Document:

Exhibit

Execution Version

364-DAY REVOLVING CREDIT AGREEMENT 
 
dated as of January 19, 2016 
 
among 
 
ANADARKO PETROLEUM CORPORATION,
The LENDERS Party Hereto 
 
and 
 
JPMORGAN CHASE BANK, N.A., 
as Administrative Agent 
 
WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Syndication Agent 
 
and 
 
BANK OF AMERICA, N.A.,
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
CITIBANK, N.A.,
and
MIZUHO BANK, LTD., 
as Co-Documentation Agents
__________________________
J.P. MORGAN SECURITIES LLC,
WELLS FARGO SECURITIES, LLC,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
THE BANK OF TOKYO‐MITSUBISHI UFJ, LTD.,
CITIGROUP GLOBAL MARKETS INC.,
and 
MIZUHO BANK, LTD., 
as Joint Lead Arrangers and Joint Bookrunners 
__________________________

TABLE OF CONTENTS
	
				
	 
	 
	Page

	ARTICLE I

	DEFINITIONS AND ACCOUNTING TERMS

	 
	 
	 

	Section 1.01
	Defined Terms
	1
	

	Section 1.02
	Classification of Loans and Borrowings
	13
	

	Section 1.03
	Terms Generally
	13
	

	Section 1.04
	Accounting Terms
	14
	

	 
	 
	 

	ARTICLE II

	AMOUNT AND TERMS OF LOANS

	 
	 
	 

	Section 2.01
	Loans
	14
	

	Section 2.02
	Repayment of Loans; Evidence of Debt
	15
	

	Section 2.03
	Procedure for Borrowing
	15
	

	Section 2.04
	Facility Fees
	16
	

	Section 2.05
	Reduction or Termination of Commitments
	17
	

	Section 2.06
	Optional Prepayments
	17
	

	Section 2.07
	Mandatory Prepayments
	18
	

	Section 2.08
	Interest
	18
	

	Section 2.09
	Computation of Interest and Fees
	18
	

	Section 2.10
	Funding of Borrowings
	20
	

	Section 2.11
	Pro Rata Treatment and Payments Generally
	20
	

	Section 2.12
	Increased Cost of Loans
	22
	

	Section 2.13
	Illegality
	23
	

	Section 2.14
	Taxes
	23
	

	Section 2.15
	Market Disruption and Alternate Rate of Interest
	27
	

	Section 2.16
	Break Funding Payments
	27
	

	Section 2.17
	Defaulting Lenders
	28
	

	 
	 
	 

	ARTICLE III

	REPRESENTATIONS AND WARRANTIES

	 
	 
	 

	Section 3.01
	Representations of the Borrower
	28
	

	 
	 
	 

	ARTICLE IV

	AFFIRMATIVE COVENANTS

	 
	 
	 

	Section 4.01
	Financial Statements and Other Information
	30
	

	Section 4.02
	Notices of Material Events
	31
	

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TABLE OF CONTENTS
(Continued)

	
				
	 
	 
	Page

	Section 4.03
	Compliance with Laws
	31
	

	Section 4.04
	Use of Proceeds
	32
	

	Section 4.05
	Compliance with Indenture
	32
	

	Section 4.06
	Corporate Existence
	32
	

	Section 4.07
	Insurance
	32
	

	 
	 
	 

	ARTICLE V

	NEGATIVE COVENANTS

	 
	 
	 

	Section 5.01
	Indebtedness to Capitalization Ratio
	32
	

	Section 5.02
	Limitation on Certain Secured Indebtedness
	32
	

	Section 5.03
	Limitations on Sales and Leasebacks
	33
	

	Section 5.04
	Fundamental Changes
	33
	

	Section 5.05
	Anti-Corruption Laws and Sanctions
	34
	

	 
	 
	 

	ARTICLE VI

	CONDITIONS

	 
	 
	 

	Section 6.01
	Conditions Precedent to the Effectiveness of this Agreement (Effective Date)
	34
	

	Section 6.02
	Conditions Precedent to each Extension of Credit
	35
	

	 
	 
	 

	ARTICLE VII

	EVENTS OF DEFAULT

	 
	 
	 

	Section 7.01
	Events of Default
	36
	

	 
	 
	 

	ARTICLE VIII

	THE AGENTS

	 
	 
	 

	Section 8.01
	Appointment; Powers
	37
	

	Section 8.02
	No Responsibility for Recitals, Etc.
	38
	

	Section 8.03
	Right to Indemnity
	38
	

	Section 8.04
	Action on Instructions of Lenders
	38
	

	Section 8.05
	Employment of Agents, Etc.
	39
	

	Section 8.06
	Reliance on Documents, Etc.
	39
	

	Section 8.07
	Rights as a Lender
	39
	

	Section 8.08
	Non-Reliance on Agents or other Lenders
	39
	

	Section 8.09
	Events of Default
	40
	

	Section 8.10
	Successor Agent
	40
	

	Section 8.11
	Other Agents
	40
	

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TABLE OF CONTENTS
(Continued)

	
				
	 
	 
	Page

	ARTICLE IX

	MISCELLANEOUS

	 
	 
	 

	Section 9.01
	Notices
	40
	

	Section 9.02
	Waivers; Amendments
	42
	

	Section 9.03
	Expenses; Indemnity; Damage Waiver
	42
	

	Section 9.04
	Successors and Assigns
	44
	

	Section 9.05
	Survival
	47
	

	Section 9.06
	Counterparts; Integration; Effectiveness; Electronic Execution
	47
	

	Section 9.07
	Severability
	47
	

	Section 9.08
	Right of Setoff
	48
	

	Section 9.09
	Governing Law; Jurisdiction; Consent to Service of Process
	48
	

	Section 9.10
	WAIVER OF JURY TRIAL
	48
	

	Section 9.11
	Headings
	49
	

	Section 9.12
	Confidentiality
	49
	

	Section 9.13
	Replacement of Lenders
	49
	

	Section 9.14
	USA Patriot Act Notice
	50
	

	Section 9.15
	No Fiduciary Duty
	50
	

	 
	 
	 

	Annex:
	 
	 

	 
	 
	 

	Annex I
	List of Commitments
	 

	 
	 
	 

	Schedules:
	 
	 

	 
	 
	 

	Schedule I
	Pricing Schedule
	 

	Schedule II
	Significant Subsidiaries
	 

	 
	 
	 

	Exhibits:
	 
	 

	 
	 
	 

	Exhibit A
	Form of Note
	 

	Exhibit B
	Form of Assignment and Assumption
	 

	Exhibit C-1
	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 

	Exhibit C-2
	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 

	Exhibit C-3
	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	 

	Exhibit C-4
	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	 

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364-DAY REVOLVING CREDIT AGREEMENT, dated as of January 19, 2016, among ANADARKO PETROLEUM CORPORATION, a Delaware corporation, the LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Syndication Agent, and BANK OF AMERICA, N.A., THE BANK OF TOKYO‐MITSUBISHI UFJ, LTD., CITIBANK, N.A., and MIZUHO BANK, LTD., as Co‐Documentation Agents.
In consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
Section 1.01    Defined Terms.  As used in this Agreement, and unless the context otherwise requires, the following terms shall have the meanings set out respectively after each:
“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate.  All ABR Loans and ABR Borrowings shall be denominated in dollars.
“Adjusted LIBO Rate” means, with respect to any LIBOR Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.
“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.  Unless the context requires otherwise, the term “Administrative Agent” shall include any Affiliate of JPMorgan Chase Bank, N.A. through which JPMorgan Chase Bank, N.A. shall perform any of its obligations in such capacity hereunder.  
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affiliate” means, with respect to any Person, another Person that directly or indirectly (through one or more intermediaries) Controls or is Controlled by or is under common Control with the Person specified.
“Agent Party” has the meaning assigned to it in Section 9.01(d).
“Agents” means each of the Administrative Agent, the Syndication Agent and the Co‐Documentation Agents.
“Agreement” means this 364-Day Revolving Credit Agreement, as the same may be amended, modified, supplemented or restated from time to time in accordance with the terms hereof.
“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) for deposits in dollars plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day for shall be based on the LIBOR Screen Rate at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be

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effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively.
“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended from time to time, and other anti-corruption laws in effect in jurisdictions in which the Borrower and its Subsidiaries operate or conduct business.
“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment.  If the Commitments of all Lenders have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments.
“Applicable Rate” has the meaning assigned to such term in the Pricing Schedule.
“Arrangers” means J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Citigroup Global Markets Inc., and Mizuho Bank, Ltd., in their capacities as joint lead arrangers and joint bookrunners hereunder.
“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 9.04), and accepted by the Administrative Agent, in the form of Exhibit B or any other form approved by the Administrative Agent.
“Attributable Debt” means any particular sale and leaseback transaction under which the Borrower or any Subsidiary is at the time liable, at any date as of which the amount thereof is to be determined (a) in the case of any such transaction involving a capital lease, the amount on such date capitalized thereunder, or (b) in the case of any other sale and leaseback transaction, the then present value of the minimum rental obligations under such sale and leaseback transaction during the remaining term thereof (after giving effect to any extensions at the option of the lessor) computed by discounting the respective rental payments at the actual interest factor included in such payments or, if such interest factor cannot be readily determined, at the rate of ten percent (10%) per annum.  The amount of any rental payment required to be made under any such sale and leaseback transaction not involving a capital lease may exclude amounts required to be paid by the lessee on account of maintenance and repairs, insurance, Taxes, assessments, utilities, operating and labor costs and similar charges.
“Availability Period” means the period from and including the Effective Date to but excluding the Revolving Commitment Termination Date.
“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

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“Bankruptcy Laws” means Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to time and any similar other applicable law or statute in any other jurisdiction as amended from time to time.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrower” means Anadarko Petroleum Corporation, a Delaware corporation.
“Borrowing” means Revolving Loans of the same Type made, converted or continued on the same date and, in the case of LIBOR Loans, as to which a single Interest Period is in effect.
“Borrowing Date” means each Business Day specified in a notice pursuant to Section 2.03 as a date on which the Borrower requests (or is deemed to have requested) the Lenders to make Loans.
“Borrowing Minimum” means $5,000,000.
“Borrowing Multiple” means $1,000,000.
“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 are authorized or required by law to remain closed; provided that when used in connection with a LIBOR Loan, the term “Business Day” shall also exclude any day on which banks are not open for general business in London.
“Change in Law” means the occurrence after the date of this Agreement or, with respect to any Lender that becomes a party to this Agreement after the date hereof, such later date on which such Lender becomes a party to this Agreement of (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority (other than any such request, rule, guideline or directive that was in effect as of the date of this Agreement) made or issued after the date of this Agreement or, with respect to any Lender that becomes a party to this Agreement after the date hereof, such later date on which such Lender becomes a party to this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued
“Change of Control” means (a) the acquisition by any Person or two or more Persons acting in concert of beneficial ownership (within the meaning of Rule 13d-3 of the Commission) of 50% or more of the outstanding shares of voting stock of the Borrower or (b) a majority of the members of the Board of Directors of the Borrower on any date shall not have been (i) members of the Board of Directors of the Borrower on the date twelve (12) months prior to such date (the “Incumbent Board”) or (ii) approved by Persons who constitute at least a majority of the members of the Incumbent Board; provided that for purposes of this definition, any individual whose election or nomination to the Board of Directors of the 

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Borrower was approved by at least a majority of the Incumbent Board as of the time of such election or nomination shall be deemed to be a member of the Incumbent Board.
“Co-Documentation Agents” means Bank of America, N.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Citibank, N.A., and Mizuho Bank, Ltd., each in its capacity as a co-documentation agent for the Lenders hereunder, together with its successors in such capacity.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or, if at any time after the execution of this Agreement such Commission is not existing and performing the duties now assigned to it, then the body performing such duties at such time.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.05, (b) reduced or increased (with such Lender’s consent) from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04, (c) reduced pursuant to Section 9.13 or (d) terminated pursuant to Article VII.  The initial amount of each Lender’s Commitment is set forth on Annex I, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.  The initial aggregate amount of the Commitments is $2,000,000,000.
“Communications” has the meaning assigned to it in Section 9.01(d).
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Consolidated Indebtedness” means, at any time, the indebtedness of the Borrower and its Subsidiaries, determined on a consolidated basis as of such time in accordance with GAAP, including, subject to clause (y) below, the principal amount of Hybrid Equity Securities to the extent that the principal amount thereof is treated as indebtedness in accordance with GAAP, excluding (x) any indebtedness of Borrower and its Subsidiaries with respect to which the lenders do not have recourse to Borrower for the payment of principal and interest, and (y) for purposes of determining the numerator in the capitalization ratio required by Section 5.01 only (and not for purposes of the definition of Total Capital), any Hybrid Equity Securities to the extent that the principal amount thereof is less than or equal to the Hybrid Equity Securities Threshold Amount.  As used in this definition, “Hybrid Equity Securities Threshold Amount” at any time means 15% of Total Capital at such time.
“Consolidated Stockholders’ Equity” means the par or stated value of the stock of Borrower plus additional paid-in capital plus retained earnings plus Hybrid Equity Securities to the extent that such Hybrid Equity Securities are either (a) treated as additions to consolidated stockholders’ equity in accordance with GAAP or (b) treated as indebtedness in accordance with GAAP (provided that the principal amount of such indebtedness in excess of the Hybrid Equity Securities Threshold Amount shall not be added to Consolidated Stockholders’ Equity), and plus or minus any other credits or debits to stockholders’ equity, all as shown on the consolidated balance sheet of Borrower and its Subsidiaries prepared in accordance with GAAP.

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“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 Administrative Agent or any other Lender.
“Default” means an event which with the giving of notice or the passage of time, or both, would constitute an Event of Default.
“Defaulting Lender” means any Lender (a) that has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, (b) that has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) that has failed, within two Business Days after request by a Credit Party or the Borrower, in each case acting in good faith, to provide a certification in writing in form and substance satisfactory to the Person making such request from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such requesting Person’s receipt of such certification in form and substance satisfactory to it, the Administrative Agent and the Borrower, (d) that has become the subject of a Bankruptcy Event, or (e) that has assigned or transferred all or a part of its rights hereunder without the prior written consent of the Borrower, unless such assignment or transfer is made without the consent of the Borrower pursuant to Section 9.04(b)(i)(A).
“dollars” or “$” refers to lawful money of the United States of America.
“Effective Date” means the date upon which the conditions precedent set forth in Section 6.01 have been satisfied (or waived in accordance with the terms and conditions of Section 9.02).
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.
“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and any of its respective Related Persons or any other Person, providing for access to data protected by passcodes or other security system.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) the failure of any Plan to meet the minimum funding standards under Section 412 of the Code or Section 302 of ERISA, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to 

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any Plan, (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by the Borrower or any ERISA Affiliate from the Pension Benefit Guaranty Corporation or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of withdrawal liability under Section 4202 of ERISA, or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“Event of Default” has the meaning assigned to such term in Article VII.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 9.13) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.14, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.14(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA. 
“Exempted Subsidiary” means a Subsidiary that (a) is an obligor with respect to Indebtedness incurred to finance a Project and (b) (i) holds no assets other than those related to a Project or (ii) is a direct equityholder in one or more such obligors and holds no assets other than (x) equity interests in one or more such obligors, (y) assets located in, or related to hydrocarbons or other property located in, Mozambique and (z) equity interests in one or more Persons holding no assets other than as described in clauses (x) and (y).
“Existing Credit Agreement” means that certain 364-Day Revolving Credit Agreement dated as of June 17, 2014, among the Borrower, the lenders party thereto, and the agents referred to therein, as amended and supplemented from time to time.
“Facility Fee” has the meaning assigned to such term in Section 2.04(a).
“Facility Fee Rate” means a rate per annum determined daily in accordance with the Pricing Schedule.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement.

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“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.
“Fee Payment Date” means each of the following days:  (a) the third Business Day following the last day of each March, June, September and December, (b) on the Maturity Date; and (c) on the date on which the Commitments shall terminate or be reduced to zero as provided herein.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of the Borrower or any other officer or employee that any of the foregoing may, in accordance with the Borrower’s customary business practices, designate to act as a Financial Officer by notice to the Administrative Agent in accordance with this Agreement.
“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.  
“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time.
“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.
“Hybrid Equity Securities” means, on any date (the “determination date”), any securities issued by the Borrower or any Subsidiary or a financing vehicle of the Borrower or any Subsidiary, other than common stock, that meet the following criteria:  (a)(i) the Borrower demonstrates that such securities were classified, at the time they were issued, as possessing a minimum of “intermediate equity content” by S&P or “Basket C equity credit” or “Basket D equity credit” by Moody’s (or the equivalent classifications then in effect by such agencies) and (ii) on such determination date, such securities are classified as possessing “intermediate equity content” by S&P or “Basket C equity credit” or “Basket D equity credit” by Moody’s (or the equivalent classifications then in effect by such agencies) and (b) such securities require no repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to at least 91 days after the later of the termination of the Commitments and the repayment in full of all obligations of the Borrower under this Agreement.  As used in this definition, “mandatory redemption” shall not include conversion of a security into common stock and “Subsidiary” shall include the Western Gas Entities.
“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBOR Screen Rate.”
“Indebtedness” means any indebtedness which (a) is for money borrowed, (b) represents the deferred purchase price of property or assets purchased, except trade accounts payable in the ordinary course of business, (c) is in respect of a capitalized lease, an advance payment or production payment (other than in respect of advance payments or production payments received in the ordinary course of business for hydrocarbons which must be delivered within 18 months after the date of such payment) or

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(d) is in respect of a guarantee of any of the foregoing obligations of another Person, provided that the amount of any indebtedness described in this clause (d) shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee is made (and after giving effect to any cap or other limitation on the guarantee by such Person in respect of such Indebtedness) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such guarantor is required to perform thereunder) as determined in accordance with GAAP.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a) hereof, Other Taxes.
“Indemnitee” has the meaning specified in Section 9.03(b).
“Index Debt” has the meaning assigned to such term in Schedule I.
“Ineligible Institution” has the meaning assigned to it in Section 9.04(b).
“Information” has the meaning assigned to such term in Section 9.12.
“Information Memorandum” means the Confidential Information Memorandum dated November 2015 relating to the Borrower and the Transactions.
“Interest Election Request” has the meaning assigned to such term in Section 2.08(f).
“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any LIBOR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a LIBOR Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at an interval of three months’ duration after the first day of such Interest Period.
“Interest Period” means with respect to any LIBOR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, with the consent of each Lender, twelve months or any shorter period) thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a LIBOR Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded upward to four decimal places) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:  (a) the Screen Rate for the longest period that is available that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period that is available that exceeds the Impacted Interest Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period.

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“IRS” means the United States Internal Revenue Service.
“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Lenders” means the Persons listed on Annex I and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.   
“LIBO Rate” means, with respect to any LIBOR Borrowing for any Interest Period, the applicable LIBOR Screen Rate; provided that if any LIBO Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“LIBOR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate determined by reference to the Adjusted LIBO Rate.
“LIBOR Screen Rate” means, with respect to any LIBOR Borrowing for any applicable Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (as applicable, the “Screen Rate”), as of the Specified Time on the Quotation Day for such Interest Period; provided, that, if the Screen Rate shall not be available at the applicable time for the applicable Interest Period (the “Impacted Interest Period”), then the LIBOR Screen Rate for such Interest Period shall be the Interpolated Rate, subject to Section 2.15; provided, further, that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Loan Document(s)” means this Agreement, any Notes and each and every other agreement executed in connection with this Agreement.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
“Majority Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time.  The Revolving Credit Exposure and unused Commitments of any Defaulting Lender shall be disregarded in determining the Majority Lenders at any time.
“Material Adverse Change” means any change occurring since December 31, 2014, in the consolidated financial position or results of operations of the Borrower and its Subsidiaries taken as a whole that has had or could reasonably be expected to have the effect of preventing the Borrower from carrying on its business or from meeting its current and anticipated obligations on a timely basis.
“Maturity Date” means January 18, 2017.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in section 3(37) or 4001(a)(3) of ERISA to which, (a) the Borrower, a Subsidiary, or an ERISA Affiliate is making contributions or is

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required to make contributions, or (b) the Borrower, a Subsidiary or an ERISA Affiliate within the last six (6) years has made contributions or been required to make contributions.
“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that requires the approval of each Lender, all affected Lenders or any other class or group of Lenders in accordance with the terms of Section 9.02(b) (other than the Majority Lenders) and has been approved by the Majority Lenders. 
“Note” means any promissory note of the Borrower payable to a Lender or its registered assigns permitted hereunder in substantially the form attached hereto as Exhibit A.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 9.13). 
“Participant” has the meaning assigned to it in Section 9.04(c)(i).
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity.
“Plan” means any employee pension benefit plan, as defined in section 3(2) of ERISA, that is subject to the provisions of Title IV of ERISA (other than a Multiemployer Plan) and 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 the date hereof, sponsored, maintained or contributed to by the Borrower, a Subsidiary or an ERISA Affiliate
“Pricing Schedule” means the schedule attached hereto as Schedule I and identified as such.
“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.
“Principal Amount” means the outstanding principal amount of any Loan.
“Principal Property” means as defined in the Public Indenture.
“Project” means a Mozambique LNG project.

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“Public Indenture” means the Indenture, dated as of September 19, 2006, between the Borrower and The Bank of New York, as Trustee.
“Quotation Day” means, with respect to any Borrowing for any Interest Period, two Business Days prior to the commencement of such Interest Period; unless market practice differs in the London interbank market, in which case the Quotation Day will be determined by the Administrative Agent in accordance with market practice in the London interbank market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days).
“Recipient” means (a) the Administrative Agent and (b) any Lender, as applicable.
“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the Specified Time on the Quotation Day for Loans in the applicable Interest Period as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in dollars and for that period.
“Reference Banks” means such banks as may be appointed by the Administrative Agent in consultation with the Borrower; provided that at least three Reference Banks shall be appointed; provided, further, that no Lender shall be obligated to be a Reference Bank without its consent.
“Register” has the meaning assigned to such term in Section 9.04(b)(iii).
“Related Parties” means with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, advisors and agents of such Person and such Person’s Affiliates.
“Revolving Commitment Termination Date” means the earliest of:
(a)    the Maturity Date;
(b)    the date on which the Commitments are terminated in full or reduced to zero pursuant to Section 2.05; and
(c)    the date on which the Commitments otherwise are terminated in full and reduced to zero pursuant to Article VII.
Upon the occurrence of any event described in clause (a), (b) or (c), the Commitments shall terminate automatically and without any further action.
“Revolving Credit Exposure” means, with respect to any Lender at any time, the Principal Amount of such Lender’s Revolving Loans at such time.
“Revolving Loan” means any Loan made by the Lenders pursuant to Section 2.01(a).
“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies.
“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions.
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the

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Treasury, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state in which the Borrower or any of its Subsidiaries operates or conducts business, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled (to the knowledge of the Borrower) by any such Person.
“Sanctions” economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.  
“Screen Rate” has the meaning assigned to such term in the definition of “LIBOR Screen Rate”.
“Significant Subsidiary” means any Subsidiary that is a “significant subsidiary” (as defined in Regulation S-X of the Commission under the Securities and Exchange Act of 1934) of the Borrower.
“Specified Time” means, in relation to a LIBOR Loan, as of 11:00, London time.  
“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).  Such reserve percentage shall include those imposed pursuant to such Regulation D.  LIBOR Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise controlled, 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; provided that the Western Gas Entities shall be deemed not to be Subsidiaries of the Borrower except (a) to the extent that the Western Gas Entities are required by GAAP to be consolidated with the Borrower, the Western Gas Entities shall constitute Subsidiaries of the Borrower for the purposes of Section 5.01 (and, for the avoidance of doubt, they shall be included as Subsidiaries in the definitions of “Consolidated Indebtedness, “Consolidated Stockholders’ Equity” and “Total Capital” for such purposes) and (b) for the purposes of the definition of “Total Assets” contained in Section 5.02.
“Syndication Agent” means Wells Fargo Bank, National Association, in its capacity as syndication agent for the Lenders hereunder, together with its successors in such capacity.

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“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Total Assets” has the meaning assigned to such term in Section 5.02.
“Total Capital” has the meaning assigned to such term in Section 5.01.
“Transactions” means the execution, delivery, and performance by the Borrower of this Agreement, the borrowing of the Loans and the use of the proceeds thereof.
“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.14(f)(ii)(B)(3).
“USA Patriot Act” has the meaning assigned to such term in in Section 9.14.
“Western Gas Entities” means Western Gas Equity Partners, LP, Western Gas Partners, LP and their respective subsidiaries.
Section 1.02    Classification of Loans and Borrowings.  For purposes of this Agreement, Loans and Borrowings may be classified and referred to by Type (e.g., a “LIBOR Loan” or “LIBOR Borrowing”).
Section 1.03    Terms Generally.  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” 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, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, amendments and restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) 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, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (f) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and (g) in the computation of periods of time herein from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” mean “to but excluding” and the word “through” means “to and including”.

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Section 1.04    Accounting Terms.  All accounting terms not specifically defined herein shall be construed in each case in accordance with GAAP as in effect from time to time; provided, however, that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that Lenders holding greater than 66.67% of the total Commitments then outstanding request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.  
ARTICLE II
AMOUNT AND TERMS OF LOANS
Section 2.01    Loans.
(a)    Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans denominated in dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (ii) the total Revolving Credit Exposures exceeding the total Commitments.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.
(b)    Each Revolving Loan shall be made only during the Availability Period as part of a Revolving Borrowing consisting of Revolving Loans of the same Type made by the Lenders ratably in accordance with their 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 of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.
(c)    Subject to Section 2.15, each Revolving Borrowing shall be comprised entirely of ABR Loans or LIBOR Loans as the Borrower may request in accordance herewith.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement or create or increase any obligation of the Borrower not otherwise arising, or arising in such increased amount, under Section 2.12.
(d)    At the commencement of each Interest Period for any LIBOR Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum.  At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments.  Borrowings of more than one Type may be outstanding at the same time; provided , further, that there shall not at any time be more than a total of ten LIBOR Revolving Borrowings in the aggregate outstanding.
(e)    Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

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Section 2.02    Repayment of Loans; Evidence of Debt.
(a)    The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal and accrued interest amount of each Revolving Loan of such Lender on the Maturity Date; provided that all Loans shall be paid on such earlier date upon which the maturity of the Loans shall have been accelerated pursuant to Article VII.
(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, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(c)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (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 for the account of the Lenders and each Lender’s share thereof.
(d)    The entries made in the accounts maintained pursuant to paragraphs (b) and (c) of this Section 2.02 shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided 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 obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.
(e)    Any Lender may request that Loans made by it to the Borrower be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns permitted hereunder) in substantially the form attached hereto as Exhibit A.  Thereafter, the Loans evidenced by such Note and interest thereon shall, at all times (including after assignment pursuant to Section 9.04), be represented by one or more Notes in such form payable to the payee named therein (or to such payee and its registered assigns permitted hereunder).
(f)    Each Lender is authorized to and shall endorse the date, the Type and amount of each Loan made by such Lender, each continuation thereof, each conversion of all or a portion thereof to the same or another Type, and the date and amount of each payment of principal with respect thereto on the schedule annexed to and constituting a part of its Note from the Borrower.  No failure to make or error in making any such endorsement as authorized hereby shall affect the validity of the obligations of the Borrower to repay the unpaid Principal Amount of the Loans made to the Borrower with interest thereon as provided in Section 2.08 or the validity of any payment thereof made by the Borrower.  Each Lender shall, at the request of the Borrower, deliver to the Borrower copies of the Borrower’s Note and the schedules annexed thereto.
Section 2.03    Procedure for Borrowing.  The Borrower may borrow Revolving Loans on any Business Day; provided that the Borrower shall notify the Administrative Agent by telephone of the Borrowing (the “Borrowing Request”) (a) in the case of a LIBOR Borrowing, not later than 10:00 a.m., New York City time, three (3) Business Days prior to the Borrowing Date or (b) in the case of an ABR Borrowing, not later than 1:00 p.m., New York City time on the Borrowing Date.  Each 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 a form approved by the Administrative Agent and signed by the Borrower.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.01:

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(i)    the aggregate amount of the requested Borrowing;
(ii)    the Borrowing Date, which shall be a Business Day;
(iii)    whether the Borrowing is to be an ABR Borrowing or a LIBOR Borrowing (in each case stating the amounts requested);
(iv)     in the case of a LIBOR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(v)    the location and number of the account to which funds are to be disbursed, which shall comply with the requirements of Section 2.10.  
If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested LIBOR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, 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.  Each Lender will make the amount of its pro rata share of each Borrowing available to the Administrative Agent for the account of the Borrower in accordance with Section 2.10.  The proceeds of each such Borrowing of Revolving Loans will be made available to the Borrower by the Administrative Agent in accordance with Section 2.10.
Section 2.04    Facility Fees.
(a)    Subject to Section 2.04(b), the Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee from the Effective Date to, but not including, the Revolving Commitment Termination Date, computed at the Facility Fee Rate on the daily amount of the Commitment of such Lender (whether used or unused) (the “Facility Fee”); provided that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such Facility Fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to, but not including, the date on which such Lender ceases to have any Revolving Credit Exposure.  
(b)    If any Lender shall become a Defaulting Lender, then, notwithstanding Section 2.04(a) above and without prejudicing any right or remedy that the Borrower may have with respect to, on account of, arising from or relating to any event pursuant to which such Lender shall be a Defaulting Lender, no Facility Fee shall accrue for the account of such Lender from and after the date upon which such Lender shall have become a Defaulting Lender (for so long as such Lender is a Defaulting Lender).
(c)    Accrued Facility Fees payable to any Lender shall be payable in arrears on each Fee Payment Date, commencing on the first Fee Payment Date to occur after the Effective Date.  All accrued Facility Fees payable to any Lender which are not paid on or before the Maturity Date shall be due and payable on demand.  All Facility Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(d)    The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

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(e)    All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of Facility Fees, to the Lenders.  Fees paid shall not be refundable under any circumstances.
Section 2.05    Reduction or Termination of Commitments.  Unless previously terminated, the Commitments shall terminate on the Revolving Commitment Termination Date.  The Borrower shall have the right, upon not less than two (2) Business Days’ notice to the Administrative Agent, to terminate the Commitments or, from time to time, reduce the amount of the Commitments; provided, however, that the Borrower shall not terminate or reduce any Commitment if, after giving effect to any concurrent repayment of the Loans in accordance with Section 2.06 and Section 2.07 the total Revolving Credit Exposures would exceed the total Commitments.  Any reduction shall be accompanied by prepayment of the Loans to the extent, if any, that the total Revolving Credit Exposures then outstanding exceeds the total Commitments as then reduced.  Any termination of the Commitments shall be accompanied by prepayment in full of the Loans then outstanding and the payment of any unpaid interest accrued thereon and fees then accrued hereunder and other amounts then due and payable hereunder to or for the accounts of Lenders, including, without limitation, such amounts required pursuant to Section 2.16).  Each notice delivered by the Borrower pursuant to this Section 2.05 shall be irrevocable (unless otherwise agreed to by the Administrative Agent); provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Upon receipt of such notice, the Administrative Agent shall promptly notify each Lender thereof.  Any partial reduction shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and shall reduce permanently the total amount of the Commitments, together with a corresponding reduction in the aggregate amount of each Lender’s applicable Commitment.  The Commitments once terminated or reduced may not be reinstated.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their Commitments.
Section 2.06    Optional Prepayments.
(a)    The Borrower may, at its option, as provided in this Section 2.06, at any time and from time to time prepay any Borrowing, in whole or in part, upon notice to the Administrative Agent, by telephone (confirmed by telecopy) (i) in the case of prepayment of a LIBOR Borrowing, not later than 10:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 4:00 p.m., New York City time, one Business Day before the date of prepayment.  Each such notice shall be irrevocable (unless otherwise agreed to by the Administrative Agent) and shall specify the prepayment date and the Principal Amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.05, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.05.  Promptly following receipt of any such prepayment notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  All prepayments pursuant to this Section 2.06 shall include accrued interest on the amount prepaid to the date of prepayment and, in the case of prepayments of LIBOR Borrowings, any amounts payable pursuant to Section 2.16.  The Loans shall also be subject to prepayment as provided in Section 2.05, Section 2.07 and Section 9.13.
(b)    Partial optional prepayments pursuant to this Section 2.06 shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 

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2.01.  All prepayments of Loans pursuant to this Section 2.06 shall be without the payment by the Borrower of any premium or penalty except for amounts payable pursuant to Section 2.16.
Section 2.07    Mandatory Prepayments.
(a)    If at any time the total Revolving Credit Exposures exceeds the total Commitments, the Borrower shall prepay the Loans in an amount equal to such excess.    
(b)    Each prepayment of Loans pursuant to this Section 2.07 shall be accompanied by payment of accrued interest on the amount prepaid to the date of prepayment and, in the case of prepayments of LIBOR Loans, any amounts payable pursuant to Section 2.16.
Section 2.08    Interest.
(a)    The Principal Amount of the Loans comprising each LIBOR Revolving Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.  
(b)    The Principal Amount of the Loans comprising each ABR Revolving Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.  
(c)    Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.08 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (b) of this Section 2.08.
(d)    Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.08 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e)    Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing for an additional Interest Period (and, in the case of a LIBOR Borrowing, may elect Interest Periods therefor), all as provided in this Section 2.08.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall then and thereafter be considered a separate Borrowing.  
(f)    To make an election pursuant to this Section 2.08, the Borrower shall notify the Administrative Agent of such election (the “Interest Election Request”) by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving 

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Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.
(g)    Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.03:
(i)    the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(ii)    the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(iii)    whether the resulting Borrowing is to be an ABR Borrowing or a LIBOR Borrowing; and
(iv)    if the resulting Borrowing is a LIBOR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.
(h)    If any such Interest Election Request requests a LIBOR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
(i)    Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(j)    If the Borrower fails to deliver a timely Interest Election Request with respect to a LIBOR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Majority Lenders, so notifies the Borrower, then, so long as such Event of Default is continuing (i) no outstanding Borrowing may be continued as a LIBOR Borrowing and (ii) unless repaid, each LIBOR Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.
Section 2.09    Computation of Interest and Fees.
(a)    All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall each be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable Alternate Base Rate, LIBO Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.  The Administrative Agent shall notify the Borrower and the Lenders of each determination of a LIBO Rate or Adjusted LIBO Rate.  The Administrative Agent shall notify the Borrower and the Lenders of the effective date and the amount of each change in the Alternate Base Rate.

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(b)    The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the computations used by the Administrative Agent in determining any interest rate pursuant to Section 2.09(a).
Section 2.10    Funding of Borrowings.
(a)    Each Lender shall make each Loan to be made by it hereunder on the proposed Borrowing Date thereof by wire transfer of immediately available funds by 12:00 p.m., New York City time (or, in the case of an ABR Borrowing, 4:00 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 an account designated by the Borrower in the applicable Borrowing Request.
(b)    Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time 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 2.10(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 each such Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, 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 cost incurred by the Administrative Agent for making such Lender’s share of such Borrowing 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 ABR Loans.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
Section 2.11    Pro Rata Treatment and Payments Generally.
(a)    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 2.12, Section 2.14 or Section 2.16, or otherwise) at or prior to the time expressly required hereunder for such payment (or, if no such time is expressly required, prior to 4:00 p.m., New York City time), on the date when due, in immediately available funds, without set off or counterclaim.  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, to such account as may be specified by the Administrative Agent (provided that the Administrative Agent shall provide at least five (5) Business Days’ notice prior to any change to such account (unless the Borrower otherwise agrees in writing)), except that payments pursuant to Section 2.12, Section 2.14 or Section 2.16 and Section 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall 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)    If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, 

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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)     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 Revolving Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving 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 Revolving Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by such Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving 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 restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph 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 paragraph 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.
(d)    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 hereunder 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 to the Administrative Agent, at the greater of the cost incurred by the Administrative Agent for making such distributed amount and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
(e)    If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.10(b), Section 2.11(d) or Section 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.
Section 2.12    Increased Cost of Loans.
(a)    If any Change in Law shall:
(i)    impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other 

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assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate);
(ii)    impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender; or
(iii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any LIBOR Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(b)    If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered; provided, however that the foregoing shall not apply to any capital adequacy or liquidity requirement imposed solely by reason of any business combination effected after the date hereof.
(c)    A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.12 shall be delivered to the Borrower and shall be prima facie evidence of the amount of such payment.  The Borrower shall pay such Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.  Notwithstanding the foregoing, no Lender shall be entitled to seek compensation pursuant to this Section 2.12 unless the certificate referred to in this clause (c) shall (i) state that it is the general practice of such Lender at the time to seek compensation under similar circumstances from other similarly situated borrowers (to the extent such Lender or Issuing Bank has the right under such similar credit facilities to do so) and (ii) set forth in reasonable detail the manner in which such amount or amounts were determined.
(d)    Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.12 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section 2.12 for any increased costs or reductions incurred more than 270 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

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(e)    If any Lender requests compensation under this Section 2.12 or to charge interest rates based upon the LIBO Rate or the Adjusted LIBO Rate as contemplated by this Agreement pursuant to Section 2.13, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, 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 judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this Section 2.12 or Section 2.14, as the case may be, in the future, or mitigate the impact of Section 2.13, as the case may be, and (ii) would not subject such Lender to any unreimbursed out of pocket cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.
Section 2.13    Illegality.  Notwithstanding anything herein contained, if any Lender shall make a good faith determination that a change in any applicable law or regulation after the date of this Agreement or in the interpretation thereof after the date of this Agreement by any authority charged with the administration thereof shall make it unlawful for such Lender to give effect to its obligations to charge interest rates based upon the LIBO Rate or the Adjusted LIBO Rate as contemplated by this Agreement, the obligation of such Lender to make, continue or maintain affected Loans hereunder shall be suspended for the duration of such illegality.  Such Lender, by written notice to the Administrative Agent, and to the Borrower, shall declare that such Lender’s obligation to make affected Loans and to, continue and maintain affected Loans shall be suspended, and the Borrower, on the last day of the then current Interest Period applicable to such affected Loans or portion thereof or, if such Lender so requests, on such earlier date as may be required by relevant law, shall prepay the affected Loans of such Lender or, if lawful and otherwise permitted hereunder, convert such Loans to ABR Loans (the rate of interest on which shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c) of the definition of Alternate Base Rate) and (iii) upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under Section 2.16.  If and when such illegality ceases to exist, such suspension shall cease and such Lender shall notify the Borrower and the Administrative Agent thereof and any Loans previously continued from LIBOR Loans to ABR Loans pursuant to this Section 2.13 shall be continued as Loans of Types corresponding to the Loans maintained by the other Lenders on the last day of the Interest Period of the corresponding LIBOR Loans of such other Lenders.
Section 2.14    Taxes.
(a)    Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.14) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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(b)    Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.
(c)    Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.14, 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.
(d)    Indemnification by the Borrower.  The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.14) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided, however, that the Borrower shall not be required to make any payment pursuant to this Section 2.14 if the Recipient makes demand for such payment more than 270 days after the earlier of (i) the date on which the relevant Governmental Authority makes written demand upon such Recipient for payment of such Indemnified taxes and (ii) the date on which such Recipient has made payment of such Indemnified Taxes.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(e)    Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).
(f)    Status of Lenders.  
(i)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably 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.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, 

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execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)    Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,
(A)    any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding Tax;
(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) 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), whichever of the following is applicable:
(1)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)    executed originals of IRS Form W-8ECI;
(3)    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 substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable); or
(4)    to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E (as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner;

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(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) 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), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)    if a payment made to a Recipient under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative 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 Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Recipient has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Recipient agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
(g)    Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.14 (including by the payment of additional amounts pursuant to this Section 2.14), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.14 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(h)    Survival.  Each party’s obligations under this Section 2.14 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

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(i)    Defined Terms.  For purposes of this Section 2.14, the term “applicable law” includes FATCA.
Section 2.15    Market Disruption and Alternate Rate of Interest.  
(a)    If at the time that the Administrative Agent shall seek to determine the LIBOR Screen Rate on the Quotation Day for any Interest Period for a LIBOR Borrowing the LIBOR Screen Rate shall not be available for such Interest Period with respect to such Borrowing for any reason and the Administrative Agent shall reasonably determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the Reference Bank Rate shall be the LIBO Rate for such Interest Period for such Borrowing; provided, however, that if less than two Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Borrowing, then such Borrowing shall be made as an ABR Borrowing at the Alternate Base Rate.
(b)    If prior to the commencement of any Interest Period for a LIBOR Borrowing:
(i)    the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan for the applicable Interest Period; or
(ii)    the Administrative Agent is advised by the Majority Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist (which the Administrative Agent shall do promptly as practicable thereafter) and, subject to Section 2.16, unless the Borrower notifies the Administrative Agent that it elects not to borrow on such date, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing, for the applicable Interest Period shall be ineffective and (ii) if any Borrowing Request requests a LIBOR Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing.
Section 2.16    Break Funding Payments.  In the event of (a) the payment of any Principal Amount of any LIBOR Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any LIBOR Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any LIBOR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.06 and is revoked in accordance therewith), (d) the assignment of any LIBOR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  In the case of a LIBOR Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the Principal Amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such Principal Amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such 

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period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market.  A certificate of any such Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered to the Borrower and the Administrative Agent and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.  Notwithstanding anything to the contrary contained herein, no Lender shall be entitled to receive any amount or amounts pursuant to this Section 2.16 if such amount or amounts are attributable solely to the merger or other consolidation of such Lender with another Lender.
Section 2.17    Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)    Facility Fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.04(a); and
(b)    the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby.
In the event that the Administrative Agent and the Borrower agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
ARTICLE III
REPRESENTATIONS AND WARRANTIES
Section 3.01    Representations of the Borrower.  The Borrower represents and warrants to the Administrative Agent and the Lenders that:
(a)    (i) the Borrower has been duly incorporated and is validly existing and in good standing under the laws of the State of Delaware, and (ii) the Borrower is qualified to do business as a foreign corporation and is in good standing in each jurisdiction of the United States in which the ownership of its properties or the conduct of its business requires such qualification and where the failure to so qualify would constitute a Material Adverse Change.
(b)    This Agreement, the Transactions and all other Loan Documents to which the Borrower is a party have been duly authorized, executed and delivered by the Borrower, and each of this Agreement, its Notes and the other Loan Documents to which it is a party constitutes a valid and binding agreement of the Borrower, enforceable in accordance with its respective terms, subject to the effect of applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and equitable principals of general applicability.  The Borrower’s Notes have been duly authorized by the Borrower and, when executed, issued and delivered pursuant hereto for value received, will constitute valid and binding obligations of the Borrower, enforceable in accordance with their terms, except as (i) may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally, and (ii) rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general 

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applicability.  There are no actions, suits or proceedings pending or, to the knowledge of the Borrower, threatened against the Borrower which purports to affect the legality, validity or enforceability of this Agreement, any other Loan Document or any of its Notes.
(c)    The execution, delivery and performance of this Agreement by the Borrower and the execution, issuance, delivery and performance by the Borrower of its Notes will not violate or conflict with (i) the restated certificate of incorporation or bylaws of the Borrower, or (ii) any indenture (including the Public Indenture), loan agreement or other similar agreement or instrument binding on the Borrower.
(d)    To the knowledge of the Borrower, on the Effective Date there are no actions, suits, proceedings or investigations pending or, to the knowledge of the Borrower, threatened against the Borrower before any Governmental Authority as to which, in the opinion of the Borrower, there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to constitute a Material Adverse Change.
(e)    The consolidated balance sheets of the Borrower and its consolidated Subsidiaries as of December 31, 2012, 2013 and 2014, and the related consolidated statements of income, stockholders’ equity and cash flows for each of the years in the three-year period ended December 31, 2014, audited by KPMG LLP, present fairly, in all material respects, the consolidated financial position of the Borrower and its consolidated Subsidiaries as of December 31, 2012, 2013 and 2014, and the results of their operations and their cash flows for each of the years in the three‐year period ended December 31, 2014, in conformity with GAAP applied on a consistent basis.
(f)    From December 31, 2014 through the Effective Date, there has been no Material Adverse Change.
(g)    Neither the Borrower nor any Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.
(h)    No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Change.  The present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of ASC 715 (Accounting Standards Codification 715)) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans by an amount that could reasonably be expected to result in a Material Adverse Change.
(i)    Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information concerning the Borrower or its subsidiaries (other than information of a general economic or industry specific nature) furnished in writing by or on behalf of the Borrower to the Agents or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken as a whole, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made, in each case as of the time so furnished; 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, it being understood by the Credit Parties that projections by their nature are inherently uncertain and no assurances are being given that the results reflected in the projections will be achieved.

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(j)    The Borrower’s Significant Subsidiaries as of December 31, 2014, are listed on Schedule II hereto.
(k)    The Borrower has filed all United States Federal income tax returns and all other material tax returns and reports required to be filed (or obtained extensions with respect thereto) and has paid all Taxes required to have been paid by it, except (i) Taxes the validity of which is being contested in good faith by appropriate proceedings, and with respect to which the Borrower, to the extent required by GAAP, has set aside on its books adequate reserves or (ii) to the extent the failure to do so (individually or collectively) would not reasonably be expected to result in a Material Adverse Change.
(l)    The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents (acting in their capacity as an agent for the Borrower), are in compliance with Anti‐Corruption Laws and applicable Sanctions in all material respects.  None of (i) the Borrower, any of its Subsidiaries or, to the knowledge of the Borrower, any of their respective directors, officers or employees, or (ii) to the knowledge of the Borrower, any agent of the Borrower or any of its Subsidiaries (acting in its capacity as an agent for the Borrower or any of its Subsidiaries) that will act in any capacity in connection with the credit facility established hereby, is a Sanctioned Person.  No proceeds of any Borrowing will be used in a manner that will result in a Default under Section 5.05.
(m)    No Event of Default has occurred and is continuing.
ARTICLE IV
AFFIRMATIVE COVENANTS
During the period commencing on and including the Effective Date until the date on which all Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that:
Section 4.01    Financial Statements and Other Information.  The Borrower will furnish to the Administrative Agent and each Lender:
(a)    Within the period required by applicable law (and concurrently with the filing thereof with the Commission), copies of the annual reports, information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Borrower may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Borrower is not required to file information, documents or reports pursuant to either of said Sections, then such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; provided, however, that the Borrower shall be deemed to have furnished the information required by this Section 4.01(a) if it shall have timely made the same available on “EDGAR” and/or through its home page on the worldwide web (at the date of this Agreement located at http://www.anadarko.com) and complied with Section 4.01(e) in respect thereof; provided further, however, that if any Lender is unable to access EDGAR or the Borrower’s home page on the worldwide web, the Borrower agrees to provide such Lender with paper copies of the information required to be furnished pursuant to this Section 4.01(a) promptly following notice from the Administrative Agent that such Lender has requested same.

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(b)    Within sixty (60) days after the close of each of the first three quarters of each fiscal year of the Borrower, a statement by a responsible officer of the Borrower calculating compliance or non-compliance, as the case may be, with Section 5.01 as of the close of such period and stating whether to the knowledge of the Borrower an event has occurred during such period and is continuing which constitutes an Event of Default or a Default, and, if so, stating the facts with respect thereto.
(c)    Within one hundred twenty (120) days after the close of each fiscal year of the Borrower, a statement by a responsible officer of the Borrower calculating compliance or non‐compliance, as the case may be, with Section 5.01 as of the close of such period and stating whether to the knowledge of the Borrower an event has occurred during such period and is continuing which constitutes an Event of Default or a Default, and, if so, stating the facts with respect thereto.
(d)    Such other information respecting the financial condition or operations of the Borrower and its Subsidiaries as the Administrative Agent or any Lender may from time to time reasonably request.
(e)    Information required to be delivered pursuant to Section 4.01(a) above shall be deemed to have been delivered on the date on which the Borrower provides notice to the Administrative Agent that such information has been posted on “EDGAR” or the Borrower’s website or another website identified in such notice and accessible by the Administrative Agent without charge (and the Borrower hereby agrees to provide such notice).
Section 4.02    Notices of Material Events.  The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:
(a)    the occurrence of any Event of Default;
(b)    the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower that has a reasonable likelihood of being adversely determined and, if so adversely determined, could reasonably be expected to result in a Material Adverse Change; and
(c)    any other development that results in, or could reasonably be expected to result in, a Material Adverse Change.
Each notice delivered under this Section 4.02 shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken with respect thereto.
Section 4.03    Compliance with Laws.  The Borrower will, and will cause each of the Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change.  The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents (acting in their capacity as agents for the Borrower or any of its Subsidiaries), with Anti-Corruption Laws and applicable Sanctions.

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Section 4.04    Use of Proceeds.
(a)    The proceeds of the Revolving Loans will be used by the Borrower only (i) to repay loans and other amounts owing under the Existing Credit Agreement and (ii) for general corporate purposes of the Borrower and its Subsidiaries.
(b)    No part of the proceeds of any Loan will be used for any purpose which violates the provisions of Regulations U or X of the Board of Governors of the Federal Reserve System.
Section 4.05    Compliance with Indenture.  The Borrower will comply with the provisions of Section 1005 of the Public Indenture, which provision, together with related definitions, are hereby incorporated herein by reference for the benefit of the Lenders and shall continue in effect for purposes of this Section 4.05 regardless of termination, or any amendment or waiver of, or any consent to any deviation from or other modification of, the Public Indenture; provided, however, that, for purposes of this Section 4.05, (a) references in the Public Indenture to “the Securities” shall be deemed to refer to the obligation of the Borrower to pay the principal of and interest on its Loans, (b) references in the Public Indenture to “the Trustee” shall be deemed to refer to the Administrative Agent, (c) references in the Public Indenture to “this Indenture” shall be deemed to refer to this Agreement, and (d) references in the Public Indenture to “supplemental indentures” shall be deemed to refer to amendments or supplements to this Agreement.
Section 4.06    Corporate Existence.  Subject to Section 5.04, the Borrower will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.
Section 4.07    Insurance.  The Borrower will at all times maintain, with financially sound and reputable insurers, insurance of the kinds, covering the risks and in the relative proportionate amounts (including as to self-insurance) customarily carried by companies engaged in the same or similar business and similarly situated; provided that the Borrower shall not be required to maintain insurance against risks or in amounts no longer economically available on a de novo or renewal basis, as applicable, to other companies engaged in the same or similar business and similarly situated.
ARTICLE V
NEGATIVE COVENANTS
During the period commencing on and including the Effective Date until all Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that:
Section 5.01    Indebtedness to Capitalization Ratio.  At the end of each fiscal quarter of the Borrower, Consolidated Indebtedness divided by Total Capital shall not exceed 65%.  For purposes of this provision, “Total Capital” is equal to the sum (without duplication) of Consolidated Stockholders’ Equity, exclusive of the effect of any noncash writedowns made subsequent to the date hereof, plus Consolidated Indebtedness.
Section 5.02    Limitation on Certain Secured Indebtedness.  The Borrower will not incur, issue or assume any Indebtedness secured by a mortgage on oil, gas, coal or other minerals in place, or on related leasehold or other property interest, which is incurred to finance development or production costs if the aggregate amount of all such Indebtedness exceeds 10% of Total Assets.  For purposes of this provision, “Total Assets” means the aggregate amount of assets of the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, as of the date such Indebtedness is to be incurred, issued or assumed.  

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Section 5.03    Limitations on Sales and Leasebacks.  The Borrower will not itself, and will not permit any Subsidiary to, enter into any arrangement with any bank, insurance company or other lender or investor (not including the Borrower or any Subsidiary) or to which any such lender or investor is a party, providing for the leasing by the Borrower or a Subsidiary for a period, including renewals, in excess of three years, of any Principal Property (as defined in the Public Indenture) which has been or is to be sold or transferred more than one hundred eighty (180) days after the completion of construction and commencement of full operation thereof, by the Borrower or any Subsidiary to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such Principal Property (herein referred to as a “sale and leaseback transaction”) unless either:
(a)    The Borrower or such Subsidiary could create Indebtedness secured by a security interest or lien on the Principal Property to be leased back in an amount equal to the Attributable Debt with respect to the lease resulting from such sale and leaseback transaction without equally and ratably securing the “Securities” issued pursuant to and as defined in the Public Indenture in accordance with Section 1005 of the Public Indenture; or
(b)    The Borrower within one hundred eighty (180) days after the sale or transfer shall have been made by the Borrower or by a Subsidiary, applies an amount equal to the greater of (i) the net proceeds of the sale of the Principal Property sold and leased back pursuant to such arrangement or (ii) the net amount (after deducting applicable reserves) at which such Principal Property is carried on the books of the Borrower or such Subsidiary at the time of entering into such arrangement, to the retirement of Indebtedness of the Borrower.
For purposes of this Section 5.03, none of Allison Tower, Hackett Tower or the Timberloch Building, each in The Woodlands, Texas, or any other real property that is used primarily as office space, shall be a Principal Property.
Section 5.04    Fundamental Changes.  The Borrower shall not consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless:
(a)    (i) in the case of a merger or amalgamation, the Borrower is the surviving entity; or
(ii)    the Person formed by such consolidation or into which the Borrower is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Borrower substantially as an entirety shall be a corporation, partnership or trust, shall be organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, shall have unsecured non-credit enhanced publicly held indebtedness rated “investment grade” by S&P or Moody’s, and shall expressly assume, by an agreement supplemental hereto, executed and delivered to the Administrative Agent, in form satisfactory to the Administrative Agent, the obligations of the Borrower hereunder, including the due and punctual payment of the principal of and interest on all the Revolving Loans and the performance of every covenant of this Agreement on the part of the Borrower to be performed or observed; and
(b)    immediately after giving effect to such transaction, no Event of Default or Default shall have occurred and be continuing.

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Section 5.05    Anti-Corruption Laws and Sanctions.  The Borrower will not request any Borrowing, and the Borrower shall not use, and shall take reasonable measures to ensure that its Subsidiaries and its or their respective directors, officers, employees and agents (acting in their capacity as agents for the Borrower) shall not use, the proceeds of any Borrowing (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country.
ARTICLE VI
CONDITIONS
Section 6.01    Conditions Precedent to the Effectiveness of this Agreement (Effective Date).  This Agreement shall become effective upon satisfaction of the conditions precedent set forth in this Section 6.01; provided that the obligations of the Lenders to make Loans hereunder are subject to satisfaction or waiver of the conditions precedent set forth in Section 6.02:
(a)    The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party, or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.
(b)    Appropriate Notes are issued payable to such Lender, if requested.
(c)    The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable hereunder and under any fee letter between the Borrower and any Arranger or Lender on the Effective Date, including, to the extent invoiced at least two Business Days prior to the Effective Date (unless the Borrower otherwise consents), reimbursement or payment of all out‐of‐pocket expenses (including legal fees) required to be reimbursed or paid by the Borrower hereunder.
(d)    The Administrative Agent (or its counsel) shall have received a certificate of the Secretary or an Assistant Secretary of the Borrower setting forth (i) certified copies of the resolutions of the Board of Directors or the Executive Committee of the Directors of the Borrower authorizing the execution, delivery and performance of this Agreement and the execution, issuance, delivery and performance of its Notes, (ii) the officers of the Borrower (A) who are authorized to sign this Agreement and each other Loan Document to which the Borrower is a party and (B) 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, specimen signatures of such authorized officers, and (iii) the certificate of incorporation and by-laws or other applicable organizational documents of the Borrower (in each case, together with all amendments thereto, if any), certified as being true and complete.
(e)    The Lenders shall have received (i) audited consolidated financial statements of the Borrower for fiscal year ended December 31, 2014 and (ii) unaudited interim consolidated financial statements of the Borrower for each fiscal quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available.
(f)    The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Financial Officer of the Borrower, setting forth reasonably detailed computations confirming compliance with the covenant set forth in Section 5.01, as of the fiscal quarter most recently

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ended for which financial statements are available and giving pro forma effect to any Borrowing made on the Effective Date and the repayment of the Indebtedness outstanding under the Existing Credit Agreement on such date.
(g)    The Administrative Agent shall have received evidence reasonably satisfactory to it that all loans and other amounts owing under the Existing Credit Agreement have been (or contemporaneously with the Effective Date will be) repaid in full and all commitments thereunder have been terminated or cancelled.
(h)    The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 6.02.
(i)    The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Vinson & Elkins LLP, counsel for the Borrower, in form and substance reasonably satisfactory to the Administrative Agent.  The Borrower hereby requests such counsel to deliver such opinion.
(j)    The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of a deputy general counsel or the general counsel of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent.  The Borrower hereby requests such counsel to deliver such opinion.
(k)    There shall not have occurred a Material Adverse Change.
(l)    The Lenders shall have received such documents and other instruments as are customary for transactions of this type or as they or their counsel may reasonably request.
(m)    The Administrative Agent and the Lenders shall have received, and be reasonably satisfied in form and substance with, all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including but not restricted to the USA Patriot Act, that was requested by the Administrative Agent at least ten (10) days prior to the Effective Date.
The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.  Notwithstanding the foregoing, the Effective Date shall not occur unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., New York City time, on January 31, 2016 (and, in the event such conditions are not so satisfied, extended or waived, the Commitments shall terminate at such time).  For purposes of determining compliance with the conditions specified in this Section 6.01, 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 Effective Date specifying its objection thereto.
Section 6.02    Conditions Precedent to each Extension of Credit.  The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the satisfaction of the following conditions:
(a)    The representations and warranties of the Borrower set forth in Article III of this Agreement shall be true and correct in all material respects (provided that such materiality qualifier shall

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not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such Borrowing.
(b)    At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred and be continuing.
Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section 6.02.
ARTICLE VII
EVENTS OF DEFAULT
Section 7.01    Events of Default.  If one or more of the following events of default (“Events of Default”) shall occur and be continuing at any time on or after the Effective Date:
(a)    The Borrower shall default in any payment of principal of any Loan when and as the same shall become due and payable, or the Borrower shall default in any payment of interest on any Loan, or in the payment of any fees or other amounts, when and as the same shall become due and payable hereunder, and such default shall continue for a period of three (3) Business Days;
(b)    any representation or warranty, or certification made by the Borrower herein or any statement or representation or certification made or deemed to be made pursuant to Article III or Article VI shall prove to have been incorrect in any material respect when made or deemed made (provided 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);
(c)    the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 4.02(a) or Section 4.04 applicable to it or Article V required to be observed or performed by the Borrower;
(d)    the Borrower shall default in the performance of any other term, condition, covenant or agreement contained in this Agreement (except as set forth in Section 7.01(a) or Section 7.01(c)) required to be performed by it and such default shall continue unremedied for a period of thirty (30) days after written notice thereof, specifying such default and requiring it to be remedied, shall have been received by the Borrower from any Lender;
(e)    the Borrower or any Significant Subsidiary shall (i) default in the payment of principal of any Indebtedness in an aggregate principal amount in excess of $200,000,000 (other than the Loans) beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or (ii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, and such default shall have resulted in such Indebtedness being declared due and payable prior to its stated maturity; provided that (x) for purposes of this Section 7.01(e), “Significant Subsidiary” shall not include any Exempted Subsidiary, and (y) any default by any Significant Subsidiary under any agreement granting a security interest over the shares in any Exempted Subsidiary to secure Indebtedness incurred to finance a Project shall not be considered a default for purposes of clause (ii) above;
(f)    the Borrower shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of its property, (ii) admit in writing

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its inability to pay its debts as such debts become due, (iii) make a general assignment for the benefit of its creditors, (iv) commence a voluntary case under any Bankruptcy Law, (v) file a petition seeking to take advantage of any other law providing for similar relief of debtors, or (vi) consent or acquiesce in writing to any petition duly filed against it in any involuntary case under any Bankruptcy Law;
(g)    a proceeding or case shall be commenced, without the application or consent of the Borrower, in any court of competent jurisdiction seeking (i) its liquidation, reorganization, dissolution or winding up, or the composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of its assets, or (iii) similar relief in respect of it, under any law providing for the relief of debtors, and such proceeding or case shall continue undismissed, or unstayed and in effect, for a period of sixty (60) days (or such longer period, so long as the Borrower shall be taking such action in good faith as shall be reasonably necessary to obtain the timely dismissal or stay of such proceeding or case); or an order for relief shall be entered in an involuntary case under any applicable Bankruptcy Law, against the Borrower;
(h)    there is entered against the Borrower or any Significant Subsidiary one or more final non-appealable judgments for the payment of money in an aggregate amount in excess of $200,000,000 (net of insurance coverage which is reasonably expected to be paid by the insurer), and the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Significant Subsidiary to enforce any such judgment;
(i)    an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a liability which would have a material adverse effect on the business, assets, operations, prospects or conditions, financial or otherwise, of the Borrower and the Subsidiaries taken as a whole; or
(j)    any Change of Control shall occur,
then and in each and every case the Majority Lenders or the Administrative Agent acting at the written direction of the Majority Lenders, by notice in writing to the Borrower, may terminate the Commitments of the Lenders hereunder and/or declare the unpaid balance of the Loans and any other amounts payable hereunder to be forthwith due and payable and thereupon such balance shall become so due and payable without presentation, protest or further demand or notice of any kind, all of which are hereby expressly waived; provided that in the case of Section 7.01(f) or (g) above, the Commitments of the Lenders hereunder shall automatically terminate and the Loans and any other amounts payable hereunder shall forthwith be due and payable.
ARTICLE VIII
THE AGENTS
Section 8.01    Appointment; Powers.  Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers hereunder and under any agreement executed and delivered pursuant to the terms hereof as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The Administrative Agent shall have no duties or responsibilities except those expressly set forth in this Agreement, and shall not by reason of this Agreement have a fiduciary relationship with any Lender.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any

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discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative 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 9.02), subject to the other provisions of this Article VIII (including Section 8.03), and (c) except as expressly set forth herein, the Administrative Agent shall not 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 or any of its Affiliates in any capacity.  Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any loss, cost or expense suffered by the Borrower or any Lender as a result of, any such determination of the Revolving Credit Exposure or the component amounts of the foregoing, except to the extent of its unlawful action, gross negligence or willful misconduct. 
Section 8.02    No Responsibility for Recitals, Etc.  The Administrative Agent shall not 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 in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
Section 8.03    Right to Indemnity.  The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder or under any agreement executed and delivered pursuant to the terms hereof unless it shall first be indemnified (upon requesting such indemnification) to its satisfaction by the Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action.  The Lenders agree to indemnify the Administrative Agent, to the extent not reimbursed by the Borrower, under this Agreement, ratably in accordance with the aggregate Principal Amount of the Loans made by them (or, if no Loans are outstanding, ratably in accordance with their respective Commitments), for any and all liabilities, obligations, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent as agent in any way relating to or arising out of this Agreement, the Notes or any other documents contemplated by or referred to herein or the transactions contemplated hereby (including the costs and expenses which the Borrower is obligated to pay under this Agreement but excluding, unless an Event of Default has occurred and is continuing, normal administrative costs and expenses incident to the performance of its agency duties hereunder) or the enforcement of any of the terms hereof or thereof or of any such other documents; provided no such liability, obligation, damage, penalty, action, judgment, suit, cost, expense or disbursement results from the Administrative Agent’s gross negligence or willful misconduct; provided, however, that, in the event the Administrative Agent receives indemnification from the Lenders hereunder with respect to costs and expenses which the Borrower is obligated to pay under this Agreement, the Administrative Agent shall remit to the Lenders the amount of such costs and expenses to the extent subsequently paid by the Borrower, such remittance to be in accordance with the proportionate amount of the indemnification made by each respective Lender.
Section 8.04    Action on Instructions of Lenders.  The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02).  The Administrative Agent shall in all cases be fully protected in acting or refraining from acting hereunder or under any agreement executed and delivered pursuant to the terms hereof in accordance with written instructions to it signed by the Majority Lenders, and (subject to Section 8.01) 

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such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.
Section 8.05    Employment of Agents, Etc.  The Administrative 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 the Administrative Agent.  The Administrative 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 contained in this Article VIII shall apply to any such sub-agent and to the Related Parties of the Administrative 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 Administrative Agent.
Section 8.06    Reliance on Documents, Etc.  The Administrative 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.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative 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, except to the extent of its gross negligence or willful misconduct.  The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes hereof unless and until a notice of the assignment or transfer thereof satisfactory to the Administrative Agent signed by such payee shall have been filed with the Administrative Agent.
Section 8.07    Rights as a Lender.  With respect to its Commitment and the Loans made by it, the Administrative Agent shall have the same rights and powers hereunder and under any agreement executed and delivered pursuant to the terms hereof as any Lender, and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless the context otherwise indicates, include the Administrative Agent in its capacity as a Lender hereunder and thereunder.  The Administrative Agent and its respective Affiliates may accept deposits from, lend money to, and generally engage in any kind of banking or trust business with any Borrower, the Subsidiaries and their respective Affiliates as if it were not the Administrative Agent.
Section 8.08    Non-Reliance on Agents or other Lenders.  Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities.  Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent 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 as a Lender, and to make, acquire or hold Loans hereunder.  Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) 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 related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.  The Administrative Agent shall not be required to keep itself informed as to the performance or observance by any Borrower of this Agreement or any other document referred to or provided for herein or therein or to inspect the properties or books of any Borrower.  Except for notices, reports and other documents expressly required to be furnished to the Lenders by the 

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Administrative Agent hereunder, the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the affairs, financial condition or business of the Borrower or which may at any time come into possession of any Agent or any of their respective Affiliates.  
Section 8.09    Events of Default.  The Administrative Agent shall not be deemed to have actual knowledge of an Event of Default hereunder until it shall have received a written notice from the Borrower or any Lender referring to this Agreement, describing such Event of Default and stating that such notice is a “Notice of Default.”
Section 8.10    Successor Agent.  Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower.  Upon any such resignation, 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 Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative 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 the Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the Administrative Agent’s resignation hereunder, the provisions of this Article VIII and Section 9.03 shall continue in effect for the benefit of such retiring Administrative 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 the Administrative Agent hereunder.
Section 8.11    Other Agents.  Nothing contained in this Agreement shall be construed to impose any obligation or duty whatsoever on any Persons named on the cover of this Agreement or elsewhere in this Agreement as Syndication Agents, or Co-Document Agents, other than those applicable to all Lenders as such.
ARTICLE IX
MISCELLANEOUS
Section 9.01    Notices.  
(a)    Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), 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, as follows:
(i)    if to the Borrower, to it at 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attention of R.W. Tonnesen, Assistant Treasurer, Telecopy No. (832) 636-5029; messenger delivery to 1201 Lake Robbins Drive, The Woodlands, Texas 77380;
(ii)    if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 500 Stanton Christiana Road, Ops 2, 3rd Floor, Newark, DE 19713, Attention of Brittany Tidwell (Telecopy No. 302-634-1417; e-mail: Brittany.m.tidwell@jpmorgan.com), with a copy 

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to JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, New York 10179, Attention of Ryan Thompson (Fax No. (917) 456-3361); or
(iii)    if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b)    Notices and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II 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.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(c)    Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.
(d)    Electronic Systems.
(i)    The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.
(ii)    Any Electronic System used by the Administrative Agent is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential 

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damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of communications through an Electronic System, except to the extent of their unlawful action, gross negligence or willful misconduct).  “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent or any Lender by means of electronic communications pursuant to this Section 9.01, including through an Electronic System.
Section 9.02    Waivers; Amendments.
(a)    No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent and the Lenders hereunder 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 consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 9.02, 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, to the fullest extent permitted by applicable law, the making of a Loan shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default or Event of Default at the time.
(b)    Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Majority Lenders or by the Borrower and the Administrative Agent with the consent of 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 any Principal Amount or reduce the rate of interest thereon, or reduce any fees payable hereunder, or change the currency of any Loan, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of any Principal Amount, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.11(a) or Section 2.11(b) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change Section 6.01 or Section 6.02, without the consent of each Lender, or (vi) change any of the provisions of this Section 9.02 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 make any determination or grant any consent hereunder, 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 hereunder without the prior written consent of the Administrative Agent.
Section 9.03    Expenses; Indemnity; Damage Waiver.
(a)    The Borrower shall pay (i) all reasonable and documented out‐of‐pocket expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates, including the reasonable and documented fees, charges and disbursements of one primary outside counsel for the Administrative Agent, the Arrangers and their respective Affiliates taken as a whole (and, (x) if necessary, one local counsel for the Administrative Agent, the Arrangers and their respective Affiliates taken as a whole in each applicable jurisdiction and (y) in the case of an actual or perceived conflict of interest, separate counsel for each such similarly-situated group of Persons taken as a whole), in connection with the syndication (prior to the Effective Date) of the credit facilities provided for herein, 

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the preparation, execution, delivery and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of one primary outside counsel for the Administrative Agent and Lenders taken as a whole (and, (x) if necessary, one local counsel for the Administrative Agent and the Lenders taken as a whole in each applicable jurisdiction and (y) in the case of an actual or perceived conflict of interest, separate counsel for each such similarly-situated group of Persons taken as a whole) in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section 9.03, or in connection with the Loans made hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.  Notwithstanding anything to the contrary, the Borrower shall not have any obligation to pay the fees or expenses of any Lender or the Administrative Agent in connection with any assignment of, or the grant of any participation in, any rights of a Lender under or in connection with this Agreement; provided that the provisions of this sentence shall not apply to any Lender substituted for a Defaulting Lender pursuant to Section 9.13.
(b)    The Borrower shall indemnify the Administrative Agent, each other Agent, each Arranger, and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, penalties, claims, damages, liabilities and related reasonable and documented out-of-pocket expenses, including the reasonable and documented fees, charges and disbursements of one primary outside counsel for the Indemnitees taken as a whole (and, (x) if necessary, one local counsel for the Indemnitees taken as a whole in each applicable jurisdiction and (y) in the case of an actual or perceived conflict of interest, separate counsel for each such similarly-situated group of Persons taken as a whole), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of hazardous materials on or from any property owned or operated by any Borrower or any of its subsidiaries, or any environmental liability related in any way to any Borrower or any of its subsidiaries, or (iv) any actual or prospective 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; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, penalties, claims, damages, liabilities or related expenses either (i) did not result directly or indirectly from the action or inaction of the Borrower or any Subsidiary or (ii) resulted from the gross negligence, unlawful conduct or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final, non-appealable decision).
(c)    To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section 9.03, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (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 such Administrative Agent in its capacity as such.
(d)    To the extent permitted by applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any other party, 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 or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof; provided that, nothing in this clause (d) 

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shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
(e)    All amounts due under this Section 9.03 shall be payable promptly after written demand therefor together with a copy of the invoice(s) or other documentation setting forth in reasonable detail the amount demanded and the matter(s) to which it relates.
Section 9.04    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 except as provided in Section 5.04 or with the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04.  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 paragraph (c) of this Section 9.04) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent 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 paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) 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:
(A)    the Borrower, provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender or, if an Event of Default under Section 7.01(a), (b), (f), or (g) has occurred and is continuing, any other assignee; and
(B)    the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving effect to such assignment or an Affiliate of a Lender.
(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 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 $25,000,000 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 under Section 7.01(a), (b), (f), (g) or (h) 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 and, unless 

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each of the Borrower and the Administrative Agent otherwise consent, shall result in the assigning Lender having no less than $25,000,000 in Commitments and Loans after giving effect to such assignment;
(C)    the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and
(D)    the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non‐public information about the Borrower and its Related Parties or its securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal, state and foreign securities laws.
For the purposes of this Section 9.04(b), the term “Ineligible Institution” has the following meaning:
“Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender, (c) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d) the Borrower or any of its Affiliates.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c) of this Section 9.04.
(iii)    The Administrative Agent, acting for this purpose as a non‐fiduciary 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 (and stated interest) 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 prima facie evidence of the existence and amounts of the obligations recorded therein, and the Borrower, the Administrative Agent 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.
(iv)    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 paragraph (b)(ii)(C) of this Section 9.04 and any written consent to such assignment required by paragraph (b)(i) of this Section 9.04 and upon satisfaction of the additional conditions set forth in paragraph (b)(ii) of this Section 9.04, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.10(b), Section 2.11(d) or Section 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

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(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”), other than an Ineligible Institution, 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 Administrative Agent 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 first proviso to Section 9.02(b) that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Section 2.12, Section 2.14, and Section 2.16 (subject to the requirements and limitations therein, including the requirements under Section 2.14(f) (it being understood that the documentation required under Section 2.14(f) shall be delivered to the participating Lender) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.04; provided that such Participant (A) agrees to be subject to the provisions of Section 2.16 as if it were an assignee under paragraph (b) of this Section 9.04; and (B) shall, except as provided in subparagraph (ii) below hereof, not be entitled to receive any greater payment under Section 2.12 or Section 2.14, with respect to any participation, than its participating Lender would have been entitled to receive.  Each Lender that sells a participation agrees, to the extent necessary to effectuate an assignment pursuant to Section 9.13, at the Borrower’s request and with the Borrower’s assistance, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 9.13 with respect to any applicable Participant.  Each Lender that sells a participation shall, acting solely for this purpose as a non‐fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the Principal Amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.  Notwithstanding anything to the contrary, unless otherwise expressly agreed by the Borrower in writing, no Participant shall be entitled to the benefits of Section 9.08 as though it were a Lender.
(ii)    A Participant shall not be entitled to receive any greater payment under Section 2.12 or Section 2.14 then the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant unless (i) the sale of the participation to such Participant is made with the Borrower’s prior written consent and (ii) the documentation required under Section 2.14(f) is provided to the Borrower.
(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 any pledge or assignment to secure obligations (i) to the Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System, (ii) to any other central banking authority, and (iii) to 

-46-

a trustee for the benefit of holders of debt securities issued by such Lender, and this Section 9.04 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.
Section 9.05    Survival.  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 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 or any Lender may have had notice or knowledge of any Default or Event of 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 2.12, Section 2.14, Section 2.16, Section 9.03, this Section 9.05, and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans and the Commitments or the termination of this Agreement or any provision hereof.
Section 9.06    Counterparts; Integration; Effectiveness; Electronic Execution.  
(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.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent and the Lenders constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  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 shall be effective as delivery of a manually executed counterpart of this Agreement.
(b)    Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
Section 9.07    Severability.  Any provision of this Agreement 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; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

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Section 9.08    Right of Setoff.  If (a) an Event of Default shall have occurred and be continuing, and (b) the principal of the Loans has been accelerated, each Lender 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, in whatever currency) at any time held and other obligations at any time owing by such Lender to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured.  The rights of each Lender under this Section 9.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.
Section 9.09    Governing Law; Jurisdiction; Consent to Service of Process.
(a)    THIS AGREEMENT AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
(b)    Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the Supreme Court of the State of New York, sitting in New York County, Borough of Manhattan, and of the United States District Court of the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from either thereof, in any action or proceeding arising out of or relating to this Agreement, the Notes, or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, any of the other Agents or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.
(c)    Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section 9.09.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
Section 9.10    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) 

-48-

ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.10.
Section 9.11    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 9.12    Confidentiality.  The Administrative Agent and the Lenders agree 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 who have a reason to use such Information in connection with the administration of this Agreement (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 and will agree to use the Information solely for the purpose of such administration), (b) to the extent requested by any regulatory authority or any self-regulatory body having authority to regulate or oversee any aspect of any Lender’s (or any Affiliate of such Lender) business or property, (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, (e) to a court or other Governmental Authority in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement in favor of the Borrower containing provisions substantially the same as those of this Section 9.12, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the Borrower, or (h) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.12.  For the purposes of this Section 9.12, “Information” means all information received from the Borrower or its representatives relating to the Borrower, its subsidiaries or their respective business; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.  Subject to the foregoing restrictions on disclosure, any Person required to maintain the confidentiality of Information as provided in this Section 9.12 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 9.13    Replacement of Lenders.  
(a)    If (i) the obligation of any Lender to make LIBOR Loans or continue Loans as LIBOR Loans has been suspended pursuant to Section 2.13, (ii) any Lender has demanded compensation under Section 2.12 or Section 2.14, (iii) if any Lender becomes a Non-Consenting Lender, or (iv) if any Lender becomes a Defaulting Lender, 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 9.04), all its interests, rights (other than its existing rights to payments pursuant to Section 2.12 or Section 2.14) 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 (to the extent required by Section 9.04(b)(i)) 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 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), (iii) any such assignment shall be made without representation, warranty or recourse by or to the assignee and (iv) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made 

-49-

pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments.  No Lender (other than a Defaulting Lender) shall 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. 
(b)    Each Lender agrees that if it is replaced pursuant to this Section 9.13, it shall execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such sale and purchase and shall deliver to the Administrative Agent any promissory note (if the assigning Lender’s Loans are evidenced by one or more promissory notes) subject to such Assignment and Assumption; provided that the failure of any Lender replaced pursuant to this Section 9.13 to execute an Assignment and Assumption or deliver such promissory notes shall not render such sale and purchase (and the corresponding assignment) invalid and such assignment shall be recorded in the Register and the promissory notes shall be deemed cancelled upon such failure.  Each Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Lender’s attorney‐in‐fact, with full authority in the place and stead of such Lender and in the name of such Lender, from time to time in the Administrative Agent’s discretion, with prior written notice to such Lender, to take any action and to execute any such Assignment and Assumption or other instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this paragraph (b).
Section 9.14    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 “USA Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower and its Subsidiaries, which information includes the name and address of the Borrower and such Subsidiaries and other information that will allow such Lender to identify the Borrower and such Subsidiaries in accordance with the USA Patriot Act.
Section 9.15    No Fiduciary Duty.  Each Agent, each Lender and their Affiliates (collectively, solely for the purpose of this Section 9.15, the “Financing Parties”), may have economic interests that conflict with those of the Borrower.  The Borrower acknowledges and agrees:
(a)    nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or other implied duty between the Financing Parties and the Borrower, its stockholders or its Affiliates;
(b)    the transactions contemplated by the Loan Documents are arm’s-length commercial transactions between the Lender’s, on the one hand, and the Borrower, on the other;
(c)    in connection therewith and with the process leading to such transaction each of the Financing Parties is acting solely as a principal and not the agent or fiduciary of the Borrower, its management, stockholders, creditors or any other Person;
(d)    no Financing Party has assumed an advisory or fiduciary responsibility in favor of the Borrower with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether any Financing Party or any of its Affiliates has advised or is currently advising the Borrower on other matters) or any other obligation to the Borrower except the obligations expressly set forth in the Loan Documents;
(e)    the Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate;

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(f)    the Borrower is responsible for making its own independent judgment with respect to such transactions and the process leading thereto; and
(g)    the Borrower will not claim that any Financing Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transaction or the process leading thereto.
[SIGNATURES BEGIN ON NEXT PAGE]

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

	 
	 
	as Borrower

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Albert L. Richey

	 
	 
	 
	Name:
	Albert L. Richey

	 
	 
	 
	Title:
	Senior Vice President, Finance and Treasurer

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	JPMORGAN CHASE BANK, N.A.,

	 
	 
	as Administrative Agent and a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Dave Katz

	 
	 
	 
	Name:
	Dave Katz

	 
	 
	 
	Title:
	Executive Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	WELLS FARGO BANK, NATIONAL

	 
	 
	ASSOCIATION, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Borden Tennant

	 
	 
	 
	Name:
	Borden Tennant

	 
	 
	 
	Title:
	Assistant Vice President

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	BANK OF AMERICA, N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Kenneth Phelan

	 
	 
	 
	Name:
	Kenneth Phelan

	 
	 
	 
	Title:
	Vice President

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

	 
	 
	as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Sherwin Brandford

	 
	 
	 
	Name:
	Sherwin Brandford

	 
	 
	 
	Title:
	Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	CITIBANK, N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Maureen Maroney

	 
	 
	 
	Name:
	Maureen Maroney

	 
	 
	 
	Title:
	Vice President

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	MIZUHO BANK, LTD., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Donna DeMagistris

	 
	 
	 
	Name:
	Donna DeMagistris

	 
	 
	 
	Title:
	Authorized Signatory

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	BARCLAYS BANK PLC, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Vanessa Kurbatskiy

	 
	 
	 
	Name:
	Vanessa Kurbatskiy

	 
	 
	 
	Title:
	Vice President

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	BNP Paribas, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Ann Rhoads

	 
	 
	 
	Name:
	Ann Rhoads

	 
	 
	 
	Title:
	Managing Director

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Sriram Chandrasekaran

	 
	 
	 
	Name:
	Sriram Chandrasekaran

	 
	 
	 
	Title:
	Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	CREDIT AGRICOLE CORPORATE AND

	 
	 
	INVESTMENT, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Dennis Petito

	 
	 
	 
	Name:
	Dennis Petito

	 
	 
	 
	Title:
	Managing Director

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Michael Willis

	 
	 
	 
	Name:
	Michael Willis

	 
	 
	 
	Title:
	Managing Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	Credit Suisse AG, Cayman Islands Branch, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Nupur Kumar

	 
	 
	 
	Name:
	Nupur Kumar

	 
	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Stefan Dickenmann

	 
	 
	 
	Name:
	Stefan Dickenmann

	 
	 
	 
	Title:
	Authorized Signatory

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	DEUTSCHE BANK AG NEW YORK BRANCH, as a

	 
	 
	Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Ming K. Chu

	 
	 
	 
	Name:
	Ming K. Chu

	 
	 
	 
	Title:
	Vice President

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Ross Levitsky

	 
	 
	 
	Name:
	Ross Levitsky

	 
	 
	 
	Title:
	Managing Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	DNB CAPITAL LLC, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Joe Hykle

	 
	 
	 
	Name:
	Joe Hykle

	 
	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Jamie Grubb

	 
	 
	 
	Name:
	Jamie Grubb

	 
	 
	 
	Title:
	Vice President

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	GOLDMAN SACHS BANK USA, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Rebecca Kratz

	 
	 
	 
	Name:
	Rebecca Kratz

	 
	 
	 
	Title:
	Authorized Signatory

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	Morgan Stanley Bank, N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Michael King

	 
	 
	 
	Name:
	Michael King

	 
	 
	 
	Title:
	Authorized Signatory

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	SOCIETE GENERALE, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Diego Medina

	 
	 
	 
	Name:
	Diego Medina

	 
	 
	 
	Title:
	Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	Standard Chartered Bank, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Steven Aloupis 

	 
	 
	 
	Name:
	Steven Aloupis A2388

	 
	 
	 
	Title:
	Managing Director
Capital Markets

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	SUMITOMO MITSUI BANKING CORPORATION,

	 
	 
	as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ David Kee

	 
	 
	 
	Name:
	David Kee

	 
	 
	 
	Title:
	Managing Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	THE BANK OF NOVA SCOTIA, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ J. Frazell

	 
	 
	 
	Name:
	J. Frazell

	 
	 
	 
	Title:
	Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	UBS AG, Stamford Branch, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Houssem Daly

	 
	 
	 
	Name:
	Houssem Daly

	 
	 
	 
	Title:
	Associate Director

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Kenneth Chin

	 
	 
	 
	Name:
	Kenneth Chin

	 
	 
	 
	Title:
	Director

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	THE STANDARD BANK OF SOUTH AFRICA LIMITED, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Pablo Gonzalez-Spahr

	 
	 
	 
	Name:
	Pablo Gonzalez-Spahr

	 
	 
	 
	Title:
	Executive

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

	
					
	 
	 
	 

	 
	 
	THE BANK OF NEW YORK MELLON, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Hussam S. Alsahlani

	 
	 
	 
	Name:
	Hussam S. Alsahlani

	 
	 
	 
	Title:
	Vice President

[Signature Page to Anadarko 364-Day Revolving Credit Agreement]

ANNEX I
LIST OF COMMITMENTS
	
					
	Lenders
	Commitment
	Percentage of 
Commitment

	JPMorgan Chase Bank, N.A.
	$117,500,000.00
	5.875%

	Wells Fargo Bank, National Association
	$117,500,000.00
	5.875%

	Bank of America, N.A.
	$117,500,000.00
	5.875%

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	$117,500,000.00
	5.875%

	Citibank, N.A.
	$117,500,000.00
	5.875%

	Mizuho Bank, Ltd.
	$117,500,000.00
	5.875%

	Barclays Bank PLC
	$95,000,000.00
	4.750%

	BNP Paribas
	$95,000,000.00
	4.750%

	Crédit Agricole Corporate and Investment Bank
	$95,000,000.00
	4.750%

	Credit Suisse AG, Cayman Islands Branch
	$95,000,000.00
	4.750%

	Deutsche Bank AG New York Branch
	$95,000,000.00
	4.750%

	DNB Capital LLC
	$95,000,000.00
	4.750%

	Goldman Sachs Bank USA
	$95,000,000.00
	4.750%

	Morgan Stanley Bank, N.A.
	$95,000,000.00
	4.750%

	Société Générale
	$95,000,000.00
	4.750%

	Standard Chartered Bank
	$95,000,000.00
	4.750%

	Sumitomo Mitsui Banking Corporation
	$95,000,000.00
	4.750%

	The Bank of Nova Scotia, Houston Branch
	$95,000,000.00
	4.750%

	UBS AG, Stamford Branch
	$95,000,000.00
	4.750%

	The Standard Bank of South Africa Limited
	$35,000,000.00
	1.750%

	The Bank of New York Mellon
	$25,000,000.00
	1.250%

	TOTALS
	

	$2,000,000,000.00
	

	100.000%

Annex I
Commitments 

SCHEDULE I
PRICING SCHEDULE
“Applicable Rate” means, for any day, with respect to any ABR Loan, LIBOR Revolving Loan, or with respect to the Facility Fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “LIBOR Spread” or “Facility Fee Rate”, as the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt:
	
					
	Debt Ratings
	Facility Fee
	Applicable Rate
	Drawn Pricing

	 
	 
	LIBOR Spread
	ABR Spread
	LIBOR Loans

	Category 1  
> BBB+/Baa1
	0.125%
	1.00%
	0.00%
	1.125%

	Category 2  
BBB/Baa2
	0.150%
	1.10%
	0.10%
	1.250%

	Category 3
BBB-/Baa3
	0.175%
	1.325%
	0.325%
	1.500%

	Category 4
BB+/Ba1
	0.275%
	1.475%
	0.475%
	1.750%

	Category 5  
< BB+/Ba1
	0.325%
	1.675%
	0.675%
	2.000%

Ratings in the above pricing grid relate to the Borrower’s senior unsecured non-credit enhanced publicly held indebtedness (the “Index Debt”).  For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this paragraph), then such rating agency shall be deemed to have established a rating in Category 5; (ii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the category one level lower than the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency.  Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.  If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.

Schedule I
Pricing Schedule 

SCHEDULE II
SIGNIFICANT SUBSIDIARIES

Schedule II
Significant Subsidiaries

EXHIBIT A
FORM OF NOTE
$______*__                                        __________________, 20__
For value received, Anadarko Petroleum Corporation, a corporation formed under the laws of the State of Delaware (the “Borrower”), promises to pay to ________________ (the “Lender”) at the office of JPMorgan Chase Bank, N.A. specified in Section 2.11(a) of the 364-Day Revolving Credit Agreement, dated as of January 19, 2016, among the Borrower, the Lender, the several other banks party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, the Co-Document Agents named therein, and the Syndication Agent named therein (as may be amended, supplemented or modified from time to time hereafter, the “Agreement;” terms defined in the Agreement shall have their defined meanings when used in this Note), in lawful money of the United States of America the principal amount of ______*__ DOLLARS ($____*__) or, if less than such principal amount, the aggregate unpaid principal amount of all Loans made by the Lender to the undersigned pursuant to Section 2.01 of the Agreement.  Such principal shall be payable on the date or dates specified in Section 2.02 of, or elsewhere in, the Agreement.  The undersigned further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time to time from the date hereof at the rates specified in Section 2.08 of the Agreement.  Such interest shall be payable on the dates specified in Section 2.08 of the Agreement.  The date, Type, and amount of each Loan made by the Lender pursuant to Section 2.01 of the Agreement, each continuation of all or a portion thereof to another Type and the date and amount of each payment of principal with respect thereto shall be endorsed by the holder of this Note on Schedule A annexed hereto, which holder may add additional pages to such Schedule.  No failure to make or error in making any such endorsement as authorized hereby shall affect the validity of the obligations of the Borrower hereunder or the validity of any payment hereof made by the Borrower.
This Note is one of the Notes referred to in the Agreement and is entitled to the benefits thereof and is subject to prepayment in whole or in part as provided therein.  This Note is a registered Note and upon surrender of this Note for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written instrument of transfer duly executed by the registered holder of this Note, one or more new Notes for a like aggregate principal amount will be issued to, and registered in the name of, the transferee.  Prior to the due presentment for registration and transfer, the Borrower may treat the Person in whose name this Note is registered as the holder and the owner of this Note for the purpose of receiving payment and for all other purposes of this Note and the Agreement.  Notwithstanding anything to the contrary herein, the right to receive payments of interest and principal under this Note shall be transferable only upon surrender for cancellation of this Note, and the issuance of a new Note registered in the name of the transferee.  In addition, the Administrative Agent, acting as agent for the Borrower, shall maintain a register in which it shall record the name of the holder or any transferee, and no transfer shall be valid unless so registered.
Upon the occurrence of any one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note may be declared to be immediately due and payable as provided in the Agreement.
THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
ANADARKO PETROLEUM CORPORATION
By:  ______________________________________
Name:    ____________________________________
Title:    ____________________________________

Exhibit A
Form of Note

SCHEDULE A
LOANS AND REPAYMENTS
	
						
	Date
	Amount of 
Loan
	Type of 
Loan
	Interest Rate
	Amount of Principal Repaid
	Notation Made by

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

Exhibit A
Form of Note

EXHIBIT B
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 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 of [identify Lender]1 ]
3.    Borrower(s):        ______________________________
4.    Administrative Agent:    ______________________, as the administrative agent under the Credit  
                Agreement
		
	5.
	Credit Agreement:    364-Day Revolving Credit Agreement dated as of January 19, 2016, among Anadarko Petroleum Corporation, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents party thereto.

 ________________________________________________________
1    Select as applicable.

Exhibit B
Form of Assignment and Assumption

6.    Assigned Interest:
	
				
	Facility Assigned2
	Aggregate Amount of Commitment/Loans for all Lenders
	Amount of Commitment/Loans Assigned
	Percentage Assigned of Commitment/Loans3

	 
	$
	$
	%

	 
	$
	$
	%

	 
	$
	$
	%

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 Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Related Parties or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
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 
	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being     assigned under this Assignment (e.g., "Revolving Commitment" etc.). 

		
	3 
	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

Exhibit B
Form of Assignment and Assumption

[Consented to and]4 Accepted:
[NAME OF ADMINISTRATIVE AGENT], as 
Administrative Agent

By_________________________________
Title:

[Consented to:]5 
[NAME OF RELEVANT PARTY]

By________________________________
Title:

 ________________________________________________________
		
	4 
	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

		
	5 
	To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement.

Exhibit B
Form of Assignment and Assumption

[__________________]6 
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, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement 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 the Credit Agreement 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 the Credit Agreement.
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 4.01(a) or (b) 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, (v) it is not an Ineligible Institution and (vi) 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 Credit Agreement, and (ii) 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 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.  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
 ________________________________________________________
		
	6 
	Describe Credit Agreement at option of Administrative Agent.

Exhibit B
Form of Assignment and Assumption

instrument.  Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this Assignment and Assumption by any Electronic System 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 B
Form of Assignment and Assumption

EXHIBIT C-1
FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the 364-Day Revolving Credit Agreement dated as of January 19, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Anadarko Petroleum Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and each lender from time to time party thereto.  
Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable).  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

	
		
	[NAME OF LENDER]

	By:
	 

	 
	Name:

	 
	Title:

Date: ________ __, 20__

Exhibit C-1
Form of U.S. Tax Compliance Certificate 
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

EXHIBIT C-2
FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the 364-Day Revolving Credit Agreement dated as of January 19, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Anadarko Petroleum Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and each lender from time to time party thereto.  
Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable).  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

	
		
	[NAME OF PARTICIPANT]

	By:
	 

	 
	Name:

	 
	Title:

Date: ________ __, 20__

Exhibit C-2
Form of U.S. Tax Compliance Certificate 
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 EXHIBIT C-3
FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the 364-Day Revolving Credit Agreement dated as of January 19, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Anadarko Petroleum Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and each lender from time to time party thereto.  
Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:  (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form W‐8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

	
		
	[NAME OF PARTICIPANT]

	By:   

	 
	Name:

	 
	Title:

Date: ________ __, 20__

Exhibit C-3
Form of U.S. Tax Compliance Certificate
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 EXHIBIT C-4
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the 364-Day Revolving Credit Agreement dated as of January 19, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Anadarko Petroleum Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and each lender from time to time party thereto.  
Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W‐8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:  (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
	
		
	[NAME OF LENDER]

	By:   

	 
	Name:

	 
	Title:

Date: ________ __, 20__

Exhibit C-4
Form of U.S. Tax Compliance Certificate 
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)Exhibit 10.8

 

FORM OF MANAGEMENT
AGREEMENT
 
 

 

This MANAGEMENT AGREEMENT
(the "Management Agreement"), dated as of           , 2016 is made and entered into by and among NORDIC REALTY TRUST,
INC., a Maryland corporation ("Nordic Realty"), NORDIC GP LUX CO S.à
r.l., a private limited liability company (société à responsabilité limitée) organized
under the laws of the Grand Duchy of Luxembourg having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg, Grand
Duchy of Luxembourg, having a share capital of USD 15,000 and pending registration with the Luxembourg Trade and Companies'
Register (Register de Commerce et des Sociétés, Luxembourg, the "RCS") ("Nordic
GP"), NORDIC OPERATING PARTNERSHIP S.C.A., a corporate partnership limited by shares (société en commandite
par actions) organized under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette,
L-1246 Luxembourg, Grand Duchy of Luxembourg and pending registration with the RCS ("Nordic OP"), and C-QUADRAT
REAL ESTATE MANAGER S.À R.L., a private limited liability company (société à responsabilité
limitée) organized under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette,
L-1246 Luxembourg, Grand Duchy of Luxembourg, having a share capital of EUR 12,500 and pending registration with the RCS (the
"Manager").

 

WHEREAS, Nordic Realty,
which intends to elect, and to operate its business so as to qualify, to be taxed as a real estate investment trust (a "REIT")
for U.S. federal income tax purposes, is the parent of Nordic GP;

 

WHEREAS, Nordic GP
is the unlimited shareholder (actionnaire commandité) and sole manager of Nordic OP;

 

WHEREAS, Nordic Realty
will operate substantially all of its business through Nordic OP; and

 

WHEREAS, Nordic GP
intends to delegate certain management duties with respect to Nordic OP to the Manager and, in connection therewith, Nordic Realty,
Nordic GP and Nordic OP desire to retain the Manager to provide certain management and advisory services on the terms and conditions
hereinafter set forth, and the Manager desires to be retained to provide such services.

 

NOW, THEREFORE, for
the mutual promises made herein and in the other agreements executed by the parties concurrently herewith or contemplated hereby,
and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

Section 1.     
Definitions. The following terms have the following meanings assigned to them:

 

"1915 Law"
means the Luxembourg law of 10 August 1915 on commercial companies, as amended.

 

    	 

    	 

    

"Affiliate"
means, with respect to any Person, (i) any other Person directly or indirectly controlling, controlled by, or under common
control with such other Person, (ii) any executive officer, general partner or employee (or their equivalent) of such Person,
(iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such Person, and
(iv) any legal entity for which such Person acts as an executive officer or general partner (or their equivalent).

 

"Agreement"
means this Management Agreement, as amended, restated or supplemented from time to time.

 

"Articles"
means the articles of association of Nordic OP, as may be amended from time to time.

 

"Bankruptcy"
means, with respect to any Person, (i) the filing by such Person of a voluntary petition seeking liquidation, reorganization,
arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code, or any similar law in such
Person's jurisdiction, or any other federal, state or foreign insolvency law, or such Person's filing an answer consenting to or
acquiescing in any such petition, (ii) the making by such Person of any assignment for the benefit of its creditors, (iii) the
expiration of 90 days after the filing of an involuntary petition under Title 11 of the United States Code, or the expiration
of the similar time period under the laws of such Person's jurisdiction, an application for the appointment of a receiver for a
material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment
of its debts under any other federal, state or foreign insolvency law; provided that the same shall not have been vacated,
set aside or stayed within such 90-day period, or similar period under the laws of such Person's jurisdiction, or (iv) the
entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter
in effect.

 

"Board of Directors"
means the board of directors of Nordic Realty.

 

"Book Value
Percentage " applicable to a jurisdiction means, calculated in U.S. dollars, (i) the undepreciated book value of Nordic
OP's real property in that jurisdiction, divided by (ii) the undepreciated book value of all of the Company's real properties.
Following the completion of the Initial Public Offering, Book Value Percentage shall initially be allocated 100% to Norway and
shall be recalculated each time that the Company or its subsidiaries issues capital stock or other equity securities, based on
the exchange rate between the principal currency in use in such jurisdiction and the U.S. dollar as of the end of the quarterly
period immediately preceding such issuance; provided, that, Book Value Percentage may be adjusted at any time after discussions
between the Manager and Nordic GP and approved by Nordic GP and a majority of the Independent Directors.

 

"Business Day"
means any day except a Saturday, a Sunday or a day on which banking institutions in the Grand Duchy of Luxembourg and New York,
New York are not required to be open.

 

"Code"
means the Internal Revenue Code of 1986, as amended.

 

"Common Stock"
means the common stock, par value U.S. 0.01, of Nordic Realty.

 

    	-2-

    	 

    

"Company"
means collectively Nordic Realty and its Subsidiaries, including Nordic OP and its Subsidiaries.

 

"Core AFFO"
for the applicable completed fiscal quarter means: (i) net income (as determined in accordance with GAAP), excluding gains (or
losses) from sales of real estate and related impairment charges, plus real estate-related depreciation and amortization and after
adjustments for unconsolidated partnerships and joint ventures, minus (ii) items that do not reflect ongoing property operations,
including acquisition costs, equity-based compensation gains from financial instruments at fair value, straight-line rent adjustment,
amortization of market leases, amortization of deferred financing fees and non-cash tax expense, plus (iii) recurring capital
expenditures and any realized gains or losses on real property investments excluding any unrealized gains or losses or mark-to-market
on currency hedges.

 

"Covered Person"
shall have the meaning set forth in Section 12(a) of this Agreement.

 

"Delegation"
shall have the meaning set forth in Section 2(a) of this Agreement.

 

"Effective
Termination Date" shall have the meaning set forth in Section 13(a) of this Agreement.

 

"Excess Funds"
shall have the meaning set forth in Section 2(l) of this Agreement.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended.

 

"Expenses"
shall have the meaning set forth in Section 10(a) of this Agreement.

 

"GAAP"
means generally accepted accounting principles, as applied in the United States.

 

"Governing
Instruments" means, with regard to any entity, the Articles, articles of association, as may be amended from time to time,
of Nordic GP, any shareholders' agreement, as may be amended from time to time, concerning Nordic OP and/or Nordic GP, the articles
of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership
agreement in the case of a general or limited partnership, the articles of formation and the operating agreement in the case of
a limited liability company, the trust instrument in the case of a trust, the articles of association in the case of a corporate
partnership limited by shares, or other similar governing or organizational documents, in each case as amended from time to time.

 

"Independent
Directors" means the members of the Board of Directors who are not officers or employees of the Manager or any Person
directly or indirectly controlling or controlled by the Manager, and who are otherwise "independent" in accordance with
the NASDAQ's corporate governance listing standards (or the rules of any other national securities exchange on which the Common
Stock is listed).

 

"Initial Public
Offering" means the initial public offering of the Common Stock under the Securities Act.

 

"Initial Term"
shall have the meaning set forth in Section 13(a) of this Agreement.

 

    	-3-

    	 

    

"Investment
Company Act" means the Investment Company Act of 1940, as amended.

 

"Investment
Committee" shall have the meaning set forth in Section 2(k) of this Agreement.

 

"Investment
Guidelines" shall have the meaning set forth in Section 2(b)(i) of this Agreement.

 

"Investments"
means the investments, including investments in real property, directly by Nordic OP and indirectly by Nordic OP through its Subsidiaries.

 

"Manager"
shall have the meaning set forth in the first paragraph of this Agreement.

 

"Management
Fee" means a fee equal to 1.50% per annum of Stockholder's Equity, calculated and payable as provided in Section 8
and Section 9 hereof.

 

"Monitoring
Services" shall have the meaning set forth in Section 2(b) of this Agreement.

 

"NASDAQ"
means the NASDAQ Global Market.

 

"Nordic OP"
shall have the meaning set forth in first paragraph of this Agreement.

 

"Nordic GP"
shall have the meaning set forth in the recitals hereto.

 

"Nordic OP
Account" shall have the meaning set forth in Section 5 of this Agreement.

 

"Nordic Realty"
shall have the meaning set forth in first paragraph of this Agreement.

 

"Notice of
Proposal to Negotiate" shall have the meaning set forth in Section 13(a) of this Agreement.

 

"Person"
means any individual, corporation, partnership, joint venture, limited liability company, corporate partnership limited by shares,
estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency
thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

"Portfolio
Management Services" shall have the meaning set forth in Section 2(b) of this Agreement.

 

"REIT"
shall have the meaning set forth in the recitals of this Agreement.

 

"Renewal Term"
shall have the meaning set forth in Section 13(a) of this Agreement.

 

"SEC"
means the U.S. Securities and Exchange Commission.

 

"Securities
Act" means the Securities Act of 1933, as amended.

 

    	-4-

    	 

    

"Special Shares"
means class A shares of Nordic OP that shall be issued to and subscribed for by the Manager and which will entitle the Manager
to receive special dividend pursuant to the terms set forth in the articles of association of Nordic OP.

 

"Stockholder's
Equity" means, at each quarter end, the net proceeds from all prior issuances of capital stock or equity securities of
Nordic Realty and its Subsidiaries (exclusive of any equity securities in Nordic OP held by Nordic Realty or its Subsidiaries)
(allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance). Stockholder's Equity
shall be subdivided into separate segments (each, a "Stockholder's Equity Segment") for each jurisdiction in which
Nordic OP owns real property and shall be separately calculated for each such segment in the local currency in principal use in
such jurisdiction. Initially, upon closing of the Initial Public Offering, Stockholder's Equity shall be allocated entirely to
Norway and calculated in Norwegian krone (based on the exchange rate between U.S. dollars and the Norwegian krone on the date of
the pricing of the Initial Public Offering). As additional net proceeds from other issuances of capital stock or equity securities
of Nordic Realty and its Subsidiaries (exclusive of any equity securities of Nordic OP held by Nordic Realty or its Subsidiaries)
are received, the net proceeds from such issuance shall be added to each Stockholder's Equity Segment by multiplying such net proceeds
by the Book Value Percentage (calculated as of the end of the quarterly period immediately preceding the issuance) applicable to
such segment with the amount so allocated being converted into the local currency applicable to such segment based on the exchange
rate (on the date such issuance is completed) between the currency received by the Company in the issuance and the principal currency
in use in the jurisdiction represented by the segment.

 

Stockholder's Equity
shall also include the Company's cumulative undistributed Core AFFO for the most recently completed quarter, calculated as of the
end of the quarter. For the purposes of this calculation, cumulative undistributed Core AFFO shall be allocated and added to each
Stockholder's Equity Segment (described in the paragraph above) by multiplying the total cumulative undistributed Core AFFO expressed
in U.S. dollars by the Book Value Percentage applicable to such segment with the amount so allocated being converted into the local
currency applicable to such segment based on the exchange rate (as of the end of the most recently completed quarter) between U.S.
dollars and the principal currency in use in the jurisdiction represented by the segment.

 

Additionally, each
Stockholder's Equity Segment shall be adjusted to subtract amounts paid by the Company during the most recently completed quarter
to repurchase capital stock of Nordic Realty or equity securities in Nordic OP. For the purposes of this calculation, the amounts
subtracted from each Stockholder's Equity Segment shall be calculated by multiplying the amounts paid by Nordic Realty during the
quarter to repurchase capital stock or by Nordic OP to repurchase equity securities in Nordic OP by the Book Value Percentage applicable
to such segment. For the purposes of this calculation, the amounts subtracted from each Stockholder's Equity segment shall be converted
from the currency paid by Nordic Realty or Nordic OP in the repurchase into the principal currency in use in the jurisdiction represented
by the segment, based on the exchange rate on the date of the repurchase.

 

    	-5-

    	 

    

Stockholder's Equity
may be further adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash items after discussions
between the Manager and Nordic GP and as approved by Nordic GP, with the prior approval of a majority of the Independent Directors;
and the allocations to each Stockholder's Equity Segment can be adjusted after discussions between the Manager and Nordic GP and
as approved by Nordic GP, with the prior approval of a majority of the Independent Directors.

 

"Subsidiary"
means a corporation, limited liability company, partnership, corporate partnership limited by shares, joint venture or other entity
or organization in which an entity has a direct or indirect ownership interest and which exists under the laws of jurisdiction
other than the Grand Duchy of Luxembourg.

 

"Termination
Fee" shall have the meaning set forth in Section 13(b) of this Agreement.

 

"Termination
Notice" shall have the meaning set forth in Section 13(a) of this Agreement.

 

"Treasury Regulations"
means the regulations promulgated under the Code, as amended from time to time.

 

The words "hereof,"
"herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise
specified.

 

The meanings given
to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words include, includes
and including shall be deemed to be followed by the phrase "without limitation."

 

Section 2.     
Appointment and Delegation of Duties to the Manager.

 

(a)     
In accordance with article 11 of the Articles and articles 107 and 108 of the 1915 Law, Nordic GP hereby delegates to the
Manager and pursuant to resolutions taken in this respect by Nordic GP, in its capacity as sole manager of Nordic OP, on           
2016 certain management duties and the day-to-day operations of Nordic OP listed herein subject to the to the terms and conditions
set forth in this Agreement (the "Delegation"). The Manager hereby agrees to use its commercially reasonable efforts
to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive, except to the extent that Nordic
GP and the Manager otherwise agree, and except to the extent that Nordic GP and the Manager elect, in accordance with the terms
of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties.

 

(b)     
The Manager, pursuant to and in connection with the Delegation, will at all times be subject to the supervision, direction
and oversight of Nordic GP, acting upon the recommendation of the Board of Directors. Pursuant to the Delegation
and this Agreement, the Manager will be responsible for the day-to-day operations of Nordic OP and its Subsidiaries and will perform
(or cause to be performed) such services and activities relating to the assets and operations of Nordic OP and its Subsidiaries
as may be appropriate, including, without limitation:

 

    	-6-

    	 

    

(i)       evaluating
specific investments as well as the overall portfolio composition in relation to the criteria to be used by the Manager's
senior management team, any modification to which shall be approved by Nordic GP, with the prior approval of a majority of
the Independent Directors (such guidelines as initially approved and attached hereto as Exhibit A, as the same may be
modified, supplemented or waived with such approval, the "Investment Guidelines");

 

(ii)      
providing advice and recommendations to Nordic OP and its Subsidiaries with respect to acquisitions of real estate
consistent with the Investment Guidelines;

 

(iii)     
consulting with Nordic OP and its Subsidiaries regarding the composition of Nordic OP's portfolio;

 

(iv)     
advising the Company with respect to its capital structure and capital raising;

 

(v)     
consulting with Nordic GP, the Company's officers and the Board of Directors and assisting Nordic GP and the Board
of Directors (as applicable) in the formulating and implementing the Company's financial policies;

 

(vi)     
sourcing potential acquisition opportunities and otherwise making its network of industry relationships available
to the Nordic OP and its Subsidiaries;

 

(vii)     
assisting Nordic GP and the Board of Directors (as applicable) in developing criteria for debt and equity financing
that are specifically tailored to the Investment Guidelines;

 

(viii)     
engaging and overseeing third-parties that perform leasing, property management, property development and/or other
real estate-related functions for the properties that Nordic OP and its Subsidiaries expects to acquire;

 

(ix)     
providing the daily management and performing and supervising the various administrative functions reasonably necessary
for the Company's management and operations, including, without limitation, the services in respect of any equity incentive plans,
the collection of revenues and the payment of the debts and obligations of the Company and maintenance of appropriate computer
services to perform such administrative functions;

 

(x)     
arranging, structuring and negotiating the financing and refinancing of properties;

 

(xi)     
assisting in the preparation of reports and statistical and economic data;

 

(xii)     
preparing and reviewing all reports and returns required by the SEC, the Internal Revenue Service and other governmental
agencies;

 

(xiii)    
otherwise performing all tasks necessary for the operation of the Company on a day-to-day basis and to perform its
services provided to the Company under this Agreement;

 

    	-7-

    	 

    

(xiv)     
evaluating and recommending to Nordic GP and the Board of Directors (as applicable) hedging strategies and engaging
in hedging activities on behalf of the Company and its Subsidiaries, including with respect to foreign currencies, consistent with
such strategies as so modified from time to time, with Nordic Realty's qualification as a REIT and with the Investment Guidelines;

 

(xv)     
counseling the Company regarding the maintenance of Nordic Realty's qualification as a REIT and monitoring compliance
with the various REIT qualification tests and other rules set out in the Internal Revenue Code and Treasury regulations thereunder
(including the impact of recognizing foreign currency gains and losses and holding currencies other than the U.S. dollar on such
REIT qualification tests);

 

(xvi)     
assisting the Company in retaining qualified accountants and legal counsel, as applicable, to assist in developing
appropriate accounting systems and procedures, internal controls and other compliance procedures and testing systems with respect
to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and to conduct quarterly
compliance reviews with respect thereto;

 

(xvii)     
assisting the Company in taking all necessary action to enable them to make required tax filings and reports, including
soliciting stockholders for required information to the extent required by the provisions of the Code applicable to REITs; and

 

(xviii)     
assisting Nordic OP in determining what portion of the Management Fee and Expenses payable pursuant to this Agreement
are deductible for Luxembourg tax purposes.

 

Without limiting the
foregoing, pursuant to the Delegation and this Agreement, the Manager will perform portfolio management services (the "Portfolio
Management Services") with respect to the Investments. Such services will include, but not be limited to, consulting on
the purchase and sale of, and other investment opportunities in connection with, assets; asset and property management services;
the collection of information and the submission of reports pertaining to Nordic OP's and its Subsidiaries' assets, borrowings
and general economic conditions; periodic review and evaluation of the performance of Nordic OP's and its Subsidiaries' portfolio
of assets; acting as a liaison between Nordic OP and its Subsidiaries and banks, mortgage banks, investment banks and other parties
with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management.
Additionally, pursuant to the Delegation and this Agreement, the Manager will perform monitoring services (the "Monitoring
Services") with respect to any activities provided by third parties. Such Monitoring Services will include, but not be
limited to, negotiating servicing agreements; acting, as a liaison with service providers; and supervising claims filed under any
insurance policies.

 

(c)     
For the period and on the terms and conditions set forth in this Agreement, Nordic GP (pursuant to the Delegation) and each
of the Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact,
in its name, place and stead, to negotiate, execute, deliver and enter into such finance agreements and arrangements, brokerage
agreements, and such other agreements, instruments and authorizations on their behalf, on such terms and conditions as the Manager,
acting in its sole and absolute discretion, deems necessary or appropriate in accordance with the Delegation. This power of attorney
is deemed to be coupled with an interest.

 

    	-8-

    	 

    

(d)     
In order to fulfill its duties under the Delegation and this Agreement, the Manager may enter into agreements with other
parties, including its Affiliates, for the purpose of engaging one or more parties for and on behalf, and, except as otherwise
agreed, to provide credit analysis, risk management services, asset and property management, asset sales, brokerage and/or other
services (including, without limitation, Portfolio Management Services and Monitoring Services) pursuant to agreement(s) with terms
that are then customary for agreements regarding the provision of services to companies that have assets similar in type, quality
and value; provided that (i) any such agreements entered into with Affiliates of the Manager shall be on terms no more
favorable to such Affiliate than would be obtained from a third party on an arm’s-length basis, and (ii) with respect
to Portfolio Management Services, the Manager shall remain liable for the performance of such Portfolio Management Services.

 

(e)     
To the extent that the Manager deems necessary or advisable, the Manager may, from time to time, and at the sole cost and
expense of the Manager, propose to retain one or more entities for the provision of sub-advisory services to the Manager, in order
to enable the Manager to provide the services specified by the Delegation and this Agreement; provided that any agreements
relating to such sub-advisory services (i) shall be on terms and conditions substantially identical to the terms and conditions
of this Agreement or otherwise not adverse to the Company or Nordic GP, and (ii) shall not result in an increased Management
Fee or expenses payable hereunder greater than expenses which would have been incurred if the Manager provided such services directly
and the Manager will remain liable for the performance of such sub-advisory services.

 

(f)     
The Manager may retain, for and on behalf of the Company, such services of accountants, legal counsel, appraisers, insurers,
brokers, transfer agents, real estate agents, environmental consultants, registrars, investment banks, financial advisors, due
diligence firms, banks and other lenders and others as the Manager deems necessary or advisable, within the framework of the execution
of its duties pursuant to the Delegation and this Agreement, in connection with the management and operations of the Company and
their assets. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services
to be rendered by its employees or Affiliates. Nordic OP or, if applicable, its Subsidiaries shall pay or reimburse the Manager
or its Affiliates performing such services for the documented cost thereof in accordance with Section 10.

 

(g)     
As frequently as the Manager may deem necessary or advisable, or at the direction of Nordic GP, upon the recommendation
of the Independent Directors, the Manager shall prepare, or cause to be prepared, with respect to any Investment, reports regarding
the asset performance of and other information reasonably requested by Nordic GP or Nordic OP.

 

(h)     
The Manager shall prepare, or cause to be prepared, all reports, financial or otherwise, with respect to the Company reasonably
required by Nordic GP, upon the recommendation of the Independent Directors, in order for the entities of the Company to comply
with their Governing Instruments or any other materials required to be filed with any governmental body or agency, including but
not limited to, the SEC, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports
and other materials, including, without limitation, an annual audit of the Company's books of account by a nationally recognized
registered independent public accounting firm.

 

    	-9-

    	 

    

(i)     
The Manager shall prepare regular reports for the Company to enable Nordic GP and the Board of Directors (as applicable)
to review the Company's direct and indirect acquisitions, portfolio composition and characteristics, credit quality, performance
and compliance with the Investment Guidelines and other policies approved by Nordic GP and the Independent Directors, as applicable.

 

(j)     
If requested by Nordic GP, the Manager shall provide such internal audit, compliance and control services as may be required
for the Company to comply with applicable law (including the Securities Act and the Exchange Act), regulation (including SEC regulations)
and the rules and requirements of NASDAQ, or such other securities exchange on which the Common Stock may be listed and as otherwise
reasonably requested by Nordic GP from time to time.

 

(k)     
In connection with performing its duties pursuant to the Delegation and this Agreement, the Manager shall establish an Investment
Committee (the "Investment Committee"). The Investment Committee will meet periodically, as many times as necessary,
but no less than once every quarter, to discuss investment opportunities. The Investment Committee will periodically review Nordic
OP's Investments and compliance with the Investment Guidelines, and provide Nordic GP and the Board of Directors with a report
at the end of each quarter in conjunction with its review of the quarterly results of Nordic OP.

 

(l)     
Prior to the end of the calendar quarter after Stockholder's Equity exceeds $500 million, the Manager shall engage in discussions
with a special committee, consisting entirely of Independent Directors for the purpose of engaging in discussions relating to the
possibility of internalizing the Company's management function through the acquisition of aspects of the Manager's business, which
are dedicated to the Company's business, in exchange for Common Stock or shares in Nordic OP.

 

(m)     
Notwithstanding anything contained in this Agreement to the contrary, the Manager shall not be required to expend money
("Excess Funds") in connection with any expenses that are required to be paid for or reimbursed by Nordic OP or
its Subsidiaries pursuant to Section 10 in excess of that contained in any applicable Nordic OP Account or otherwise made
available by Nordic OP or its Subsidiaries to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds
out-of-pocket shall not give rise or be a contributing factor to the right of Nordic OP under Section 13(a) of this Agreement
to terminate this Agreement due to the Manager's unsatisfactory performance.

 

(n)     
In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts
and professionals (including, without limitation, accountants, legal counsel and other service providers) hired by the Manager
at Nordic OP's sole cost and expense.

 

    	-10-

    	 

    

(o)     
Any agreement, invoice, notice, publication, letter, order or other document executed by the Manager in the course of its
performance of its mandate with respect to the management of Nordic OP pursuant to the Delegation and this Agreement shall clearly
state that it has been executed by the Manager "on behalf of" Nordic GP.

 

Section 3.     
Devotion of Time; Additional Activities.

 

(a)     
In connection with the Delegation and pursuant to this Agreement, the Manager and its Affiliates shall provide Nordic OP
with a management team, including a chief executive officer and chief financial officer, along with appropriate support personnel,
to provide the management services to be provided by the Manager to Nordic OP hereunder, the members of which team shall devote
such portion of their time to the management of Nordic OP as is necessary and appropriate to enable Nordic OP to operate its business,
commensurate with Nordic OP's level of activity. None of the officers or employees of the Manager will be dedicated exclusively
to Nordic OP, except for any such officer or employee who may be seconded exclusively to Nordic OP pursuant to a secondment arrangement
with the Manager. The Manager and its Affiliates shall provide reasonable access to their respective investment professionals in
order to support the day-to-day operations of Nordic OP and its Subsidiaries.

 

(b)     
Neither the Delegation nor anything in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers,
directors, employees or personnel (or their equivalent), from engaging in other businesses or from rendering services of any kind
to any other Person, including, without limitation, investing in, or rendering advisory services to others investing in, any type
of business (including, without limitation, investments that meet the principal investment objectives of Nordic OP and its Subsidiaries),
whether or not the investment objectives or policies of any such other Person or entity are similar to those of Nordic OP or its
Subsidiaries or (ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors, employees or personnel
(or their equivalent) from buying, selling or trading any securities or investments for their own accounts or for the account of
others for whom the Manager or any of its Affiliates, officers, directors, employees or personnel (or their equivalent) may be
acting; provided, that during the term of this Agreement, C-QUADRAT shall not sponsor or provide management services similar
to those set forth in this Agreement to any vehicle (other than the Company) that focuses on acquiring, owning, leasing, managing
and redeveloping office and industrial properties located in Norway, Sweden and Denmark.

 

(c)     
Managers, partners, officers, employees, personnel and agents (or their equivalent) of the Manager or Affiliates of the
Manager may serve as directors, officers, employees, partners, personnel, agents, nominees or signatories for the Company, to the
extent permitted by law and their Governing Instruments, or, as applicable, by any resolutions duly adopted by the Board of Directors
pursuant to Nordic Realty's Governing Instruments. When executing documents or otherwise acting in such capacities for the Company,
such persons shall use their respective titles in the Company.

 

Section 4.     
Agency. Pursuant to the Delegation and this Agreement, the Manager shall act as agent of the Company in making, acquiring,
financing and disposing of Investments, disbursing and collecting the funds of the Company, paying the debts and fulfilling the
obligations of the Company, supervising the performance of professionals engaged by, or on behalf of the Company and handling,
prosecuting and settling any claims of, or against the Company, the Board of Directors, stockholders of Nordic Realty, holders
of Nordic OP's securities, or representatives or assets of the Company.

 

    	-11-

    	 

    

Section 5.     
Bank Accounts. At the direction of Nordic GP with respect to Nordic OP and of Nordic Realty's Chief Financial Officer
with respect to the Company (which, for the avoidance of doubt in this instance, shall not include Nordic OP), the Manager may
establish and maintain as an agent on behalf of the Company (including Nordic OP, as applicable) one or more bank accounts in the
name of the Company (including Nordic OP, applicable) (any such account, a "Nordic OP Account"), and may collect
and deposit funds into any such Nordic OP Account or Nordic OP Accounts, and disburse funds from any such Nordic OP Account, under
such terms and conditions as Nordic GP may approve, with the prior approval of the Board of Directors; and the Manager shall from
time to time render appropriate accountings of such collections and payments to Nordic GP and the Board of Directors and, upon
request, to the auditors of the Company.

 

Section 6.     
Records; Confidentiality.

 

(a)     
The Manager shall maintain appropriate books of accounts and records relating to services performed under the Delegation
and this Agreement, and such books of accounts and records shall be accessible for inspection by representatives of the Company
at any time during normal business hours.

 

(b)     
The Manager shall keep confidential any and all information obtained in connection with the services rendered under the
Delegation and this Agreement and shall not disclose any such information (or use the same except in furtherance of its duties
under the Delegation and this Agreement) to unaffiliated third parties, except: (i) with the prior written consent of Nordic
GP and the Independent Directors; (ii) to legal counsel, accountants and other professional advisors; (iii) to appraisers,
due diligence providers, financing sources and others in the ordinary course of the Company's business; (iv) to governmental
officials having jurisdiction over the Company; (v) in connection with any governmental or regulatory filings of the Company,
or disclosure or presentations to investors and potential investors; (vi) as required by law or legal process to which the
Manager or any Person to whom disclosure is permitted hereunder is a party; or (vii) to the extent such information is otherwise
publicly available through the actions of a Person other than the Manager not resulting from the Manager's violation of this Section 6.
The provisions of this Section 6(b) shall survive the expiration or earlier termination of this Agreement for a period of
one year.

 

Section 7.     
Obligations of Manager; Restrictions.

 

(a)     
The Manager shall take such actions as it deems necessary or appropriate in fulfilling its duties pursuant to the Delegation
and under this Agreement with regard to the protection of the Investments.

 

(b)     
In the course of its mandate under the Delegation and this Agreement, the Manager shall refrain from any action that, in
its sole judgment made in good faith:

 

(i)      
is not in compliance with the Investment Guidelines;

 

    	-12-

    	 

    

(ii)     
would adversely and materially affect the qualification of Nordic Realty as a REIT under the Code;

 

(iii)     
would adversely and materially affect Nordic Realty's or any of its Subsidiaries' status as an entity intended to
be exempted or excluded from registration under the Investment Company Act; or

 

(iv)     
would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company
or that would otherwise not be permitted by the Company's Governing Instruments, code of conduct or other compliance or governance
policies and procedures.

 

If the Manager is ordered
to take any such action by the Company in connection with the Delegation and this Agreement, the Manager shall promptly notify
Nordic GP and the Independent Directors of the Manager's judgment that such action would adversely and materially affect the qualification
of Nordic Realty as a REIT, Nordic Realty's or any of its Subsidiaries' status as an entity intended to be exempted or excluded
from registration under the Investment Company Act, or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding
the foregoing, the Manager and its officers, directors, members, managers and employees (or their equivalent) shall not be liable
to the Company or to any director or stockholder or other owner of the Company for acts or omissions performed in accordance with
and pursuant to this Agreement, except as provided in Section 12 of this Agreement.

 

(c)     
Nordic GP and the Independent Directors shall periodically review the Investment Guidelines and Nordic OP's portfolio of
Investments, but shall not be required to review each proposed investment.

 

(d)     
The Manager agrees to be bound by all policies and procedures, including the Company's code of conduct and other compliance
and governance policies and procedures, applicable to the Manager and its officers, directors, members, managers and employees
(or their equivalent) that are adopted by the Board of Directors from time to time, including those required under the Exchange
Act, the Securities Act, or by NASDAQ (or such other securities exchange on which the Common Stock may be listed), and to take,
or cause to be taken, all actions reasonably required to cause its officers, directors, members, managers and employees (or their
equivalent), and any principals, officers or employees (or their equivalent) of its Affiliates who are involved in the business
and affairs of the Company, to be bound by such policies and procedures to the extent applicable to such persons.

 

(e)     
The Manager shall at all times during the term of this Agreement maintain "errors and omissions" or similar insurance
coverage and any other insurance coverage that is customarily carried by asset and investment managers performing functions similar
to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is
comparable to that customarily maintained by other managers of similar Investments.

 

    	-13-

    	 

    

Section 8.     
Management Fee.

 

(a)     
During the Initial Term and any Renewal Term, Nordic OP shall pay to the Manager the Management Fee quarterly in arrears,
commencing with the quarter in which this Agreement was executed (with such initial payment pro-rated based on the number of days
during such quarter that this Agreement was in effect). Subject to certain adjustments, the Management Fee is payable independently
of the performance of Nordic OP or the Investments.

 

(b)     
The Manager shall compute each installment of the Management Fee within 30 days after the end of the fiscal quarter
(or, as provided in clause (a) above, at the commencement of a fiscal quarter) with respect to which such installment is payable.
A copy of the computations made by the Manager to calculate such installment of the Management Fee shall thereafter promptly be
delivered to Nordic GP and the Board of Directors and, upon such delivery, payment of such installment of the Management Fee shown
therein shall, subject in any event to Section 13(a) of this Agreement, be due and payable in cash no later than the date
which is five Business Days after the date of delivery to Nordic GP and the Board of Directors of such computations.

 

(c)     
The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of this
Agreement.

 

Section 9.     
Management Fee Payment Currency Allocations. The Management Fee shall be payable in the principal local currency
in use in each Stockholders' Equity Segment. Notwithstanding the foregoing, the payment of the Management Fee in such currencies
as set forth in this Section 9 may be adjusted after discussions between the Manager and Nordic GP and as approved by Nordic GP,
with the prior approval of a majority of the Independent Directors.

 

Section 10.     
Company Expenses.

 

(a)     
Nordic OP or, if applicable, its Subsidiaries shall pay or cause to be paid all of the expenses of the Company and its Subsidiaries,
and Nordic OP or its Subsidiaries shall reimburse or cause to be reimbursed the Manager for its documented expenses incurred in
performing services for the Company in connection with the operation of the Company's business, including property management,
legal, property accounting, information technology, operations and due diligence (collectively, the "Expenses"),
excepting only those expenses that are specifically the responsibility of the Manager pursuant to this Section 10. Without limiting
the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company shall be paid by
or on behalf of Nordic OP or its Subsidiaries and shall not be paid by the Manager or Affiliates of the Manager:

 

(i)     
expenses in connection with any private or public offering, including but not limited to the Initial Public Offering
and transaction costs incident to the Company's unconsummated investments and the acquisition, disposition and financing of the
Company's consummated Investments;

 

(ii)     
subject to Section 10(b) and (c) of this Agreement, the cost of legal, tax, accounting, consulting, auditing,
administrative and other similar services rendered for the Company by providers retained by the Manager or, if provided by the
Manager's personnel, in amounts which are no greater than those which would be payable to outside professionals or consultants
engaged to perform such services pursuant to agreements negotiated on an arm's length basis;

 

    	-14-

    	 

    

(iii)     
the compensation and expenses of the any of the Company's directors (or equivalent) (excluding those directors, or
equivalent, who are officers of the Manager) and the cost of liability insurance to indemnify the Company's directors and officers;

 

(iv)     
costs associated with the establishment and maintenance of any of the Company's credit facilities, other financing
arrangements, or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar
costs) or any of the Company's securities offerings;

 

(v)     
expenses connected with communications to holders of the Company's securities and other bookkeeping and clerical
work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other
requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports
with the SEC, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading
of Nordic Realty's or any of its Subsidiaries' stock on any exchange, the fees payable by the Company to any such exchange in connection
with its listing, costs of preparing, printing and mailing Nordic Realty's or any of its Subsidiaries' annual report to its stockholders
(or equivalent) and proxy materials with respect to any meeting of Nordic Realty's or any of its Subsidiaries' stockholders (or
equivalent);

 

(vi)     
costs associated with any computer software or hardware, electronic equipment or purchased information technology
services from third party vendors that is used by the Company;

 

(vii)     
expenses incurred by managers, officers, personnel and agents of the Manager for travel solely on the Company's behalf
and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase,
financing, refinancing, sale or other disposition of an Investment or the establishment and maintenance of any of the Company's
securitizations or any of their securities offerings;

 

(viii)     
costs and expenses incurred with respect to market information systems and publications, research publications and
materials, and settlement, clearing and custodial fees and expenses applicable solely to the Company;

 

(ix)      
compensation and expenses of the Company's custodian and transfer agent, if any;

 

(x)       
the cost of maintaining compliance with all U.S. federal, state and local rules and regulations or with any other
regulatory agency;

 

(xi)      
all taxes and license fees;

 

    	-15-

    	 

    

(xii)     
all insurance costs incurred in connection with the operation of the Company's business, except for the costs attributable
to the insurance that the Manager elects to carry for itself and its personnel;

 

(xiii)     
costs and expenses incurred in contracting with third parties for the management of the assets of the Company;

 

(xiv)     
all other costs and expenses relating to the Company's business and operations, including, without limitation, the
costs and expenses of acquiring, owning, managing, protecting, maintaining, developing and disposing of Investments, including
appraisal, reporting, audit and legal fees;

 

(xv)     
expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup recovery
sites and facilities, maintained for the Company or Investments separate from the office or offices of the Manager;

 

(xvi)     
expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized
or caused to be made to or on account of holders of the Company's securities, including, without limitation, in connection with
any dividend reinvestment plan;

 

(xvii)     
any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the
Company, or against any trustee, director, partner, member or officer of the Company in his, her or its capacity as such for which
the Company is required to indemnify such Person by any court or governmental agency;

 

(xviii)     
the fully burdened cost of providing property management services with respect to the Investments; and

 

(xix)      
all other expenses actually incurred by the Manager (except as described below) which are reasonably necessary for
the performance by the Manager of its duties and functions under this Agreement;

 

provided, however,
that with respect to expenses incurred by the Manager in connection with assets acquired by or services rendered to the
Company, together with any additional publicly traded or other investment vehicle that is sponsored or managed by the Manager or
any of its Affiliates, Nordic OP and its Subsidiaries shall only be responsible for the their pro rata share of such expenses,
based on the ratio of the amount of capital contributed by the Nordic OP and its Subsidiaries for any investment in such assets
compared to the total capital invested in such assets; provided, further, however, that for purposes
of this clause, the phrase "additional publicly traded or other investment vehicle" shall not include any investment
vehicle in its capacity as holder of direct or indirect investments in Nordic OP.

 

(b)     
Nordic OP shall pay its respective pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery
and other office, internal and overhead expenses of the Manager and its Affiliates required for the operations of Nordic OP and
its Subsidiaries. These expenses will be allocated among the Manager and Nordic OP based on the ratio of Nordic OP's and its Subsidiaries'
proportion of gross assets compared to all remaining gross assets managed or held by the Manager and its Affiliates as calculated
at each quarter end. The allocation methodology may be modified, subject to the approval of the Manager, the Nordic GP and the
Independent Directors, if they jointly agree that the allocation methodology has become inequitable, based on significant leverage
differences between the Company and the Manager’s other funds and clients. Nordic OP shall also pay the rent for office space
and other office, internal and overhead expenses incurred by persons who are employed directly by Nordic OP and its Subsidiaries,
as applicable, and who are not simultaneously employed by the Manager or any of its Affiliates, including any such persons who
may be seconded exclusively to Nordic OP or its Subsidiaries pursuant to a secondment arrangement with the Manager.

 

    	-16-

    	 

    

(c)     
Nordic OP shall not have any obligation to reimburse the Manager or its Affiliates for the salaries and benefits of the
personnel of the Manager or its Affiliates who provide services to the Company related to accounting and finance, legal, human
resources, insurance, and operations; provided, however, that if Nordic GP, with the prior approval of the
Board of Directors, elects for the Manager to provide administrative services, such as being responsible for the financial and
other records that the Company is required to maintain and preparing reports to any of the Company's stockholders and reports and
other materials filed with the SEC or any other regulatory authority, then Nordic OP shall reimburse the Manager or C-QUADRAT Investment
AG for the salary and benefits of its personnel providing such services to the Company based on the percentage of time spent by
such personnel on such activities; provided, further, however, that Nordic OP shall not have any obligation
to reimburse the Manager or its Affiliates for the salaries and benefits of the Company's principals who provide operational and
strategic oversight and management to the Company, including, but not limited to Bjarne Eggesbø, the chief executive officer
of Nordic Realty.

 

(d)     
The Manager may, at its option, elect not to seek reimbursement for certain expenses during a given quarterly period, which
determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

 

(e)     
The provisions of this Section 10 shall survive the expiration or earlier termination of this Agreement to the extent
such expenses have previously been incurred or are incurred in connection with such expiration or termination.

 

Section 11.     
Calculations of Expenses. The Manager shall prepare a statement documenting the Expenses during each fiscal quarter,
and shall deliver such statement to Nordic OP within 30 days after the end of each fiscal quarter. Expenses shall be reimbursed
to the Manager no later than the 15th Business Day immediately following the date of delivery of such statement; provided,
however, that such reimbursements may be offset by the Manager against amounts due from the Manager to the Company.
The provisions of this Section 11 shall survive the expiration or earlier termination of this Agreement.

 

Section 12.     
Limits of the Manager's Responsibility; Indemnification.

 

(a)     
The Manager assumes no responsibility under this Agreement and the Delegation other than to render the services called for
under the Delegation and this Agreement in good faith and shall not be responsible for any action of any entity of the Company
or the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth
in Section 7(b) of this Agreement. The Manager, its Affiliates and their respective officers, directors, members, managers
and employees (or their equivalent) (each, a "Covered Person") will not be liable to Nordic GP, the Company, the
Board of Directors, or the Company's stockholders, shareholders, partners or members (or their equivalent) for any acts or omissions
by any such Person (including, without limitation, trade errors that may result from ordinary negligence, such as errors in the
investment decision making process or in the trade process), performed in accordance with and pursuant to this Agreement, except
by reason of acts constituting gross negligence, willful misconduct, fraud, bad faith or reckless disregard of the Manager's duties
under this Agreement.

 

    	-17-

    	 

    

(b)     
Nordic OP, to the full extent permitted by law, shall indemnify and hold harmless each Covered Person from and against any
and all claims or liabilities of any nature whatsoever, including reasonable legal fees and other expenses reasonably incurred,
in respect of or arising out of any action taken or omitted by any such Covered Person by or on behalf of the Company pursuant
to authority granted by this Agreement, except where found by a court of competent jurisdiction to be attributable to the gross
negligence, willful misconduct, fraud or bad faith of any such Covered Person or the reckless disregard by such Covered Person
of their duties under this Agreement. If any Covered Person becomes involved in any capacity in any suit, action, proceeding or
investigation in connection with any matter arising out of or in connection with the Manager's duties hereunder, Nordic OP will
periodically reimburse such Covered Person for its reasonable legal and other expenses (including the cost of any investigation
and preparation) incurred in connection therewith; provided, however, that prior to any such advancement of
expenses (i) such Covered Person shall provide Nordic OP with an undertaking to promptly repay to Nordic OP the amount of
any such expenses paid to it if it shall ultimately be determined that such Covered Person is not entitled to be indemnified by
Nordic OP as herein provided in connection with such suit, action, proceeding or investigation, and (ii) the Covered Person
shall provide Nordic OP with a written affirmation that such Covered Person in good faith believes that it has met the standard
of conduct necessary for indemnification hereunder; provided, further, however, that the failure for
any reason of Nordic OP to advance funds to any Covered Person shall in no way affect such Covered Person's right to reimbursement
of such costs if it is ultimately determined that such Covered Person was entitled to indemnification pursuant to the terms hereof.

 

(c)     
Any Covered Person entitled to indemnification from Nordic OP hereunder shall seek recovery under any insurance policies
by which such Covered Person is covered and any Covered Person shall obtain the written consent of Nordic OP prior to entering
into any compromise or settlement which would result in an obligation of Nordic OP to indemnify such Covered Person; provided,
however, that the possibility of recovery under any such insurance policies shall not preclude a Covered Person from
seeking indemnification pursuant to this Section 12. If such Covered Person shall actually recover any amounts under any applicable
insurance policies, it shall offset the net proceeds so received against any amounts owed by Nordic OP by reason of the indemnity
provided hereunder or, if all such amounts shall have been paid by Nordic OP in full prior to the actual receipt of such net insurance
proceeds, it shall pay over such proceeds (up to the amount of indemnification paid by Nordic OP to such Covered Person) to Nordic
OP. If the amounts in respect of which indemnification is sought arise out of the conduct of the business and affairs of Nordic
OP and also of any other Person or entity for which the Covered Person hereunder was then acting in a similar capacity, the amount
of the indemnification to be provided by Nordic OP may be limited to Nordic OP's proportionate share thereof, if so determined
by Nordic OP in good faith.

 

    	-18-

    	 

    

(d)     
The Manager to the full extent permitted by law shall indemnify and hold harmless Nordic OP and each officer, director,
manager, employee and agent (or their equivalent) of Nordic OP from and against any and all claims or liabilities of any nature
whatsoever, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with acts of
the Manager found by a court of competent jurisdiction to constitute gross negligence, willful misconduct, fraud, bad faith or
reckless disregard of the Manager's duties under this Agreement, or any claims by the Manager's employees relating to the terms
and conditions of their employment by the Manager; provided, however, that nothing in this Section 12(d)
shall create personal liability on the part of any of the Manager's Affiliates or its or their respective shareholders, partners,
members, managers, officers, directors, employees, agents or representatives (or their equivalent).

 

(e)     
The provisions of this Section 12 shall survive the expiration or earlier termination of this Agreement.

 

Section 13.     
Term; Termination.

 

(a)     
Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until three (3) years
from the date of completion of the Initial Public Offering (the "Initial Term") and shall be automatically renewed
for a one-year term on each anniversary date thereafter (a "Renewal Term") unless Nordic GP, as approved by the
affirmative vote of at least two-thirds of the Independent Directors, determines that (i) there has been unsatisfactory performance
by the Manager that is materially detrimental to the Company or (ii) the compensation payable to the Manager hereunder is
not fair; provided that Nordic OP shall not have the right to terminate this Agreement under clause (ii) above if the
Manager agrees to continue to provide the services under this Agreement at a that Nordic GP as approved by at least two-thirds
of the Independent Directors, determines to be fair pursuant to the procedure set forth below. If Nordic GP determines under the
preceding sentence not to renew this Agreement upon expiration of the Initial Term or any Renewal Term (the "Effective
Termination Date") under clause (i) or (ii) of the first sentence of this paragraph, Nordic GP shall provide a notice
of non-renewal ("Termination Notice") which shall be given at least 180 days prior to the Effective Termination
Date and shall (i) specify the reason for nonrenewal in the Termination Notice (pursuant to either clause (i) or (ii) of
the first sentence of this paragraph) and (ii) pay the Manager the Termination Fee on or before the last day of the Initial
Term or Renewal Term; provided, however, that if such Termination Notice is given in connection with a determination
that the compensation payable to the Manager is unfair, the Manager shall have the right to renegotiate such compensation by delivering
to Nordic GP and Nordic OP, no fewer than 60 days prior to the prospective Effective Termination Date, written notice (any
such notice, a "Notice of Proposal to Negotiate") of its intention to renegotiate its compensation under this
Agreement. Upon receipt by Nordic GP and Nordic OP of a Notice of Proposal to Negotiate, Nordic OP (represented by Nordic GP, acting
with the approval of at least two-thirds of the Independent Directors), and the Manager and Nordic OP (as so represented) shall
endeavor to negotiate in good faith the revised compensation to be payable to the Manager under this Agreement. Provided that the
Manager and Nordic GP with the approval of at least two-thirds of the Independent Directors, agree to the terms of the revised
compensation to be payable to the Manager within 60 days following the receipt of the Notice of Proposal to Negotiate, the
Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms
stated in this Agreement, except that the compensation payable to the Manager shall be the revised compensation then agreed upon
by the parties to this Agreement. Nordic GP, Nordic OP and the Manager agree to execute and deliver an amendment to this Agreement
setting forth such revised compensation promptly upon reaching an agreement regarding the same. If Nordic OP (represented by Nordic
GP, acting with the approval of at least two-thirds of the Independent Directors) and the Manager are unable to agree to the terms
of the revised compensation to be payable to the Manager during such 60-day period, this Agreement shall terminate, such termination
to be effective on the date that is the later of (A) 10 days following the end of such 60-day period and (B) the
Effective Termination Date originally set forth in the Termination Notice.

 

    	-19-

    	 

    

(b)     
In recognition of the upfront effort required by the Manager to structure Nordic OP and its Subsidiaries and the commitment
of resources by the Manager, in the event that this Agreement is terminated in accordance with the provisions of Section 13(a)
or Section 14(b) of this Agreement, Nordic OP shall pay or cause to be paid to the Manager, on the date on which such termination
is effective, a termination fee (the "Termination Fee") equal to three times the average annual Management Fee
earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed
fiscal quarter. The obligation of Nordic OP to pay the Termination Fee shall survive the termination of this Agreement. Additionally,
if this Agreement is terminated under circumstances in which Nordic OP is obligated to pay the Termination Fee to the Manager,
Nordic OP shall repurchase, concurrently with such termination, the Special Shares for an amount equal to three times the average
annual amount of the Incentive Distribution paid or payable in respect of the Special Shares during the 24-month period immediately
preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination

 

(c)     
No later than 180 days prior to the expiration of the Initial Term or Renewal Term, the Manager may deliver written
notice to Nordic GP and Nordic OP informing them of the Manager's intention to decline to renew this Agreement, whereupon this
Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this Agreement
next following the delivery of such notice. Nordic OP shall not be required to pay the Termination Fee to the Manager if the Manager
terminates this Agreement pursuant to this Section 13(c).

 

Section 14.     
Termination for Cause.

 

(a)     
Nordic GP may terminate this Agreement at any time, including during the Initial Term, upon at least 30 days' prior
written notice of termination from Nordic GP, with the prior approval of a majority of the Independent Directors, to the
Manager, without payment of any Termination Fee by Nordic OP, if:

 

(i)     
the Manager engages in any act or omission that constitutes gross negligence, bad faith, fraud or willful misconduct;

 

    	-20-

    	 

    

(ii)     
the Manager breaches this Agreement in any material respect and such breach shall continue for a period of 30 days
after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period;

 

(iii)     
there is a commencement of any proceeding relating to the Bankruptcy or insolvency of the Manager, including an order
for relief in an involuntary Bankruptcy case or the authorization or filing by the Manager of a voluntary Bankruptcy petition;

 

(iv)     
the Manager is convicted (including a plea of nolo contendere) of a felony;

 

(v)     
the Manager is unable to perform its obligations under this Agreement; or

 

(vi)     
there is a dissolution of the Manager.

 

(b)     
The Manager may terminate this Agreement effective upon 60 days' prior written notice of termination to Nordic GP and
Nordic OP in the event that Nordic OP breaches this Agreement in any material respect or otherwise be unable to perform its obligations
hereunder and such breach shall continue for a period of 30 days after written notice thereof specifying such default and
requesting that the same be remedied in such 30-day period. Nordic OP shall be required to pay the Termination Fee to the Manager
if this Agreement is terminated pursuant to this Section 14(b).

 

(c)     
The Manager may terminate this Agreement in the event that Nordic Realty, Nordic OP or any of its Subsidiaries becomes regulated
as an "investment company" under the Investment Company Act, with such termination deemed to have occurred immediately
prior to such event. If the Manager terminates this Agreement pursuant to this Section 14(c), Nordic OP shall not be required
to pay the Termination Fee.

 

Section 15.     
Survival; Action Upon Termination. From and after the effective date of termination of this Agreement, pursuant to
Sections 13, 14 or 16 of this Agreement, the Manager shall not be entitled to compensation for further services under this
Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13(a)
or 14(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith:

 

(i)     
after deducting any accrued compensation and reimbursement for Expenses to which it is then entitled, pay over to
Nordic OP or any of its Subsidiaries all money collected and held for the account of Nordic OP or any of its Subsidiaries pursuant
to this Agreement;

 

(ii)     
deliver to Nordic GP and the Board of Directors a full accounting, including a statement showing all payments collected
by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to Nordic
GP and the Board of Directors with respect to Nordic OP or any of its Subsidiaries;

 

(iii)     
deliver to Nordic GP and the Board of Directors all property and documents of Nordic OP or any of its Subsidiaries
then in the custody of the Manager; and

 

    	-21-

    	 

    

(iv)     
Sections 6(b), 10, 11, 12, 13, 14, 15 and 24 shall survive the termination of this Agreement.

 

Section 16.     
Assignment. This Agreement shall terminate automatically, without payment of the Termination Fee, in the event of
its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by Nordic GP, with the prior approval
of the Board of Directors and a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under
this Agreement in the same manner as the Manager is bound. In addition, the assignee shall execute and deliver to Nordic GP a counterpart
of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by Nordic GP without the prior written
consent of the Manager, except in the case of assignment by Nordic GP to another organization which is a successor (by merger,
consolidation, purchase of assets, or other transaction) to Nordic GP, in which case such successor organization shall be bound
under this Agreement and by the terms of such assignment in the same manner as Nordic GP is bound under this Agreement.

 

Section 17.     
Release of Money or Other Property Upon Written Request. The Manager agrees that any money or other property of Nordic
GP, Nordic OP or any of its Subsidiaries held by the Manager under this Agreement shall be held by the Manager as custodian for
Nordic GP, Nordic OP or any of its Subsidiaries, and the Manager's records shall be appropriately marked clearly to reflect the
ownership of such money or other property by Nordic GP, Nordic OP or any such Subsidiary. Upon the receipt by the Manager of a
written request signed by a duly authorized officer of Nordic GP or, as applicable, Nordic OP requesting the Manager to release
to Nordic GP, Nordic OP or any of its Subsidiaries any money or other property then held by the Manager for the account of Nordic
GP, Nordic OP or any of its Subsidiaries under this Agreement, the Manager shall release such money or other property to Nordic
GP, Nordic OP or any of its Subsidiaries within a reasonable period of time, but in no event later than 30 days following
such request. The Manager shall not be liable to Nordic OP, any of its Subsidiaries, Nordic Realty, Nordic GP, the Independent
Directors, or Nordic Realty's or any of its Subsidiaries' stockholders or partners for any acts performed or omissions to act by
Nordic GP, Nordic OP or any of its Subsidiaries in connection with the money or other property released to Nordic GP, Nordic OP
or any of its Subsidiaries in accordance with the second sentence of this Section 17. Nordic OP shall indemnify the Manager
and its officers, directors, personnel, and managers against any and all expenses, losses, damages, liabilities, demands, charges
and claims of any nature whatsoever, which arise in connection with the Manager's release of such money or other property to Nordic
GP, Nordic OP or any of its Subsidiaries in accordance with the terms of this Section 17. Indemnification pursuant to this
provision shall be in addition to any right of the Manager to indemnification under Section 12 of this Agreement.

 

Section 18.     
Representations and Warranties.

 

(a)     
Nordic GP hereby makes the following representations and warranties to the Manager, all of which shall survive the execution
and delivery of this Agreement:

 

(i)     
Nordic GP is a private limited liability company (société à responsabilité limitée)
organized under the laws of the Grand Duchy of Luxembourg, and has all power and authority required to execute and deliver
this Agreement and to perform all its duties and obligations hereunder.

 

    	-22-

    	 

    

(ii)     
Nordic GP is, as of the date of this Agreement, the sole manager of Nordic OP and has the power and authority to
make the Delegation pursuant to the Articles, in their form as of the date of this Agreement.

 

(iii)     
The execution, delivery, and performance of this Agreement by Nordic GP have been duly authorized by all necessary
action on the part of Nordic GP.

 

(iv)     
This Agreement constitutes a legal, valid, and binding agreement of Nordic GP, enforceable against Nordic GP in accordance
with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general
principles of equity, including, without limitation, those relating to the availability of specific performance.

 

(b)     
Nordic OP hereby makes the following representations and warranties to the Manager, all of which shall survive the execution
and delivery of this Agreement:

 

(i)     
Nordic OP is a corporate partnership limited by shares (société en commandite par actions) organized
under the laws of the Grand Duchy of Luxembourg, and is, or shall be prior to the commencement of services hereunder, qualified
to do business in each applicable jurisdiction. Nordic OP has all power and authority required to execute and deliver this Agreement
and to perform all its duties and obligations hereunder.

 

(ii)     
The execution, delivery, and performance of this Agreement by Nordic OP have been duly authorized by all necessary
action on the part of Nordic OP.

 

(iii)     
This Agreement constitutes a legal, valid, and binding agreement of Nordic OP, enforceable against Nordic OP in accordance
with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general
principles of equity, including, without limitation, those relating to the availability of specific performance.

 

(c)     
The Manager hereby makes the following representations and warranties to Nordic OP, all of which shall survive the execution
and delivery of this Agreement:

 

(i)     
The Manager is a private limited liability company (société à responsabilité limitée)
organized under the laws of the Grand Duchy of Luxembourg and is, or shall be prior to the commencement of services hereunder,
qualified to do business and in good standing in each jurisdiction in which it operates. The Manager has all power and authority
required to execute and deliver this Agreement and to perform all its duties and obligations hereunder, subject only to its qualifying
to do business and obtaining all requisite permits and licenses required as a result of or relating to the nature or location of
any Investments of Nordic OP or any of its Subsidiaries (which it shall do promptly after being required to do so).

 

(ii)     
The execution, delivery, and performance of this Agreement by the Manager have been duly authorized by all necessary
action on the part of the Manager.

 

    	-23-

    	 

    

(iii)     
This Agreement constitutes a legal, valid, and binding agreement of the Manager enforceable against the Manager in
accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect
and general principles of equity, including, without limitation, those relating to the availability of specific performance.

 

Section 19.     
Notice.

 

(a)     
All notices, demands or requests provided for or permitted to be given pursuant to this Agreement must be in writing, to
the following addresses:

 

If to Nordic GP, to:

 

4, rue Albert Borschette

L-1246 Luxembourg

Grand Duchy of Luxembourg

Fax:

 

If to Nordic OP, to:

 

4, rue Albert Borschette

L-1246 Luxembourg

Grand Duchy of Luxembourg

Fax:

 

If to the Manager, to:

 

4, rue Albert Borschette

L-1246 Luxembourg

Grand Duchy of Luxembourg

Fax:

 

(b)     
All notices, demands and requests to be sent to a party hereto pursuant to this Agreement shall be deemed to have been properly
given or served if: (i) personally delivered, (ii) delivered by a reputable overnight courier, addressed to such party,
(iii) deposited in the mail, addressed to such party, prepaid and registered or certified with return receipt requested or
(iv) transmitted via facsimile or other similar device to the attention of such party.

 

(c)     
All notices, demands and requests so given shall be deemed received: (i) when personally delivered, (ii) twenty-four
hours after being deposited for next day delivery with an overnight courier, (iii) forty-eight hours after being deposited
in the mail, or (iv) three hours after being transmitted via facsimile or otherwise transmitted and receipt has been confirmed.

 

Section 20.     
Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this
Agreement.

 

    	-24-

    	 

    

Section 21.     
Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement.
The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms of this Agreement.

 

Section 22.     
Amendments. This Agreement may be amended or modified only by an agreement in writing signed by all parties hereto.

 

Section 23.     
No Implied Waivers; Remedies. No failure or delay on the part of any party in exercising any right, privilege, power,
or remedy under this Agreement, and no course of dealing shall operate as a waiver of any such right, privilege, power or remedy;
nor shall any single or partial exercise of any right, privilege, power or remedy under this Agreement preclude any other or further
exercise of any such right, privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver
shall be asserted against any party unless signed in writing by such party. The rights, privileges, powers and remedies available
to the parties are cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law,
in equity or otherwise. Except as provided in this Agreement, no notice to or demand on any party in any case shall entitle such
party to any other or further notice or demand in any similar or other circumstances or constitute a waiver of the right of the
party giving such notice or making such demand to take any other or further action in any circumstances without notice or demand.

 

Section 24.     
Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK. EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
IN CONNECTION WITH ANY ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES UNDER THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY
CONSENTS AND SUBMITS TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY WAIVES THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY SUCH ACTION OR PROCEEDING IN SAID COURTS.

 

Section 25.     
Headings. The headings contained in this Agreement are for convenience only and shall not affect the construction
or interpretation of any provisions of this Agreement.

 

Section 26.     
Severability. If any provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall
not be affected thereby.

 

    	-25-

    	 

    

Section 27.    
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear
the signatures of all of the parties reflected hereon as the signatories.

 

[Remainder of page intentionally left
blank.]

 

    	-26-

    	 

    

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed by their representatives on the date first written above.

 

	 	NORDIC REALTY TRUST, INC.
	Address:
	 
	[          ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	NORDIC GP LUX CO
	Address:
	 
	[          ]	By:	                              , its manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	NORDIC OPERATING PARTNERSHIP S.C.A.
	Address:
	 
	[          ]	By:	Nordic GP Lux Co S.à r.l., its general partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	-27-

    	 

    

	 	C-QUADRAT REAL ESTATE MANAGER, S.À
        R.L.
	Address:
	 
	[          ]	By:	                       
    , its manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	-28-

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