loan Documents.  Except as amended herein, the Credit Agreement and the other Loan Documents remain in full force and effect and are hereby ratified and confirmed, and nothing herein shall act as a waiver of any of the DIP Agent's or Lenders' rights under the Loan Documents.  This Agreement is a Loan Document for the 

Exhibit 10.1

purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Agreement is a Default or Event of Default under the Loan Documents.

Section 8. Choice of Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without regard to conflicts of laws principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York), except to the extent the law of the State of New York is superseded by the Bankruptcy Code.

Section 9. Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original.

Section 10. Conflicts.        In the case of any conflict or inconsistency between the terms of this Agreement and the DIP Orders, the terms of the DIP Orders shall govern and control.

THIS WRITTEN AGREEMENT AND THE LOAN DOCUMENTS, AS DEFINED IN THE CREDIT AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[Remainder of page intentionally left blank; Signature pages follow.]

Exhibit 10.1

EXECUTED as of the date first set forth above.

BORROWER:
EXTRACTION OIL & GAS, INC.

By: /s/ Matthew R. Owens                                
Name:  Matthew R. Owens
Title:    President and Chief Executive Officer

GUARANTORS:
7N, llc
8 north, llc
AXIS EXPLORATION, LLC
EXTRACTION FINANCE CORP.
Mountaintop minerals, LLC
NORTHWEST CORRIDOR HOLDINGS, LLC
XOG SERVICES, llc
XTR MIDSTREAM, LLC
table mountain resources, llc

Each By: /s/ Matthew R. Owens                         
Name:    Matthew R. Owens
Title:      President and Chief Executive Officer

DIP AGENT/ISSUING LENDER/LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as DIP Agent, Issuing Lender, and a Lender

By:  /s/ Joseph T. Rottinghaus_________________ 
Name: Joseph T. Rottinghaus
Title:   Director

LENDERS:
BARCLAYS BANK PLC,
as a Lender 

By: /s/ Sydney G. Dennis_____________________ 
Name: Sydney G. Dennis
Title:   Director

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO
DIP CREDIT AGREEMENT – EXTRACTION]

Exhibit 10.1

CREDIT SUISSE AG, 
CAYMAN ISLANDS BRANCH,
as a Lender 

By: /s/ Didier Siffer__________________________ 
Name: Didier Siffer
Title:  Authorized Signatory

By: /s/ Ranjit Lakhanpal______________________ 
Name: Ranjit Lakhanpal
Title:  Authorized Signatory

TRUIST BANK,
as a Lender 

By: /s/ William S. Krueger____________________ 
Name: William S. Krueger
Title:  Senior Vice President

ABN AMRO CAPITAL USA LLC,
as a Lender 

By: /s/ Hugo Diogo__________________________ 
Name: Hugo Diogo
Title:  Executive Director

By: /s/ Anna Ferreira_________________________ 
Name: Anna Ferreira
Title: Vice President

KEYBANK NATIONAL ASSOCIATION,
as a Lender

By: /s/ David M. Bornstein____________________ 
Name: David M. Bornstein
Title:  Senior Vice President

CITIBANK, N.A.,
as a Lender 

By: /s/ Phil Ballard__________________________ 
Name: Phil Ballard
Title:  Vice President

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO
DIP CREDIT AGREEMENT – EXTRACTION]

Exhibit 10.1

GOLDMAN SACHS BANK USA,
as a Lender 

By: /s/ Jacob Elder__________________________ 
Name: Jacob Elder
Title:  Authorized Signatory

ROYAL BANK OF CANADA,
as a Lender 

By: /s/ Amy G. Josephson_____________________ 
Name: Amy G. Josephson
Title:  Authorized Signatory

MERCURIA EASTERN US HOLDINGS LLC,
as a Lender 

By:_______________________________________
Name: ____________________________________ 
Title:   ____________________________________ 

AG ENERGY FUNDING, LLC, as a Lender 

By: /s/ Todd Dittmann_______________________ 
Name: Todd Dittmann
Title:  Authorized Person

PNC BANK, NATIONAL ASSOCIATION, as a Lender 

By: /s/ Stephen G. Vollmer, Jr._________________ 
Name: Stephen G. Vollmer, Jr.
Title: Senior Vice President

BMO HARRIS BANK N.A., as a Lender 

By: /s/ Radhika Kapur________________________ 
Name: Radhika Kapur
Title:  Vice President

IBERIABANK, a division of First Horizon Bank, as a Lender

By: /s/ W. Bryan Chapman____________________ 
Name: W. Bryan Chapman
Title:  Market President-Energy Lending

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO
DIP CREDIT AGREEMENT – EXTRACTION]

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