Document:

Exhibit

Exhibit 10.3

    
SECOND AMENDMENT
TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
AND
JOINDER AGREEMENT
dated as of
July 17, 2015
among
GENESIS ENERGY, L.P.,
as the Borrower,
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and Issuing Bank,

BANK OF AMERICA, N.A. and BANK OF MONTREAL,
as Co-Syndication Agents,

U.S. BANK NATIONAL ASSOCIATION, 
as Documentation Agent,

and

The Lenders Party Hereto

1

Exhibit 10.3

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT AND JOINDER AGREEMENT
THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT AND JOINDER AGREEMENT, dated as of July 17, 2015 (this “Second Amendment”), is by and among GENESIS ENERGY, L.P., a Delaware limited partnership (the “Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (the “Lenders”), the institutions set forth on Schedule 1 hereto (each an “Incremental Lender” and collectively the “Incremental Lenders”) and the other Lenders party hereto.
RECITALS
A.    The Borrower, the Lenders party thereto, the Administrative Agent and the other agents and Issuing Banks referred to therein are parties to that certain Fourth Amended and Restated Credit Agreement, dated as of June 30, 2014, as amended by that certain First Amendment to Fourth Amended and Restated Credit Agreement, dated as of August 25, 2014 (as so amended and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain Loans and provided certain Committed Amounts (subject to the terms and conditions thereof) to the Borrower; 
B.    Subject to the terms and conditions of the Credit Agreement, the Borrower may increase the existing aggregate Committed Amounts (each such increased Committed Amount, an “Incremental Facility Committed Amount”) by increasing the Committed Amount of one or more existing Lenders (each such Lender, an “Increasing Lender”) and by causing one or more  Persons that at such time are not Lenders to become Additional Lenders;
C.    Each Incremental Lender party to this Second Amendment (i) constitutes either an Increasing Lender or an Additional Lender, and (ii) desires to provide an Incremental Facility Committed Amount as specified on  Schedule 1 attached hereto upon the terms and subject to the conditions set forth herein;
D.    The Borrower wishes, and the Lenders signatory hereto and the Administrative Agent are willing, to amend the Credit Agreement as more fully described herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all article, schedule, exhibit and section references in this Second Amendment refer to articles and sections of the Credit Agreement.

SECTION 2.Incremental Facility Committed Amounts
		
	(a)
	Each Incremental Lender that is an Increasing Lender hereby agrees that (i) its Committed Amount will be increased by the amount of its Incremental Facility Committed Amount set forth on Schedule 1 attached hereto effective as of the date on which the conditions described in Section 5(c) below are satisfied (or waived in accordance with Section 9.02 of the Credit Agreement), (ii) after giving effect to such increase, its total Committed Amount will be the amount of its “Total Committed Amount” set forth on Schedule 1 attached hereto, (iii) it shall continue to be a Lender under the Credit Agreement and (iv) this Second Amendment constitutes the Committed Amount Increase Certificate for such Incremental Lender required by Section 2.05(c)(ii)(D) of the Credit Agreement.

		
	(b)
	Each Incremental Lender that is an Additional Lender hereby agrees (i) to become a Lender under the Credit Agreement effective as of the date on which the conditions described in 

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Section 5(c) below are satisfied (or waived in accordance with Section 9.02 of the Credit Agreement) with a Committed Amount equal to its Incremental Facility Committed Amount set forth on Schedule 1 attached hereto, (ii) that it shall be a party in all respects to, and bound as a Lender in all respects by, the Credit Agreement and the other Loan Documents, (iii) that this Second Amendment constitutes an Additional Lender Certificate for such Incremental Lender required by Section 2.05(c)(ii)(E) of the Credit Agreement and (iv) that delivered to the Administrative Agent (and, in the case of clause (A) below, the Borrower) herewith are (A) if such Incremental Lender is a Foreign Lender, any documentation required to be delivered by such Incremental Lender pursuant to Section 2.17(e) of the Credit Agreement, duly completed and executed by such Incremental Lender, and (B) an Administrative Questionnaire in the form supplied by the Administrative Agent, duly completed by such Incremental Lender.
		
	(c)
	On the date on which the conditions described in Section 5(c) below are satisfied (or waived in accordance with Section 9.02 of the Credit Agreement), (i) each of the existing Lenders shall assign to each of the Incremental Lenders, and each of the Incremental Lenders shall purchase from each of the existing Lenders, at the principal amount thereof, such interests in the outstanding Loans and participations in Letters of Credit outstanding on such date that will result in, after giving effect to all such assignments and purchases, each existing Lender and each Incremental Lender holding its Ratable Portion of the outstanding Loans and participations in Letters of Credit after giving effect to the addition of the Incremental Facility Committed Amounts hereby; (ii) each Incremental Facility Committed Amount shall be deemed, for all purposes, a Committed Amount and each loan made thereunder shall be deemed, for all purposes, a Loan and have the same terms as any existing Loan and (iii) each Incremental Lender shall constitute a Lender with respect to its Incremental Facility Committed Amount and all matters relating thereto.

		
	(d)
	Each Incremental Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Second Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or agent thereunder and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.

SECTION 3.    Second Amendment Effective Date Amendments.  As of the Second Amendment Effective Date, the Credit Agreement is amended as follows:
		
	(a)
	Section 1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetic order:

““Increase and Amendment Effective Date” means the date on which all of the conditions set forth in Section 5(b) of the Second Amendment shall have been satisfied (or waived in accordance with Section 9.02 of the Credit Agreement).”
““Second Amendment” means that certain Second Amendment to Fourth Amended and Restated Credit Agreement and Joinder Agreement, dated as of July 17, 2015, among the Borrower, the Administrative Agent and the Lenders party thereto.”
““Second Amendment Effective Date” means the date on which all of the conditions set forth in Section 5(a) of the Second Amendment shall have been satisfied (or waived in accordance with Section 9.02 of the Credit Agreement).”

2

Exhibit 10.3

““Specified Acquisition” means the acquisition by the Borrower or any Borrower Party of the Specified Equity Interests, as more particularly described in the Specified Acquisition PSA, to the extent such acquisition is consummated in compliance with the Second Amendment.”  
““Specified Acquisition Alternative Note Facility” means senior notes issued by one or both of the Borrower and Finance Co at the request of the Arrangers in an aggregate principal amount, together with the principal amount of any Specified Acquisition Alternative Term Facility, not to exceed $300,000,000 in connection with, and in order to finance a portion of the consideration for, the Specified Acquisition or to replace or refinance Indebtedness under this Agreement; provided that the terms and conditions of such Indebtedness shall be satisfactory to the Arrangers.”
““Specified Acquisition Alternative Term Facility” means one or more term loan B facilities issued by the Borrower at the request of the Arrangers in an aggregate principal amount, together with the principal amount of any Specified Acquisition Alternative Note Facility, not to exceed $300,000,000 in connection with, and in order to finance a portion of the consideration for, the Specified Acquisition or to replace or refinance Indebtedness under this Agreement; provided that (a) the terms and conditions of such Indebtedness shall be satisfactory to the Arrangers, and (b) such Indebtedness shall be subject to customary intercreditor terms reasonably satisfactory to the Administrative Agent.” 
““Specified Acquisition PSA” means that certain Purchase and Sale Agreement by and between Enterprise Products Operating LLC, as seller, and the Borrower, as buyer, dated as of July 16, 2015.”
““Specified Equity Interests” means the “Acquired Equity Interests”, as more particularly described in the Specified Acquisition PSA.”
		
	(b)
	The definition of “Permitted Encumbrances” in Section 1.01 of the Credit Agreement is hereby amended by amended and restating in their entirety as follows each of clause (h) thereof and the proviso at the end thereof:

“(h)    Liens described in Sections 6.02(b), 6.02(c), 6.02(d), 6.02(e), 6.02(f), 6.02(g), 6.02(h), 6.02(i), 6.02(j) or 6.02(k); and”
“provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness for borrowed money (other than Liens permitted pursuant to Sections 6.02(b), 6.02(c), 6.02(f), 6.02(g), 6.02(h), 6.02(j) and 6.02(k)).”
		
	(c)
	Section 6.01(j) of the Credit Agreement is hereby amended by amending and restating clause (ii) of the proviso therein in its entirety as follows:

“(ii) except in the case of any Specified Acquisition Alternative Note Facility, no Event of Default exists or would exist immediately after the issuance of such Indebtedness or Disqualified Equity,”
		
	(d)
	Section 6.02 of the Credit is hereby amended by (i) deleting the “and” from the end of Section 6.02(i) of the Credit Agreement, (ii) renaming the existing Section 6.02(j) of the Credit Agreement as Section 6.02(k) of the Credit Agreement and (iii) inserting the following new clause (j) after Section 6.02(i) of the Credit Agreement:

“(j)    prior to the Increase and Amendment Effective Date, Liens represented by the escrow of the proceeds of Indebtedness issued pursuant to Section 6.01(j) of the Credit Agreement to finance the Specified Acquisition.”
		
	(e)
	Section 6.14 of the Credit Agreement is hereby amended to add the following as a new clause (d) thereof:

“(d)    Calculations in Connection with the Specified Acquisition.   Notwithstanding anything to the contrary contained in this Section 6.14, all Indebtedness issued pursuant to Section 6.01(j) of the Credit Agreement in advance of the consummation of the Specified Acquisition for the purpose of financing the Specified Acquisition shall be excluded from Consolidated Total Funded Debt for purposes of calculating compliance with the financial covenants set forth in Section 6.14 

3

Exhibit 10.3

until the consummation of the Specified Acquisition; provided that such Indebtedness is subject to special mandatory redemption provisions if the Specified Acquisition is not consummated.” 
SECTION 4.    Increase and Amendment Effective Date Amendments.  As of the Increase and Amendment Effective Date, the Credit Agreement is amended as follows:
		
	(a)
	Section 1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetic order: 

““Equity Condition” means that the Borrower has consummated a public offering of common units representing limited partnership interests in the Borrower resulting in the receipt by the Borrower of gross proceeds of at least $350,000,000 during the period commencing on July 17, 2015 and ending on the Increase and Amendment Effective Date.”
““Independence Hub” means Independence Hub, LLC, a Delaware limited liability company governed by that certain Limited Liability Company Agreement of Independence Hub, LLC, dated December 14, 2004, as amended, restated or otherwise modified from time to time to the extent permitted hereby.”  
““Poseidon” means Poseidon Oil Pipeline Company, L.L.C., a Delaware limited liability company governed by that certain Limited Liability Company Agreement of Poseidon Oil Pipeline Company, L.L.C., dated February 14, 1996, as amended, restated or otherwise modified from time to time to the extent permitted hereby.”
““Specified Acquired Business” means the offshore pipeline and services business acquired pursuant to the Specified Acquisition PSA.”
““Specified Acquisition Bridge Facility” means unsecured Indebtedness in an aggregate principal amount not to exceed $1,000,000,000, incurred by the Borrower in connection with, and in order to finance a portion of the consideration for, the Specified Acquisition, pursuant to a bridge facility (including rollover loans and exchange notes).”
		
	(b)
	Section 1.01 of the Credit Agreement is hereby amended by restating the following definitions in their entirety:

““Joint Venture” means (a) any Person (i) that is not a Subsidiary, and (ii) of which the Borrower, together with its subsidiaries, is, directly or indirectly, the beneficial owner of 5% or more of any class of Equity Interests, (b) an Unrestricted Subsidiary formed with the express intention of establishing a joint venture; provided that if an entity formed pursuant to this clause (b) still constitutes a Subsidiary thirty days after formation, it shall no longer constitute a Joint Venture, (c) Poseidon, until such time as Poseidon constitutes a Subsidiary or (d) Independence Hub, until such time as Independence Hub constitutes a Subsidiary.”
““Permitted Acquisition” means (a) the Specified Acquisition or (b) an Acquisition that meets the following conditions:
		
	(i)
	such Acquisition shall not constitute or include an Acquisition that results in a Joint Venture;

		
	(ii)
	no Default or Event of Default then exists or would result therefrom;

		
	(iii)
	with respect to any Acquisition that constitutes a Substantial Transaction, the Borrower shall have made and submitted to the Administrative Agent and the Lenders calculations with respect to the financial covenants contained in Section 6.14 for the respective Calculation Period on a Pro Forma Basis as if the respective Acquisition that constitutes a Substantial Transaction (as well as the other Acquisitions that constitute Substantial Transactions theretofore consummated after the first day of such Calculation Period) had occurred on the first day of such Calculation Period, and such calculations shall show that such financial covenants would have been complied with if such Acquisition had occurred on the first day of such Calculation Period; and

		
	(iv)
	such Acquisition shall not be hostile.”

4

Exhibit 10.3

““Permitted Joint Venture” means (a) any Joint Venture that, at the time of the relevant acquisition of or Investment in such Joint Venture, (i) is not a Borrower Party, does not Control, or own directly or indirectly any Equity Interests in, any Borrower Party and (ii) after giving effect to which, no Default exists or would result therefrom, and (b) to the extent constituting a Joint Venture, Independence Hub and Poseidon.”
““Subsidiary” means any subsidiary of the Borrower; provided, that neither Independence Hub nor Poseidon shall constitute a “Subsidiary” until such time as all of the Equity Interests therein (other than director’s qualifying shares, as may be required by law) are owned by the Borrower, either directly or indirectly through one or more Wholly Owned Subsidiaries.”
		
	(c)
	The definition of “Adjusted Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended by adding the following immediately prior to the period at the end of the first sentence of such definition:

“; provided further that if (i) the Equity Condition is not satisfied on or before the Increase and Amendment Effective Date and (ii) the Borrower provides a written notice to the Administrative Agent on or before September 30, 2015 of its election to annualize the Adjusted Consolidated EBITDA in accordance with this proviso, then (A) for the period ending September 30, 2015, Adjusted Consolidated EBITDA shall be deemed to equal Adjusted Consolidated EBITDA for the fiscal quarter ending September 30, 2015 multiplied by 4, (B) for the period ending December 31, 2015, Adjusted Consolidated EBITDA shall be deemed to equal Adjusted Consolidated EBITDA for the two fiscal quarter period ending December 31, 2015 multiplied by 2 and (C) for the period ending March 31, 2016, Adjusted Consolidated EBITDA shall be deemed to equal Adjusted Consolidated EBITDA for the three fiscal quarter period ending March 31, 2016 multiplied by 4/3”        
		
	(d)
	The definition of “Consolidated Interest Expense” in Section 1.01 of the Credit Agreement is hereby amended by adding the following immediately prior to the period at the end of such definition:

“; provided that if (i) the Equity Condition is not satisfied on or before the Increase and Amendment Effective Date and (ii) the Borrower provides a written notice to the Administrative Agent on or before September 30, 2015 of its election to annualize the Consolidated Interest Expense in accordance with this proviso, then (A) for the period ending September 30, 2015, Consolidated Interest Expense shall be deemed to equal Consolidated Interest Expense for the fiscal quarter ending September 30, 2015 multiplied by 4, (B) for the period ending December 31, 2015, Consolidated Interest Expense shall be deemed to equal Consolidated Interest Expense for the two fiscal quarter period ending December 31, 2015 multiplied by 2 and (C) for the period ending March 31, 2016, Consolidated Interest Expense shall be deemed to equal Consolidated Interest Expense for the three fiscal quarter period ending March 31, 2016 multiplied by 4/3”   
		
	(e)
	Section 2.05(c)(i) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(i)     Any increase in the aggregate Committed Amounts shall not be less than $5,000,000 unless the Administrative Agent otherwise consents, and no such increase shall be permitted if, after giving effect thereto, the aggregate increases in the Committed Amounts after the Increase and Amendment Effective Date pursuant to this Section 2.05(c) would exceed $500,000,000;”
		
	(f)
	Each of Section 2.05(c)(ii)(D) of the Credit Agreement and Section 2.05(c)(ii)(E) of the Credit Agreement are hereby amended by adding the language “(except in connection with any increase consummated on the Increase and Amendment Effective Date)” immediately after the reference to “processing and recordation fee of $3,500” therein.

		
	(g)
	Section 6.01 of the Credit Agreement is hereby amended by (i) deleting the “and” from the end of Section 6.01(l) of the Credit Agreement, (ii) renaming the existing Section 6.01(m) of the Credit Agreement as Section 6.01(o) of the Credit Agreement and (iii) inserting the following new clauses (m) and (n) after Section 6.01(l) of the Credit Agreement:

5

Exhibit 10.3

“(m)    Indebtedness incurred pursuant to the Specified Acquisition Bridge Facility; provided that no Subsidiary that is not also a Guarantor shall guarantee such Indebtedness; 
(n)    Indebtedness incurred pursuant to a Specified Acquisition Alternative Term Facility; provided that no Subsidiary that is not also a Guarantor shall guarantee such Indebtedness; and”
		
	(h)
	Section 6.02(j) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(j)    Liens securing Indebtedness permitted by Section 6.01(n);”
		
	(i)
	Section 6.14(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(a)    Leverage Ratio.  The Borrower will not permit its Consolidated Leverage Ratio to be in excess of the applicable ratio set forth below as of the last day of each Test Period set forth below; provided that the Consolidated Leverage Ratio as of the last day of each Test Period ending on or after September 30, 2016 and during a Permitted Acquisition Period shall not exceed 5.50 to 1.00. 
	
			
	Fiscal Quarter Ending
	Consolidated Leverage Ratio if the Equity Condition is satisfied on or prior to the Increase and Amendment Effective Date
	Consolidated Leverage Ratio if the Equity Condition is not satisfied on or prior to the Increase and Amendment Effective Date

	September 30, 2015
	5.75 to 1.00
	6.00 to 1.00

	December 31, 2015 
	5.50 to 1.00
	5.75 to 1.00

	March 31, 2016
	5.50 to 1.00
	5.75 to 1.00

	June 30, 2016
	5.50 to 1.00
	5.50 to 1.00

	September 30, 2016 and thereafter
	5.00 to 1.00
	5.00 to 1.00

		
	(j)
	Sections 6.14(b) and 6.14(c) of the Credit Agreement are each hereby amended by adding “, commencing with the Test Period ending September 30, 2015” after the first reference to “Test Period” that appears in each of Section 6.14(b) and Section 6.14(c) of the Credit Agreement.

		
	(k)
	Section 6.14 of the Credit Agreement is hereby amended to add the following as a new clause (e) thereof:

“(e)    Pro Forma Calculations Prior to Delivery of September 30, 2015 Financials.   To the extent that any transaction or event under this Agreement requires compliance by the Borrower with the financial covenants set forth in Section 6.14 for any period prior to the delivery to the Administrative Agent of the financial statements required by Section 5.01(b) for the fiscal quarter ending September 30, 2015, (i) such period shall be deemed to be the Test Period most recently ended prior to the date of such transaction or event for which financial statements required by Section 5.01(a) or (b) have been delivered to the Administrative Agent pursuant to this Agreement, (ii) pro forma effect shall be given to, inter alia, the Specified Acquisition, the Second Amendment, the incurrence of any Indebtedness and any public offering of common units representing limited partnership interests in the Borrower, in each case, in connection with the Specified Acquisition and all other transactions occurring in connection therewith, and (iii) with respect to the Consolidated Leverage Ratio, compliance with the applicable level set forth in Section 6.14(a) for the fiscal quarter ending September 30, 2015 shall be required.” 
		
	(l)
	Section 6.17 of the Credit Agreement is hereby amended and restated in its entirety as follows:  

“Section 6.17     Prepayments on Indebtedness or Disqualified Equity.  It will not and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make (or give any notice in respect of) any voluntary or optional payment or prepayment on or redemption or acquisition for value of, or any prepayment, repurchase or redemption as a result of any asset sale, change of control or similar event of, any outstanding Indebtedness or Disqualified Equity, except (a) 

6

Exhibit 10.3

payments, prepayments, redemptions, repurchases, or acquisitions for value of (i) the Secured Obligations, (ii) immaterial Indebtedness in the ordinary course of business, (iii) Indebtedness or Disqualified Equity issued pursuant to and in accordance with Section 6.01(j) or (n) with the net cash proceeds of, or in exchange for, other Indebtedness or Disqualified Equity issued pursuant to and in accordance with Section 6.01(j), (iv) Indebtedness or Disqualified Equity assumed or otherwise incurred pursuant to and in accordance with Section 6.01(g) with the net cash proceeds of, or in exchange for, other Indebtedness or Disqualified Equity incurred pursuant to Section 6.01(j), (v) Indebtedness issued pursuant to and in accordance with Section 6.01(b) with the net cash proceeds of, or in exchange for, other Indebtedness issued as extensions, renewals, replacements or refinancings thereof pursuant to and in accordance with Section 6.01(b), respectively, and (vi) Indebtedness incurred pursuant to the Specified Acquisition Bridge Facility, made in accordance with the terms of the Specified Acquisition Bridge Facility, and (b) notices in respect of repurchases (but not the repurchases themselves) pursuant to “change of control” or “asset sale” provisions of Indebtedness or Disqualified Equity permitted by Section 6.01(j) or (n).”
		
	(m)
	Schedule 2.01 to the Credit Agreement is hereby amended and restated in its entirety as attached hereto.

		
	(n)
	Exhibit I to the Credit Agreement is hereby amended and restated in its entirety as attached hereto.

SECTION 5.    Conditions to Effectiveness 
		
	(a)
	The amendments set forth in Section 3 of this Second Amendment shall not become effective until the date (the “Second Amendment Effective Date”) on which each of the following conditions is satisfied (or waived in accordance with Section 9.02 of the Credit Agreement):

		
	(i)
	The Administrative Agent shall have received, from the Required Lenders and the Borrower, executed counterparts (in such number as may be requested by the Administrative Agent) of this Second Amendment; provided that this Section 5(a)(i) does not require the delivery of the counterparts described in Section 5(c)(i). 

The Administrative Agent shall notify the Borrower and the Lenders of the Second Amendment Effective Date, and such notice shall be conclusive and binding.
		
	(b)
	The amendments set forth in Section 4 of this Second Amendment and the obligations of the Incremental Lenders to make Loans under the Incremental Facility Committed Amounts hereunder shall not become effective until the date (the “Increase and Amendment Effective Date”) on which each of the following conditions is satisfied (or waived in accordance with Section 9.02 of the Credit Agreement):

		
	(i)
	The conditions set forth in Section 5(a) shall have been satisfied.

		
	(ii)
	Prior to or substantially simultaneously with the Increase and Amendment Effective Date, the Specified Acquisition shall have been consummated in accordance with applicable law and the Specified Acquisition PSA, and the Administrative Agent shall have received a certificate executed by a Responsible Officer of the Borrower, dated as of the Increase and Amendment Effective Date, certifying that such acquisition was consummated in accordance with Section 6.05 of the Credit Agreement (as amended hereby), together with such additional evidence of compliance as shall be reasonably requested by the Administrative Agent.  The Specified Acquisition PSA shall not have been altered, amended or otherwise changed or supplemented or any provision waived or consented to (including any change in the purchase price) without the prior written consent of the Arrangers (such consent not to be unreasonably withheld or delayed).  All conditions precedent to the consummation of the Specified Acquisition, as set forth in the Specified Acquisition PSA, shall have been satisfied in all material respects (without waiver thereof that has not been consented to in writing by the Arrangers (such consent not to be unreasonably withheld or delayed)).

		
	(iii)
	(A) None of the Arrangers (or any Affiliate thereof that are Lenders) shall become aware after July 16, 2015 of any information, or any event, development or change with respect 

7

Exhibit 10.3

to the Borrower, any other Borrower Party, any Seller Entity (as defined in the Commitment Letter defined below) or the Specified Acquired Business that, in their reasonable judgment, is inconsistent in a material and adverse manner with the Pre-Commitment Information (as defined in the Commitment Letter) and (B) there has been no change, occurrence or development since December 31, 2014 that has not been disclosed as part of such Pre-Commitment Information prior to July 16, 2015 that would reasonably be expected to result in a “Material Adverse Effect”.  For the purposes of this Section 5(b)(iii), “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of the Borrower, the Borrower Parties and the Specified Acquired Business, taken as a whole, exclusive of the inclusion (whether through consolidation, the application of the equity or cost method of accounting for investments, or otherwise) of any effects (including investments therein, assets, liabilities, revenues, expenses and income/loss) attributable to any unrestricted subsidiary (if any) other than (i) actual cash distributions from any unrestricted subsidiary (if any) to the Borrower or any Borrower Party and (ii) actual effects on the Borrower Parties on a standalone basis (such as any Borrower Party becoming liable for any obligation), (b) the ability of the Borrower Party to perform any of its obligations under the Loan Documents to which it is a party or (c) the rights of or benefits available to the Lenders under the Commitment Letter, the Fee Letter (as defined below) or any other Loan Documents.  No “Seller Material Adverse Effect” as defined in the Specified Acquisition PSA shall have occurred.   
		
	(iv)
	The Administrative Agent shall have received a reaffirmation agreement in form and substance satisfactory to the Administrative Agent, executed and delivered by each of the Borrower Parties with respect to its obligations and the Liens granted by it under the Security Documents.

		
	(v)
	The Administrative Agent shall have received, on behalf of itself, the Lenders and each Issuing Bank on the Increase and Amendment Effective Date, (A) the favorable written opinion of Akin Gump Strauss Hauer & Feld LLP, counsel to the Borrower Parties, and of other counsel to the Borrower Parties reasonably requested by the Administrative Agent, in each case, in form and substance satisfactory to the Administrative Agent, dated as of the Increase and Amendment Effective Date in substantially the same scope as those delivered under the Credit Agreement prior to the Increase and Amendment Effective Date (other than as to collateral acquired as part of the Specified Acquisition) and (B)  reasonably satisfactory evidence that all ownership interests of Borrower in the Borrower’s Subsidiaries, the Seller Entities and the Specified Acquired Business shall be owned by the Borrower or one or more Subsidiaries, in each case, free and clear of any Lien not permitted under the Loan Documents.

		
	(vi)
	The Administrative Agent shall have received:  (A) an unaudited balance sheet and related statements of operations and cash flows of Borrower for each fiscal quarter of the 2015 fiscal year ended at least 45 days prior to the Increase Amendment Effective Date and for the elapsed period of the 2015 fiscal year ending on the last day of such fiscal quarter and for the comparable periods of the prior fiscal year (the “Quarterly Financial Statements”), all of which financial statements shall meet the requirements of Regulation S-X under the Securities Act and all other accounting rules and regulations of the Securities and Exchange Commission promulgated thereunder applicable to a Quarterly Report on Form 10-Q, (B) such financial information, if any, with respect to the Specified Acquired Business as the Borrower shall have received from Enterprise Products Operating LLC pursuant to the Specified Acquisition PSA on or prior to the Increase and Amendment Effectiveness Date promptly following the receipt thereof by the Borrower and (C) pro forma financial statements giving effect to the Transactions (as defined below), each in form satisfactory to the Administrative Agent, and forecasts prepared by management of the Borrower, each in form satisfactory to the Administrative Agent, of balance sheets, income statements and cash flow statements for each quarter for the first 

8

Exhibit 10.3

twelve months following the Increase Amendment Effective Date and for each year commencing with the first fiscal year following the Increase Amendment Effective Date for the term of the Credit Agreement.  As used herein, “Transactions” means, collectively, the Specified Acquisition, this Second Amendment, the incurrence of the Incremental Facility Committed Amounts, the incurrence of any other Indebtedness (including the Specified Acquisition Bridge Facility and any Indebtedness permitted under Section 6.01(j) or (n)) and any public offering of common units representing limited partnership interests in the Borrower, in each case, in connection with the Specified Acquisition and all other transactions occurring in connection therewith.  
		
	(vii)
	The Administrative Agent shall have received a certificate, in form and substance satisfactory to the Administrative Agent, executed on behalf of each of the Borrower Parties, which certificate shall certify as to the financial condition and solvency of the Borrower and each of the other Borrower Parties, on a consolidated basis with their respective Subsidiaries, in each case, after giving effect to the Transactions. 

		
	(viii)
	The Administrative Agent, the Arrangers and the Lenders shall have received all fees and other amounts due and payable on or prior to the Increase and Amendment Effective Date, including (A) to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement and (B) all upfront fees and amendment fees payable for the account of the Incremental Lenders and the Lenders, as applicable, due and payable under each of (1) the Commitment Letter, dated as of July 16, 2015 (the “Commitment Letter”), by and among the Borrower, the Arrangers, Wells Fargo Bank, National Association, Bank of America, N.A. and Bank of Montreal and (2) the Fee Letter, dated as of July 16, 2015 (the “Fee Letter”), by and among the Borrower, the Arrangers, Wells Fargo Bank, National Association, Bank of America, N.A., and Bank of Montreal.  The Borrower shall have complied with all of its obligations under, and the terms of, the Fee Letter.

		
	(ix)
	The Administrative Agent shall have received, at least five (5) Business Days prior to the Increase and Amendment Effective Date, 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.  

		
	(x)
	The Administrative Agent shall have received and reviewed lien searches reasonably requested by the Administrative Agent, and the Borrower shall have delivered duly completed UCC-3 termination statements requested by the Administrative Agent with respect to any Liens reflected in such search results that are not permitted by the Credit Agreement.

		
	(xi)
	The Administrative Agent shall have received with respect to the Borrower and each other Borrower Party (other than Restricted Subsidiaries acquired in connection with the Specified Acquisition):  (A) certificates of good standing as of a recent date issued by the appropriate Governmental Authority of the state or jurisdiction of its incorporation or organization, where applicable; (B) a certificate of the Secretary or Assistant Secretary of each Borrower Party dated the Increase and Amendment Effective Date and certifying (1) that attached thereto are true and correct copies of the Organizational Documents of such Borrower Party or that there have been no changes to the Organizational Documents thereof from those most recently delivered to the Administrative Agent in connection with the Credit Agreement and that such documents remain in full force and effect, (2) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors or other governing body of such Borrower Party (and, if applicable, any parent company of such Borrower Party) authorizing the execution, delivery and performance of this Second Amendment and any related Loan Documents and the borrowings hereunder and thereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (3) as to the incumbency and 

9

Exhibit 10.3

specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Borrower Party; and (C) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (B) above.
		
	(xii)
	The Administrative Agent shall have received “life of loan” flood certification(s) from a firm reasonably acceptable to the Administrative Agent covering any “Building” or “Manufactured (Mobile) Home” (each, as defined in the applicable Flood Insurance Regulations and to the extent not constituting Excluded Property) constituting Collateral showing whether or not such buildings are located in a special flood hazard area subject by federal regulation to mandatory flood insurance requirements, and to the extent required by Section 5.12(d) of the Credit Agreement, provide evidence of flood insurance related thereto. 

		
	(xiii)
	The Administrative Agent shall have received a Note executed by the Borrower in favor of each Lender requesting a Note.

		
	(xiv)
	The Borrower shall be in compliance with Section 2.05(c)(ii)(A)-(B) of the Credit Agreement. 

		
	(xv)
	At the time of and after giving effect to this Second Amendment, (A) all of the representations and warranties of each Borrower Party contained in each Loan Document to which it is a party shall be true and correct in all material respects (except that any such representations and warranties that are modified by materiality shall be true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such specified earlier date (except that any such representations and warranties that are modified by materiality shall be true and correct in all respects); provided that the representations and warranties with respect to the Specified Acquired Business shall be limited to the extent set forth in the penultimate paragraph of the Commitment Letter, and (B) no Default shall have occurred and be continuing.    

		
	(xvi)
	The Administrative Agent shall have received evidence of the receipt of all governmental, regulatory, shareholder, lender and other third party consents and approvals necessary in connection with the Transaction, the failure to obtain which would reasonably be expected to result in a Material Adverse Effect (as defined in Section 5(b)(iii)); and the expiration of all applicable waiting periods (including, without limitation, the expiration or termination of the requisite waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976) without any action being taken by any governmental authority with respect to the Transactions that could reasonably be expected to materially and adversely affect the ability to consummate the Transactions on the terms described herein or result in a Material Adverse Effect (as defined in Section 5(b)(iii)).  All Loans made by the Lenders to the Borrower or any of its Affiliates shall be in full compliance with the Federal Reserve’s regulations.

		
	(xvii)
	The absence of any action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in any court or before any arbitrator or governmental authority that could reasonably be expected to have a Material Adverse Effect (as defined in Section 5(b)(iii)).

		
	(xviii)
	The Administrative Agent shall have had a Bank Marketing Period in accordance with and as defined in the Commitment Letter, except to the extent waived by the Arrangers in their sole discretion.   

		
	(xix)
	After giving effect to the Specified Acquisition and the other Transactions, there shall be at least $250,000,000 of remaining availability under the Credit Agreement or the Replacement Credit Facility, as applicable.

10

Exhibit 10.3

		
	(xx)
	The Administrative Agent shall have received evidence reasonably acceptable to it that all insurance required to be maintained pursuant to the Loan Documents (including with respect to the Specified Acquired Business) has been obtained and is in effect, and the Borrower Parties shall have used commercially reasonable efforts to cause such insurance to  (A) provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least thirty days after receipt by the Administrative Agent of written notice thereof and (B) name the Administrative Agent, on behalf of the Secured Parties, as an additional insured, loss payee or mortgagee, as the case may be.

The Administrative Agent shall notify the Borrower and the Lenders of the Increase and Amendment Effective Date, and such notice shall be conclusive and binding.
		
	(c)
	The obligations of the Incremental Lenders to make Loans under the Incremental Facility Committed Amounts hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02 of the Credit Agreement)

		
	(i)
	The Administrative Agent shall have received, from the Incremental Lenders and the Borrower, executed counterparts (in such number as may be requested by the Administrative Agent) of this Second Amendment with respect to Section 2.

		
	(ii)
	The conditions set forth in Sections 5(a) and 5(b) shall have been satisfied.

		
	(iii)
	The Administrative Agent, each Incremental Lender (solely with respect to its own Incremental Facility Committed Amount) and the Borrower shall have agreed upon Schedule 1 to this Second Amendment, the Administrative Agent shall have provided an updated Schedule 2.01 to the Credit Agreement reflecting changes to the Lenders’ Committed Amounts in accordance with Section 2 above, and Schedule 1 and Schedule 2.01 shall have been attached to this Second Amendment.

The Administrative Agent shall notify the Borrower and the Lenders of the satisfaction (or waiver in accordance with Section 9.02 of the Credit Agreement) of the conditions under this Section 5(c), and such notice shall be conclusive and binding.
SECTION 6.    Post-Effectiveness Covenants.
		
	(a)
	On or prior to the date that is 30 days after the Increase and Amendment Effective Date (as such date may be extended by the Administrative Agent in its sole discretion), the Borrower Parties shall have satisfied (or caused to be satisfied) the following requirements:

		
	(i)
	the Administrative Agent shall have received with respect to each Restricted Subsidiary acquired in connection with the Specified Acquisition:  (A) certificates of good standing as of a recent date issued by the appropriate Governmental Authority of the state or jurisdiction of its incorporation or organization, where applicable; (B) a certificate of the Secretary or Assistant Secretary of such Restricted Subsidiary certifying (1) that attached thereto are true and correct copies of the Organizational Documents of (x) such Restricted Subsidiary and (y) each Joint Venture in which such Restricted Subsidiary owns an interest and, in each case, that such documents remain in full force and effect, (2) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors or other governing body of such Restricted Subsidiary (and, if applicable, any parent company of such Restricted Subsidiary) authorizing the execution, delivery and performance of any Loan Documents (or joinders thereto) executed by such Restricted Subsidiary and the guaranties provided thereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (3) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Restricted Subsidiary; and (C) a certificate of another officer as to the incumbency and specimen signature of 

11

Exhibit 10.3

the Secretary or Assistant Secretary executing the certificate pursuant to clause (B) above.
		
	(ii)
	the Borrower shall have taken such actions, or shall have caused the applicable Borrower Party to take such actions, as may be necessary to ensure a valid First Priority perfected Lien over 100% of the Equity Interests (other than Excluded Property) acquired by any Borrower Party in connection with the Specified Acquisition, and each Restricted Subsidiary acquired in connection with the Specified Acquisition shall have duly executed and delivered to the Administrative Agent an Assumption Agreement (as defined in the Guarantee and Collateral Agreement) and other Security Documents (other than those Security Documents described in Section 6(b)), as reasonably specified by and in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing and securing payment of all the Secured Obligations; 

		
	(iii)
	the Borrower and its Restricted Subsidiaries shall deliver all necessary financing statements (including “transmitting utility” financing statements) and financing statement amendments necessary in connection with the Loan Documents as a result of any of the Transactions; and

		
	(iv)
	each such Restricted Subsidiary executing or delivering a document pursuant to clause (ii) or (iii) above shall (A) deliver opinions of counsel related thereto, each in scope, form and substance reasonably satisfactory to Administrative Agent, (B) pay, or cause to be paid, all fees related to any such registration, filing or recording associated with the foregoing and (C) deliver any other deliverables required by Section 5.10 of the Credit Agreement in connection with the foregoing.

		
	(b)
	On or prior to the date that is 60 days after the Increase and Amendment Effective Date (as such date may be extended by the Administrative Agent in its sole discretion), the Borrower Parties shall have satisfied (or caused to be satisfied) the following requirements:

		
	(i)
	the Administrative Agent shall have received, to the extent necessary in connection with the Incremental Facility Committed Amounts, fully executed and notarized mortgage modifications, in proper form for recording in all appropriate offices in all applicable jurisdictions;

		
	(ii)
	each Restricted Subsidiary acquired in connection with the Specified Acquisition shall execute and deliver to the Administrative Agent any and all Mortgages and other instruments and documents necessary to grant Liens in any Real Property to the Administrative Agent for the benefit of the Secured Parties to the extent the Administrative Agent may reasonably deem necessary or desirable in order to perfect, protect and preserve such Liens required under the Credit Agreement; and

		
	(iii)
	each such Restricted Subsidiary executing or delivering a Mortgage or other document pursuant to clause (i) or (ii) above shall (A) deliver opinions of counsel related thereto, each in scope, form and substance reasonably satisfactory to Administrative Agent, (B) pay, or cause to be paid, all taxes and fees related to any such registration, filing or recording associated with the foregoing and (C) deliver any other deliverables required by Section 5.10 of the Credit Agreement in connection with the foregoing.

SECTION 7.    Miscellaneous.
		
	(a)
	Confirmation.  The provisions of the Loan Documents, as amended by this Second Amendment, shall remain in full force and effect in accordance with their terms following the effectiveness of this Second Amendment.

		
	(b)
	Ratification and Affirmation; Representations and Warranties.  Each of the undersigned does hereby adopt, ratify, and confirm the Credit Agreement and the other Loan Documents, as amended hereby, and its obligations thereunder.  The Borrower hereby (a) acknowledges, renews and extends its continued liability under each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly 

12

Exhibit 10.3

amended hereby, notwithstanding the amendments contained herein, (b) confirms and ratifies all of its obligations under the Loan Documents to which it is a party, including its obligations and the Liens granted by it under the Security Documents to which it is a party and confirms that all references in such Security Documents to the “Credit Agreement” (or words of similar import) refer to the Credit Agreement as amended and supplemented hereby without impairing any such obligations or Liens in any respect and (c) represents and warrants to the Lenders that:  (i) as of the date hereof, after giving effect to the terms of this Second Amendment, all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such specified earlier date); provided that the representations and warranties with respect to the Specified Acquired Business shall be limited to the extent set forth in the penultimate paragraph of the Commitment Letter, and (ii) as of the date hereof, after giving effect to this Second Amendment, no Default has occurred and is continuing.
		
	(c)
	Loan Document.  This Second Amendment and each agreement, instrument, certificate or document executed by the Borrower or any other Borrower Party or any of its or their respective officers in connection therewith are “Loan Documents” as defined and described in the Credit Agreement and all of the terms and provisions of the Loan Documents relating to other Loan Documents shall apply hereto and thereto.

		
	(d)
	Counterparts.  This Second Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Second Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

		
	(e)
	NO ORAL AGREEMENT.  THIS SECOND AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

		
	(f)
	GOVERNING LAW.  THIS SECOND AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

13

Exhibit 10.3

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed and delivered as of the date first written above.

Signature regarding Second Amendment (other than Section 2):                
	
		
	 
	GENESIS ENERGY, L.P., as Borrower

	 
	By: GENESIS ENERGY, LLC, its general partner

	 
	 

	 
	By: /s/ Robert V. Deere

	 
	Robert V. Deere

	 
	Chief Financial Officer

Signature regarding Section 2 of the Second Amendment:    
	
		
	 
	GENESIS ENERGY, L.P., as Borrower

	 
	By: GENESIS ENERGY, LLC, its general partner

	 
	 

	 
	By: /s/ Robert V. Deere

	 
	Robert V. Deere

	 
	Chief Financial Officer

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	WELLS FARGO BANK, NATIONAL

	 
	ASSOCIATION, as Administrative Agent, Issuing

	 
	Bank and a Lender

	 
	 

	 
	By: /s/ Andrew Ostroy

	 
	Name: Andrew Ostroy

	 
	Title: Director

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	WELLS FARGO BANK, NATIONAL

	 
	ASSOCIATION, as Administrative Agent, Issuing

	 
	Bank and a Lender

	 
	 

	 
	By: /s/ Andrew Ostroy

	 
	Name: Andrew Ostroy

	 
	Title: Director

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	BANK OF AMERICA, N.A., as a Lender

	 
	 

	 
	By: /s/ Michael Clayborne

	 
	Name: Michael Clayborne

	 
	Title: Vice President

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	BANK OF AMERICA, N.A., as a Lender

	 
	 

	 
	By: /s/ Michael Clayborne

	 
	Name: Michael Clayborne

	 
	Title: Vice President

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	BMO HARRIS FINANCING, INC., as a Lender

	 
	 

	 
	By: /s/ Kevin Utsey

	 
	Name: Kevin Utsey

	 
	Title: Director

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	BMO HARRIS FINANCING, INC., as a Lender

	 
	 

	 
	By: /s/ Kevin Utsey

	 
	Name: Kevin Utsey

	 
	Title: Director

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	CITIBANK, N.A., as a Lender

	 
	 

	 
	By: /s/ Michael Zeller

	 
	Name: Michael Zeller

	 
	Title: Vice President

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	CITIBANK, N.A., as a Lender

	 
	 

	 
	By: /s/ Peter Kardos

	 
	Name: Peter Kardos

	 
	Title: Vice President

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	Deutsche Bank AG New York Branch, as a Lender

	 
	 

	 
	By: /s/ Dusan Lazarov

	 
	Name: Dusan Lazarov

	 
	Title: Director

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	Deutsche Bank AG New York Branch, as a Lender

	 
	 

	 
	By: /s/ Marcus M. Tarkington

	 
	Name: Marcus M. Tarkington

	 
	Title: Director

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	ROYAL BANK OF CANADA, as a Lender

	 
	 

	 
	By: /s/ Jason S. York

	 
	Name: Jason S. York

	 
	Title: Authorized Signatory

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	ROYAL BANK OF CANADA, as a Lender

	 
	 

	 
	By: /s/ Jason S. York

	 
	Name: Jason S. York

	 
	Title: Authorized Signatory

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	ABN AMRO CAPITAL USA LLC, as a Lender

	 
	 

	 
	By: /s/ David Montgomery

	 
	Name: David Montgomery

	 
	Title: Executive Director

	 
	 

	 
	By: /s/ Darrell Holley

	 
	Name: Darrell Holley

	 
	Title: Managing Director

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	ABN AMRO CAPITAL USA LLC, as a Lender

	 
	 

	 
	By: /s/ Kaylan Hopson

	 
	Name: Kaylan Hopson

	 
	Title: Vice President

	 
	 

	 
	By: /s/ Darrell Holley

	 
	Name: Darrell Holley

	 
	Title: Managing Director

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	COMPASS BANK, as a Lender

	 
	 

	 
	By: /s/ Blake Kirshman

	 
	Name: Blake Kirshman

	 
	Title: Senior Vice President

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	COMPASS BANK, as a Lender

	 
	 

	 
	By: /s/ Blake Kirshman

	 
	Name: Blake Kirshman

	 
	Title: Senior Vice President

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	THE BANK OF NOVA SCOTIA, as a Lender

	 
	 

	 
	By: /s/ Mark Sparrow

	 
	Name: Mark Sparrow

	 
	Title: Director

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	THE BANK OF NOVA SCOTIA, as a Lender

	 
	 

	 
	By: /s/ Mark Sparrow

	 
	Name: Mark Sparrow

	 
	Title: Director

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	SCOTIABANC INC., as a Lender

	 
	 

	 
	By: /s/ J.F. Todd

	 
	Name: J.F. Todd

	 
	Title: Managing Director

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

Signature regarding Second Amendment (other than Section 2):
	
		
	 
	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	By: /s/ Ben J. Leonard

	 
	Name: Ben J. Leonard

	 
	Title: Vice President

Signature regarding Section 2 of the Second Amendment and as an Incremental Lender:
	
		
	 
	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	By: /s/ Ben J. Leonard

	 
	Name: Ben J. Leonard

	 
	Title: Vice President

[Signature Page -- Second Amendment to Fourth Amended
and Restated Credit Agreement and Joinder Agreement]

Exhibit 10.3

SCHEDULE 1

INCREMENTAL FACILITY COMMITTED AMOUNTS

	
				
	

Name of Incremental
        Lender
	

Existing Committed
Amount
	

Incremental Facility
Committed Amount
	

Total Committed
Amount

	Wells Fargo Bank, National Association
	$90,000,000
	$60,000,000
	$150,000,000

	Bank of America, N.A.
	$90,000,000
	$60,000,000
	$150,000,000

	BMO Harris
Financing, Inc.
	$90,000,000
	$60,000,000
	$150,000,000

	Citibank, N.A.
	$73,000,000
	$52,000,000
	$125,000,000

	Deutsche Bank AG New York Branch
	$73,000,000
	$52,000,000
	$125,000,000

	Royal Bank of
Canada
	$73,000,000
	$52,000,000
	$125,000,000

	ABN AMRO Capital
USA LLC
	$73,000,000
	$41,000,000
	$114,000,000

	Compass Bank
	$73,000,000
	$41,000,000
	$114,000,000

	U.S. Bank National
Association
	$73,000,000
	$41,000,000
	$114,000,000

	The Bank of Nova
Scotia
	$36,500,000
	$41,000,000
	$77,500,000

	Total:
	$744,500,000
	$500,000,000
	$1,244,500,000

Exhibit 10.3

SCHEDULE 2.01

Committed Amounts

	
		
	Name of Lender
	Committed Amount

	Wells Fargo Bank, National Association
	$150,000,000

	Bank of America, N.A.
	$150,000,000

	BMO Harris Financing, Inc.
	$150,000,000

	Citibank, N.A.
	$125,000,000

	Deutsche Bank AG New York Branch
	$125,000,000

	Royal Bank of Canada
	$125,000,000

	U.S. Bank National Association
	$114,000,000

	ABN AMRO Capital USA LLC
	$114,000,000

	Compass Bank
	$114,000,000

	The Bank of Nova Scotia
	$77,500,000

	Regions Bank
	$59,000,000

	Scotiabank Inc.
	$36,500,000

	Amegy Bank National Association
	$35,000,000

	Cadence Bank, N.A.
	$30,000,000

	Comerica Bank
	$25,000,000

	Santander Bank, N.A.
	$25,000,000

	Sumitomo Mitsui Banking Corporation
	$25,000,000

	Trustmark Bank
	$20,000,000

	Total
	$1,500,000,000.00

Exhibit 10.3

EXHIBIT I

FORM OF COMPLIANCE CERTIFICATE1 

Financial Statement Date:  _____________, ______
To:    Wells Fargo Bank, National Association, as Administrative Agent
		
	
	Ladies and Gentlemen:

Reference is made to the Fourth Amended and Restated Credit Agreement dated as of June 30, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), among Genesis Energy, L.P., as borrower (the “Borrower”), Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.
The undersigned Financial Officer hereby certifies as of the date hereof that he/she is the ______________________________________ of the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Borrower, and that:
[Use following paragraphs 1 and 2 for fiscal year-end financial statements]
1.    The Borrower has delivered the year-end audited financial statements required by Section 5.01(a)(i) of the Agreement for the fiscal year of the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.
2.    The Borrower has delivered the year-end unaudited financial statements required by Section 5.01(a)(ii) of the Agreement for the fiscal year of the Borrower ended as of the above date.  
[Use following paragraphs 1 and 2 for fiscal quarter-end financial statements]
1.    The Borrower has delivered the unaudited financial statements required by Section 5.01(b)(i) of the Agreement for the fiscal quarter of the Borrower ended as of the above date.  Such financial statements fairly present in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries in accordance with GAAP consistently applied as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes. 
2.    The Borrower has delivered the unaudited financial statements required by Section 5.01(b)(ii) of the Agreement for the fiscal quarter ended as of the above date.
3.    The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting period covered by such financial statements.
______________________________________
1 The financial statement certifications certified herein are intended to be reflective of the certifications required under Section 5.01(a) and 5.01(b) of the Credit Agreement.   The financial covenant calculations included herein are intended to reflect the components of the financial covenants set forth in Section 6.14.   In the event of any conflict or inconsistency between the applicable terms and conditions of the Credit Agreement, on the one hand, and the financial statement certifications and/or financial covenant calculations reflected in this Exhibit J, on the other hand, the terms and conditions of the Credit Agreement shall control.

Exhibit I

Exhibit 10.3

4.    A review of the activities of the Borrower during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Borrower performed and observed all its obligations under the Loan Documents, and 
[select one:]
[during such fiscal period, the Borrower performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has occurred and is continuing.] 
--or--
[during such fiscal period the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]
5.    The financial covenant analyses and information set forth on Schedules 1 and 2 attached hereto are true and accurate on and as of the date of this Certificate.
6.    [No change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 of the Agreement] 
--or--
[The following changes in GAAP or in the application thereof have occurred since the date of the audited financial statements referred to in Section 3.04 of the Agreement and such changes have had the following effects on the financial statements accompanying this Compliance Certificate:]

Exhibit I

Exhibit 10.3

IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of _____________________, ______.

	
		
	 
	GENESIS ENERGY, L.P.

	 
	By: GENESIS ENERGY, LLC, its general partner

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

Exhibit I

Exhibit 10.3

For the Quarter/Year ended ___________________(“Statement Date”)

SCHEDULE 1
to the Compliance Certificate
($ in 000's)
		
	
	I.    Interest Coverage Ratio. 

		
	A.
	Adjusted Consolidated EBITDA (Schedule 2) for the four 

consecutive fiscal quarter period ending on the Statement Date:    $_____________    
		
	B.
	Consolidated Interest Expense for such period2:            $_____________    

		
	C.
	Consolidated Interest Coverage Ratio (Line I.A / Line I.B):        ________ to 1.00

Minimum required commencing with the Test Period ending September 30, 2015:
	
		
	 
	Minimum Interest Coverage Ratio 

	 
	3.00 to 1.00 3

__________________________________
2 If (i) the Equity Condition is not satisfied on or before the Increase and Amendment Effective Date and (ii) the Borrower provides a written notice to the Administrative Agent on or before September 30, 2015 of its election to annualize the Consolidated Interest Expense in accordance with this proviso, then (A) for the period ending September 30, 2015, Consolidated Interest Expense shall be deemed to equal Consolidated Interest Expense for the fiscal quarter ending September 30, 2015 multiplied by 4, (B) for the period ending December 31, 2015, Consolidated Interest Expense shall be deemed to equal Consolidated Interest Expense for the two fiscal quarter period ending December 31, 2015 multiplied by 2 and (C) for the period ending March 31, 2016, Consolidated Interest Expense shall be deemed to equal Consolidated Interest Expense for the three fiscal quarter period ending March 31, 2016 multiplied by 4/3.
3 During a Permitted Acquisition Period, the minimum Consolidated Interest Coverage Ratio as at the last day of each Test Period shall not be less than 2.75 to 1.00.

Exhibit I

Exhibit 10.3

II.Leverage Ratios.  
Consolidated Leverage Ratio
		
	A.
	Consolidated Total Funded Debt as at the Statement Date:        $___________

		
	B.
	Adjusted Consolidated EBITDA (Schedule 2) for the four 

consecutive fiscal quarter period ending on the Statement Date:    $___________    
		
	C.
	Consolidated Leverage Ratio (Line II.A / Line II.B):            ______ to 1.00

Maximum permitted:
	
			
	Fiscal Quarter Ending
	Consolidated Leverage Ratio if the Equity Condition is satisfied on or prior to the Increase and Amendment Effective Date
	Consolidated Leverage Ratio if the Equity Condition is not satisfied on or prior to the Increase and Amendment Effective Date

	September 30, 2015
	5.75 to 1.00
	6.00 to 1.00

	December 31, 2015 
	5.50 to 1.00
	5.75 to 1.00

	March 31, 2016
	5.50 to 1.00
	5.75 to 1.00

	June 30, 2016
	5.50 to 1.00
	5.50 to 1.00

	September 30, 2016 and thereafter4
	5.00 to 1.00
	5.00 to 1.00

_____________________________
4 The Consolidated Leverage Ratio as of the last day of each Test Period ending on or after September 30, 2016 and during a Permitted Acquisition Period shall not exceed 5.50 to 1.00.

Exhibit I

Exhibit 10.3

Consolidated Senior Secured Leverage Ratio
		
	A.
	Consolidated Total Senior Secured Funded Debt as at the 

Statement Date:                                $___________
		
	B.
	Adjusted Consolidated EBITDA (Schedule 2) for the four 

consecutive fiscal quarter period ending on the Statement Date:        $___________    
		
	C.
	Consolidated Senior Secured Leverage Ratio 

(Line II.A / Line II.B):                            _______to 1.00
Maximum permitted commencing with the Test Period ending September 30, 2015:
	
		
	 
	Maximum Consolidated Senior Leverage Ratio

	Prior to a Permitted Acquisition Period:
	 3.75 to 1.00

	During a Permitted Acquisition Period:
	4.25 to 1.00 5

______________________
5 During a Permitted Acquisition Period, the maximum Consolidated Senior Secured Leverage Ratio as at the last day of each Test Period shall not exceed 4.25 to 1.00. 

Exhibit I

Exhibit 10.3

III.    EBITDA for Pricing.

Adjusted Consolidated EBITDA for purposes of determining Applicable
Margin6 (see Preliminary Adjusted Consolidated EBITDA on Schedule 2)7:            $___________    
    

__________________________
6 Solely for the purpose of determining the Applicable Margin, Adjusted Consolidated EBITDA, as used in calculating Consolidated Leverage Ratio, will be calculated without giving effect to the limitation on cash distributions received by the Borrower and the Restricted Subsidiaries from Joint Ventures consummated after the Effective Date, as set forth in clause (a) of the first proviso set forth in the definition of Adjusted Consolidated EBITDA.
7 If (i) the Equity Condition is not satisfied on or before the Increase and Amendment Effective Date and (ii) the Borrower provides a written notice to the Administrative Agent on or before September 30, 2015 of its election to annualize the Adjusted Consolidated EBITDA in accordance with this proviso, then (A) for the period ending September 30, 2015, Adjusted Consolidated EBITDA shall be deemed to equal Adjusted Consolidated EBITDA for the fiscal quarter ending September 30, 2015 multiplied by 4, (B) for the period ending December 31, 2015, Adjusted Consolidated EBITDA shall be deemed to equal Adjusted Consolidated EBITDA for the two fiscal quarter period ending December 31, 2015 multiplied by 2 and (C) for the period ending March 31, 2016, Adjusted Consolidated EBITDA shall be deemed to equal Adjusted Consolidated EBITDA for the three fiscal quarter period ending March 31, 2016 multiplied by 4/3.

Exhibit I

Exhibit 10.3

For the Quarter/Year ended ___________________(“Statement Date”)

SCHEDULE 2
to the Compliance Certificate
($ in 000's)

	
													
	 
	 
	 Quarter 
	 Quarter 
	 Quarter 
	 Quarter 
	Four Fiscal Quarter Period

	 
	 
	Ended
	Ended
	Ended
	Ended
	Ended

	 
	Consolidated Net Income of the Borrower and its Subsidiaries8
	—
	—
	—
	—
	—

	+
	Interest Expense 
	—
	—
	—
	—
	—

	+
	Federal, state, local income and foreign withholding taxes
	—
	—
	—
	—
	—

	+
	Depreciation, depletion and amortization expense
	—
	—
	—
	—
	—

	+
	Deferred or non-cash equity compensation or stock option or similar compensation expense
	 
	 
	 
	 
	 

	—
	Actual cash payments made with respect to deferred compensation
	 
	 
	 
	 
	 

	+
	Cash received by the Borrower or any Restricted Subsidiary pursuant to any Direct Financing Lease
	 
	 
	 
	 
	 

	+
	Transaction Costs9
	—
	—
	—
	—
	—

	= 
	Consolidated EBITDA before cash distributions
	 
	 
	 
	 
	 

___________________________________________ 
8 Determined without giving effect to (without duplication): (a) any extraordinary income or gains, (b) any interest income, (c) any non-cash income (excluding items which represent the reversal of a non-cash charge referred to in clause (e) below of this definition), (d) any extraordinary losses, (e) any non-cash charges or losses (except to the extent that any such non-cash charge or loss would require an anticipated cash payment (or a reserve for an anticipated cash payment) in any future period), including any non-cash expenses relating to impairments and similar write-offs and stock appreciation rights, (f) any gains or losses from sales of assets other than inventory sold in the ordinary course of business, (g) income or losses attributable to Unrestricted Subsidiaries, Joint Ventures, any Person accounted for by the Borrower by the equity method of accounting, or any other Person that is not a Subsidiary or (h) income or losses attributable to Direct Financing Leases. 

9 Transaction Costs to be added back during the term of the Agreement under this line item shall not exceed 15% of Adjusted Consolidated EBITDA for any applicable period.

Exhibit I

Exhibit 10.3

	
							
	+
	Cash distributions from Unrestricted Subsidiaries10
	 
	 
	 
	 
	 

	+
	Cash distributions from Joint Ventures or the Equity Interests of other Persons
	 
	 
	 
	 
	 

	=
	Consolidated EBITDA
	 
	 
	 
	 
	 

	+
	Pro Forma Adjustments (other than Non-Historical Pro Forma Adjustments and Material Project EBITDA Adjustments)
	 
	 
	 
	 
	 

	+
	Non-Historical Pro Forma Adjustments, as applicable
	 
	 
	 
	 
	 

	+
	Material Project EBITDA Adjustments, as applicable
	 
	 
	 
	 
	 

	=
	(Preliminary) Adjusted Consolidated EBITDA
	 
	 
	 
	 
	 

	—
	Cash distributions from Joint Ventures (except for Joint Ventures (other than Exempted Joint Ventures) consummated on or before the Effective Date) in excess of 25% of (Preliminary) Adjusted Consolidated EBITDA11
	 
	 
	 
	 
	 

	=
	Adjusted Consolidated EBITDA
	—
	—
	—
	—
	—

____________________________
10 Including loan payments under the NEJD Intercompany Note.
11 Cash distributions received by the Borrower and the Restricted Subsidiaries from all Joint Ventures consummated after the Effective Date (other than Exempted Joint Ventures) shall not account for more than 25% of Adjusted Consolidated EBITDA (as such Adjusted Consolidated EBITDA is calculated from time to time without giving effect to cash distributions from Joint Ventures (other than Exempted Joint Ventures) consummated after the Effective Date), and any excess shall be deemed to not be Adjusted Consolidated EBITDA.

Exhibit IEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 STOCK
PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT, dated as of February 26, 2016 (this “Agreement”), by and between
Athene USA Corporation, an Iowa corporation (“Athene”), and Apollo Commercial Real Estate Finance, Inc., a Maryland corporation (“ARI”). 

RECITALS 
 WHEREAS, ARI has
entered into that certain Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), with Apollo Residential Mortgage, Inc., a Maryland corporation (“AMTG”), and Arrow Merger Sub, Inc., a
Maryland corporation and wholly-owned Subsidiary (as defined below) of ARI (“Merger Sub”), pursuant to which AMTG will merge with Merger Sub (the “First Merger”), with AMTG surviving the First Merger as a Subsidiary
of ARI and, immediately thereafter, AMTG will merge with and into ARI (the “Second Merger” and, together with the First Merger, the “Mergers”) with ARI surviving the Second Merger (the date on which the Mergers
occur being referred to herein as the “Merger Closing Date”); 
 WHEREAS, ARI has entered into that certain Asset Purchase
Agreement, dated as of the date hereof (the “Asset Purchase Agreement”), with one or more Subsidiaries of Athene, pursuant to which such one or more Subsidiaries will purchase from ARI or one or more of its Subsidiaries, and ARI and
its Subsidiaries will sell to such one or more Subsidiaries of Athene, certain assets, upon the terms and subject to the conditions therein; 

WHEREAS, on the date hereof, Athene has delivered that certain debt commitment letter to ARI, pursuant to which, upon the terms and subject to
the conditions set forth therein, ARI may draw up to $200,000,000 (subject to potential reduction pursuant to the terms thereof) under a term facility (the “Loan Agreement”) which would be provided pursuant to the debt commitment
letter; and 
 WHEREAS, in connection with the execution of the Asset Purchase Agreement and the commitment letter, Athene and ARI desire to
enter into this Agreement to provide for the purchase of ARI Common Stock by Athene or one or more of its Subsidiaries, upon the terms and subject to the conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter contained and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 

 ARTICLE I 

Definitions and Rules of Construction 

1.1    Definitions. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“10b5-1 Plan” means a purchase plan established for purposes of complying with Rule 10b5-1, substantially in the form
attached as Exhibit A hereto (subject to such changes as may be reasonably requested by the applicable Agent or, upon ARI’s prior written consent (which is not to be unreasonably withheld, delayed or conditioned), Athene). 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of
directors of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise; provided, however, for purposes of this Agreement, neither ARI nor any Subsidiary thereof shall constitute
an Affiliate of Athene and neither Athene nor any Subsidiary thereof shall constitute an Affiliate of ARI. 
 “Agent” has
the meaning set forth in Section 3.2. 
 “Agreement” means this Stock Purchase Agreement, as it may be amended from time to
time in accordance with Section 5.5. 
 “AMTG” has the meaning set forth in the Preamble. 

“Ancillary Documents” means the agreements and other documents contemplated by this Agreement, including each 10b5-1 Plan. 
 “ARI” has the meaning set forth in the Preamble. 

“ARI Common Stock” means the common stock of ARI, par value $0.01 per share. 

“Asset Purchase Agreement” has the meaning set forth in the Recitals. 

“Assets” has the meaning set forth in the Asset Purchase Agreement. 

“Athene” has the meaning set forth in the Preamble. 

“Business Day” means any day other than a Saturday, Sunday or day on which banks are closed in New York, New York. If any
period expires on a day which is not a Business Day or any event or condition is required by the terms of this Agreement to occur or be fulfilled on a day which is not a Business Day, such period shall expire or such event or condition shall occur
or be fulfilled, as the case may be, on the next succeeding Business Day. 
 “Buyers” has the meaning set forth in the
Asset Purchase Agreement and, for purposes of this Agreement, shall include any assignee thereof. 
 “Conditional Amount”
means (i) from the Purchase Period Start Date through the third (3rd) Business Day after the Merger Closing Date, $5,000,000 and (ii) after the third
(3rd) Business Day following the Merger Closing Date, $0; provided that if the Minimum Purchase occurs on or prior to the third (3rd)
Business Day following the Merger Closing Date and Athene has delivered notice thereof to each Agent on the date that the Minimum Purchase occurs, then, from and after the date of the Minimum Purchase, the Conditional Amount shall be $20,000,000.

  
 2 

 “Consent” has the meaning set forth in Section 2.1(d)(i). 

“Contract” means any legally binding contract, agreement, license, lease, commitment, understanding or other obligation,
whether oral or written. 
 “First Merger” has the meaning set forth in the Recitals. 

“First Open Trading Day” means the first Business Day occurring on or after the Proxy Mailing Date on which the directors and
executive officers of ARI are permitted to purchase and sell ARI Common Stock. 
 “Governmental Entity” means any court,
arbitral tribunal, administrative agency or commission or other governmental or other regulatory authority or agency, whether foreign, federal, state, local or supernational. 

“Law” means any statute, code, rule, regulation, order, ordinance, judgment or decree or other pronouncement of any
Governmental Entity having the effect of law. 
 “Litigation” means any claim, action, suit, arbitration, alternative
dispute resolution action or other judicial or administrative proceeding, in Law or equity. 
 “Loan Agreement” has the
meaning set forth in the Recitals. 
 “Maximum Amount” means an amount equal to the lesser of (i) $210,000,000 minus the
amount outstanding under the Loan Agreement from time to time, and (ii) the Conditional Amount, excluding any amounts payable in respect of commissions. 

“Merger Agreement” has the meaning set forth in the Recitals. 

“Merger Closing Date” has the meaning set forth in the Recitals. 

“Mergers” has the meaning set forth in the Recitals. 

“Minimum Purchase” means the purchase by the Buyers of, or the Buyers’ failure to purchase when required by the Asset
Purchase Agreement, Assets having an aggregate market value of at least $500,000,000 pursuant to the Asset Purchase Agreement. 

“Person” or “person” means an individual, partnership, corporation, limited liability company, business
trust, joint stock company, trust, unincorporated association, joint venture, Governmental Entity, person (including a “person” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder) or other entity or organization. 

  
 3 

 “Principal Market” means the New York Stock Exchange or, if the ARI Common Stock
is not quoted on the New York Stock Exchange, the principal national securities exchange on which the ARI Common Stock is listed. 

“Proxy Mailing Date” means the date on which the Proxy Statement (as defined in the Merger Agreement) is first mailed to the
stockholders of AMTG. 
 “Purchase Period” means the period commencing on the first day following the Purchase Period Start
Date and continuing through the end of the thirtieth (30th) Trading Day following the Purchase Period Start Date. 
 “Purchase
Period Start Date” means the date of the latest to occur of (i) the Merger Closing Date, (ii) the date on which the conditions set forth in the Asset Purchase Agreement to the obligation of the Buyers to consummate the transactions
contemplated by the Asset Purchase Agreement have been satisfied, and (iii) the date on which the conditions set forth in the Loan Agreement to the obligation of Athene to extend the financing pursuant to the Loan Agreement have been satisfied. 

“Purchased Shares” means those shares of ARI Common Stock purchased by Athene (or its Subsidiaries) pursuant to a 10b5-1 Plan
adopted in accordance with this Agreement. 
 “Rule 10b-18” means Rule 10b-18 as promulgated by the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended. 
 “Rule 10b5-1” means Rule 10b5-1 as promulgated
by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. 
 “Second Merger”
has the meaning set forth in the Recitals. 
 “Subsidiary” or “Subsidiaries”, when used with respect to
any Person, means any corporation, limited liability company, partnership or other organization, whether incorporated or unincorporated, that (x) is consolidated with such Person for financial reporting purposes under GAAP, or (y) of which (i) at
least a majority of the outstanding shares of capital stock of, or other equity interests, having by their terms ordinary voting power to elect the board of directors or others governing body with respect to such corporation or other organization
is, at the time of determination, directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries or (ii) with respect to a partnership, such Person or any
other Subsidiary of such Person is a general partner of such partnership. 
 “Trading Day” means any day on which the
Principal Market is open for business and the ARI Common Stock trades regular way on the Principal Market. 
 1.2 Rules of
Construction. 
 Unless the context otherwise requires: 

(a) a capitalized term has the meaning assigned to it; 

  
 4 

 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with
United States generally accepted accounting principles; 
 (c) references in the singular or to “him,” “her,”
“it,” “itself,” or other like references, and references in the plural or the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the
masculine or feminine reference, as the case may be; 
 (d) references to Articles, Sections, Exhibits and Schedules shall refer to
articles, sections, exhibits and schedules of this Agreement, unless otherwise specified; 
 (e) a reference herein to any party to this
Agreement or any other agreement or document shall be deemed to refer to any Person that becomes (or became, if applicable) a successor or permitted assign of such party, upon the occurrence thereof; 

(f) a reference herein to any agreement (including this Agreement) or other document shall be to such agreement or other document (together
with the schedules, exhibits and other attachments thereto) as it may have been or may hereafter be amended, modified, supplemented, waived or restated from time to time in accordance with its terms, the terms hereof (if applicable thereto) and the
terms of the Asset Purchase Agreement (if applicable thereto); 
 (g) the headings in this Agreement are for convenience and identification
only and are not intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision thereof; 

(h) this Agreement shall be construed without regard to any presumption or other rule requiring construction against the party that drafted
and caused this Agreement to be drafted; 
 (i) all monetary figures shall be in United States dollars unless otherwise specified; and 

(j) references to “including” in this Agreement shall mean “including, without limitation,” whether or not so specified.

 ARTICLE II 

Representations and Warranties 

2.1 Representations and Warranties of Athene. Athene hereby represents and warrants to ARI that: 

(a) Organization and Power. Athene is a corporation duly incorporated, validly existing and in good standing under the Laws of its
jurisdiction of organization. Athene has full power and authority to execute, deliver and perform this Agreement and the Ancillary Documents to which it is a party and to consummate the transactions contemplated hereby and

  
 5 

 
thereby. Athene has all power and authority, and possesses all governmental licenses and permits, necessary to enable it to own or lease and to operate its properties and assets and carry on its
business as currently conducted, except such power, authority, licenses and permits the absence of which do not and would not reasonably be expected to prevent or materially delay the consummation of the transactions contemplated hereby. 

(b) Authorization and Enforceability. The execution and delivery of this Agreement and the Ancillary Documents to which Athene is
a party and the performance by Athene of the transactions contemplated hereby and thereby that are required to be performed by Athene have been duly authorized by Athene and no other corporate proceedings on the part of Athene are necessary to
authorize the execution, delivery and performance of this Agreement and the Ancillary Documents to which Athene is a party with respect to the consummation of the transactions contemplated hereby and thereby. This Agreement and each of the
Ancillary Documents to be executed and delivered by Athene have been duly authorized, executed and delivered by Athene. Assuming the due authorization, execution and delivery of this Agreement by ARI, this Agreement constitutes, and assuming the due
authorization, execution and delivery of each Ancillary Document to which Athene is a party by each other party thereto, such Ancillary Document constitutes, a valid and legally binding agreement of Athene enforceable against Athene in accordance
with its terms, subject to bankruptcy, insolvency, reorganization and other Laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

(c) No Violation. The execution and delivery by Athene of this Agreement and the Ancillary Documents to which Athene is a party,
the consummation of the transactions contemplated hereby and thereby that are required to be performed by Athene and the compliance with the terms of this Agreement and the Ancillary Documents to which Athene is a party will not (a) conflict with or
violate any provision of the certificate of incorporation, bylaws or equivalent organizational documents of Athene, or (b) conflict with or violate in any material respect any Law applicable to Athene or by which its properties are bound or
affected. Neither Athene nor its Affiliates are subject to any Contract that would or would reasonably be expected to prevent or materially delay Athene’s ability to purchase the Purchased Shares or otherwise consummate the transactions
contemplated hereby. 
 (d) Authorizations and Consents. 

(i) No consents, licenses, approvals or authorizations of, or registrations, declarations or filings with, any Governmental Entity or other
Person (“Consents”) are required to be obtained or made by Athene in connection with the execution, delivery and performance of this Agreement or any Ancillary Documents to which Athene is, or is to be, a party or the consummation
by Athene of the transactions contemplated hereby or thereby, and except for those for which the failure to obtain such Consents would not and would not reasonably be expected to prevent or materially delay the consummation of the transactions
contemplated hereby. 
 (ii) None of the execution, delivery or performance of this Agreement by Athene, the consummation by Athene of the
transactions contemplated hereby or the compliance by Athene with any of the provisions of this Agreement will accelerate the 

  
 6 

 
performance required by, result in any termination, cancellation or modification of, or loss of benefit under, or violation or breach of, or constitute (with or without notice or lapse of time or
both) a default (or give rise to any right, including, but not limited to, any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any Contract to which Athene is a party. 

(e) Sufficiency of Funds. Athene has, and at all times during the Purchase Period, will have access to sufficient funds to
consummate the transactions contemplated hereby and to satisfy its obligations under this Agreement. 
 (f) Disclaimer.
Notwithstanding anything to the contrary contained in this Agreement, neither Athene nor any of its Affiliates, representatives or advisors has made, or shall be deemed to have made, to ARI or any other Person any representation or warranty other
than those expressly made by Athene in this Section 2.1. 
 2.2 Representations and Warranties of ARI. ARI hereby
represents and warrants to Athene that: 
 (a) Organization and Power. ARI is a corporation duly incorporated, validly existing
and in good standing under the Laws of its jurisdiction of organization. ARI has full power and authority to execute, deliver and perform this Agreement and the Ancillary Documents to which it is a party and to consummate the transactions
contemplated hereby and thereby. ARI has all power and authority, and possesses all governmental licenses and permits, necessary to enable it to own or lease and to operate its properties and assets and carry on its business as currently
conducted, except such power, authority, licenses and permits the absence of which do not and would not reasonably be expected to prevent or materially delay the consummation of the transactions contemplated hereby. 

(b) Authorization and Enforceability. The execution and delivery of this Agreement and the Ancillary Documents to which ARI is a
party and the performance by ARI of the transactions contemplated hereby and thereby that are required to be performed by ARI have been duly authorized by ARI and no other corporate proceedings on the part of ARI are necessary to authorize the
execution, delivery and performance of this Agreement and the Ancillary Documents to which ARI is a party with respect to the consummation of the transactions contemplated hereby and thereby. This Agreement and each of the Ancillary Documents
to be executed and delivered by ARI have been duly authorized, executed and delivered by ARI. Assuming the due authorization, execution and delivery of this Agreement by Athene, this Agreement constitutes, and assuming the due authorization,
execution and delivery of each Ancillary Document to which ARI is a party by each other party thereto, such Ancillary Document constitutes, a valid and legally binding agreement of ARI enforceable against ARI in accordance with its terms, subject to
bankruptcy, insolvency, reorganization and other Laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

(c) Authorizations and Consents. 

(i) No Consents are required to be obtained or made by ARI in connection with the execution, delivery and performance of this Agreement or
any Ancillary 

  
 7 

 
Documents to which ARI is, or is to be, a party or the consummation by ARI of the transactions contemplated hereby or thereby, and except for those for which the failure to obtain such Consents
would not and would not reasonably be expected to prevent or materially delay the consummation of the transactions contemplated hereby. 

(ii) None of the execution, delivery or performance of this Agreement by ARI, the consummation by ARI of the transactions contemplated hereby
or the compliance by ARI with any of the provisions of this Agreement will accelerate the performance required by, result in any termination, cancellation or modification of, or loss of benefit under, or violation or breach of, or constitute (with
or without notice or lapse of time or both) a default (or give rise to any right, including, but not limited to, any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any Contract to
which ARI is a party. 
 (d) No Violation. The execution and delivery by ARI of this Agreement and the Ancillary Documents to
which ARI is a party, the consummation of the transactions contemplated hereby and thereby that are required to be performed by ARI and the compliance with the terms of this Agreement and the Ancillary Documents to which ARI is a party will not (a)
conflict with or violate any provision of the charter or bylaws of ARI, or (b) conflict with or violate in any material respect any Law applicable to ARI or by which its properties are bound or affected. 

(e) Other. The representations and warranties set forth in Sections 4.6, 4.7, 4.8, 4.9, 4.12, 4.13, 4.14 and 4.15 of the Merger
Agreement are true and correct. 
 (f) Disclaimer. Notwithstanding anything to the contrary contained in this Agreement, neither
ARI nor any of its Affiliates, representatives or advisors has made, or shall be deemed to have made, to Athene or any other Person any representation or warranty other than those expressly made by ARI in this Section 2.2. 

ARTICLE III 
 Commitment to
Purchase ARI Common Stock 
 3.1 Purchase of ARI Common Stock. Subject to the last sentence of this Section 3.1, Athene
hereby agrees and irrevocably commits to purchase (or cause one or more of its Subsidiaries to purchase) shares of ARI Common Stock during the Purchase Period if, at any time and from time to time during the Purchase Period, the quoted price of the
ARI Common Stock on the New York Stock Exchange (or, if the ARI Common Stock is not quoted on the New York Stock Exchange, the principal national securities exchange on which the ARI Common Stock is listed) is less than the Parent Common Stock Per
Share Value (as defined in the Merger Agreement); provided, however, in no event shall Athene or its Subsidiaries, or any Agent acting on behalf of Athene or its Subsidiaries, be required to purchase any shares of ARI Common Stock
pursuant to this Agreement if at any time the aggregate amount of ARI Common Stock purchased by Athene, its Subsidiaries and any Agent acting on behalf of Athene or any of its Subsidiaries under this Agreement is in excess of the Maximum Amount at
such time; provided, further, that in no event shall Athene or any of its Subsidiaries or any Agent acting on behalf of Athene or any of its Subsidiaries be required to purchase shares of ARI Common Stock to the

  
 8 

 
extent any such purchase would cause Athene or such Subsidiary or any Agent acting on behalf of Athene or any of its Subsidiaries to exceed the aggregate amount of ARI Common Stock that Athene is
permitted to own pursuant to ARI’s charter and bylaws as in effect from time to time. All such purchases of ARI Common Stock shall be made in the open market at the then-current market price for shares of ARI Common Stock and shall be made only
in accordance with the limitations and restrictions of Rule 10b-18 and any other restrictions imposed by either applicable Law or the terms of a 10b5-1 Plan. In no event shall Athene be required to purchase any ARI Common Stock pursuant to this
Agreement if (i) the Merger Closing Date has not occurred by the Second Outside Date (as defined in the Merger Agreement), (ii) the conditions set forth in the Asset Purchase Agreement to the obligation of the Buyers (as defined in the Asset
Purchase Agreement) to consummate the transactions contemplated by the Asset Purchase Agreement have not been satisfied or waived, or (iii) the conditions set forth in the Loan Agreement to the obligation of Athene to extend the financing pursuant
to the Loan Agreement have not been satisfied or waived. 
 3.2 Stock Purchase Plan. In order to fulfill Athene’s purchase
obligations described in Section 3.1, Athene shall, on or as promptly as practicable following the First Open Trading Day, adopt, enter into and not withdraw, terminate or take any action that would result in the termination of, a 10b5-1 Plan with
one or more broker-dealers or other agents (any such broker-dealer, an “Agent”), except to the extent any such withdrawal, termination or action is required to comply with or avoid a violation of Rule 10b5-1. Prior to the date of
the First Open Trading Day, ARI shall advise Athene in writing of the occurrence of the First Open Trading Day. 
 3.3 Certain
Restrictions. Athene hereby agrees that, subject to the last sentence of this Section 3.3, for a period of 180 days following the purchase of any Purchased Share pursuant to this Agreement, it will not, and it will cause its Subsidiaries
not to, directly or indirectly (alone or in concert with others) (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant for the sale of, or otherwise transfer or dispose of such Purchased Share or any securities convertible into or exchangeable or exercisable for such Purchased Share, or (ii) enter into any swap or any other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, any of the economic consequence of ownership of such Purchased Share, whether any such swap or transaction is to be settled by delivery of such Purchased Share or other securities, in cash or
otherwise. The foregoing restrictions are expressly agreed to preclude Athene and its Subsidiaries from engaging in any hedging or other transaction which is designed to or reasonably expected to lead to or result in a sale or disposition of
the Purchased Shares even if such securities would be disposed of by someone other than Athene or an Affiliate thereof. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant
of any right (including without limitation any put option or put equivalent position or call option or call equivalent position) with respect to any of the Purchased Shares or with respect to any security that includes, relates to, or derives any
significant part of its value from such Purchased Shares. This Section 3.3 shall not restrict any sale or other transfer of any Purchased Share to any of Athene’s Subsidiaries or to the extent required by any Governmental Entity. 

  
 9 

 ARTICLE IV 

Additional Agreements 
 4.1
Consents and Approvals. Athene shall use its reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other party in doing, all things necessary, proper or
advisable under applicable Law or pursuant to any Contract to consummate and make effective, as promptly as practicable, the transactions contemplated hereby, including (i) obtaining of all necessary actions or nonactions, waivers, consents and
approvals from Governmental Entities necessary in connection with entering into this Agreement, any 10b5-1 Plan and the making of all necessary registrations and filings (including filings with Governmental Entities, if any) and the taking of all
reasonable steps as may be necessary to obtain an approval or waiver from, or to avoid an action or proceeding by, any Governmental Entity necessary in connection with this Agreement, any 10b5-1 Plan and the consummation of the transactions
contemplated hereby and thereby, and (ii) the execution and delivery of any additional instruments necessary to consummate the transactions contemplated hereby and to fully carry out the purposes of this Agreement. 

4.2 Limitations on Purchases of ARI Common Stock. ARI shall not, and it shall cause each of its “affiliated purchasers” (as
defined in Rule 10b-18) not to, directly or indirectly, purchase, offer to purchase or place any bid or limit order for the purchase of any ARI Common Stock or any securities convertible or exchangeable into or exercisable for, or the value of
which is derived from, ARI Common Stock during the Purchase Period, except for any purchases made by Athene or a Subsidiary thereof pursuant to a 10b5-1 Plan contemplated hereby and otherwise pursuant to this Agreement.  

4.3 Disclosure. From and after the date hereof, so long as this Agreement is in effect, Athene will not issue any press release,
public statement or other disclosure to a third party with respect to this Agreement without the prior consent of ARI (which consent shall not be unreasonably withheld, conditioned or delayed), and ARI will not issue, or consent to the issuance by
AMTG or any other Person of, any press release, public statement or other disclosure to a third party, including the information supplied by or on behalf of ARI for inclusion or incorporation by reference in the Proxy Statement (as defined in the
Merger Agreement), with respect to the Asset Purchase Agreement, the Loan Agreement, this Agreement or Athene or any Subsidiary thereof without the prior written consent of Athene (which consent shall not be unreasonably withheld, conditioned or
delayed), unless such party determines, after consultation with outside counsel, that it is required by applicable Law or by any listing agreement with or the listing rules of the New York Stock Exchange or other exchange to issue or cause the
publication of any press release or other announcement or disclosure with respect to the Mergers, this Agreement, the Asset Purchase Agreement or the Loan Agreement in which event such party shall endeavor, on a basis reasonable under the
circumstances, to provide a meaningful opportunity to the other party to review and comment upon such press release or other announcement or disclosure (including the Proxy Statement) and shall accept all reasonable additions, deletions or changes
suggested thereto. For the avoidance of doubt and subject to the preceding sentence, ARI and Athene agree that ARI will disclose in the Proxy Statement Athene’s intention to establish the 10b5-1 Plan for the acquisition of ARI Common Stock
as contemplated hereby. 

  
 10 

 4.4 Information to Agent. To the extent requested by Athene, ARI shall, prior to 8:00
a.m., New York City time on the first day of the Purchase Period, provide to Athene all information, other than publicly reported trading volumes, necessary for the Agent to calculate the maximum number of shares of ARI Common Stock that may be
purchased as of the first day of the Purchase Period in accordance with the volume condition set forth in Rule 10b-18. 
 4.5 Notices to
Agent. 
 (a) ARI shall notify each Agent in writing of the occurrence of the Purchase Period Start Date on, and in no event prior to,
the Purchase Period Start Date. 
 (b) On any day in which the amount outstanding under the Loan Agreement is reduced, Athene shall notify
each Agent in writing of such reduced outstanding amount; provided, that Athene shall not be required to deliver such notice if the amount outstanding under the Loan Agreement immediately prior to such reduction is less than or equal to
$190,000,000. 
 (c) ARI shall notify each Agent in writing upon the occurrence of the Minimum Purchase on, and in no event prior to, the
date on which the Minimum Purchase occurs. 
 (d) ARI shall notify each Agent in writing upon the occurrence of the Merger Closing Date on,
and in no event prior to, the date on which the Merger Closing Date occurs. 
 ARTICLE V 

Miscellaneous 
 5.1
Notices. 
 All notices, requests, claims, consents, demands and other communications hereunder shall be in writing and shall be
deemed given if delivered to the applicable party (i) personally (notice deemed given upon receipt), (ii) telecopied (notice deemed given upon confirmation of receipt), (iii) sent by a nationally recognized overnight courier service, such as Federal
Express (notice deemed given upon receipt of proof of delivery) or (iv) electronic mail (provided, that any such transmission by electronic mail shall be followed by a copy delivered in accordance with the foregoing clauses (i) or (iii)) (notice
deemed given on the date sent if sent during normal business hours of the recipient, and on the next Business Day, if sent after normal business hours of the recipient). All notices hereunder shall be delivered as set forth below, or pursuant to
such other instructions as may be designated in writing by the party to receive such notice, and a copy of each notice shall also be sent via e-mail. 
  

			
	If to ARI:	  	Apollo Commercial Real Estate Finance, Inc.
		  	c/o Apollo Global Management, LLC
		  	9 W. 57th Street, 43rd Floor
		  	New York, NY 10019
		  	Attn: Stuart A. Rothstein
		  	Fax: (646) 219-3826
		  	Email: srothstein@apollolp.com

  
 11 

 With a copy (which shall not constitute notice) to: 

 

			
		  	Fried, Frank, Harris, Shriver & Jacobson LLP
		  	One New York Plaza
		  	New York, NY 10004
		  	Attn: Steven Epstein, Esq.
		  	         Abigail Bomba, Esq.
		  	Fax:  (212) 859-4000
		  	Email: steven.epstein@friedfrank.com
		  	            abigail.bomba@friedfrank.com
		
	If to Athene:	  	Athene USA Corporation
		  	c/o Athene Asset Management, L.P.
		  	2121 Rosecrans Ave., Suite 5300
		  	El Segundo, CA 90245
		  	Attn: James Belardi
		  	Fax:  (310) 698-4481
		  	Email: jbelardi@athene.com

 With a copy (which shall not
constitute notice) to: 
  

			
		  	Athene USA Corporation
		  	c/o Athene Asset Management, L.P.
		  	2121 Rosecrans Ave., Suite 5300
		  	El Segundo, CA 90245
		  	Attn: Legal Department
		  	Fax:  (310) 698-4481
		  	Email: legal@athene.com

 5.2 Governing Law. 

This Agreement shall in all respects be governed by, and construed in accordance with, the Laws (excluding conflict of laws rules and
principles) of the State of Delaware applicable to agreements made and to be performed entirely within such State, including all matters of construction, validity and performance. 

5.3 Entire Agreement. 

This Agreement, together with the Ancillary Documents, constitute the entire agreement of the parties relating to the subject matter hereof
and supersede all prior contracts or agreements, whether oral or written. 
 5.4 Severability. 

Should any provision of this Agreement or the application thereof to any Person or circumstance be held invalid or unenforceable to any
extent: (a) such provision shall be ineffective to the extent, and only to the extent, of such unenforceability or prohibition and shall 

  
 12 

 
be enforced to the greatest extent permitted by Law, (b) such unenforceability or prohibition in any jurisdiction shall not invalidate or render unenforceable such provision as applied (i) to
other Persons or circumstances, or (ii) in any other jurisdiction, and (c) such unenforceability or prohibition shall not affect or invalidate any other provision of this Agreement. 

5.5 Amendment. 
 Except
as set forth in Section 5.16, neither this Agreement nor any of the terms hereof may be terminated, amended, supplemented or modified orally, but only by an instrument in writing signed by Athene and ARI; provided, that the observance of any
provision of this Agreement may be waived in writing by the party that will lose the benefit of such provision as a result of such waiver. 

5.6 Effect of Waiver or Consent. 

No waiver or consent, express or implied, by any party to or of any breach or default by any party in the performance by such party of its
obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such party of the same or any other obligations of such party hereunder. No single or partial exercise of
any right or power, or any abandonment or discontinuance of steps to enforce any right or power, shall preclude any other or further exercise thereof or the exercise of any other right or power. Failure on the part of a party to complain of any
act of any party or to declare any party in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder until the applicable statute of limitation period has run. 

5.7 Parties in Interest; Limitation on Rights of Others. 

The terms of this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective legal representatives,
successors and assigns. Nothing in this Agreement, whether express or implied, shall be construed to give any Person (other than the parties hereto and their respective legal representatives, successors and assigns and as expressly provided
herein) any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, conditions or provisions contained herein, as a third party beneficiary or otherwise. 

5.8 Assignability. 
 This
Agreement shall not be assigned by any party without the prior written consent of the other party hereto; provided, however, that Athene may assign this Agreement to any Subsidiary thereof without ARI’s consent, it being understood that any
such assignment shall not release Athene from any of its obligations under this Agreement. 
 5.9 Jurisdiction; Court Proceedings; Waiver
of Jury Trial. 
 Any Litigation against any party to this Agreement arising out of or in any way relating to this Agreement shall be
brought in any federal or state court located in the State of Delaware in New Castle County and each of the parties hereby submits to the exclusive 

  
 13 

 
jurisdiction of such courts for the purpose of any such Litigation; provided, that a final judgment in any such Litigation shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by Law. Each party irrevocably and unconditionally agrees not to assert (a) any objection which it may ever have to the laying of venue of any such Litigation in any federal or state court
located in the State of Delaware in New Castle County, (b) any claim that any such Litigation brought in any such court has been brought in an inconvenient forum and (c) any claim that such court does not have jurisdiction with respect to such
Litigation. To the extent that service of process by mail is permitted by applicable Law, each party irrevocably consents to the service of process in any such Litigation in such courts by the mailing of such process by registered or
certified mail, postage prepaid, at its address for notices provided for herein. Each party irrevocably and unconditionally waives any right to a trial by jury and agrees that any of them may file a copy of this paragraph with any court as
written evidence of the knowing, voluntary and bargained-for agreement among the parties irrevocably to waive its right to trial by jury in any Litigation.  

5.10 No Other Duties. 

The only duties and obligations of the parties under this Agreement are as specifically set forth in this Agreement, and no other duties or
obligations shall be implied in fact, Law or equity, or under any principle of fiduciary obligation. 
 5.11 Reliance on Counsel and
Other Advisors. 
 Each party has consulted such legal, financial, technical or other expert as it deems necessary or desirable before
entering into this Agreement. Each party represents and warrants that it has read, knows, understands and agrees with the terms and conditions of this Agreement. 

5.12 Remedies. 
 All
remedies, either under this Agreement or by Law or otherwise afforded to the parties hereunder, shall be cumulative and not alternative, and any Person having any rights under any provision of this Agreement will be entitled to enforce such rights
specifically, to recover damages by reason of any breach of this Agreement and to exercise all other rights granted by Law, equity or otherwise. 

5.13 Specific Performance. 

The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. Accordingly, the parties agree that, in addition to any other remedies, each party shall be entitled to enforce the terms of this Agreement by a decree of specific
performance. Each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy. 

  
 14 

 5.14 Counterparts. 

This Agreement may be executed by facsimile signatures and in any number of counterparts with the same effect as if all signatory parties had
signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in “portable document format”
(“.pdf”), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature. 

5.15 Further Assurance. 

If at any time after the date hereof any further action is necessary or desirable to fully effect the transactions contemplated hereby or any
other of the Ancillary Documents, each of the parties shall take such further action (including the execution and delivery of such further instruments and documents) as any other party reasonably may request. 

5.16 Termination. 
 This
Agreement shall terminate automatically without any act or deed of either party upon the Asset Purchase Agreement or the Merger Agreement being terminated in accordance with its terms; provided, however, that this Agreement shall not
terminate automatically upon the termination of the Asset Purchase Agreement by ARI pursuant to Section 10.1(d) or 10.1(e) of the Asset Purchase Agreement. 

(signature pages follow) 

  
 15 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and
delivered in its name and on its behalf, all as of the day and year first above written. 
  

			
	ATHENE USA CORPORATION
	
	By: Athene Asset Management, L.P., its investment advisor
	
	By: AAM GP Ltd., its General Partner
		
	By:	 	 /s/ James R. Belardi

	Name:	 	James R. Belardi
	Title:	 	Chief Executive Officer

 
			
	APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.
		
	By:	 	 /s/ Stuart A. Rothstein

	Name:	 	Stuart A. Rothstein
	Title:	 	President and Chief Executive Officer

 EXHIBIT A 

FORM OF 
 10b5-1 PURCHASE
PLAN AGREEMENT 
 [            ], 2016 

Purchaser: 
 This letter agreement (this
“Letter Agreement”) confirms the terms and conditions under which Athene USA Corporation (the “Purchaser”) hereby establishes a plan (the “Plan”) to purchase shares of common stock, par value $0.01 (the
“Securities”), of Apollo Commercial Real Estate Finance, Inc. (the “Issuer”), and under which [●] will act as its exclusive agent to execute the Plan. 

 

	1.	Appointment of [●]. The Purchaser hereby appoints [●] as its exclusive agent to purchase Securities pursuant to the Plan. It is the Purchaser’s intention that such purchases benefit from the safe
harbor provided by Rule 10b-18 (“Rule 10b-18”) and the affirmative defense provided by Rule 10b5-1 (“Rule 10b5-1”) each promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that the Plan
and the transactions contemplated hereby comply with the requirements of paragraph (c)(1)(i)(B) of Rule 10b5-1, and the Purchaser acknowledges that the Purchaser may be an “affiliated purchaser”
of the Issuer, as such term is defined in Rule 10b-18. Accordingly, the Purchaser hereby agrees that the terms of this Letter Agreement and the Plan shall be interpreted to comply with the requirements of
such paragraph (c)(1)(i)(B) and that it shall not take, nor permit any person or entity under its control to take, any action that could jeopardize the availability of Rule 10b-18 for purchases of
Securities under the Plan or result in such purchases not so complying with the requirements of such paragraph (c)(1)(i)(B). [●] agrees that it shall use good faith efforts to execute all purchases of Securities under this Letter
Agreement in accordance with the timing, price and volume restrictions contained in subparagraphs (2), (3) and (4) of paragraph (b) of Rule 10b -18, taking into account the rules and practices of the principal exchange on which the
Securities are traded (the “Principal Market”), it being understood that [●] shall not be responsible for delays between the execution and reporting of a trade in the Securities, any reporting errors of the Principal Market or third
party reporting systems or other circumstances beyond [●]’s control. 

  

	2.	Term. 

  

	 	(a)	[●] is authorized to commence purchasing Securities on the first day following the Purchase Period Start Date (as defined in Annex A) provided that the Issuer delivers written notice of the Purchase Period Start
Date to [●] on the Purchase Period Start Date (the “Start Date”), and this Letter Agreement and the Plan shall terminate upon the earliest of (the period from and including the Start Date to such termination, the “Plan
Period”): 

  

	 	(i)	the expiration of the Purchase Period (as defined in Annex A); 

	 	(ii)	the completion of all purchases contemplated by the Plan; 

  

	 	(iii)	subject to Section 11 below, the receipt by either party from the other of written notice of termination; 

  

	 	(iv)	the existence of any legal or regulatory restriction that would prohibit any purchase pursuant to the Plan; 

  

	 	(v)	the public announcement (as defined in Rule 165(f) under the Securities Act of 1933, as amended) of any merger, acquisition, or similar transaction relating to the Issuer (other than any merger, acquisition, or
similar transaction publicly announced prior to the Start Date) and any such transaction in which the Issuer is the acquiring party and the consideration consists solely of cash and there is no valuation period); 

 

	 	(vi)	the commencement of any voluntary or involuntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Issuer or the Purchaser under any bankruptcy, insolvency or similar law
or seeking the appointment of a trustee, receiver or other similar official with respect to the Issuer or the Purchaser, or the taking of any corporate action by the Issuer or the Purchaser to authorize or commence any of the foregoing;

  

	 	(vii)	the failure of the Purchaser to comply with Section 7 hereof; 

  

	 	(viii)	the failure of the Issuer to provide notice of the Purchase Period Start Date to [●] on the Purchase Period Start Date; and 

  

	 	(ix)	any delay of the Purchase Period Start Date caused by or within the sole control of the Purchaser or as a result of sole consent provided by the Purchaser or any amendment to any of the Merger Agreement, the Asset
Purchase Agreement or the Loan Agreement (each as defined in Annex A) in the Purchaser’s discretion or sole control or with the Purchaser’s sole consent causing a delay with respect to the Purchase Period Start Date or the Asset Purchase
(as defined in Annex A). 

  

	 	(b)	If, as contemplated by paragraph (a)(iv) of this Section 2, at any time during the term of this Letter Agreement, any legal or regulatory restriction that is applicable to the Issuer, the Purchaser or the affiliates of
the Issuer or the Purchaser would prohibit any purchase pursuant to the Plan, the Purchaser shall give [●] notice of such restriction as soon as practicable (such notice, a “Required Termination Notice”). Such notice shall not
include any information about the nature of the restriction or its applicability to the relevant entity. 

  

	 	(c)	The Purchaser shall be solely responsible for any purchases made by [●] as the Purchaser’s agent prior to the termination of the Plan. In addition, if [●] receives notice of termination (including any
Required Termination Notice) or of any of the termination events listed above, [●] shall nevertheless be entitled to make, and the Purchaser shall be solely responsible for, a purchase hereunder pursuant to a bid made before such notice was
received by [●]. 

  

	 	(d)	Sections 7 and 10 of this Letter Agreement shall survive any termination hereof. 

  
 2 

	3.	Purchases Outside Plan. The Purchaser (a) agrees that it shall not and (b) represents and warrants that it has agreed with the Issuer that the Issuer shall not, and the Issuer shall cause each of its
“affiliated purchasers” (as defined in Rule 10b-18) not to, directly or indirectly (including in any similar purchase plan or any derivative transaction) purchase, offer to purchase or place any
bid or limit order for the purchase of any Securities or any securities convertible or exchangeable into or exercisable for, or the value of which is derived from, the Securities during the Plan Period except under the Plan pursuant to this Letter
Agreement. If the Purchaser becomes aware that the Issuer or any other affiliated purchaser of the Issuer has taken any such action during the Plan Period, the Purchaser shall so notify [●] as soon as practicable. 

 

	4.	Purchasing Procedures. 

  

	 	(a)	On each Trading Day during the Plan Period on which no Market Disruption Event (as defined below) occurs, [●] shall use commercially reasonable efforts to purchase as agent for the Purchaser and for the account of
the Purchaser the lesser of (i) the maximum number of Securities that the Purchaser could purchase on such Trading Day in accordance with the volume condition set forth in Rule 10b-18 and
(ii) the number of Securities, if any, that [●] is able, subject to market conditions and principles of best execution, to purchase as agent for the Purchaser and for the account of the Purchaser on such Trading Day using commercially
reasonable means in accordance with the Plan guidelines set forth in Annex A hereto. [●] may purchase Securities on the Principal Market, any national securities exchange, in the over-the-counter market, on an automated trading system or
otherwise. Any numbers of Securities to be purchased (and any corresponding purchase price limits or ranges) set forth in Annex A shall be adjusted automatically on a proportionate basis to take into account any stock split, reverse stock split
or stock dividend with respect to the Securities or any change in capitalization with respect to the Issuer or any similar event that occurs during the term of this Letter Agreement, as determined by [●] in good faith and a commercially
reasonable manner. 

 A “Trading Day” is any day that the Principal Market is open for business and the Securities
trade regular way on the Principal Market. 
 “Market Disruption Event” means that (i) there occurs any material (as
reasonably determined by [●]) suspension of or limitation on trading by the Principal Market, (ii) there occurs any event that materially (as reasonably determined by [●]) disrupts or impairs the ability of market participants in
general to effect transactions in or obtain market values for the Securities or futures or options contracts on the Securities or (iii) the Principal Market closes prior to its scheduled closing time for such Trading Day. 

  
 3 

	 	(b)	In the event that [●], in its discretion, determines that it is appropriate with regard to any legal, regulatory or self-regulatory requirements or related internal policies and procedures (whether or not such
requirements, policies or procedures are imposed by law or have been voluntarily adopted by [●]) for [●] to refrain from purchasing Securities or to purchase fewer than the number of Securities otherwise specified in the instructions
provided by the Purchaser on any day, then [●] may, in its sole discretion, elect that the number of Securities purchased shall be reduced for such day to an amount determined by [●] in its discretion. 

 

	 	(c)	Any Securities purchased pursuant to the Plan shall be purchased under ordinary principles of best execution at the then-prevailing market price. Subject to the terms of the Plan as set forth herein (including Annex A
hereto), [●] shall have full discretion with respect to the execution of all purchases, and the Purchaser acknowledges and agrees that the Purchaser does not have, and shall not attempt to exercise, any influence over how, when or whether
purchases of Securities are affected pursuant to the Plan. The Purchaser acknowledges and agrees that, in purchasing Securities pursuant to the Plan, [●] will be an independent contractor and will not be acting as the Purchaser’s trustee
or fiduciary or in any similar capacity. 

  

	5.	Payment for and Delivery of Purchased Securities. Payment for Securities purchased, together with any applicable fees, shall be made by the Purchaser within one standard settlement cycle after the
purchase. Purchased Securities will be held or delivered in accordance with instructions to be furnished by the Purchaser. [●] shall provide to the Purchaser purchase information daily as well as other market data the Purchaser
reasonably requests. 

  

	6.	Compensation. For the services provided in this Letter Agreement, the Purchaser agrees to pay to [●] a fee of [●] for the Securities purchased pursuant to the terms of this Letter Agreement.

  

	7.	Representations, Warranties and Agreements. The Purchaser represents and warrants to, and agrees with, [●] as follows: 

 

	 	(a)	This Letter Agreement and the transactions contemplated herein have been duly authorized by the Purchaser; this Letter Agreement is the valid and binding agreement of the Purchaser, enforceable against the Purchaser in
accordance with its terms; performance of the transactions contemplated herein will not violate any law, rule, regulation, order, judgment or decree applicable to the Purchaser or conflict with or result in a breach of or constitute a default under
any agreement or instrument to which the Purchaser is a party or by which it or any of its property is bound or its certificate of incorporation or by-laws; and no governmental, administrative or official consent, approval, authorization, notice or
filing is required for performance of the transactions contemplated herein. 

  
 4 

	 	(b)	As of the date of this Letter Agreement, the Purchaser is not aware of any material nonpublic information concerning the Securities or the business, operations or prospects of the Issuer. 

 

	 	(c)	The Purchaser is engaging [●] and entering into this Letter Agreement and the Plan in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, including, without
limitation, Rule 10b-5 under the Exchange Act. Until this Letter Agreement is terminated, the Purchaser agrees not to enter into or alter any corresponding or hedging transaction or position with
respect to the Securities. 

  

	 	(d)	The Purchaser is not entering into this Letter Agreement to create actual or apparent trading activity in the Securities (or any security convertible into or exchangeable for the Securities) or to raise or depress the
price of the Securities (or any security convertible into or exchangeable for the Securities) for the purpose of inducing others to buy or sell Securities, and will not engage in any other securities or derivative transaction to such ends.

  

	 	(e)	During the term of this Letter Agreement, neither the Purchaser nor its officers or employees shall, directly or indirectly, disclose to any person at [●] effecting purchases under the Plan any material nonpublic
information regarding the Issuer or the Securities or any information regarding the Issuer or the Securities that could reasonably be expected to influence the execution of the Plan. 

 

	 	(f)	The Purchaser acknowledges that [●] is a “financial institution” and “financial participant” within the meaning of Sections 101(22) and 101(22A), respectively, of Title 11 of the United States
Code (the “Bankruptcy Code”). The parties hereto further agree and acknowledge that each transaction under this Letter Agreement is intended to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code and
each payment or delivery of cash, Securities or other property or assets hereunder is a “settlement payment” within the meaning of Section 741(8) of the Bankruptcy Code, and the parties hereto are to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 555 and 561 of the Bankruptcy Code. 

  

	 	(g)	Prior to 8:00 a.m., New York City time on the Start Date, the Purchaser shall provide to [●] all information, other than publicly reported trading volumes, necessary for [●] to calculate the maximum number
of Securities that may be purchased as of the Start Date in accordance with the volume condition set forth in Rule 10b-18, and [●] shall be entitled to rely on such information so provided. 

 

	 	(h)	None of the Purchaser, the Issuer nor any of their respective affiliates or agents shall take any action that would cause Regulation M under the Exchange Act (“Regulation M”) to be applicable to any purchases
of Securities, or any security for which the Securities are a reference security (as defined in Regulation M), by the Purchaser, the Issuer or any other affiliated purchasers (as defined in Regulation M) of the Issuer during the Plan Period.

  

	 	(i)	The Purchaser shall be solely responsible for compliance with all statutes, rules and regulations applicable to the Purchaser and the transactions contemplated hereby, including, without limitation, reporting and filing
requirements. The Purchaser acknowledges and agrees that it is not relying, and has not relied, upon [●] or any affiliate of [●] with respect to the legal, accounting, tax or other implications of the Plan and the transactions
contemplated thereby and that it has conducted its own analyses of the legal, accounting, tax and other implications hereof. [●] has made no representation and has no obligation with respect to whether the Plan or the transactions
contemplated thereunder qualify for the safe harbor provided by Rule 10b-18 or the affirmative defense provided by Rule 10b5-1. 

  
 5 

	8.	Disclosure of Acquisition Program. The Purchaser represents and warrants that the Issuer has publicly disclosed the Purchaser’s intention to establish the Plan for the acquisition of the Securities.

  

	9.	Other Purchases by [●]. Nothing herein shall preclude the purchase by [●] of Securities for [●]’s own account, or the solicitation or execution of purchase or sale orders of Securities for
the account of [●]’s clients. 

  

	10.	Indemnification. The Purchaser shall indemnify [●] and its affiliates against any liabilities or expenses (including reasonable out-of-pocket attorney’s fees and disbursements), or actions in respect
of any liabilities or expenses, arising from the services furnished pursuant to this Letter Agreement including, but not limited to, liabilities and expenses arising by reason of any violation or alleged violation of any state or federal securities
laws, except to the extent such liabilities or expenses result from the gross negligence or bad faith of [●] or its affiliates. The Purchaser shall also promptly reimburse [●] and its affiliates for all expenditures (including
attorney’s fees and disbursements) made to investigate, prepare or defend any action or claim in respect of any such liability or expense, regardless of whether any litigation is pending or threatened against [●] or its affiliates. In
addition, neither [●] nor its affiliates shall be liable in respect of any liabilities or expenses incurred by the Purchaser arising from or in connection with [●]’s role or services under this Letter Agreement, except to the extent
any such liabilities or expenses result from the gross negligence or bad faith of [●] or its affiliates. 

  

	11.	 Amendment, Modification, Waiver or Termination. Any amendment, modification or waiver of this Letter Agreement or the Plan must be effected in
accordance with the requirements for the amendment of a “plan” as defined in paragraph (c) of Rule 10b5-1. Without limiting the generality of the foregoing, any amendment, modification,
waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act, and no such amendment or modification shall be made at any time at which the Purchaser is
aware of any material nonpublic information concerning the Issuer or the Securities, it being understood that the 

  
 6 

	 	
Purchaser may terminate the Plan at a time when it is aware of material nonpublic information. The Purchaser acknowledges and agrees that any action taken by it that results in the
termination of the Plan pursuant to Section 2 is subject to the principles set forth in this section. 

  

	12.	Notices. Any written communication shall be sent to the address specified below: and shall become effective upon receipt: 

 

	 	(a)	if to [●], to it at 

 [●] 

[●] 
 [●] 

Attention: [●] 

Telephone: [●] 

Facsimile: [●] 
 Email:
[●] 
 or at such other address as may from time to time be designated by notice to the Purchaser in writing; and 

 

	 	(b)	if to the Purchaser, to it at 

 Athene USA Corporation 

c/o Athene Asset Management, L.P. 

2121 Rosecrans Ave., Suite 5300 

El Segundo, CA 90245 
 Attention:
James Belardi 
 Facsimile: 310-698-4492 

Email: jbelardi@athene.com 
 With
a copy to: 
 Athene USA Corporation 

c/o Athene Asset Management, L.P. 

2121 Rosecrans Ave., Suite 5300 

El Segundo, CA 90245 
 Attention:
James Belardi 
 Facsimile: 310-698-4492 

Email: legal@athene.com 
 or at
such other address as may from time to time be designated by notice to [●] in writing. 
  

	13.	Assignment. Neither party may assign its rights and obligations under this Letter Agreement to any other party; provided that [●] may assign its rights and obligations under this Letter
Agreement to any subsidiary of [●]. 

  
 7 

	14.	Governing Law. This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the law of the State of New
York. The parties hereto irrevocably submit to the exclusive jurisdiction of the federal and state courts located in the Borough of Manhattan, in the City of New York in any suit or proceeding arising out of or relating to this Letter Agreement
or the transactions contemplated hereby. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

  
 8 

 If the foregoing correctly sets forth our agreement, please sign the form of acceptance below. 

 

			
	[●]
		
	By:	 	  

		 	Name:
		 	Title:

 Agreed to and accepted as of: 
  

					
	ATHENE USA CORPORATION
		
	By:	 	Athene Asset Management, L.P., its investment manager
		
	By:	 	AAM GP Ltd., its General Partner
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 ANNEX A 

Defined Terms 
 “Asset
Purchase” means the purchase by the buyers under the Asset Purchase Agreement of, or the buyers’ failure to purchase when required by the Asset Purchase Agreement, assets having an aggregate market value of at least $500,000,000
pursuant to the Asset Purchase Agreement. 
 “Asset Purchase Agreement” means the Asset Purchase and Sale Agreement, dated
as of February 26, 2016, by and among, Athene Annuity & Life Assurance Company, Athene Annuity and Life Company and the Issuer. 

“Business Day” means any day other than a Saturday, Sunday or day on which banks are closed in New York, New York. 

“Conditional Amount” means (i) from the Purchase Period Start Date through the third (3rd) Business Day after the Merger Closing Date, $5,000,000 and (ii) after the third (3rd) Business Day following the Merger Closing Date, $0;
provided that if the Asset Purchase occurs on or prior to the third (3rd) Business Day following the Merger Closing Date and the Issuer has delivered notice thereof to [●] on the date
of the Asset Purchase, then, from and after the date of the Asset Purchase, the Conditional Amount shall be $20,000,000. 
 “Loan
Agreement” means the Loan Agreement, dated as of [●], by and among the Issuer, Arrow Merger Sub, Inc. and the Purchaser. 

“Maximum Amount” means an amount equal to the lesser of (i) $210,000,000 minus the Outstanding Loan Amount and (ii) the
Conditional Amount, excluding any amounts payable in respect of commissions (including any fee described in Section 6). 
 “Merger
Agreement” means that certain Agreement and Plan of Merger, dated as of February 26, 2016, by and among the Issuer, Apollo Residential Mortgage, Inc., and Arrow Merger Sub, Inc. 

“Merger Closing Date” means the closing date of the mergers contemplated by the Merger Agreement, as specified in a written
notice provided by the Issuer to [●] on the Merger Closing Date. 
 “Outstanding Loan Amount” means the amount
outstanding under the Loan Agreement, which shall be $200,000,000 or, if such amount is reduced at any time, such lesser amount as specified in a written notice provided by the Purchaser to [●]. 

“Purchase Period” means the period commencing on the first day following the Purchase Period Start Date and continuing
through the end of the thirtieth (30th) Trading Day following such day. 
 “Purchase Period Start Date” means the date of
the latest to occur of (i) the Merger Closing Date, (ii) the date on which the conditions set forth in the Asset Purchase Agreement to the obligation of the buyers thereunder to consummate the transactions contemplated by the Asset Purchase
Agreement have been satisfied and (iii) the date on which the conditions set forth in the Loan Agreement to the obligation of the Purchaser to extend the financing pursuant to the Loan Agreement have been satisfied. 

 Plan Guidelines 

Subject to the other restrictions set forth in this Letter Agreement, including without limitation Section 4(a) and the proviso at the end of this paragraph,
[●] shall purchase as many shares of the Securities as possible during the Purchase Period on the Principal Market; provided that (i) the purchase price for the Securities is less than $[●] per share and (ii) no Securities
will be purchased at any time that the aggregate amount of Securities purchased pursuant to the Plan is in excess of the Maximum Amount as of such time. 

  
 2

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