Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

CREDIT AGREEMENT 
 dated as of
April 18, 2019, 
 among 

HESS CORPORATION, 
 HESS OVERSEAS
FINANCE INVESTMENTS CENTRE LIMITED, 
 as the initial Borrowing Subsidiary, 

THE LENDERS PARTY HERETO, 
 and

 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
  

 
 JPMORGAN CHASE
BANK, N.A., 
 MUFG BANK, LTD., 

MIZUHO BANK, LTD., 
 GOLDMAN SACHS
BANK USA and 
 MORGAN STANLEY SENIOR FUNDING, INC., 

as Joint Lead Arrangers and Joint Bookrunners 

MUFG BANK, LTD., 
 MIZUHO BANK,
LTD., 
 GOLDMAN SACHS BANK USA and 

MORGAN STANLEY SENIOR FUNDING, INC., 

as Syndication Agents 
 BMO HARRIS
BANK N.A., 
 BNP PARIBAS, 

CITIBANK, N.A., 
 SUMITOMO MITSUI
BANKING CORPORATION, 
 THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, 

THE TORONTO-DOMINION BANK, NEW YORK BRANCH and 

WELLS FARGO BANK, N.A., 
 as
Documentation Agents 
  
  

$3,500,000,000 REVOLVING CREDIT FACILITY 
  

 
  

 TABLE OF CONTENTS 

ARTICLE I 
 Definitions 

 

							
	SECTION 1.01.	  	Defined Terms	  	 	1	 
	SECTION 1.02.	  	Classification of Loans and Borrowings	  	 	25	 
	SECTION 1.03.	  	Terms Generally	  	 	25	 
	SECTION 1.04.	  	Accounting Terms; GAAP	  	 	26	 
	SECTION 1.05.	  	Interest Rates; LIBOR Notification	  	 	26	 

 ARTICLE II 

The Credits 
  

							
	SECTION 2.01.	  	Loans and Commitments	  	 	27	 
	SECTION 2.02.	  	Loans and Borrowings	  	 	27	 
	SECTION 2.03.	  	Requests for Revolving Borrowings	  	 	28	 
	SECTION 2.04.	  	Bid Procedure for Competitive Loans	  	 	29	 
	SECTION 2.05.	  	Swingline Loans	  	 	31	 
	SECTION 2.06.	  	Letters of Credit	  	 	33	 
	SECTION 2.07.	  	Funding of Borrowings	  	 	39	 
	SECTION 2.08.	  	Interest Elections	  	 	40	 
	SECTION 2.09.	  	Termination, Reduction, Extension and Increase of Commitments	  	 	41	 
	SECTION 2.10.	  	Repayment of Loans; Evidence of Debt	  	 	44	 
	SECTION 2.11.	  	Prepayment of Loans	  	 	45	 
	SECTION 2.12.	  	Fees	  	 	45	 
	SECTION 2.13.	  	Interest	  	 	47	 
	SECTION 2.14.	  	Alternate Rate of Interest	  	 	48	 
	SECTION 2.15.	  	Increased Costs	  	 	49	 
	SECTION 2.16.	  	Break Funding Payments	  	 	51	 
	SECTION 2.17.	  	Taxes	  	 	51	 
	SECTION 2.18.	  	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	  	 	55	 
	SECTION 2.19.	  	Mitigation Obligations; Replacement of Lenders	  	 	56	 
	SECTION 2.20.	  	Borrowing Subsidiaries	  	 	57	 
	SECTION 2.21.	  	Defaulting Lenders	  	 	59	 

  
 i 

 ARTICLE III 

Representations and Warranties 
  

							
	SECTION 3.01.	  	Corporate Existence and Power; Compliance with Law and Agreements	  	 	61	 
	 SECTION 3.02.
	  	Corporate Authority	  	 	62	 
	 SECTION 3.03.
	  	Enforceability	  	 	62	 
	 SECTION 3.04.
	  	Financial Condition; No Material Adverse Effect	  	 	62	 
	 SECTION 3.05.
	  	Litigation	  	 	62	 
	 SECTION 3.06.
	  	ERISA	  	 	62	 
	 SECTION 3.07.
	  	Environmental Matters	  	 	63	 
	 SECTION 3.08.
	  	Federal Regulations	  	 	63	 
	 SECTION 3.09.
	  	Investment Company Status	  	 	63	 
	 SECTION 3.10.
	  	Scheduled Debt	  	 	63	 
	 SECTION 3.11.
	  	Anti-Corruption Laws and Sanctions	  	 	63	 

 ARTICLE IV 

Conditions 
  

							
	 SECTION 4.01.
	  	Conditions to Effectiveness	  	 	64	 
	 SECTION 4.02.
	  	Conditions to Each Credit Event	  	 	65	 
	 SECTION 4.03.
	  	Conditions to Initial Borrowing by each Borrowing Subsidiary	  	 	65	 

 ARTICLE V 

Affirmative Covenants 
  

							
	 SECTION 5.01.
	  	Financial Statements and Other Information	  	 	66	 
	 SECTION 5.02.
	  	Notices of Material Events	  	 	67	 
	 SECTION 5.03.
	  	Existence; Conduct of Business	  	 	67	 
	 SECTION 5.04.
	  	Insurance	  	 	68	 
	 SECTION 5.05.
	  	Compliance with Laws	  	 	68	 
	 SECTION 5.06.
	  	Use of Proceeds	  	 	68	 

 ARTICLE VI 

Negative Covenants 
  

							
	 SECTION 6.01.
	  	Liens	  	 	69	 
	 SECTION 6.02.
	  	Fundamental Changes	  	 	70	 
	 SECTION 6.03.
	  	Restrictive Agreements	  	 	71	 
	 SECTION 6.04.
	  	Future Subsidiary Guarantees	  	 	72	 
	 SECTION 6.05.
	  	Capitalization Ratios	  	 	72	 

  
 ii 

 ARTICLE VII 

Events of Default 
 ARTICLE VIII

 The Administrative Agent 

ARTICLE IX 
 Guarantee 

ARTICLE X 
 Miscellaneous 

 

							
	 SECTION 10.01.
	  	Notices	  	 	81	 
	 SECTION 10.02.
	  	Waivers; Amendments	  	 	83	 
	 SECTION 10.03.
	  	Expenses; Indemnity; Damage Waiver	  	 	84	 
	 SECTION 10.04.
	  	Successors and Assigns	  	 	86	 
	 SECTION 10.05.
	  	Survival	  	 	89	 
	 SECTION 10.06.
	  	USA PATRIOT Act	  	 	90	 
	 SECTION 10.07.
	  	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	90	 
	 SECTION 10.08.
	  	Severability	  	 	91	 
	 SECTION 10.09.
	  	Right of Setoff	  	 	91	 
	 SECTION 10.10.
	  	Governing Law; Jurisdiction; Consent to Service of Process; Process Agent; Waiver of Immunity	  	 	91	 
	 SECTION 10.11.
	  	WAIVER OF JURY TRIAL	  	 	92	 
	 SECTION 10.12.
	  	Headings	  	 	92	 
	 SECTION 10.13.
	  	Confidentiality; Non-Public Information	  	 	92	 
	 SECTION 10.14.
	  	No Fiduciary Relationship	  	 	94	 
	 SECTION 10.15.
	  	Conversion of Currencies	  	 	94	 
	 SECTION 10.16.
	  	Interest Rate Limitation	  	 	94	 
	 SECTION 10.17.
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	95	 

  
 iii 

			
	 SCHEDULES:
	  	
		
	 Schedule 2.01
	  	Commitments
	 Schedule 2.05
	  	Swingline Commitments
	 Schedule 2.06A
	  	Issuing Banks and LC Commitments
	 Schedule 2.06B
	  	Existing Letters of Credit
	 Schedule 3.10
	  	Scheduled Debt
	 Schedule 6.01
	  	Existing Liens
		
	 EXHIBITS:
	  	
		
	 Exhibit A
	  	Form of Assignment and Acceptance
	 Exhibit B
	  	Form of Note
	 Exhibit C
	  	Form of Borrowing Request
	 Exhibit D
	  	Form of Interest Election Request
	 Exhibit E
	  	Form of Notice of LC Activity
	 Exhibit F
	  	Form of Notice of LC Request
	 Exhibit G-1
	  	Form of Borrowing Subsidiary Agreement
	 Exhibit G-2
	  	Form of Borrowing Subsidiary Termination
	 Exhibit H-1
	  	Form of U.S. Tax Certificate (Foreign Lenders that are Not Partnerships)
	 Exhibit H-2
	  	Form of U.S. Tax Certificate (Foreign Participants that are Not Partnerships)
	 Exhibit H-3
	  	Form of U.S. Tax Certificate (Foreign Participants that are Partnerships)
	 Exhibit H-4
	  	Form of U.S. Tax Certificate (Foreign Lenders that are Partnerships)

  
 iv 

 CREDIT AGREEMENT dated as of April 18, 2019, among HESS CORPORATION, a
Delaware corporation; HESS OVERSEAS FINANCE INVESTMENTS CENTRE LIMITED, a Cayman Islands exempted company incorporated with limited liability, as a Borrowing Subsidiary, and each other Borrowing Subsidiary from time to time party hereto; the LENDERS
party hereto; and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 The parties hereto agree as follows: 

ARTICLE I 
 Definitions 

SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR”, when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Accommodation Guarantee Indebtedness”
has the meaning assigned to such term in clause (e) of Article VII. 
 “Adjusted LIBO Rate” means, with respect to any
Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent hereunder and under the other
Loan Documents, and its successors in such capacity as provided in Article VIII. 
 “Administrative Questionnaire” means an
Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a
specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agents” means the Administrative Agent, the Documentation Agents and the Syndication Agents. 

“Aggregate Commitment” means, at any time, the sum of the Commitments of all the Lenders at such time. 

  
 1 

 “Aggregate Exposure” means, at any time, the sum of (a) the Aggregate
Revolving Credit Exposure at such time and (b) the aggregate outstanding principal amount of the Competitive Loans at such time. 

“Aggregate Revolving Credit Exposure” means, at any time, the sum of (a) the outstanding principal amount of the
Revolving Loans and Swingline Loans at such time and (b) the total LC Exposure at such time. 
 “Agreement” means this
Credit Agreement. 
 “Agreement Currency” has the meaning assigned to such term in Section 10.15(b). 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the New York Fed Bank Rate in effect on such day plus 1/2 of 1% per annum and (c) the Adjusted LIBO Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in dollars with a
maturity of one month plus 1% per annum. For purposes of clause (c) above, the Adjusted LIBO Rate on any day shall be based on the LIBO Screen Rate (or, if the LIBO Screen Rate is not available for a maturity of one month, the Interpolated
Screen Rate) at approximately 11:00 a.m., London time, on such day for deposits in dollars with a maturity of one month; provided that if such rate shall be less than zero, such rate shall be deemed to be zero. Any change in the Alternate
Base Rate due to a change in the Prime Rate, the New York Fed Bank Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the New York Fed Bank Rate or the Adjusted LIBO Rate,
respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14, then for purposes of clause (c) above, the Adjusted LIBO Rate shall be deemed to be zero. 

“Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction applicable to the Company or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Creditor” has the meaning
assigned to such term in Section 10.15(b). 
 “Applicable Percentage” means, at any time, with respect to any Lender,
the percentage of the Aggregate Commitment represented by such Lender’s Commitment at such time. If all the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in
effect, giving effect to any assignments. 

  
 2 

 “Applicable Rate” means, for any day, with respect to the Facility Fees or
any Eurodollar Revolving Loan or ABR Revolving Loan, the applicable rate per annum set forth below under the caption “Facility Fee Rate”, “Eurodollar Spread” or “ABR Spread”, in each case based upon the Public Debt
Ratings applicable on such day: 
  

													
	 Public Debt Rating
	  	Facility Fee Rate	 	 	Eurodollar Spread	 	 	ABR Spread	 
	 Level I 3 A3 /
A-/ A-
	  	 	0.100	% 	 	 	0.900	% 	 	 	0.000	% 
	 Level II Baa1 / BBB+/ BBB+
	  	 	0.125	% 	 	 	1.000	% 	 	 	0.000	% 
	 Level III Baa2 / BBB/ BBB
	  	 	0.175	% 	 	 	1.075	% 	 	 	0.075	% 
	 Level IV Baa3 / BBB-/ BBB-
	  	 	0.200	% 	 	 	1.300	% 	 	 	0.300	% 
	 Level V Ba1 / BB+/ BB+
	  	 	0.250	% 	 	 	1.625	% 	 	 	0.625	% 
	 Level VI < Ba1 / BB+/ BB+ or unrated
	  	 	0.350	% 	 	 	1.775	% 	 	 	0.775	% 

 For purposes of the foregoing, (a) if only one or two of the Rating Agencies shall have in effect a
Public Debt Rating, the Applicable Rate shall be determined by reference to the available rating or ratings; provided that if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Applicable Rate will be determined
by reference to Level VI as set forth in the grid above; (b) if none of the Rating Agencies shall have in effect a Public Debt Rating, the Applicable Rate will be determined by reference to Level VI as set forth in the grid above; (c) if
the Public Debt Ratings established by the Rating Agencies shall fall within different Levels, the Applicable Rate shall be determined by reference to the lower of the two highest Public Debt Ratings, provided that if the higher of such two
Public Debt Ratings is more than one Level above the second highest of such Public Debt Ratings, the Applicable Rate shall be determined by reference to the Level immediately above that corresponding to such second highest Public Debt Rating;
(d) if the Public Debt Rating established by any Rating Agency shall be changed, such change shall be effective as of the date on which such change is first announced publicly by such Rating Agency; and (e) if any Rating Agency shall
change the basis on which Public Debt Ratings are established, each reference to the Public Debt Rating announced by such Rating Agency shall refer to the then equivalent rating by such Rating Agency. 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
commercial loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers
or manages a Lender. 
 “Arrangers” means JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., Mizuho Bank, Ltd., Goldman Sachs Bank
USA and Morgan Stanley Senior Funding, Inc., in their capacities as the joint lead arrangers and joint bookrunners for the credit facility established hereunder. 

  
 3 

 “Assignment and Acceptance” means an assignment and acceptance entered into
by a Lender and an Eligible Assignee (with the consent of any Person whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity
Date and the date of termination of the Commitments. 
 “Bail-In Action” means the
exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Event” means, with respect to any Person, that such Person has become the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or
has taken any action indicating its consent to, approval of or acquiescence in, any such proceeding or appointment; provided that (a) a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of
any ownership interest, in such Person by a Governmental Authority, provided, however, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States of
America or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any agreements made by such Person, and (b) a Bankruptcy Event
shall not result solely by virtue of an Undisclosed Administration. 
 “Beneficial Ownership Certification” means a
certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation, substantially similar in form to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May
2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association. 
 “Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230. 
 “Benefit Plan” means any of (a) an “employee
benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of
the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

  
 4 

 “Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Borrower” means the Company or any Borrowing Subsidiary. 

“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and to the same
Borrower and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, (b) a Swingline Loan or group of Swingline Loans made on the same date or (c) a Competitive Loan or group of Competitive Loans of the same
Type made on the same date and to the same Borrower and as to which a single Interest Period is in effect. 
 “Borrowing
Request” means a request by a Borrower for Revolving Loans or Swingline Loans in accordance with Section 2.03 or 2.05, as applicable, which, if in writing, shall be substantially in the form of Exhibit C or any other form acceptable to
the Administrative Agent. 
 “Borrowing Subsidiary” means (a) Hess Overseas Finance Investments Centre Limited, a
Cayman Islands exempted company incorporated with limited liability, and (b) each other Subsidiary that has been designated as a Borrowing Subsidiary pursuant to Section 2.20, other than any Subsidiary that has ceased to be a Borrowing
Subsidiary as provided in Section 2.20; provided that, notwithstanding anything to the contrary herein, none of the Midstream Subsidiaries may be designated as a Borrowing Subsidiary. 

“Borrowing Subsidiary Agreement” means a Borrowing Subsidiary Agreement substantially in the form of Exhibit G-1, duly executed by the Company and the applicable Borrowing Subsidiary and approved by the Administrative Agent. 

“Borrowing Subsidiary Termination” means a Borrowing Subsidiary Termination substantially in the form of Exhibit G-2, duly executed by the Company. 
 “Business Day” means any day that is not a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that the term “Business Day” shall also exclude, when used in connection with a Eurodollar Loan,
any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Lease”
means, with respect to any Person which is the lessee thereunder, any lease or charter of property, real or personal, which would, in accordance with GAAP, be recorded as an asset under a capital lease on a balance sheet of such Person. 

“Capitalized Lease Obligation” means, with respect to any Person on any date, the amount which would, in accordance with
GAAP, be recorded as an obligation under a Capital Lease on a balance sheet of such Person as lessee under such Capital Lease as at such date. For all purposes of this Agreement, Capitalized Lease Obligations shall be deemed to be Debt secured by a
Lien on the assets subject to the applicable Capital Lease. 

  
 5 

 “Change in Law” means (a) the adoption or taking effect of any law,
rule, regulation or treaty after the Effective Date, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority after the Effective Date or (c) compliance by any
Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or any Issuing Bank’s holding company, if any) with any request, rule, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the Effective Date; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or
any successor or similar authority) or the United States or foreign financial regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted,
promulgated or issued. 
 “Charges” has the meaning assigned to such term in Section 10.16. 

“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are Revolving Loans, Swingline Loans or Competitive Loans. 
 “Code” means the Internal Revenue Code of 1986.

 “Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and acquire
participations in Letters of Credit and Swingline Loans, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Credit Exposure, as such commitment may be (a) reduced or increased from time to
time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, in
an Incremental Facility Agreement pursuant to which such Commitment is established or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’
Commitments on the Effective Date is $3,500,000,000. 
 “Commitment Increase” has the meaning assigned to such term in
Section 2.09(e). 
 “Communications” means, collectively, any notice, demand, communication, information, document or
other material provided by or on behalf of any of the Borrowers pursuant to any Loan Document or the transactions contemplated therein that is distributed to any Lender or any Issuing Bank by means of electronic communications pursuant to
Section 10.01, including through the Platform. 
 “Company” means Hess Corporation, a Delaware corporation. 

“Company Capitalization Ratio” means, on any date of determination, the ratio of (a) Total Consolidated Debt on such
date to (b) Total Capitalization on such date. 
 “Competitive”, when used in reference to any Loan or Borrowing,
means that such Loan, or the Loans comprising such Borrowing, are being made in accordance with Section 2.04. 

  
 6 

 “Competitive Bid” means an offer by a Lender to make a Competitive Loan in
accordance with Section 2.04. 
 “Competitive Bid Rate” means, with respect to any Competitive Bid, the Margin or the
Fixed Rate, as applicable, offered by the Lender making such Competitive Bid. 
 “Competitive Bid Request” means a request
by a Borrower for Competitive Bids in accordance with Section 2.04. 
 “Connection Income Taxes” means Other
Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consenting Lender” has the meaning assigned to such term in Section 2.09(d). 

“Consolidated Current Liabilities” means, on any date, all amounts which, in accordance with GAAP, would be classified as
current liabilities on a consolidated balance sheet of the Company and its Consolidated Subsidiaries as at such date. 

“Consolidated Intangibles” means, on any date, all assets of the Company and its Consolidated Subsidiaries, determined on a
consolidated basis, that would, in accordance with GAAP, be classified as intangible assets on a consolidated balance sheet of the Company and its Consolidated Subsidiaries as at such date, including, without limitation, unamortized debt discount
and expense, unamortized organization and reorganization expense, costs in excess of the fair market value of acquired companies, patents, trade or service marks, franchises, trade names, goodwill and the amount of all
write-ups in the book value of assets resulting from any revaluation thereof (other than revaluations arising out of foreign currency valuations in accordance with GAAP). 

“Consolidated Net Tangible Assets” means, on any date, an amount equal to (a) the amount that would, in accordance with
GAAP, be included as assets on the consolidated balance sheet of the Company and its Consolidated Subsidiaries as at such date minus (b) the sum of (i) Consolidated Intangibles at such date and (ii) Consolidated Current
Liabilities at such date; provided that (A) the amount of assets under clause (a) above and the amount of Consolidated Intangibles under clause (b)(i) above shall, in each case, be determined excluding all assets of any Midstream
Subsidiary (and, in the case of clause (a) above, excluding any equity interests of the Company or any Consolidated Subsidiary in any Midstream Subsidiary) and (B) the amount of Consolidated Current Liabilities under clause (b)(ii) above
shall exclude any current liabilities of the Midstream Subsidiaries, provided that to the extent such current liabilities are Guaranteed by the Company or any Consolidated Subsidiary (other than a Midstream Subsidiary), the amount of such
current liabilities that are so Guaranteed shall be included in determining Consolidated Current Liabilities. 
 “Consolidated
Subsidiaries” means, with respect to any Person on any date, all Subsidiaries and other entities whose accounts are consolidated with the accounts of such Person as of such date in accordance with GAAP. 

  
 7 

 “Continuing Directors” has the meaning assigned to such term in clause
(i) of Article VII. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

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

“Credit Event” means each Borrowing (other than any conversion or continuation of a Loan) and each issuance, renewal,
extension or increase in the amount of a Letter of Credit. 
 “Credit Party” means the Administrative Agent, each Issuing
Bank, each Swingline Lender and each other Lender. 
 “Debt” means, with respect to any Person, (a) indebtedness for
borrowed money (including indebtedness evidenced by debt securities), (b) obligations to pay the deferred purchase price of property or services, except trade accounts payable in the ordinary course of business, (c) Capitalized Lease
Obligations, in the case of each of the foregoing clauses (a) through (c), for which such Person or any of its Consolidated Subsidiaries shall be liable as primary obligor or under any Guarantee of any such indebtedness or other such
obligations of an entity not included in such Person’s consolidated financial statements and (d) any such indebtedness or other such obligations of any entity not included in such Person’s consolidated financial statements secured in
any manner by any Lien upon any assets of such Person or any of its Consolidated Subsidiaries; provided that for purposes of the computation of any Debt under this Agreement there shall be no duplication of any item of primary or other
indebtedness or other obligation referred to above, whether such item reflects the indebtedness or other obligation of such Person or any of its Consolidated Subsidiaries or of any entity not included in such Person’s consolidated financial
statements; and provided further that when computing Debt of the Company and its Consolidated Subsidiaries (other than for purposes of Section 6.01) the first $100,000,000 in the aggregate for which the Company and its
Consolidated Subsidiaries shall be liable under any Guarantee of any Debt of a Person the accounts of which are not consolidated with the accounts of the Company in its consolidated financial statements shall be excluded from the computation of Debt
of the Company and its Consolidated Subsidiaries. 
 “Declining Lender” has the meaning assigned to such term in
Section 2.09(d). 
 “Default” means any event or condition which constitutes an Event of Default or which upon notice,
lapse of time or both would, unless cured or waived, become an Event of Default. 

  
 8 

 “Defaulting Lender” means any Lender that (a) has failed, within two
Business Days of the date required to be funded or paid, (i) to fund any portion of its Loans, (ii) to fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) to pay to any Credit Party any other amount
required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to
funding (specifically identified in such writing, including, if applicable, by reference to a specific Default) has not been satisfied, (b) has notified the Company or any Credit Party in writing, or has made a public statement, to the effect
that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good-faith determination that a condition
precedent (specifically identified in such writing, including, if applicable, by reference to a specific Default) to funding a Loan cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed,
within three Business Days after written request by the Administrative Agent, an Issuing Bank or a Swingline Lender made in good faith to provide a certification in writing from an authorized officer of such Lender that it will comply with its
obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such
certification by the Administrative Agent, such Issuing Bank or such Swingline Lender, as applicable, in form and substance reasonably satisfactory to the Administrative Agent, such Issuing Bank or such Swingline Lender, as applicable, or
(d) has become, or the Lender Parent of which has become, the subject of a Bankruptcy Event or a Bail-In Action. 

“Dividing Person” has the meaning assigned to it in the definition of “Division”. 

“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing
Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. 

“Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any
portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division
shall be deemed a Division Successor upon the occurrence of such Division. 
 “Documentation Agents” means BMO Harris Bank
N.A., BNP Paribas, Citibank, N.A., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, Houston Branch, The Toronto-Dominion Bank, New York Branch, and Wells Fargo Bank, N.A., in their capacities as the documentation agents with respect to
the credit facility established hereby. 
 “dollars” or “$” refers to lawful money of the United States of
America. 
 “EEA Financial Institution” means (a) any credit or investment firm established in any EEA Member Country
that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of any Person described in clause (a) above or (c) any entity established in an EEA Member Country
that is a Subsidiary of any Person described in clause (a) or (b) above and is subject to consolidated supervision with its parent. 

  
 9 

 “EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any Person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which the conditions set forth in Section 4.01 are satisfied. 

“Electronic Signature” means an electronic signature, sound, symbol or process attached to, or associated with, a contract or
other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 
 “Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any commercial bank, insurance company, investment or mutual fund or other Person that is an “accredited investor” (as
defined in Regulation D under the Securities Act) and that extends credit or buys loans in the ordinary course of business, other than, in each case, (i) a Defaulting Lender or a Lender Parent thereof, (ii) the Company or any of its
Subsidiaries or (iii) a natural person. 
 “Environmental Laws” means any and all federal, state, local and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the environment, threatened or endangered species, the release
of any materials into the environment or, as it relates to exposure to hazardous or toxic materials, health and safety. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of
any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) release, threatened release, spill, discharge, disposal, emission or injection of any Hazardous Materials into, or migration of Hazardous Materials through, the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar”, when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan, the LIBO Rate). 

“Event of Default” has the meaning assigned to such term in Article VII. 

  
 10 

 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to a Credit Party or required to be deducted or withheld from a payment to a Credit Party: (a) income or franchise Taxes imposed on (or measured by) net income, in each case (i) by the United States of America (or any political
subdivision or taxing authority thereof or therein), or by the jurisdiction under the laws of which such Credit Party is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is
located or (ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction in which any Lender or any Issuing Bank is located, (c) in the
case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.19(b)) or any foreign branch or Affiliate of a Lender caused by such Lender to make a Loan under Section 2.02(b), any U.S. Federal
withholding Tax that is imposed on amounts payable to such Foreign Lender pursuant to any laws in effect at the time such Foreign Lender becomes a party to this Agreement or such foreign branch or Affiliate is caused to make such a Loan, except to
the extent that such Foreign Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from any Borrower with respect to such withholding Tax pursuant to Section 2.17(a), (d) Taxes attributable to
such Credit Party’s failure or inability to comply with Section 2.17(f), and (e) any Taxes imposed under FATCA. 

“Existing Credit Agreement” means the Five-Year Credit Agreement, dated as of January 21, 2015, as amended and restated
as of December 1, 2017, among the Borrowers, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 

“Existing Letter of Credit” means each letter of credit issued under the Existing Credit Agreement that (a) is
outstanding on the Effective Date and (b) is listed on Schedule 2.06B. 
 “Existing Maturity Date” has the meaning
assigned to such term in Section 2.09(d). 
 “Facility Fee” has the meaning assigned to such term in
Section 2.12(a). 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the Effective Date (and any amended or
successor version that is substantively comparable and not materially more onerous to comply with), and any regulations or official interpretations thereof, any intergovernmental agreements entered into thereunder and any agreements entered into
pursuant to Section 1471(b)(1) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law. 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the New York Fed based on such day’s federal
funds transactions by depository institutions (as determined in such manner as the New York Fed shall set forth on its public website from time to time) and published on the next succeeding Business Day by the New York Fed as the federal funds
effective rate; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

  
 11 

 “Financial Officer” means, with respect to the Company, the chief financial
officer, principal accounting officer, treasurer or controller of the Company; provided that, when such term is used in reference to any document executed by, or a certification of, a Financial Officer, the secretary or assistant secretary of
such Person shall have delivered an incumbency certificate to or shall have an incumbency certificate on file with the Administrative Agent as to the authority of such individual acting in such capacity. 

“Fitch” means Fitch Ratings, Inc., or any successor to its rating agency business. 

“Fixed Rate” means, with respect to any Competitive Loan (other than a Eurodollar Competitive Loan), the fixed rate of
interest per annum specified by the Lender making such Competitive Loan in its related Competitive Bid. 
 “Fixed Rate
Loan” means a Competitive Loan bearing interest at a Fixed Rate. 
 “Foreign Lender” means (a) if the
applicable Borrower is a U.S. Person, a Lender, with respect to such Borrower, that is not a U.S. Person and (b) if the applicable Borrower is not a U.S. Person, a Lender, with respect to such Borrower, that is resident or organized under the
laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. 
 “Fronting Fee” has the
meaning assigned to such term in Section 2.12(b). 
 “GAAP” means, subject to Section 1.04, generally accepted
accounting principles in the United States of America as in effect from time to time (including any requirements thereof promulgated by the SEC). 

“GIP JV Partner” means GIP II Blue Holding Partnership, L.P., a Delaware limited partnership, any of its successors or
assigns or any other Affiliate or investment fund of Global Infrastructure Partners. 
 “Governmental Authority” means the
government of the United States of America or any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Guarantee” by any Person means any direct or indirect undertaking to assume, guarantee, endorse, contingently agree to
purchase or to provide funds for the payment of, or otherwise become liable in respect of, any obligation of any other Person, excluding endorsements for collection or deposit in the ordinary course of business. 

“Guaranteed Obligations” means all the following obligations, when and as due, whether at maturity, by acceleration, upon one
or more dates set for prepayment or otherwise: (a) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding) on all Loans made to any Borrowing Subsidiary, (b) each payment (including payments in respect of reimbursements of LC Disbursements and interest thereon) required to be made under this Agreement
in respect of any Letter of Credit issued 

  
 12 

 
for the account of any Borrowing Subsidiary and (c) all other monetary obligations under this Agreement or any other Loan Document, including fees, costs, expenses and indemnities, whether
primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding), of any Borrowing Subsidiary. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes
and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, well completion and fracturing fluids, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or
medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hess JV”
means Hess Infrastructure Partners LP, a Delaware limited partnership. 
 “Hess JV General Partner” means Hess
Infrastructure Partners GP LLC, a Delaware limited liability company. 
 “in writing” means any written communication
(including communication by facsimile and electronic communication) delivered in accordance with Section 10.01. 
 “Increase
Effective Date” has the meaning assigned to such term in Section 2.09(e). 
 “Increasing Lender” has the
meaning assigned to such term in Section 2.09(e). 
 “Incremental Facility Agreement” means an Incremental Facility
Agreement, among the Borrowers, the Administrative Agent and one or more Increasing Lenders, evidencing a Commitment Increase. 

“Indemnified Taxes” means Taxes, other than (a) Excluded Taxes and (b) Other Taxes. 

“Indemnitee” has the meaning assigned to such term in Section 10.03(b). 

“Information” has the meaning assigned to such term in Section 10.13. 

“Interest Election Request” means a request by a Borrower to convert or continue a Revolving Borrowing in accordance with
Section 2.08, which, if in writing, shall be substantially in the form of Exhibit D or any other form acceptable to the Administrative Agent. 

“Interest Payment Date” means (a) with respect to any ABR Loan (other than any Swingline Loan), the last day of each
March, June, September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of
more than three months’ duration, each day during such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, (c) with respect to any Swingline Loan, the day that such Loan is
required to be repaid and (d) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a 

  
 13 

 
Fixed Rate Borrowing with an Interest Period of more than 90 days’ duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last day of such
Interest Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period, and any other dates that are specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such
Borrowing. 
 “Interest Period” means (a) with respect to any Eurodollar Borrowing, the period commencing on the date
of such Borrowing and ending on the numerically corresponding day in the calendar month that is seven days (if generally available) or one, two, three or six months thereafter, as the applicable Borrower may elect, and (b) with respect to any
Fixed Rate Borrowing, the period (which shall not be less than one day or more than 360 days) commencing on the date of such Borrowing and ending on the date specified in the applicable Competitive Bid Request; provided that (i) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only (and other than in the case of a seven-day Interest Period), such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period of
one month or more pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the
last Business Day of the last calendar month of such Interest Period and (iii) except with respect to the Loans of any Lender that otherwise agrees, any Interest Period that otherwise would extend beyond the Maturity Date applicable to any Loan
shall end on the Maturity Date applicable to such Loan. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the
most recent conversion or continuation of such Borrowing. 
 “Interpolated Screen Rate” means, at any time, with respect to
any Eurodollar Borrowing for any Interest Period or the definition of the term “Alternate Base Rate”, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which
determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available
that is shorter than the applicable period; and (b) the LIBO Screen Rate for the shortest period for which the LIBO Screen Rate is available that exceeds the applicable period, in each case, at such time. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuing Banks” means each of the Lenders listed on Schedule 2.06A and any other Lenders (or any Affiliate of any Lender)
that shall have become Issuing Banks hereunder as provided in Section 2.06(j) or 2.06(k) (other than any Person that shall have ceased to be an Issuing Bank as provided in Section 2.06(j)), each in its capacity as the issuer of Letters of
Credit hereunder. Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to
Letters of Credit issued by such Affiliate. 

  
 14 

 “Judgment Currency” has the meaning assigned to such term in
Section 10.15(b). 
 “LC Availability Period” means the period from and including the Effective Date to but excluding
the date that is five Business Days prior to the Maturity Date. 
 “LC Commitment” means, with respect to any Issuing Bank,
the maximum permitted amount of the LC Exposure that may be attributable to Letters of Credit that, subject to the terms and conditions hereof, are required to be issued by such Issuing Bank. The initial amount of each Issuing Bank’s LC
Commitment is set forth on Schedule 2.06A or, in the case of any Issuing Bank that becomes an “Issuing Bank” hereunder pursuant to Section 2.06(j) or 2.06(k), as set forth in a written agreement referred to in such Section, or, in
each case, such other maximum permitted amount with respect to any Issuing Bank as may have been agreed in writing (and notified in writing to the Administrative Agent) by such Issuing Bank and the Company. 

“LC Disbursement” means a payment made by any Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time and (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time, adjusted to give effect to any reallocation under Section 2.21 of the LC Exposures of Defaulting Lenders in effect at such time. 

“LC Notice Time” means, with respect to any requested issuance, amendment, renewal or extension of a Letter of Credit, (a)
12:00 p.m., New York City time, at least two Business Days (or, if such longer period shall have been requested by the Issuing Bank that is the issuer thereof, at least three Business Days) in advance of the requested date of issuance, amendment,
renewal or extension or (b) such later time as may be approved by the Issuing Bank that is the issuer thereof as the LC Notice Time with respect to such requested issuance, amendment, renewal or extension. 

“LC Participation Fee” has the meaning assigned to such term in Section 2.12(b). 

“Lease Accounting GAAP Change” has the meaning assigned to such term in Section 1.04. 

“Lender Parent” means, with respect to any Lender, any Person in respect of which such Lender is a Subsidiary. 

“Lenders” means the Persons listed on Schedule 2.01, any Increasing Lender that shall have become a party hereto pursuant to
an Incremental Facility Agreement and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. Unless the
context requires otherwise, the term “Lenders” includes each Swingline Lender. 

  
 15 

 “Letter of Credit” means any letter of credit issued pursuant to this
Agreement and any Existing Letter of Credit, other than any Letter of Credit that shall have ceased to be such pursuant to Section 10.05. 

“LIBO Rate” means, with respect to each Interest Period pertaining to a Eurodollar Borrowing or with respect to any
determination of the Alternate Base Rate pursuant to clause (c) of the definition thereof, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if no
LIBO Screen Rate shall be available at such time for a particular period, then the LIBO Rate for such period shall be the Interpolated Screen Rate. Notwithstanding the foregoing, if the LIBO Rate, determined as provided above, would otherwise be
less than zero, then the LIBO Rate shall be deemed to be zero for all purposes of this Agreement. 
 “LIBO Screen Rate”
means, for any day and time, with respect to any Eurodollar Borrowing for any Interest Period or with respect to any determination of the Alternate Base Rate pursuant to clause (c) of the definition thereof, the London interbank offered rate as
administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in dollars (for delivery on the first day of such Interest Period) for a period equal in length to the applicable
period as displayed on the Reuters screen page that displays such rate (currently LIBOR01 or LIBOR02) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that
publishes such rate as shall be selected by the Administrative Agent from time to time as an authorized information vendor for displaying such rates in its reasonable discretion). 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any agreement to
give any of the foregoing), any conditional sale or other title retention agreement, or any lease in the nature thereof. 
 “Loan
Documents” means, collectively, this Agreement, each Note, any Incremental Facility Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination and all other agreements, instruments and documents executed in
connection herewith and therewith, in each case as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Loans” means the loans made by the Lenders to the Borrowers pursuant to this Agreement, including any such loans made
pursuant to any Incremental Facility Agreement. 
 “Margin” means, with respect to any Competitive Loan bearing interest at
a rate based on the LIBO Rate, the marginal rate of interest, if any, to be added to or subtracted from the LIBO Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive
Bid. 
 “Material Adverse Effect” means (a) when used in any representation and warranty or covenant of any Borrower
on and as of the Effective Date, any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on (i) the business, assets, property or financial condition of the Company and its
Consolidated Subsidiaries taken as a whole, or (ii) the validity or enforceability of this Agreement or the rights 

  
 16 

 
and remedies of the Administrative Agent, the Issuing Banks or the Lenders hereunder and (b) when used in any representation and warranty or covenant of any Borrower on any date after the
Effective Date, any change in the consolidated financial condition or operations of the Company and its Consolidated Subsidiaries from that set forth in the audited consolidated financial statements of the Company as of and for the fiscal year ended
December 31, 2018, that is likely to affect materially and adversely the Company’s ability to comply with Section 6.05 or to perform its other obligations to the Lenders and the Issuing Banks under this Agreement. 

“Material Indebtedness” means Debt (other than the Loans and Letters of Credit) in an aggregate principal amount exceeding
$150,000,000. 
 “Maturity Date” means May 15, 2023 or the applicable anniversary thereof as determined in accordance
with Section 2.09(d). 
 “Maturity Extension Request” has the meaning assigned to such term in Section 2.09(d).

 “Maximum Rate” has the meaning assigned to such term in Section 10.16. 

“Midstream MLP” means Hess Midstream Partners LP, a Delaware limited partnership. 

“Midstream MLP GP” means Hess Midstream Partners GP LP, a Delaware limited partnership. 

“Midstream Partners LLC” means Hess Midstream Partners GP LLC, a Delaware limited liability company. 

“Midstream Subsidiaries” means each of: 

(a) Hess JV and Hess JV General Partner (or, in each case, (i) any of their respective successors and any Subsidiary of
the Company that is a direct or indirect parent of any of the foregoing and that is jointly owned by the Company and the GIP JV Partner and (ii) in the case of any Person described in clause (i) above that is a limited partnership, the
general partner of such Person); 
 (b) Midstream MLP, Midstream MLP GP and Midstream Partners LLC (or, in each case, any of
their respective successors); 
 (c) any Subsidiary of any of the Persons described in clause (a) or (b) above; and 

(d) any other Subsidiary of the Company that engages solely in a midstream energy business that is materially consistent
with the midstream energy activities of the Subsidiaries of the Company described in clause (a) through (c) above. 

  
 17 

 “MNPI” means material non-public
information concerning the Company or any Subsidiary or any other Affiliate thereof or any of their respective securities within the meaning of United States federal and state securities laws. 

“Moody’s” means Moody’s Investors Service, Inc., and any successor to its rating agency business. 

“New York Fed” means the Federal Reserve Bank of New York. 

“New York Fed Bank Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day
and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if both such rates are not so published for any day that is a Business
Day, the term “New York Fed Bank Rate” means the rate quoted for such day for a federal funds transaction at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a Federal funds broker of recognized
standing selected by it; provided further that if any of the foregoing rates shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

“Non-Defaulting Lender” means, at any time, any Lender that is not a Defaulting
Lender at such time. 
 “Non-Increasing Lender” means, in connection with any
Commitment Increase, any Lender that is not an Increasing Lender in respect of such Commitment Increase. 
 “Note” has the
meaning assigned to such term in Section 2.10(e). 
 “Notice of LC Activity” means a notice substantially in the form
of Exhibit E hereto delivered by an Issuing Bank to the Company and the Administrative Agent pursuant to Section 2.06(b) with respect to the issuance, amendment, renewal, extension or expiry of, or a drawing under, a Letter of Credit. 

“Notice of LC Request” means a notice substantially in the form of Exhibit F hereto delivered by a Borrower to an Issuing
Bank and the Administrative Agent pursuant to Section 2.06(b) with respect to a proposed issuance, amendment, renewal or extension of a Letter of Credit. 

“Other Connection Taxes” means, with respect to any Lender, any Issuing Bank or the Administrative Agent, Taxes imposed as a
result of a present or former connection between such Lender, such Issuing Bank or the Administrative Agent and the jurisdiction imposing such Taxes (other than connections arising from such Lender, such Issuing Bank or the Administrative Agent
having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned
an interest in any Loan or Loan Document). 

  
 18 

 “Other Taxes” means any present or future stamp, court, documentary,
intangible, recording, filing or similar excise or property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to any Loan Document except to the extent
any such Taxes are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Outstanding Loans” has the meaning assigned to such term in Section 2.09(e). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.–managed banking offices of depository institutions (as such composite rate shall be determined by the New York Fed as set forth on its public website from time to time) and published on the next succeeding Business Day by the
New York Fed as an overnight bank funding rate (from and after such date as the New York Fed shall commence to publish such composite rate); provided that if such rate shall be less than zero, such rate shall be deemed to be zero for all
purposes of this Agreement. 
 “Participant” has the meaning assigned to such term in Section 10.04(e). 

“Participant Register” has the meaning assigned to such term in Section 10.04(e). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for Taxes that are not yet due or are being contested in good faith by appropriate proceedings and as
to which appropriate reserves have been set aside in accordance with GAAP; 
 (b) carriers’, warehousemen’s,
mechanics’, materialmen’s, and repairmen’s Liens, Liens for crew’s wages or salvage (or making deposits to release such Liens) and other like Liens imposed by law, arising in the ordinary course of business and securing
obligations that are not overdue by more than 30 days or are being contested in good faith by appropriate proceedings and as to which appropriate reserves have been set aside in accordance with GAAP; 

(c) Liens on standard industry terms imposed by charter parties or under contracts of affreightment; 

(d) Liens arising out of judgments or awards against the Company or any of its Consolidated Subsidiaries with respect to which
the Company or such Consolidated Subsidiary at the time shall currently be prosecuting an appeal or proceedings for review and with respect to which it shall have secured a stay of execution pending such appeal or proceedings for review; 

(e) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment
insurance and other social security laws or regulations; 

  
 19 

 (f) deposits to secure the performance of bids, trade contracts, leases,
statutory obligations, surety and appeal bonds or performance bonds, margin posted to secure payment or performance under futures, forwards or Swap Agreements, and other obligations of a like nature, in each case in the ordinary course of business;

 (g) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property and imperfections of titles imposed by law or arising in the ordinary course of business that do not secure any
monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Company or any of its Consolidated Subsidiaries; 

(h) Liens on any oil and/or gas properties or other mineral interests of the Company or any of its Consolidated Subsidiaries,
whether developed or undeveloped, arising as security for the Company’s or such Consolidated Subsidiary’s costs and expenses incurred by it in connection with the exploration, development or operation of such properties, in favor of a
Person that is conducting the exploration, development or operation of such properties, or in connection with farmout, dry hole, bottom hole, communitization, unitization, pooling and operating agreements and/or other agreements of like general
nature incident to the acquisition, exploration, development and operation of such properties or as required by regulatory agencies having jurisdiction in the premises; 

(i) overriding royalties, royalties, production payments, net profits interests or like interests to be paid out of production
from oil and/or gas properties or other mineral interests of the Company or any of its Consolidated Subsidiaries, or to be paid out of the proceeds from the sale of any such production; and 

(j) banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with
depository institutions and securities accounts and other financial assets maintained with a securities intermediary; provided that such deposit accounts or funds and securities accounts or other financial assets are not established or
deposited for the purpose of providing collateral for any Debt and are not subject to restrictions on access by the Company or any of its Subsidiaries in excess of those required by applicable banking regulations; 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Debt. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. 

“Platform” has the meaning assigned to such term in Section 10.01(d). 

  
 20 

 “Prime Rate” means the rate of interest last quoted by The Wall Street
Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15
(519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as
determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Professional Lender” means any Person that qualifies as a professional market party within the meaning of the Dutch Act on
financial supervision (Wet op het financieel toezicht), or any Person that does not form part of the term “public” within the meaning of the Capital Requirements Regulation (EU/575/2013). 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “Public Debt Rating” means the rating assigned by S&P, Moody’s or Fitch to the
Company’s senior unsecured non-credit enhanced long term debt. 
 “Rating
Agency” means Moody’s, S&P or Fitch. 
 “Register” has the meaning assigned to such term in
Section 10.04(c). 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and
the respective directors, officers, members, partners, trustees, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Required Lenders” means (a) at any time prior to the termination of the Commitments pursuant to Article VII, Lenders
having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the Aggregate Revolving Credit Exposure and unused Commitments at such time, provided that, solely for purposes of declaring the Loans to be due and
payable pursuant to Article VII, the outstanding Competitive Loans of the Lenders shall be included in their respective Revolving Credit Exposures and in the Aggregate Revolving Credit Exposure in determining the Required Lenders; and (b) for
all purposes after the Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, Lenders having Revolving Credit Exposures and Competitive Loans representing more than 50% of the sum of the Aggregate Revolving
Credit Exposure and the aggregate outstanding principal amount of the Competitive Loans at such time; provided that, for purposes of clauses (a) and (b) above, the Revolving Credit Exposure of any Lender that is a Swingline Lender shall
be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.21 of the Swingline Exposures of Defaulting Lenders
in effect at such time, and the unused Commitment of such Lender shall be determined on the basis of its Revolving Credit Exposure excluding such excess amount. 

“Reuters” means Thomson Reuters Corporation, a corporation incorporated under and governed by the Business Corporations Act
(Ontario), Canada, or a successor thereto. 
 “Revolving Borrowing” means a Borrowing comprised of Revolving Loans. 

  
 21 

 “Revolving Credit Exposure” means, with respect to any Lender at any time,
the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 

“Revolving Loan” means a Loan made pursuant to Section 2.01. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor to its rating agency business.

 “Sanctioned Country” means, at any time, a country, region or territory that is at such time itself or whose government
is the subject or target of any comprehensive Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person
that is listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United Nations Security Council, the European Union or Her Majesty’s Treasury of
the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the United States Securities Act of 1933. 

“Significant Subsidiary” means, with respect to any Person on any date, a Consolidated Subsidiary of such Person that as of
such date satisfies the definition of a “significant subsidiary” contained as of the Effective Date in Regulation S-X of the SEC, and shall in any event include, with respect to the Company, each
Borrowing Subsidiary. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the
number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the
Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar
Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsequent Borrowings” has the meaning assigned to such term in Section 2.09(e). 

  
 22 

 “Subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
Subsidiaries of the parent or by the parent and one or more Subsidiaries of the parent. 
 “Swap Agreement” means any
interest rate, currency or commodity swap agreement or other interest rate, currency or commodity price protection agreement capable of financial settlement only. 

“Swap Payment Obligation” means, with respect to any Person, an obligation of such Person to pay money, either in respect of
a periodic payment or upon termination, to a counterparty under a Swap Agreement, after giving effect to any netting arrangements between such Person and such counterparty and such Person’s rights of setoff in respect of such obligation
provided for in such Swap Agreement. 
 “Swingline Benchmark Rate” means, for any day, (a) the “ASK” rate
for Federal Funds appearing on the applicable page of the Bloomberg service (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided
on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of the offer rates applicable to Federal Funds for a term of one Business Day), as such rate appears at the time the
“Swingline Benchmark Rate” is determined for such day for purposes hereof by the Administrative Agent (and without giving effect to any changes thereto after such time or to any average or composite of such rates for such day), or
(b) if the rate referred to in clause (a) above is not available at such time for any reason, then the Alternate Base Rate for such day. The Borrowers understand and agree that the rate quoted from the Bloomberg service is a real-time rate
that changes from time to time. 
 “Swingline Borrowing” means a Borrowing of a Swingline Loan or Swingline Loans. 

“Swingline Commitment” means, with respect to each Swingline Lender, the commitment of such Swingline Lender to make
Swingline Loans pursuant to Section 2.05. The initial amount of each Swingline Lender’s Swingline Commitment is set forth on Schedule 2.05 or, in the case of any Swingline Lender that becomes a “Swingline Lender” hereunder
pursuant to Section 2.05(d), is as set forth in a written agreement referred to in such Section. 
 “Swingline
Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be the sum of (a) its Applicable Percentage of the aggregate principal
amount of all Swingline Loans outstanding at such time (excluding, in the case of any Lender that is a Swingline Lender, Swingline Loans made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their
participations in such Swingline Loans), adjusted to give effect to any reallocation under Section 2.21 of the Swingline Exposure of Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is a Swingline Lender,
the aggregate principal amount of all Swingline Loans made by such Lender outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans. 

  
 23 

 “Swingline Lender” means (a) JPMorgan Chase Bank, N.A. and
(b) each Lender that shall have become a Swingline Lender hereunder as provided in Section 2.05(d), in each case, each in its capacity as a lender of the Swingline Loans hereunder. 

“Swingline Loan” means a Loan made pursuant to Section 2.05. 

“Syndication Agents” means MUFG Bank, Ltd., Mizuho Bank, Ltd., Goldman Sachs Bank USA and Morgan Stanley Senior Funding,
Inc., in their capacities as the syndication agents with respect to the credit facility established hereby. 
 “Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings (including backup withholdings) imposed by any Governmental Authority including any interest, additions to tax or penalties applicable thereto.

 “Total Capitalization” on any date means the sum of (a) Total Consolidated Debt on such date and (b) total
shareholders’ equity of the Company on such date, determined on a consolidated basis in accordance with GAAP; provided that in determining the total shareholders’ equity of the Company as of any date, (i) the portion thereof
attributable to Midstream Subsidiaries may not exceed the lesser of (A) the book value of the equity interests in the Midstream Subsidiaries, solely to the extent owned by the Company and its Consolidated Subsidiaries (other than the Midstream
Subsidiaries), and (B) $500,000,000, (ii) for the avoidance of doubt, any interests in the Midstream Subsidiaries that, in accordance with GAAP, would be required to be set forth as non-controlling interests
on the consolidated balance sheet of the Company prepared in accordance with GAAP shall be excluded and (iii) the cumulative amount of any non-cash write downs of oil and gas assets recognized by the
Company or any of its Consolidated Subsidiaries (other than the Midstream Subsidiaries) for any fiscal quarter of the Company ending after the Effective Date shall be added back. 

“Total Consolidated Debt” on any date means all Debt of the Company and its Consolidated Subsidiaries on such date,
determined on a consolidated basis in accordance with GAAP; provided that the Debt of the Midstream Subsidiaries shall be excluded, except to the extent such Debt is Guaranteed by the Company or any Consolidated Subsidiary (other than a
Midstream Subsidiary). 
 “Transactions” means each of the execution, delivery and performance by the Borrowers of this
Agreement and each other Loan Document, the borrowing of Loans and the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, the Alternate Base Rate or, in the case of a Competitive Loan or Competitive Borrowing, the LIBO Rate or a Fixed Rate. 

  
 24 

 “Undisclosed Administration” means, with respect to any Lender, the
appointment of an administrator or other similar supervisory official by a supervisory authority or regulator pursuant to the law of the country where such Lender is subject to home jurisdiction supervision if the applicable law of such country
requires that such appointment not be publicly disclosed (and such appointment has not been publicly disclosed). 
 “USA PATRIOT
Act” means the USA PATRIOT Improvement and Reauthorization Act, Title III of Pub. L. 109-177. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“Withholding Agent” means any Borrower, the Administrative Agent and any agent of any Borrower or the Administrative Agent
acting on its behalf. 
 “Write-Down and Conversion Powers” means with respect to any EEA Resolution Authority, the
write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in
the EU Bail-In Legislation Schedule. 
 SECTION 1.02. Classification of Loans and Borrowings.
For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar
Revolving Borrowing”). 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference
to any agreement (including this Agreement), instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns and, in the case of any Governmental Authority,
any other Governmental Authority that shall have succeeded to any or all functions thereof, (c) except as otherwise expressly provided herein, any definition of or reference to any statute, rule or regulation shall be construed as referring
thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), and all references to any statute shall be construed as referring to all rules, regulations, rulings and official
interpretations promulgated or issued thereunder, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement,

  
 25 

 
(f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights and (g) English language words used in this Agreement to describe Dutch law concepts intend to describe such concepts only and the consequences of the use of those words in English law or
any other foreign law are to be disregarded. References herein to the taking of any action hereunder of an administrative nature by any Borrower shall be deemed to include references to the Company taking such action on such Borrower’s behalf,
and the Administrative Agent, the Lenders and the Issuing Banks are expressly authorized to accept any such action taken by the Company as having the same effect as if taken by such Borrower. 

SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that, notwithstanding the foregoing, for purposes of this Agreement (other than Section 5.01) GAAP shall be determined, all terms of an accounting or
financial nature shall be construed, and all computations of amounts and ratios referred to herein shall be made, (a) without giving effect to any change thereto as a result of the adoption of any of the provisions set forth in the
Accounting Standards Update 2016-02, Leases (Topic 842), issued by the Financial Accounting Standards Board in February 2016, or any other amendments to the Accounting Standards Codification issued by
the Financial Accounting Standards Board in connection therewith, in each case if such change would require the recognition of right-of-use assets and lease liabilities
for leases or similar agreements that would not be classified as Capital Leases under GAAP as in effect on December 31, 2015 (any such change being referred to herein as the “Lease Accounting GAAP Change”) and (b) without
giving effect to (i) any election under Accounting Standards Codification 825, Financial Instruments, or any successor thereto (including pursuant to the Accounting Standards Codification), to value any Debt or other obligation of the
Company or any of its Subsidiaries at “fair value”, as defined therein, or (ii) any treatment of indebtedness in respect of convertible debt instruments under Accounting Standards Codification
470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such indebtedness in a reduced or bifurcated manner as described
therein, and such indebtedness shall at all times be valued at the full stated principal amount thereof; provided further that, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an
amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision is amended in accordance herewith. 

SECTION 1.05. Interest Rates; LIBOR Notification. The Administrative Agent will notify the Company, pursuant to Section 2.14, in
advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the
administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Screen Rate” or with respect to any alternative or successor

  
 26 

 
rate thereto, or replacement rate thereof, including whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted
pursuant to Section 2.14(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Screen Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or
unavailability. 
 ARTICLE II 

The Credits 
 SECTION 2.01.
Loans and Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans in dollars to the Company and the Borrowing Subsidiaries from time to time during the Availability Period in an aggregate
principal amount not exceeding the amount of such Lender’s Commitment; provided that after giving effect to each Revolving Loan (a) no Lender’s Revolving Credit Exposure shall exceed such Lender’s Commitment and
(b) the Aggregate Exposure shall not exceed the Aggregate Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. 

SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans of
the same Type made by the Lenders, ratably in accordance with their respective Commitments. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04. Each Swingline Loan shall be made in accordance with
the procedures set forth in Section 2.05. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments and Competitive Bids of the
Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Subject to
Section 2.14, (i) each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the applicable Borrower may request in accordance herewith and shall be in dollars, (ii) each Competitive Borrowing shall be
comprised entirely of Eurodollar Loans or Fixed Rate Loans as the applicable Borrower may request in accordance herewith and shall be in dollars and (iii) each Swingline Loan shall be denominated in dollars. Each Lender at its option may make
any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the
terms of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be
in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by
Section 2.06(e). Each Competitive 

  
 27 

 
Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000. Each Swingline Borrowing shall be in an amount that is an integral multiple of
$1,000,000; provided that a Swingline Borrowing may be in an aggregate amount that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Borrowings of more than one Type and Class may be
outstanding at the same time; provided that there shall not at any time be more than a total of 10 outstanding Eurodollar Revolving Borrowings. 

SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the applicable Borrower, or the Company on behalf of
the applicable Borrower, shall notify the Administrative Agent of such request by telephone (a) in the case of any Eurodollar Borrowing, not later than 12:00 p.m., New York City time, three Business Days before the date of the proposed
Borrowing or (b) in the case of any ABR Borrowing, not later than 1:00 p.m., New York City time, on the Business Day of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by
delivery to the Administrative Agent of a written Borrowing Request signed by the applicable Borrower, or by the Company on behalf of the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information
in compliance with Section 2.02: 
 (i) the Borrower requesting such Borrowing (or on whose behalf the Company is
requesting such Borrowing); 
 (ii) the aggregate amount of the requested Borrowing; 

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

(iv) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(v) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (vi) the location and number of the account of
the applicable Borrower to which funds are to be disbursed or, in the case of any ABR Revolving Borrowing requested to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), the identity of the Issuing Bank that made
such LC Disbursement. 
 If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the applicable Borrower shall be deemed to have selected an Interest Period of seven days’ duration (if generally available) or
otherwise of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be
made as part of the requested Borrowing. 

  
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 SECTION 2.04. Bid Procedure for Competitive Loans. (a) Subject to the terms and
conditions set forth herein, from time to time during the Availability Period any Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided that after
giving effect to each Competitive Loan (x) the Aggregate Exposure shall not exceed the Aggregate Commitment and (y) in the case of any extension of any Maturity Date pursuant to Section 2.09(d), the sum of the Competitive Loans
maturing after any Existing Maturity Date, the Swingline Exposure attributable to Swingline Loans maturing after such Existing Maturity Date and the LC Exposure attributable to Letters of Credit expiring after such Existing Maturity Date shall not
exceed the sum of the Commitments that shall have been extended to a date after the latest maturity date of such Competitive Loans and such Swingline Loans and the latest expiration date of such Letters of Credit. To request Competitive Bids, the
applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent of such request by telephone, (A) in the case of a Eurodollar Competitive Borrowing, not later than 12:00 p.m., New York City time,
four Business Days before the date of the proposed Borrowing and (B) in the case of a Fixed Rate Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing. Each such telephonic
Competitive Bid Request shall be confirmed promptly by delivery to the Administrative Agent of a written Competitive Bid Request in a form approved by the Administrative Agent and signed by the applicable Borrower, or by the Company on behalf of the
applicable Borrower. Each such telephonic and written Competitive Bid Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrower requesting such Borrowing (or on whose behalf the Company is requesting such Borrowing); 

(ii) the aggregate amount of the requested Borrowing; 

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

(iv) whether such Borrowing is to be a Eurodollar Borrowing or a Fixed Rate Borrowing; 

(v) the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the term
“Interest Period”; 
 (vi) the maturity date of such Borrowing, which shall be no less than seven and no more than
360 days from the requested date of such Borrowing; and 
 (vii) the location and number of the applicable Borrower’s
account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
 Promptly following receipt of a Competitive
Bid Request in accordance with this Section, the Administrative Agent shall notify the Lenders of the details thereof by facsimile or other electronic communication, inviting the Lenders to submit Competitive Bids. 

  
 29 

 (b) Each Lender may (but shall not have any obligation to) make one or more Competitive Bids
to the applicable Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and must be received in writing by the Administrative Agent (i) in the case of a
Eurodollar Competitive Borrowing, not later than 9:30 a.m., New York City time, three Business Days before the date of the proposed Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on the
proposed date of such Competitive Borrowing. Competitive Bids that do not conform substantially to the form approved by the Administrative Agent may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable
Lender of such rejection as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount (which shall be a minimum of $5,000,000 and an integral multiple of $1,000,000 and which may equal the entire principal amount of
the Competitive Borrowing requested by the applicable Borrower) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or Rates at which the Lender is prepared to make such Loan or Loans (expressed as
a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof. 

(c) The Administrative Agent shall promptly notify the applicable Borrower in writing of the Competitive Bid Rate and the principal amount
specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid. 
 (d) Subject only to the
provisions of this paragraph, a Borrower, or the Company on behalf of the applicable Borrower, may accept or reject any Competitive Bid, requested by it. The applicable Borrower shall notify the Administrative Agent by telephone, confirmed promptly
in writing in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, (i) in the case of a Eurodollar Competitive Borrowing, not later than 11:30 a.m., New York City time,
three Business Days before the date of the proposed Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 11:30 a.m., New York City time, on the proposed date of such Competitive Borrowing; provided that (i) the
failure of the applicable Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) except to the extent necessary to comply with clause (y) of Section 2.04(a), a Borrower shall not accept a
Competitive Bid made at a particular Competitive Bid Rate if such Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by a Borrower shall not exceed the aggregate
amount of the requested Competitive Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) of this proviso, a Borrower may accept Competitive Bids at the same Competitive Bid
Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above, no
Competitive Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided further that if a Competitive Loan must be in an
amount less than $5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of
multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner determined by the applicable Borrower. A notice given by a Borrower pursuant to
this paragraph shall be irrevocable. 

  
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 (e) The Administrative Agent shall promptly notify each bidding Lender in writing whether or
not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of
which its Competitive Bid has been accepted. 
 (f) If the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a
Lender, it shall submit such Competitive Bid directly to the applicable Borrower at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to
paragraph (b) of this Section. 
 SECTION 2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein,
each Swingline Lender agrees to make Swingline Loans to the Company and the Borrowing Subsidiaries from time to time during the Availability Period in an aggregate principal amount at any time outstanding that will not result in (i) the
aggregate principal amount of the outstanding Swingline Loans exceeding $400,000,000, (ii) the aggregate principal amount of outstanding Swingline Loans of any Swingline Lender exceeding the Swingline Commitment of such Swingline Lender,
(iii) the Revolving Credit Exposure of any Lender exceeding its Commitment, (iv) the Aggregate Exposure exceeding the Aggregate Commitment or (v) in the case of any extension of any Maturity Date pursuant to Section 2.09(d), the
sum of the Swingline Exposure attributable to Swingline Loans maturing after any Existing Maturity Date, the LC Exposure attributable to Letters of Credit expiring after such Existing Maturity Date and the Competitive Loans maturing after such
Existing Maturity Date exceeding the sum of the Commitments that shall have been extended to a date after the latest maturity date of such Swingline Loans and such Competitive Loans and the latest expiration date of such Letters of Credit;
provided that no Swingline Lender shall be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay
and reborrow Swingline Loans. The failure of any Swingline Lender to make any Swingline Loan required to be made by it shall not relieve any other Swingline Lender of its obligations hereunder; provided that the Swingline Commitments of the
Swingline Lenders are several and no Swingline Lender shall be responsible for any other Swingline Lender’s failure to make Swingline Loans as required. 

(b) To request a Swingline Borrowing, the applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the
Administrative Agent and each applicable Swingline Lender of such request by telephone not later than 2:30 p.m., New York City time, on the day of the proposed Swingline Borrowing. Each such telephonic Borrowing Request shall be irrevocable and
shall be confirmed promptly by delivery to the Administrative Agent of a written Borrowing Request signed by the applicable Borrower, or by the Company on behalf of the applicable Borrower. Each such telephonic and written Borrowing Request shall
specify the Swingline Lender or Swingline Lenders that are requested to provide the requested Swingline Borrowing, the requested date (which shall be a Business Day) and the amount of the requested Swingline Loan to be made by each Swingline Lender
and the location and number of the account of the applicable Borrower to which funds are to be disbursed or, in the case of any Swingline Borrowing requested to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), the
identity of the Issuing Bank that has made such LC Disbursement. Promptly 

  
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following the receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable Swingline Lender of the details thereof and of the amount of
such Swingline Lender’s Swingline Loan to be made as part of the requested Swingline Borrowing. Each Swingline Lender shall make each Swingline Loan to be made by it hereunder available to the applicable Borrower by means of a wire transfer to
the account specified in such Borrowing Request or to the applicable Issuing Bank, as the case may be, by 4:00 p.m., New York City time, on the requested date of such Swingline Loan. 

(c) Any Swingline Lender may by written notice given to the Administrative Agent not later than 12:00 p.m., New York City time, on any
Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the outstanding Swingline Loans made by such Swingline Lender. Such notice shall specify the aggregate amount of the Swingline Loans made by such
Swingline Lender in which Lenders will be required to participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such
Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees to pay, upon receipt of notice as provided above, to the Administrative Agent, for the account of the applicable Swingline Lender, such Lender’s Applicable
Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that, in making any Swingline Loan, each Swingline Lender shall be entitled to rely, and shall not incur any liability for relying, upon the representation and warranty
of the Borrowers deemed made pursuant to Section 4.02. Each Lender further acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including the occurrence and continuance of a Default or any reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall
apply, mutatis mutandis, to the payment obligations of the Lenders pursuant to this paragraph), and the Administrative Agent shall promptly remit to the applicable Swingline Lender the amounts so received by it from the Lenders. The
Administrative Agent shall notify the applicable Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to
the applicable Swingline Lender. Any amounts received by any Swingline Lender from the Borrowers (or other Persons on behalf of the applicable Borrower) in respect of a Swingline Loan after receipt by such Swingline Lender of the proceeds of a sale
of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments
pursuant to this paragraph and to such Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to such Swingline Lender or to the Administrative Agent, as applicable, if and to the extent
such payment is required to be refunded to the applicable Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not constitute a Loan and shall not relieve the applicable Borrower of its
obligations to repay such Swingline Loan. 

  
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 (d) From time to time, the Company may by notice to the Administrative Agent and the Lenders
designate as additional Swingline Lenders one or more Lenders or any Affiliate of any Lender that agree to serve in such capacity as provided below. The acceptance by a Lender or such Affiliate of any appointment as a Swingline Lender hereunder
shall be evidenced by a written agreement among the Company, the Administrative Agent and such accepting Lender or Affiliate, which shall set forth the Swingline Commitment of such Lender or Affiliate, and, from and after the effective date of such
agreement, (i) such Lender or Affiliate shall have all the rights and obligations of a Swingline Lender under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term
“Swingline Lender” shall be deemed to include such Lender or Affiliate in its capacity as a Swingline Lender. 
 SECTION 2.06.
Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, each of the Company and the Borrowing Subsidiaries, at its option, may request any Issuing Bank to issue for the account of the Company or the
applicable Borrowing Subsidiary, as the case may be, Letters of Credit denominated in dollars, in form and on terms reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the LC
Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by such Borrower to, or entered into by
such Borrower with, any Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. A Letter of Credit issued by an Issuing Bank will only be of a type approved for issuance hereunder by such Issuing Bank
(it being understood and agreed that standby Letters of Credit shall be deemed of the type that is approved), and issuance, amendment, extension and renewal of Letters of Credit shall be subject to its customary policies and procedures in effect
from time to time relating to letters of credit. An Issuing Bank shall not be under any obligation to issue any Letter of Credit if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or
restrain such Issuing Bank from issuing such Letter of Credit, or any law, rule, regulation or orders of any Governmental Authority applicable to such Issuing Bank or any request rule, guideline or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such
Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any
unreimbursed loss, cost or expense which was not applicable on the Effective Date and which such Issuing Bank in good faith deems material to it. Each Existing Letter of Credit shall be deemed, for all purposes of this Agreement (including
paragraphs (d) and (e) of this Section), to be a Letter of Credit issued hereunder for the account of the Company. 
 (b) Notice of
Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit (other than an automatic renewal permitted under this
paragraph)), the Company or the applicable Borrowing Subsidiary shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved by the recipient) to an Issuing Bank and the Administrative
Agent, no later than the applicable LC Notice Time, (i) a Notice of LC Request requesting the issuance of a Letter of Credit, or identifying the Letter 

  
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of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to
expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter
of Credit and (ii) unless otherwise agreed to by the applicable Issuing Bank, a completed and executed letter of credit application on such Issuing Bank’s standard form. A Letter of Credit shall be issued, amended, renewed or extended only
if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure
shall not exceed $2,000,000,000, (ii) the portion of the LC Exposure attributable to Letters of Credit issued by any Issuing Bank shall not exceed the LC Commitment of such Issuing Bank (unless otherwise agreed by such Issuing Bank), (iii) the
Revolving Credit Exposure of any Lender shall not exceed the Commitment of such Lender, (iv) the Aggregate Exposure shall not exceed the Aggregate Commitment and (v) in the case of any extension of any Maturity Date pursuant to
Section 2.09(d), the sum of the LC Exposure attributable to Letters of Credit expiring after any Existing Maturity Date, the Competitive Loans maturing after such Existing Maturity Date and the Swingline Exposure attributable to Swingline Loans
maturing after such Existing Maturity Date shall not exceed the sum of the Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Competitive Loans and such
Swingline Loans. A Letter of Credit shall not be issued or renewed (other than any renewal pursuant to automatic renewal provisions thereof after the date on which the applicable Issuing Bank ceases to have the right to prevent such renewal), or
amended to increase the stated amount thereof or extend the expiration date thereof, if the Issuing Bank that is the issuer thereof shall have received written notice from the Required Lenders, the Administrative Agent or the Company, at least one
Business Day prior to the requested date of issuance, renewal or amendment of the applicable Letter of Credit (or, in the case of an automatic renewal, at least one Business Day prior to the time by which election not to renew must be made by the
applicable Issuing Bank), that one or more applicable conditions contained in Section 4.02 shall not be satisfied. Each Issuing Bank shall promptly notify the Administrative Agent of each issuance, amendment, renewal, extension or expiry of,
and of each drawing under, each Letter of Credit issued by such Issuing Bank, and shall provide to the Administrative Agent such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such
Issuing Bank. Without limiting the foregoing, each Issuing Bank shall deliver a Notice of LC Activity to the Administrative Agent (other than any Issuing Bank that is, or that is an Affiliate of, the Administrative Agent) and the Company within one
Business Day of the issuance, amendment, renewal, extension or expiry of, and of each drawing under, a Letter of Credit issued by such Issuing Bank. Such Notice of LC Activity shall include, to the extent applicable, (A) a copy of the
applicable Letter of Credit (or, if applicable, any amendment thereof), (B) information with respect to the stated amount, beneficiary and expiration date of such Letter of Credit and (C) information with respect to the amendment, renewal,
extension or expiry of, or drawing under, such Letter of Credit. 
 (c) Expiration Date. Each Letter of Credit shall expire at or
prior to the close of business on the date that is five Business Days prior to the Maturity Date. 

  
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 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Lenders, the Issuing Bank that is the issuer thereof hereby grants to each Lender, and each Lender hereby acquires from
such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each
Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the
applicable Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the applicable Borrower for any reason. Each Lender acknowledges and agrees that (i) its
obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of
Credit, the occurrence and continuance of a Default or any reduction or termination of the Commitments, or any force majeure or other event that under any rule of law or uniform practices to which any Letter of Credit is subject
(including Section 3.14 of ISP 98 or any successor publication of the International Chamber of Commerce) permits a drawing to be made under such Letter of Credit after the expiration thereof or of any Commitments, and (ii) each such
payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender further acknowledges and agrees that, in issuing, amending, renewing or extending any Letter of Credit, the applicable Issuing Bank shall be
entitled to rely, and shall not incur any liability for relying, upon the representation and warranty of the Borrowers deemed made pursuant to Section 2.06(b) or 4.02. 

(e) Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall
reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 p.m., New York City time, not later than the next Business Day following the date that such LC Disbursement is made, if
such Borrower shall have received notice of such LC Disbursement prior to 2:00 p.m., New York City time, on the date such LC Disbursement is made, or, if such notice has not been received by such Borrower prior to such time on such date, then not
later than 12:00 p.m., New York City time, on the Business Day immediately following the date on which such Borrower receives such notice by such time; provided that such Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or a Swingline Borrowing in an equivalent amount and, to the extent such Issuing Bank shall have received the proceeds thereof as
contemplated by Section 2.07(a), such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Borrowing. If the applicable Borrower fails to make such payment when
due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from such Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice,
each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from such Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply,
mutatis mutandis, to the payment obligations of the Lenders pursuant to this paragraph), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders.

  
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Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the
applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to
this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its
obligation to reimburse such LC Disbursement. 
 (f) Obligations Absolute. Each Borrower’s obligation to reimburse LC
Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such
Letter of Credit, (iv) any force majeure or other event that under any rule of law or uniform practices to which any Letter of Credit is subject (including Section 3.14 of ISP 98 or any successor publication of the
International Chamber of Commerce) permits a drawing to be made under such Letter of Credit after the stated expiration date thereof or of any Commitments or (v) any other event or circumstance whatsoever, whether or not similar to any of the
foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, any Borrower’s obligations hereunder. None of the Administrative Agent, the Lenders or the
Issuing Banks, or any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of
any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any
document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Banks; provided that the foregoing shall not be construed to excuse any
Issuing Bank from liability to any Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by each Borrower to the extent permitted by applicable
law) suffered by such Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, except in the case of gross negligence or willful misconduct on the part of an Issuing Bank (as determined by a court of competent jurisdiction in a final and non-appealable judgment), such Issuing
Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in
substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to
the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

  
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 (g) Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Each Issuing Bank shall promptly notify the Administrative Agent and the applicable Borrower by telephone (confirmed in writing) of such demand for
payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve such Borrower of its obligation to reimburse such Issuing Bank and
the Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If an Issuing Bank shall make any LC Disbursement,
then, unless the applicable Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but
excluding the date that such Borrower reimburses such LC Disbursement in full, at the rate per annum then applicable to ABR Revolving Loans; provided that, if such Borrower fails to reimburse such LC Disbursement when due pursuant to
paragraph (e) of this Section, then Section 2.13(e) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any
Lender pursuant to paragraph (e) of this Section to reimburse the applicable Issuing Bank shall be for the account of such Lender to the extent of such payment, and shall be payable on demand or, if no demand has been made, on the date on which
the applicable Borrower reimburses the applicable LC Disbursement in full. 
 (i) Cash Collateralization. If any Event of Default
shall occur and be continuing, on the Business Day that the Company receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposures representing greater than 50%
of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Banks
and the Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall
become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Company described in clause (g) or (h) of Article VII. The Borrowers also shall deposit cash
collateral in accordance with this paragraph as and to the extent required by Section 2.21. Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Company and the
Borrowing Subsidiaries under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the Administrative Agent and at the risk and expense of the Borrowers, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to reimburse any Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Company and the 

  
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Borrowing Subsidiaries for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to (i) the consent of Lenders with LC Exposures representing
greater than 50% of the total LC Exposure and (ii) in the case of any such application at a time when any Lender is a Defaulting Lender (but only if, after giving effect thereto, the remaining cash collateral shall be less than the aggregate LC
Exposure of all the Defaulting Lenders), the consent of each Issuing Bank), be applied to satisfy other obligations of the Company and the Borrowing Subsidiaries under this Agreement. If the Company is required to provide an amount of cash
collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Company within three Business Days after all Events of Default have been cured or waived. If the
Borrowers are required to provide an amount of cash collateral hereunder pursuant to Section 2.21, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers as promptly as practicable to the extent that, after
giving effect to such return, no Issuing Bank shall have any exposure in respect of any outstanding Letter of Credit that is not fully covered by the Commitments of the Non-Defaulting Lenders and/or the
remaining cash collateral and no Event of Default shall have occurred and be continuing. 
 (j) Replacement of Issuing Banks. Any
Issuing Bank may be replaced with any Lender (or any Affiliate thereof) at any time by written agreement among the Company, the Administrative Agent and the successor Issuing Bank, and consented to by the replaced Issuing Bank (such consent not to
be unreasonably delayed or withheld), which agreement shall set forth the LC Commitment of the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement
shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank
shall have all the rights and obligations of the replaced Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall be deemed to refer to
such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall, unless otherwise provided in such
written agreement, remain a party hereto and shall continue to have all the rights and, if any Letters of Credit issued by it shall continue to be outstanding, the obligations of an Issuing Bank under this Agreement with respect to Letters of Credit
issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
 (k) Designation of Additional
Issuing Banks. From time to time, the Company may by notice to the Administrative Agent and the Lenders designate as additional Issuing Banks one or more Lenders (or any Affiliate of any such Lender as agreed between such Lender and the Company)
that agree to serve in such capacity as provided below. The acceptance by a Lender or such Lender’s Affiliate of any appointment as an Issuing Bank hereunder shall be evidenced by a written agreement among the Company, the Administrative Agent
and such accepting Lender or its Affiliate, as the case may be, which shall set forth the LC Commitment of such Lender or its Affiliate, as the case may be, and, from and after the effective date of such agreement, (i) such Lender shall have
all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall be deemed to include such Lender or its
Affiliate in its capacity as an Issuing Bank. 

  
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 (l) LC Exposure Determination. For all purposes of this Agreement, the amount of a
Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect
to all such increases (other than any such increase consisting of the reinstatement of an amount previously drawn thereunder and reimbursed), whether or not such maximum stated amount is in effect at the time of determination. 

SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
by wire transfer of immediately available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders, such transfers to be made by (i) 12:00 p.m., New York City time, in the case of
Borrowings other than ABR Borrowings or Fixed Rate Borrowings and (ii) 3:00 p.m., New York City time, in the case of ABR Borrowings or Fixed Rate Borrowings, in each case on the date such Loan is made; provided that Swingline Loans shall be
made as provided in Section 2.05. The Administrative Agent will make such amounts available to the applicable Borrower by promptly remitting the amounts so received, in like funds, to an account of such Borrower designated by such Borrower in
the applicable Borrowing Request or Competitive Bid Request; provided that ABR Revolving Loans made to refinance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the
applicable Issuing Bank specified by such Borrower in the applicable Borrowing Request. 
 (b) Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon,
for each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the
New York Fed Bank Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of a payment to be made by such Borrower, the interest rate applicable to ABR
Revolving Loans. If any Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by the
Borrower for such period. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim such
Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

  
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 SECTION 2.08. Interest Elections. (a) Each Revolving Borrowing initially shall
be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as is specified in such Borrowing Request or as is otherwise provided in Section 2.03.
Thereafter, the applicable Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The
applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans
comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Competitive Borrowings or Swingline Borrowings, which may not be converted or continued. 

(b) To make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the Administrative Agent of such
election by telephone by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by delivery to the Administrative Agent of a written Interest Election Request signed by the applicable Borrower, or by the Company on its behalf.

 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:

 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

(iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election
Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of seven days’ duration (if generally available) or otherwise of one month’s
duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the
details thereof and of such Lender’s portion of each resulting Borrowing. 

  
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 (e) If a Borrower fails to deliver a timely Interest Election Request with respect to a
Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Revolving Borrowing.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company of the election to give effect to this sentence on
account of such Event of Default, then, so long as such Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving
Borrowing shall be converted to an ABR Revolving Borrowing at the end of the Interest Period applicable thereto. 
 SECTION 2.09.
Termination, Reduction, Extension and Increase of Commitments. (a) Unless previously terminated, (i) the Commitments and the Swingline Commitments shall automatically terminate on the Maturity Date and (ii) the LC Commitments
shall automatically terminate on the earlier to occur of (x) the termination of the Commitments and (y) the last day of the LC Availability Period. 

(b) The Company may at any time terminate, or from time to time reduce, the aggregate amount of the Commitments; provided that
(i) each reduction of the Commitments shall be in an amount that is an integral multiple of $5,000,000 and not less than $10,000,000 and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any
concurrent prepayment of the Loans in accordance with Section 2.11, (A) the Revolving Credit Exposure of any Lender would exceed its Commitment or (B) the Aggregate Exposure would exceed the Aggregate Commitment. 

(c) The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this
Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned
upon the effectiveness of other credit facilities or any other event specified in such notice, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date), if such
condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

(d) The Company may, by notice to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) given not less than 30
days prior to the Maturity Date at any time in effect, request that the Lenders extend the Maturity Date for an additional one-year period (a “Maturity Extension Request”); provided
that there shall not be more than two extensions of the Maturity Date under this paragraph during the term of this Agreement and not more than one extension of the Maturity Date in any calendar year. Each Lender shall, by notice to the Company and
the Administrative Agent given not later than the 20th day after the date of the Administrative Agent’s receipt of the Company’s Maturity Extension Request, advise the Company whether or not it agrees to the requested extension (each
Lender agreeing to a requested 

  
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extension being called a “Consenting Lender” and each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that has
not so advised the Company and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Extension
Request, then the Maturity Date shall, as to the Consenting Lenders, be extended by one year to the anniversary of the Maturity Date theretofore in effect. The decision to agree or withhold agreement to any Maturity Extension Request shall be at the
sole discretion of each Lender. The Commitment of each Declining Lender shall terminate on the Maturity Date in effect prior to giving effect to any such extension (such Maturity Date being called the “Existing Maturity Date”). The
principal amount of any outstanding Revolving Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and
payable on the Existing Maturity Date, and on the Existing Maturity Date the Borrowers shall also make such other prepayments of their respective Loans pursuant to Section 2.11 as shall be required in order that, after giving effect to the
termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, (i) no Lender’s Revolving Credit Exposure shall exceed such Lender’s Commitment and (ii) the Aggregate Exposure shall not exceed
the Aggregate Commitment. Notwithstanding the foregoing, (A) no extension of the Maturity Date pursuant to this paragraph shall become effective unless the Administrative Agent shall have received documents consistent with those delivered under
Sections 4.01(b) through 4.01(d), and documents consistent with those delivered with respect to each Borrowing Subsidiary under Section 4.03(b), giving effect to such extension, and (B) the Maturity Date, the Availability Period and the LC
Availability Period, as such terms are used in reference to any Issuing Bank or any Letter of Credit issued by such Issuing Bank or in reference to any Swingline Lender or any Swingline Loans, may not be extended with respect to any Issuing Bank or
any Swingline Lender without the prior written consent of such Issuing Bank or such Swingline Lender, as applicable (it being understood and agreed that, in the event any Issuing Bank or any Swingline Lender, as applicable, shall not have consented
to any such extension, (1) such Issuing Bank shall continue to have all the rights and obligations of an Issuing Bank hereunder, and such Swingline Lender shall continue to have all the rights and obligations of a Swingline Lender hereunder, in
each case through the applicable Existing Maturity Date (or the Availability Period or the LC Availability Period determined on the basis thereof, as applicable), and thereafter shall have no obligation to issue, amend, extend or renew any Letter of
Credit or to make any Swingline Loan, as applicable (but shall continue to be entitled to the benefits of Sections 2.05, 2.06, 2.15, 2.17, 10.03 and 10.09 as to Letters of Credit issued or Swingline Loans made prior to such time), and (2) the
Borrowers shall cause the LC Exposure attributable to Letters of Credit issued by such Issuing Bank to be zero no later than the day on which such LC Exposure would have been required to have been reduced to zero in accordance with the terms hereof
without giving effect to the effectiveness of the extension of the applicable Existing Maturity Date pursuant to this paragraph (and, in any event, no later than such Existing Maturity Date) and shall repay the principal amount of all outstanding
Swingline Loans, together with any accrued interest thereon, on the Existing Maturity Date). In connection with any extension of a Maturity Date under this paragraph, the Administrative Agent and the Company may, without the consent of any Lender,
effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to give effect to the provisions of this paragraph. 

  
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 (e) The Company may on one or more occasions, by written notice to the Administrative Agent,
executed by the Company and one or more Persons that are Eligible Assignees (any such Persons being called an “Increasing Lender”), which may include any Lender, cause new Commitments to be extended by the Increasing Lenders or
cause the existing Commitments of the Increasing Lenders to be increased, as the case may be (any such extension or increase, a “Commitment Increase”), in an amount for each Increasing Lender set forth in such notice;
provided that (i) the aggregate amount of all Commitment Increases effected pursuant to this paragraph shall not exceed $1,000,000,000, (ii) each Increasing Lender, if not already a Lender hereunder, shall be subject to the approval of
the Administrative Agent, each Issuing Bank and each Swingline Lender (which in each case shall not be unreasonably withheld or delayed), (iii) each Increasing Lender and the Borrowers shall execute and deliver an Incremental Facility Agreement and
(iv) no Lender shall be required to participate in any Commitment Increase. On the effective date (the “Increase Effective Date”) of any Commitment Increase, (A) the aggregate principal amount of the Revolving Loans
outstanding (the “Outstanding Loans”) immediately prior to giving effect to such Commitment Increase on the Increase Effective Date shall be deemed to be paid; (B) each Increasing Lender that shall have been a Lender prior to
such Commitment Increase shall pay to the Administrative Agent in same day funds an amount equal to the difference between (x) the product of (1) such Lender’s Applicable Percentage (calculated after giving effect to such Commitment
Increase) multiplied by (2) the amount of the Subsequent Borrowings (as hereinafter defined) and (y) the product of (1) such Lender’s Applicable Percentage (calculated without giving effect to such Commitment Increase) multiplied
by (2) the amount of the Outstanding Loans; (C) each Increasing Lender that shall not have been a Lender prior to such Commitment Increase shall pay to the Administrative Agent in same day funds an amount equal to the product of
(x) such Increasing Lender’s Applicable Percentage (calculated after giving effect to such Commitment Increase) multiplied by (y) the amount of the Subsequent Borrowings; (D) after the Administrative Agent receives the funds
specified in clauses (B) and (C) above, the Administrative Agent shall pay to each Non-Increasing Lender the portion of such funds that is equal to the difference between (x) the product of
(1) such Non-Increasing Lender’s Applicable Percentage (calculated without giving effect to such Commitment Increase) multiplied by (2) the amount of the Outstanding Loans, and (y) the
product of (1) such Non-Increasing Lender’s Applicable Percentage (calculated after giving effect to such Commitment Increase) multiplied by (2) the amount of the Subsequent Borrowings;
(E) after the effectiveness of the Commitment Increase, each Borrower shall be deemed to have made new Borrowings (the “Subsequent Borrowings”) in an aggregate principal amount equal to the aggregate principal amount of the
Outstanding Loans attributable to Revolving Loans of such Borrower and of the Types and for the Interest Periods specified in a borrowing request delivered in accordance with Section 2.03; (F) each
Non-Increasing Lender and each Increasing Lender shall be deemed to hold its Applicable Percentage of each Subsequent Borrowing (each calculated after giving effect to such Commitment Increase); and
(G) the applicable Borrowers shall pay to each Increasing Lender and each Non-Increasing Lender any and all accrued but unpaid interest on the Outstanding Loans. The deemed payments made pursuant to
clause (A) above in respect of each Eurodollar Revolving Loan shall be subject to indemnification by the applicable Borrower pursuant to the provisions of Section 2.16 if the Increase Effective Date occurs other than on the last day of the
Interest Period relating thereto. Notwithstanding the foregoing, no Commitment Increase shall become effective under this paragraph unless (I) on the Increase Effective Date, the conditions set forth in paragraphs (a) and (b) of
Section 4.02 shall be satisfied (with all references in such paragraphs to a Credit 

  
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Event being deemed to be references to such increase or addition) and (II) the Administrative Agent shall have received documents consistent with those delivered under Sections 4.01(b)
through 4.01(d) and documents consistent with those delivered with respect to each Borrowing Subsidiary under Section 4.03(b), giving effect to such increase or addition. 

SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) to the
Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender made to such Borrower on the Maturity Date applicable to such Revolving Loan, (ii) to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Competitive Loan made by such Lender to such Borrower on the last day of the Interest Period applicable to such Loan and (iii) to the Administrative Agent for the account of each
Swingline Lender the then unpaid principal amount of each Swingline Loan made by such Swingline Lender on the earlier of the Maturity Date and the date that is the seventh day after such Swingline Loan is made; provided that on each date that
a Revolving Borrowing or Competitive Borrowing is made, the Borrowers shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to prepay all Swingline Loans then outstanding
on a pro rata basis. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender to each such Borrower, including the Class thereof and the amounts of principal and interest payable and paid to such Lender by each such Borrower from
time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan
made to each Borrower hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder
and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall, absent manifest error, be prima
facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation
of any Borrower to repay the Loans or pay any other amounts due hereunder in accordance with the terms of this Agreement. 
 (e) Any Lender
may request that Loans made by it be evidenced by a promissory note. In such event, each Borrower shall prepare, execute and deliver to such Lender a nonnegotiable promissory note substantially in the form attached as Exhibit B (a
“Note”) payable to such Lender (or, if requested by such Lender, to such Lender and its permitted registered assigns). Thereafter, the Loans evidenced by such Notes and interest thereon shall at all times (including after assignment
pursuant to Section 10.04) be represented by one or more Notes payable to the payee named therein (or, if such Note is a registered Note, to such payee and its permitted registered assigns). 

  
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 SECTION 2.11. Prepayment of Loans. (a) Each Borrower shall have the right at any
time and from time to time to prepay any Borrowing made by it in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section; provided that the Borrowers shall not have the right to prepay any Competitive
Loan without the prior consent of the Lender thereof; provided further that each partial prepayment of any Borrowing shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000. 

(b) The Company shall notify the Administrative Agent (and, in the case of a prepayment of a Swingline Borrowing, each applicable Swingline
Lender) by telephone (confirmed in writing) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment,
(ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 2:30 p.m., New York City time, one Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Borrowing, not later than 1:00
p.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that a notice of prepayment
may state that such notice is conditioned upon the effectiveness of other credit facilities or any other event specified in such notice, in which case such notice may be revoked by the Company (by notice to the Administrative Agent prior to such
specified prepayment time) if such condition is not satisfied. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any
Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Class and Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the
prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. 
 SECTION 2.12.
Fees. (a) The Company agrees to pay to the Administrative Agent for the account of each Lender a facility fee (the “Facility Fee”), which shall accrue at the Applicable Rate on the daily amount of the Commitment of such
Lender (whether used or unused) during the period from and including the Effective Date to but excluding the date on which such Commitment terminates; provided that if such Lender continues to have any Revolving Credit Exposure after its
Commitment terminates, then the Facility Fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender
ceases to have any Revolving Credit Exposure. Accrued Facility Fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date
to occur after the Effective Date; provided that any Facility Fees accruing after the date on which the Commitments terminate shall be payable on demand. All Facility Fees shall be computed on the basis of a year of 360 days and shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) Each Borrower agrees to pay to
the Administrative Agent (i) for the account of each Lender a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower (an “LC Participation Fee”), which shall accrue at
the Applicable Rate used to determine interest on Eurodollar Revolving Loans on the daily amount of such 

  
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Lender’s LC Exposure attributable to Letters of Credit issued for the account of such Borrower (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period
from and including the Effective Date but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) for the account of each Issuing Bank, a
fronting fee (a “Fronting Fee”), which shall accrue at a rate equal to 0.15% per annum (or, with respect to any Issuing Bank, such lesser amount as may be agreed between such Issuing Bank and the Company) and be payable on the
aggregate face amount outstanding of the LC Exposure attributable to the Letters of Credit issued by such Issuing Bank for the account of such Borrower (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period
from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any such LC Exposure, as well as, to each Issuing Bank, such Issuing Bank’s standard fees
with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. LC Participation Fees and Fronting Fees accrued through and including the last day of March, June, September and December of
each year shall be payable on the 15th day of the month following such last day (or, if such 15th day is not a Business Day, on the next
succeeding Business Day), commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the
Commitments terminate shall be payable on demand. Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All LC Participation Fees and Fronting Fees shall be computed on the basis of a year
of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (c) The
Company agrees to pay to the Administrative Agent and each of the Lenders, for their own accounts, fees payable in the amounts and at the times separately agreed upon between the Company and such other parties. 

(d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to an Issuing
Bank, in the case of fees payable to it) for distribution, in the case of Facility Fees and LC Participation Fees, to the Lenders. Absent manifest error, fees paid shall not be refundable under any circumstances. 

(e) Within 10 days after the end of each fiscal quarter of the Company (commencing with the fiscal quarter ending June 30, 2019, the
Administrative Agent shall deliver to the Company a schedule (i) stating the aggregate amount of LC Participation Fees due and payable with respect to such fiscal quarter and (ii) stating the aggregate amount of Fronting Fees due and
payable to each Issuing Bank with respect to such fiscal quarter. Promptly after receipt of each such schedule, (x) the Company shall compare such amounts with its own calculations of the LC Participation Fees and Fronting Fees due and payable
with respect to such fiscal quarter and (y) the Administrative Agent and the Company shall discuss the amounts set forth in each such schedule and shall, subject to the next sentence, agree on the amount of such fees to be paid by the Borrowers
for such fiscal quarter. Neither the failure of the Administrative Agent to deliver any such schedule, nor the inaccuracy of any such schedule, shall relieve any Borrower of its obligations to pay such fees hereunder. In the event any Borrower pays
any such fees based on any such schedule or any such agreement by the Administrative Agent and the Company and the 

  
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amount so paid by such Borrower is insufficient to satisfy its actual payment obligations under paragraphs (a) and (b) of this Section, then such Borrower shall remain liable for any such
deficiency and such Borrower shall pay to the Administrative Agent (for its account, the account of the applicable Issuing Banks and/or the account of the Lenders, as applicable) the amount of any such deficiency within two Business Days of demand
therefor. 
 SECTION 2.13. Interest. (a) Each ABR Loan (other than any Swingline Loan) shall bear interest at a rate per annum
equal to the Alternate Base Rate plus the Applicable Rate. 
 (b) Each Eurodollar Loan shall bear interest at a rate per annum equal to
(i) in the case of a Eurodollar Revolving Loan, the Adjusted LIBO Rate for the Interest Period in effect for the Eurodollar Borrowing of which such Loan is a part plus the Applicable Rate or (ii) in the case of a Eurodollar Competitive
Loan, the LIBO Rate for the Interest Period in effect for such Borrowing plus (or minus, as applicable) the Margin applicable to such Loan. 

(c) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the Fixed Rate applicable to such Loan. 

(d) Each Swingline Loan shall bear interest, for any day, at a rate per annum equal to the Swingline Benchmark Rate for such day plus
(i) if such Swingline Benchmark Rate is determined by reference to clause (a) of the definition of such term, then the Applicable Rate applicable to Eurodollar Revolving Loans and (ii) if such Swingline Benchmark Rate is determined by
reference to clause (b) of the definition of such term, then the Applicable Rate applicable to ABR Revolving Loans; provided that if any Swingline Lender shall have provided any notice pursuant to Section 2.05(c), then from and
after the date of such notice (and until the Lenders shall hold no participations in any Swingline Loans) each Swingline Loan shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate applicable to ABR
Revolving Loans. 
 (e) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any
Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of
any Loan, 2% per annum plus the rate otherwise applicable to such Loan as provided above, or (ii) in the case of any other amount, 2% per annum plus the rate applicable to ABR Revolving Loans as provided above. 

(f) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that
(i) interest accrued pursuant to paragraph (e) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the
Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current
Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (iv) all accrued interest on Revolving Loans shall be payable upon termination of the Commitments. 

  
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 (g) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate, LIBO Rate or Swingline Benchmark Rate shall be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error. 
 SECTION 2.14. Alternate Rate of Interest. (a) If prior to the commencement of any Interest
Period for a Eurodollar Borrowing: 
 (i) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is not available or published on a current basis), for such Interest
Period; or 
 (ii) the Administrative Agent is advised by the Required Lenders (or, in the case of a Eurodollar Competitive
Loan, the Lender that is required to make such Loan) that because of a change in circumstances affecting the Eurodollar market generally the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly
reflect the cost to such Lenders (or Lender) of making, continuing, converting to or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice (which may be telephonic) thereof to the Company and the Lenders as promptly as practicable thereafter and,
until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation
of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective, (B) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Revolving Borrowing and (C) any request by a
Borrower for a Eurodollar Competitive Borrowing shall be ineffective; provided that (1) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by a Borrower for Eurodollar Competitive Borrowings may
be made to Lenders that are not affected thereby and (2) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 

(b) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the
circumstances set forth in paragraph (a)(i) of this Section have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in paragraph (a)(i) of this Section have not arisen but either (w) the
supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x)
the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will
continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO 

  
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Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over
the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Company shall endeavor to
establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an
amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate);
provided that if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. Notwithstanding anything to the contrary in Section 10.01, such amendment
shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date that a copy of such amendment is provided to the
Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this paragraph (b) (but, in the case of the circumstances
described in clause (ii) above (other than, in the case of subclause (z) thereof, on or after the date referred to in such subclause), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such
time on a current basis), (x) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, (y) if any Borrowing Request requests a
Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing and (z) any request by the Borrower for a Eurodollar Competitive Borrowing shall be ineffective. 

SECTION 2.15. Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement (including any compulsory loan
requirement or insurance charge) against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank; 

(ii) impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than
Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participations therein; or 
 (iii)
subject any Lender, any Issuing Bank or the Administrative Agent to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (e) of the definition of the term “Excluded Taxes” and
(C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

  
 49 

 and the result of any of the foregoing shall be to increase the cost to such Lender, such Issuing Bank or
the Administrative Agent of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or the Administrative Agent of participating in,
issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or the Administrative
Agent hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender, such Issuing Bank or the Administrative Agent, as the case may be, such additional amount or amounts as will compensate such Lender, such
Issuing Bank or the Administrative Agent, as the case may be, for such additional costs or expense incurred or reduction suffered. 
 (b) If
any Lender or Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has had or would have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such
Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments, the Swingline Commitment or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or
the LC Commitment of or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Company will pay
to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or Issuing Bank’s holding company for any such reduction suffered. 

(c) If the cost to any Lender of making or maintaining any Loan to or participating in any Swingline Loan to or any Letter of Credit issued
for the account of, or any Issuing Bank of issuing or maintaining any Letter of Credit for the account of, any Borrowing Subsidiary is increased (or the amount of any sum received or receivable by any Lender (or its applicable lending office) or any
Issuing Bank is reduced) by an amount deemed in good faith by such Lender or such Issuing Bank to be material, by reason of the fact that such Borrowing Subsidiary is incorporated in, has its principal place of business in, or borrows from, a
jurisdiction outside the United States, such Borrowing Subsidiary shall indemnify such Lender or such Issuing Bank for such increased cost or reduction within 15 days after demand by such Lender or such Issuing Bank (with a copy to the
Administrative Agent). A certificate of such Lender or such Issuing Bank claiming compensation under this paragraph and setting forth the additional amount or amounts to be paid to it hereunder (and the basis for the calculation of such amount or
amounts) shall be conclusive in the absence of manifest error. 
 (d) A certificate of a Lender or Issuing Bank setting forth the amount or
amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Company and shall be conclusive absent manifest error.
The Company shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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 (e) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or an Issuing Bank pursuant to
paragraph (a) or (b) of this Section for any increased costs or reductions incurred more than three months prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the three-month period referred to above shall be extended to include the period of retroactive effect thereof. 
 (f)
Notwithstanding the foregoing provisions of this Section, a Lender shall not be entitled to compensation pursuant to this Section in respect of any Competitive Loan if the Change in Law that would otherwise entitle it to such compensation shall have
been publicly announced prior to submission of the Competitive Bid pursuant to which such Loan was made. 
 SECTION 2.16. Break Funding
Payments. In the event of (a) the payment of any principal of any Eurodollar Loan or Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of
any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving Loan on the date specified in any notice delivered pursuant hereto (regardless of
whether such notice is permitted to be revocable under Section 2.11(b) and is revoked in accordance herewith), (d) the failure to borrow any Competitive Loan after accepting the Competitive Bid to make such Loan, or (e) the assignment of
any Eurodollar Loan or Fixed Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Company pursuant to Section 2.19, then, in any such event, the applicable Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if
any, of (i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest
Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal
to the Adjusted LIBO Rate for such Interest Period, over (ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate
that would be bid by such Lender (or an Affiliate of such Lender) for dollar deposits from other banks in the London interbank market at the commencement of such period. A certificate of any Lender delivered to the Company setting forth any amount
or amounts that such Lender is entitled to receive pursuant to this Section shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt
thereof. 
 SECTION 2.17. Taxes. (a) Any and all payments by or on account of any obligation of the Borrowers hereunder shall be
made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Borrower shall be required by applicable law to deduct any Taxes from such payments, then (i) if such Taxes are Indemnified Taxes
or Other Taxes, the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this 

  
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Section) the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower
shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) The Borrowers shall indemnify the Administrative Agent, each Lender and each Issuing Bank, within 10 days after written demand therefor,
for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Administrative Agent, such Lender or such
Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Lender or an Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be
conclusive absent manifest error. 
 (d) Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of
any Indemnified Taxes or Other Taxes, only to the extent that any Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Borrowers to do so) attributable to
such Lender that are paid or payable by the Administrative Agent in connection with any Loan Document and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. The indemnity under this paragraph shall be paid within 10 days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable
by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 
 (e) As soon as
practicable after any payment of Indemnified Taxes or Other Taxes by a Borrower to a Governmental Authority, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(f) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall, at the time or times reasonably requested by the Company or the Administrative Agent, deliver to the Company or the Administrative Agent such properly completed and executed documentation prescribed by applicable law or reasonably
requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall
deliver such other documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting 

  
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requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 2.17(f)(ii)(A), 2.17(f)(ii)(B) or 2.17(f)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, in the
event that the applicable Borrower is a U.S. Person: 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower
and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding Tax; 
 (B)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form
W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “business profits” or “other income” article of such tax treaty; 
 (2) executed copies
of IRS Form W-8ECI; 
 (3) in the case of a Foreign Lender claiming the benefits of
the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the applicable Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or 
 (4) to the extent a Foreign Lender is not the
beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other 

  
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certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are
claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each such direct or indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at the time or
times prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Withholding Agent or any agent acting on its behalf as may be necessary for the Withholding Agent to comply with its obligations under FATCA and to determine that such Lender has or has not complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the Effective Date. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the applicable Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) If any party determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified pursuant
to this Section (including additional amounts paid pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes
giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such indemnified party pursuant to the previous sentence
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
paragraph, in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this paragraph if such payment would place such indemnified party 

  
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in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments or additional
amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the
indemnifying party or any other Person. 
 (h) Each party’s obligations under this Section shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or any Issuing Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

(i) For purposes of this Section, the term “Lender” includes any Issuing Bank and the term “applicable law” includes
FATCA. 
 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) Each Borrower shall make each payment
required to be made by it hereunder (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.15, 2.16 or 2.17, or otherwise) or under any other Loan Document prior to the time expressly required
hereunder or under such other Loan Document (or, if no such time is expressly required, prior to 12:00 p.m., New York City time) on the date when due in immediately available funds, without setoff, or counterclaim. Any amounts received after such
time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to such account of the
Administrative Agent as shall be specified by the Administrative Agent, except that payments required to be made directly to any Issuing Bank or any Swingline Lender shall be so made and payments pursuant to Sections 2.15, 2.16, 2.17 and 10.03 shall
be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other
Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 

(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal,
unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and
fees then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties. 
 (c) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Revolving Loans or participations in unreimbursed LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans or
participations in unreimbursed LC Disbursements and Swingline Loans and accrued interest 

  
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thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and
participations in unreimbursed LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Revolving Loans and participations in unreimbursed LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any
Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements or
Swingline Loans to any Eligible Assignee. Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise
against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the applicable Borrower prior to the date on which any payment is due to
the Administrative Agent for the account of the Lenders or any Issuing Bank hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and
may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or such Issuing Bank severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the New York Fed Bank Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d), 2.06(e), 2.07(b) or
2.18(d), or any other Section hereof requiring any payment for the account of the Administrative Agent, any Issuing Bank or any Swingline Lender, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof),
apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or
if any Borrower is required to pay any additional amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment and delegation
(i) would eliminate or reduce amounts 

  
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payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation. 

(b) If (i) any Lender requests compensation under Section 2.15, (ii) any Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) any Lender shall deliver a notice of illegality to the Company pursuant to Section 2.20, (iv) any Lender becomes a Declining Lender,
(v) any Lender becomes a Defaulting Lender or (vi) any Lender has failed to consent to a proposed amendment, waiver, discharge or termination that under Section 10.02 requires the consent of all the Lenders and with respect to which
the Required Lenders shall have granted their consent, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with
and subject to the restrictions contained in Section 10.04), all its interests, rights (other than its existing rights to payment pursuant to Section 2.15 or 2.17) and obligations under this Agreement (other than any outstanding
Competitive Loans held by it) to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (A) the Company shall have received the prior written
consent of the Administrative Agent (and, if its consent would be required under Section 10.04, each Issuing Bank and each Swingline Lender), which consent shall not unreasonably be withheld, (B) such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans (other than Competitive Loans) and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts), (C) in the case of any such assignment and delegation resulting from a claim for compensation under
Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments, and in the case of any such assignment and delegation in respect of a Declining Lender, the
assignee shall have consented (and hereby is deemed to have consented) to the extension of the Maturity Date specified in the applicable Maturity Extension Request, (D) such assignment does not conflict with applicable law and (E) in the
case of any such assignment and delegation resulting from the failure to provide a consent to a proposed amendment, waiver, discharge or termination, the assignee shall have given such consent and, as a result of such assignment and delegation and
any contemporaneous assignments and delegations and consents, the applicable amendment, waiver, discharge or termination can be effected. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment and delegation required pursuant to this paragraph may be effected
pursuant to an Assignment and Acceptance executed by the Company, the Administrative Agent and the assignee and that the Lender required to make such assignment and delegation need not be a party thereto. 

SECTION 2.20. Borrowing Subsidiaries. (a) On or after the Effective Date, upon not less than 10 Business Days’ notice to the
Administrative Agent and the Lenders, the Company may designate any Significant Subsidiary of the Company (other than any Midstream Subsidiary) 

  
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as a Borrowing Subsidiary by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Significant Subsidiary and the Company, and upon such delivery such
Significant Subsidiary shall for all purposes of this Agreement be a Borrowing Subsidiary and a party to this Agreement; provided that no Subsidiary so designated shall become a Borrowing Subsidiary if any Lender shall, within 10 Business
Days following the Company’s notice, notify the Company and the Administrative Agent that (i) it would be unlawful for such Lender or its Affiliates to make or maintain Loans to such Subsidiary or (ii) such Lender would otherwise be
barred by applicable internal policies from making or maintaining Loans to such Subsidiary. If the designation of such Borrowing Subsidiary obligates the Administrative Agent or any Lender to comply with “know your customer” or similar
identification procedures (including the USA PATRIOT Act and the Beneficial Ownership Regulation) in circumstances where the necessary information is not previously available to it, the Company shall, promptly upon the request of the Administrative
Agent or any Lender, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the
results of all necessary “know your customer” or other similar identification procedures under all applicable laws and regulations prior to such Subsidiary being designated a Borrowing Subsidiary. If the Company shall designate as a
Borrowing Subsidiary hereunder any Subsidiary not organized under the laws of the United States or any State thereof, any Lender may, with notice to the Administrative Agent and the Company, fulfill its Commitment by causing an Affiliate of such
Lender to act as the Lender in respect of such Borrowing Subsidiary and such Lender shall, to the extent of advances made to and participations in Letters of Credit issued for the account of such Borrowing Subsidiary, be deemed for all purposed
hereof to have pro tanto assigned such advances and participations to such Affiliate in compliance with the provisions of Section 10.04. 

(b) Upon the execution by the Company and delivery to the Administrative Agent of a Borrowing Subsidiary Termination with respect to any
Borrowing Subsidiary, such Subsidiary shall cease to be a Borrowing Subsidiary and a party to this Agreement; provided that no Borrowing Subsidiary Termination will become effective as to any Borrowing Subsidiary (other than to terminate such
Borrowing Subsidiary’s right to make further Borrowings or obtain Letters of Credit under this Agreement) at a time when any principal of or interest on any Loan to such Borrowing Subsidiary, or any Letter of Credit issued for the account of
such Borrowing Subsidiary, shall be outstanding hereunder or any fees or other amounts remain unpaid with respect thereto. 
 (c) Promptly
following receipt of any Borrowing Subsidiary Agreement or Borrowing Subsidiary Termination, the Administrative Agent shall send a copy thereof to each Lender. 

(d) Each Borrowing Subsidiary hereby irrevocably appoints the Company as its agent for all purposes of this Agreement and the other Loan
Documents, including (i) the giving and receipt of notices (including any Borrowing Request and any Interest Election Request) and (ii) the execution and delivery of all documents, instruments and certificates contemplated herein. Each
Borrowing Subsidiary hereby acknowledges that any amendment, waiver or other modification to this Agreement or any other Loan Document may be effected as set forth in Section 10.02, that no consent of such Borrowing Subsidiary shall be required
to effect any such amendment, waiver or other modification and that such Borrowing Subsidiary shall be bound by this Agreement or any other Loan Document (if it is theretofore a party thereto) as so amended, waived or otherwise modified. 

  
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 SECTION 2.21. Defaulting Lenders. Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) the Facility Fee shall cease to accrue pursuant to Section 2.12(a) on the unused amount of the Commitment of such
Defaulting Lender; 
 (b) the Commitment, Revolving Credit Exposure and, if applicable, Competitive Loans of such Defaulting
Lender shall not be included in determining whether the Required Lenders or any other requisite Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any amendment, waiver or other
modification pursuant to Section 10.02); provided that any amendment, waiver or other modification requiring the consent of all Lenders or all Lenders affected thereby shall, except as otherwise provided in Section 10.02, require
the consent of such Defaulting Lender in accordance with the terms hereof; 
 (c) if any Swingline Exposure or LC Exposure
exists at the time such Lender becomes a Defaulting Lender then: 
 (i) the Swingline Exposure (other than any portion
thereof with respect to which such Defaulting Lender shall have funded its participation as contemplated by Section 2.05(c) and, in the case of any Defaulting Lender that is a Swingline Lender, other than the portion of such Swingline Exposure
referred to in clause (b) of the definition of such term) and LC Exposure of such Defaulting Lender (other than any portion thereof attributable to unreimbursed LC Disbursements with respect to which such Defaulting Lender shall have funded its
participation as contemplated by Sections 2.06(d) and 2.06(e)) shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that
(A) the sum of all Non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure (in each case, excluding the portion thereof referred to
above) does not exceed the sum of all Non-Defaulting Lenders’ Commitments and (B) such reallocation does not result in the Revolving Credit Exposure of any
Non-Defaulting Lender exceeding such Non-Defaulting Lender’s Commitment; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall
within one Business Day following notice by the Administrative Agent (A) first, prepay the portion of such Defaulting Lender’s Swingline Exposure (other than any portion thereof referred to in the parenthetical in such clause (i)) that has
not been reallocated and (B) second, cash collateralize for the benefit of the Issuing Banks the portion of such Defaulting Lender’s LC Exposure (other than any portion thereof referred to in the parenthetical in such clause (i)) that has
not been reallocated in accordance with the procedures set forth in Section 2.06(i), for so long as such LC Exposure is outstanding; 

  
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 (iii) if the Borrowers cash collateralize any portion of such Defaulting
Lender’s LC Exposure pursuant to clause (ii) above, the Borrowers shall not be required to pay LC Participation Fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such portion of such Defaulting Lender’s
LC Exposure for so long as such Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if any portion of the
Swingline Exposure or the LC Exposure of such Defaulting Lender is reallocated pursuant to clause (i) above, then the Facility Fees and the LC Participation Fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted
to give effect to such reallocation; 
 (v) if all or any portion of such Defaulting Lender’s Swingline Exposure is
neither reallocated nor reduced pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Swingline Lender or any other Lender hereunder, all Facility Fees that otherwise would have been payable pursuant to
Section 2.12(a) to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment utilized by such Swingline Exposure) shall be payable to the Swingline Lenders (and allocated among them ratably based on
the amount of such Defaulting Lender’s Swingline Exposure attributable to Swingline Loans made by each Swingline Lender) until and to the extent that such Swingline Exposure is reallocated and/or reduced to zero; and 

(vi) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant
to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all Facility Fees that otherwise would have been payable pursuant to Section 2.12(a) to such Defaulting
Lender (solely with respect to the portion of such Defaulting Lender’s Commitment utilized by such LC Exposure) and LC Participation Fees that otherwise would have been payable pursuant to Section 2.12(b) to such Defaulting Lender with
respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Banks (and allocated among them ratably based on the amount of such Defaulting Lender’s LC Exposure attributable to Letters of Credit issued by each Issuing
Bank) until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 
 (d) so long as such
Lender is a Defaulting Lender, no Swingline Lender shall be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend, renew or extend any Letter of Credit, unless, in each case, the related exposure and the
Defaulting Lender’s then outstanding Swingline Exposure or LC Exposure, as applicable, will be fully covered by the Commitments of the Non-Defaulting Lenders and/or cash collateral provided by the
Borrowers in accordance with Section 2.21(c), and participating interests in any such funded Swingline Loan or in any such issued, amended, reviewed or extended Letter of Credit will be allocated among the
Non-Defaulting Lenders in a manner consistent with Section 2.21(c)(i) (and such Defaulting Lender shall not participate therein). 

  
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 Subject to Section 10.17, no reallocation hereunder shall constitute a waiver or
release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. In the event that the Administrative Agent, the Company, each Issuing Bank and each Swingline Lender each agree that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such
Lender shall purchase at par such of the Revolving Loans and such funded participations in Swingline Loans and LC Disbursements of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such
Loans and such participations in accordance with its Applicable Percentage, and such Lender shall thereupon cease to be a Defaulting Lender (but shall not be entitled to receive any fees ceasing to accrue during the period when it was a Defaulting
Lender as set forth in this Section 2.21 and all amendments, waivers or other modifications effected without its consent in accordance with the provisions of Section 10.02 and this Section 2.21 during such period shall be binding on
it). The rights and remedies against, and with respect to, a Defaulting Lender under this Section 2.21 are in addition to, and cumulative and not in limitation of, all other rights and remedies that the Administrative Agent, the Company, each
Issuing Bank, each Swingline Lender or any Non-Defaulting Lender may at any time have against, or with respect to, such Defaulting Lender. 

ARTICLE III 
 Representations and
Warranties 
 Each of the Company and the Borrowing Subsidiaries represents and warrants, on the Effective Date and on each other date on
which representations and warranties are required to be, or are deemed to be, made under the Loan Documents, to each of the Lenders and the Issuing Banks as follows: 

SECTION 3.01. Corporate Existence and Power; Compliance with Law and Agreements. Each Borrower is a corporation, partnership or company
duly incorporated or organized, as applicable, validly existing and in good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of its jurisdiction of incorporation or organization, as applicable. Each of the
Company and its Consolidated Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property,
except where the failure to do so, individually or in the aggregate, does not constitute a Material Adverse Effect. 

  
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 SECTION 3.02. Corporate Authority. The Transactions to be entered into by each
Borrower have been duly authorized by all necessary corporate or other organizational action and are within such Borrower’s corporate or other organizational power, do not require the approval of the equityholders or shareholders, as
applicable, of such Borrower, and will not violate any provision of law or of its certificate of incorporation, memorandum and articles of association, limited liability company agreement or other constitutive document or by-laws, or result in the breach of or constitute a default or require any consent under, or result in the creation of any Lien upon any property or assets of such Borrower pursuant to, any indenture or other
agreement or instrument to which such Borrower is a party or by which such Borrower or its property may be bound or affected. The execution, delivery and performance by each Borrower of this Agreement, each Note executed by such Borrower and each
other Loan Document executed by such Borrower do not require any license, consent or approval of, or advance notice to or advance filing with any Governmental Authority or any other third party, or if required, any such license, consent or approval
has been obtained and any such notice or filing has been made. Each Borrowing Subsidiary, at the time it becomes a Borrowing Subsidiary and at all times thereafter, will have the requisite power and authority to execute and deliver the Borrowing
Subsidiary Agreement and to perform its obligations thereunder and under the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and to borrow hereunder. 

SECTION 3.03. Enforceability. This Agreement is, and each Note and each other Loan Document when delivered by a Borrower hereunder will
be, duly executed and delivered by the Borrowers or such Borrower, as the case may be, and does or will constitute the legal, valid and binding obligation of the Borrowers or such Borrower enforceable against the Borrowers or such Borrower in
accordance with its terms, except as enforceability may be limited by general principles of equity and bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally and by moratorium laws from time to time in
effect. 
 SECTION 3.04. Financial Condition; No Material Adverse Effect. (a) The Company has furnished to the Lenders the
audited consolidated financial statements of the Company for the fiscal year ended December 31, 2018, audited by and accompanied by the opinion of Ernst & Young, LLP. Such financial statements present fairly in all material respects
the financial position, results of operations and cash flows of the Company and its Consolidated Subsidiaries on a consolidated basis as at the dates thereof and for the periods covered thereby in accordance with GAAP. 

(b) Since December 31, 2018, there has been no Material Adverse Effect. 

SECTION 3.05. Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending or,
to the knowledge of the Company, threatened against or affecting the Company or any of its Consolidated Subsidiaries that constitute a Material Adverse Effect. 

SECTION 3.06. ERISA. The Company has fulfilled its obligations under the minimum funding standards of ERISA and the Code with respect
to each employee benefit plan of the Company subject to such standards and is in compliance in all material respects with the applicable provisions of ERISA, and has not incurred any liability to the PBGC or any employee benefit plan of the Company
under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 

  
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 SECTION 3.07. Environmental Matters. Each of the Company and its Consolidated
Subsidiaries has obtained all permits, licenses and other authorizations which are required under all Environmental Laws, including laws relating to emissions, discharges, releases or threatened releases of Hazardous Materials into the environment
(including, without limitation, ambient air, surface water, ground water or land), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, except to the
extent failure to have any such permit, license or authorization does not constitute a Material Adverse Effect. The Company and its Consolidated Subsidiaries are in compliance with all terms and conditions of all required permits, licenses and
authorizations, and are also in compliance with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables, contained in those laws or contained in any regulation, code, plan, order,
decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved thereunder, except to the extent failure to comply does not constitute a Material Adverse Effect. 

SECTION 3.08. Federal Regulations. No part of the proceeds of the Loans will be used, directly or indirectly, for any purpose that
violates (including on the part of any Lender) any of the regulations of the Board, including Regulations U and X. 
 SECTION 3.09.
Investment Company Status. Neither the Company nor any of the Borrowing Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

SECTION 3.10. Scheduled Debt. Schedule 3.10 sets forth all of the Debt for borrowed money of the Consolidated Subsidiaries of the
Company as of December 31, 2018 of which the Company, having made all due inquiry, is, as of the December 31, 2018, aware. 

SECTION 3.11. Anti-Corruption Laws and Sanctions. The Company has implemented and maintains in effect policies and procedures designed
reasonably to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Corruption Laws and Sanctions. The Company, its Subsidiaries and, to the Company’s knowledge,
their respective directors, officers, employees and agents are in compliance with applicable Anti-Corruption Laws and Sanctions in all material respects. None of (a) the Company, any Subsidiary or, to the knowledge of the Company, any of their
respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company or any of its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby, is
a Sanctioned Person. 

  
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 ARTICLE IV 

Conditions 
 SECTION 4.01.
Conditions to Effectiveness. This Agreement shall become effective on the date on which each of the following conditions shall be satisfied: 

(a) The Administrative Agent shall have received from each party hereto either (i) a counterpart of this Agreement signed
on behalf of such party or (ii) evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission) that such party has signed a counterpart of this Agreement (it being understood that arrangements
will be made to subsequently deliver original executed counterparts if requested by the parties hereto). 
 (b) The
Administrative Agent shall have received a written opinion (addressed to the Administrative Agent, the Issuing Banks and the Lenders and dated the Effective Date) of counsel to the Company, in form and substance reasonably satisfactory to the
Administrative Agent. 
 (c) The Administrative Agent shall have received documents and certificates relating to the
organization, existence and good standing (to the extent such concept exists in the relevant jurisdiction) of the Company, the authorization of the Transactions, the incumbency of the persons executing this Agreement on behalf of the Company and any
other legal matters relating to the Company, this Agreement or the Transactions reasonably requested by the Administrative Agent, all in form and substance reasonably satisfactory to the Administrative Agent. 

(d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice
President or a Financial Officer of the Company, confirming satisfaction as of the Effective Date of the conditions set forth in paragraphs (a) and (b) of Section 4.02 (with all references in such paragraphs to a Credit Event being deemed
to be references to the Effective Date). 
 (e) The Administrative Agent, the Arrangers and each Lender shall have received
all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses
(including fees, charges and disbursements of counsel) required to be reimbursed or paid by any Borrower under any commitment letter or fee letter entered into in connection with the credit facility established hereunder. 

(f) All principal, interest, fees and other amounts due or outstanding under the Existing Credit Agreement shall have been paid
in full, the commitments thereunder shall have been or shall be terminated, all letters of credit issued thereunder shall have expired or been terminated or shall be Existing Letters of Credit, and the Administrative Agent shall have received
reasonably satisfactory evidence thereof. 
 (g) The Lenders shall have received (i) all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent requested in a written notice to the Company at least
10 days prior to the Effective Date, and (ii) to the extent any Borrowing Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has
requested, in a written notice to the Company at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to such Borrowing Subsidiary shall have received such Beneficial Ownership Certification (provided that,
upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied). 

  
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 The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and
such notice shall be conclusive and binding. 
 SECTION 4.02. Conditions to Each Credit Event. The obligation of each Lender to make
a Loan to any Borrower on the occasion of any Borrowing, and the obligation of each Issuing Bank to issue, renew, extend or increase the amount of any Letter of Credit, is subject to receipt of the request therefor in accordance herewith and to the
satisfaction (or waiver in accordance with Section 10.02) of the following conditions: 
 (a) The representations and
warranties of the Borrowers set forth in this Agreement (other than, after the Effective Date, those set forth in Sections 3.04(b) and 3.05) shall be true and correct (i) in the case of the representations and warranties qualified as to
materiality, in all respects and (ii) otherwise, in all material respects, in each case on and as of the date of such Credit Event (or, if such representation or warranty relates to a specific date, as of such specific date). 

(b) At the time of and immediately after giving effect to such Credit Event, no Default shall have occurred and be continuing.

 Each Credit Event shall be deemed to constitute a representation and warranty by the applicable Borrower on the date thereof that the conditions
specified in paragraphs (a) and (b) of this Section have been satisfied. 
 SECTION 4.03. Conditions to Initial Borrowing by each
Borrowing Subsidiary. The obligation of each Lender to make a Loan to any Borrowing Subsidiary and the obligation of each Issuing Bank to issue, renew, extend or increase the amount of any Letter of Credit for the account of any Borrowing
Subsidiary, is subject to the satisfaction (or waiver in accordance with Section 10.02) of the following additional conditions: 

(a) With respect to any Borrowing Subsidiary not already party hereto, the Administrative Agent (or its counsel) shall have
received such Borrowing Subsidiary’s Borrowing Subsidiary Agreement, duly executed by all parties thereto. 
 (b) The
Administrative Agent shall have received such documents and certificates, including such customary opinions of counsel (in each case, in form and substance reasonably satisfactory to the Administrative Agent), as the Administrative Agent or its
counsel may reasonably request relating to the organization, existence and good standing (to the extent such concept exists in the relevant jurisdiction) of such Borrowing Subsidiary, the authorization of the Transactions by such Borrowing
Subsidiary, the incumbency of the persons executing any Loan Document on behalf of such Borrowing Subsidiary and any other legal matters reasonably relating to such Borrowing Subsidiary, its Borrowing Subsidiary Agreement or such Transactions, all
in form and substance satisfactory to the Administrative Agent and its counsel. 

  
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 ARTICLE V 

Affirmative Covenants 
 Until the
Commitments have expired or been terminated, the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, all Letters of Credit shall have expired or been terminated and all LC Disbursements shall have been
reimbursed, each of the Company and the Borrowing Subsidiaries covenants and agrees with the Lenders that: 
 SECTION 5.01. Financial
Statements and Other Information. The Company will furnish to the Administrative Agent for distribution to each Lender: 

(a) as soon as available and in any event within 100 days after the end of each of its fiscal years, a copy of the
Company’s Form 10-K for such fiscal year containing a consolidated balance sheet as at the end of such fiscal year and statements of consolidated income and retained earnings and a statement of
consolidated cash flows for such year, setting forth in comparative form the corresponding figures for the preceding fiscal year and certified by Ernst & Young, LLP, or other independent registered public accounting firm of recognized
national standing selected by the Company (it being agreed that (i) no breach of the requirements of this clause shall occur as a result of a change in the reporting requirements of the SEC and (ii) in the event any of the financial
statements referred to in this clause shall no longer be required to be included in the Company’s Form 10-K, the Company shall nevertheless furnish such financial statements); 

(b) as soon as available and in any event within 60 days after the end of each of the first three fiscal quarters of each of
its fiscal years, a copy of the Company’s Form 10-Q for each such fiscal quarter containing a consolidated balance sheet as at the end of such fiscal quarter and a statement of consolidated income and a
statement of consolidated cash flows for such period, prepared on a basis consistent with the corresponding period of the preceding fiscal year, except as disclosed in such financial statements or otherwise disclosed to the Lenders in writing, and
certified by a Financial Officer of the Company as presenting fairly, in all material respects, the consolidated financial position and the consolidated results of operations and cash flows of the Company and its Consolidated Subsidiaries as of the
end of and for such fiscal quarter and such portion of such fiscal year in accordance with GAAP, subject, however, to year-end audit adjustments (it being agreed that in the event such financial statements of
the Company shall no longer be required to be included in Form 10-Q, the Company shall nevertheless furnish such financial statements); 

(c) within 120 days after the end of each fiscal year of the Company and within 60 days after the end of each of the first
three fiscal quarters of each fiscal year of the Company, a statement, signed by a Financial Officer of the Company, (i) setting forth the computations of the Company Capitalization Ratio and (ii) if any Lease Accounting GAAP Change shall
have become effective and shall have been applied by the Company, and such Lease Accounting GAAP Change affects the comparability of the consolidated financial statements (or any part thereof) for such fiscal year or such fiscal quarter compared to
the corresponding consolidated financial statements (or such part thereof) for the prior fiscal year or the corresponding fiscal quarter of such prior fiscal year in a material respect, specifying the effect of such Lease Accounting GAAP Change on
the consolidated financial statements for such fiscal year or such fiscal quarter; 

  
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 (d) promptly after the sending or filing thereof, copies of all proxy
statements, financial statements and regular or special reports (other than reports on Form 10-K and Form 10-Q but including those on Form
8-K) and registration statements under the Securities Act (other than those on Form S-8 or any successor form relating to the registration of securities offered pursuant
to any employee benefit plan) which the Company sends to its stockholders or files with the SEC; 
 (e) promptly following a
request therefor, any documentation or other information that a Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the
USA PATRIOT Act and the Beneficial Ownership Regulation; and 
 (f) from time to time such further information regarding the
business, affairs and financial condition of the Company and its Subsidiaries as the Lenders shall reasonably request. 
 Information
required to be delivered pursuant to Sections 5.01(a), 5.01(b) and 5.01(d) (but only with respect to information filed with and publicly available from the SEC and not with respect to information sent to stockholders) shall be deemed to have been
delivered on the date on which such information has been posted on the Company’s website at http://www.hess.com or on the SEC’s website at http://www.sec.gov. All documents and notices required to be delivered to the Lenders
by this Section shall be deemed delivered when posted by the Administrative Agent on the Platform. 
 SECTION 5.02. Notices of Material
Events. The Company will furnish to the Administrative Agent and each Lender prompt written notice of the following: 

(a) the occurrence of any Default; and 

(b) any other event or development that constitutes a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Company setting forth
the details of the event or development requiring such notice and, in the case of clause (a) above, any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. The Company will, and will cause each of its Consolidated Subsidiaries to, do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises necessary to the conduct of its business, except, in the case of the legal existence
of any such Consolidated Subsidiary or any such right, license, permit, privilege or franchise, where the failure to so preserve, renew and keep in full force and effect does not constitute a Material Adverse Effect; provided that the
foregoing shall not prohibit any merger, consolidation or Division permitted under Section 6.02. 

  
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 SECTION 5.04. Insurance. The Company will, and will cause each of its Consolidated
Subsidiaries to, maintain in full force and effect such policies of insurance in such amounts issued by insurers of recognized responsibility covering the properties and operations of the Company and its Consolidated Subsidiaries as is customarily
maintained by corporations engaged in the same or similar business in the localities where the properties and operations are located, including insurance in connection with the disposal, handling, storage, transportation or generation of Hazardous
Materials; provided, that nothing shall prevent the Company or any of its Consolidated Subsidiaries from effecting workers’ compensation or similar insurance in respect of operations in any state or other jurisdiction through an
insurance fund operated by such state or jurisdiction or from maintaining a system or systems of self-insurance covering its properties or operations as provided above to the extent that such self-insurance is customarily effected by corporations
engaged in the same or similar businesses similarly situated and is otherwise prudent in the circumstances. 
 SECTION 5.05. Compliance
with Laws. The Company will, and will cause each of its Consolidated Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so,
individually or in the aggregate, does not constitute a Material Adverse Effect. 
 SECTION 5.06. Use of Proceeds. The proceeds of
the Loans will be applied by the Company and the Borrowing Subsidiaries: 
 (a) to meet part of the working capital and
general corporate requirements of the Company and its Subsidiaries, 
 (b) for the payment of dividends and distributions by
the Company and its Subsidiaries and 
 (c) for other general corporate purposes of the Company and its Subsidiaries. 

The Letters of Credit will be used for general corporate purposes of the Company and its Subsidiaries. No part of the proceeds of any Loan
will be used, whether directly or indirectly, for any purpose that violates (including on the part of any Lender) any of the Regulations of the Board, including Regulations U and X, as in effect from time to time. The Borrowers will not request any
Borrowing or Letter of Credit, and the Borrowers will not use or permit their Subsidiaries to use, and shall take reasonable steps to ensure that their and their Subsidiaries’ respective directors, officers, employees and agents shall not use,
the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws,
(ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party to this Agreement. 

  
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 ARTICLE VI 

Negative Covenants 
 Until the
Commitments shall have expired or been terminated, the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, and all Letters of Credit shall have expired or been terminated and all LC Disbursements shall
have been reimbursed, each of the Company and the Borrowing Subsidiaries covenants and agrees with the Lenders that: 
 SECTION 6.01.
Liens. The Company will not, and will not permit any of its Consolidated Subsidiaries (other than the Midstream Subsidiaries) to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by
it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Permitted Encumbrances; 

(b) any Lien on any property or asset of the Company or any of its Consolidated Subsidiaries existing on the Effective Date and
set forth in Schedule 6.01; provided that (i) such Lien shall not apply to any other property or asset of the Company or any of its Consolidated Subsidiaries and (ii) such Lien shall secure only those obligations which it secures on
the Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 

(c) any Lien existing on any property or asset prior to the acquisition thereof by the Company or any of its Consolidated
Subsidiaries or existing on any property or asset of any Person that becomes a Consolidated Subsidiary after the Effective Date prior to the time such Person becomes a Consolidated Subsidiary; provided that (i) such Lien is not created
in contemplation of or in connection with such acquisition or such Person becoming a Consolidated Subsidiary, (ii) such Lien shall not apply to any other property or assets of the Company or any of its Consolidated Subsidiaries, (iii) such
Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Consolidated Subsidiary, and extensions, renewals and replacements thereof that do not increase the outstanding principal
amount thereof and (iv) in the case of any Person becoming a Consolidated Subsidiary as a result of a Division where the Dividing Person is the Company or a Consolidated Subsidiary, such Lien was permitted by this clause (c) immediately
prior to the consummation of such Division; 
 (d) Liens securing Debt of the Company and its Consolidated Subsidiaries
incurred to finance the acquisition of fixed or capital assets by the Company or any Consolidated Subsidiary (other than any Midstream Subsidiary); provided that (i) such Liens shall be created substantially simultaneously with such
acquisition, (ii) such Liens securing such Debt do not at any time encumber any property other than the property financed by such Debt and (iii) the principal amount of Debt secured by any such Lien shall at no time exceed 100% of the
original purchase price of such assets (in the case of a purchase) or fair value of such property at the time it was acquired (in all other cases); 

  
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 (e) Liens to secure Debt of the Company and its Consolidated Subsidiaries
(other than any Midstream Subsidiaries) not otherwise permitted by this Section 6.01, provided that, immediately after giving effect to the creation, incurrence or assumption of any such Lien or of any Debt secured thereby, the aggregate
Debt secured by Liens in reliance on this clause (e) does not exceed 15% of the Consolidated Net Tangible Assets at such time; and 

(f) Liens on assets of the Company or any Consolidated Subsidiary of the Company securing Debt or other obligations owed to a
Consolidated Subsidiary (other than a Midstream Subsidiary) of the Company or the Company, as the case may be. 
 SECTION 6.02.
Fundamental Changes. (a) The Company will not (x) liquidate or dissolve or (y) consolidate with or merge into any other Person, or permit any Person to merge or consolidate into it, or make any sale or other disposition of all
or substantially all of its consolidated assets to any other Person, unless, in the case of this clause (y): 
 (i) the
survivor of any such merger or consolidation or the purchaser or acquiror of such assets shall be a corporation incorporated under the laws of one of the States of the United States and not more than 25% of the voting stock (assuming the conversion
of all convertible securities and exercise of all options, rights or warrants) of such survivor or such purchaser shall be owned by such other Person or its owners and shareholders; 

(ii) such survivor or such purchaser (if not the Company) (A) shall deliver all documentation and other information
required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent reasonably requested in connection therewith by the Administrative
Agent or any Lender and (B) shall expressly assume the obligations of the Company under this Agreement pursuant to documentation in form and substance satisfactory to the Administrative Agent; and 

(iii) at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing and the
Company shall have furnished the Administrative Agent with evidence of compliance with the provisions of this Section 6.02. 
 (b) The
Company will not permit any Borrowing Subsidiary to reorganize in a new jurisdiction, to merge, consolidate with or merge into any other Person, or permit any Person to merge or consolidate into any Borrowing Subsidiary, or to consummate a Division
as the Dividing Person unless: 
 (i) if such new jurisdiction is, or if the survivor of any such merger or consolidation or
any Division Successor of such Division shall be organized in, a jurisdiction other than (x) one of the States of the United States or (y) a jurisdiction in which any then existing Borrowing Subsidiary is organized, then (A) the
Company shall have provided not less than 10 Business Days’ prior notice to the Administrative Agent and the Lenders of its intent to consummate such transaction, identifying such jurisdiction, and no Lender shall have, within 10 Business Days
following the Company’s notice, notified the Company and the Administrative Agent that (1) it would be unlawful for such Lender or its Affiliates to make or maintain Loans to such Borrowing Subsidiary, such survivor or any such Division

  
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Successor, as the case may be, or (2) such Lender or its Affiliates would otherwise be barred by applicable internal policies from making or maintaining Loans to such Borrowing Subsidiary,
such survivor or any such Division Successor, as the case may be, in each case, after giving effect to such transaction; (B) such Borrowing Subsidiary, such survivor and each such Division Successor, as the case may be, shall have delivered all
documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent reasonably requested in
connection therewith by the Administrative Agent or any Lender, and such documents and certificates, including customary opinions of counsel (in form and substance reasonably satisfactory to the Administrative Agent), as the Administrative Agent may
reasonably request and (C) in the case of any such merger or consolidation, the survivor thereof, and in the case of any such Division, each Division Successor, shall expressly assume the obligations of such Borrowing Subsidiary under this
Agreement pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent; or 
 (ii) if
such new jurisdiction is, or the survivor of any such merger or consolidation or each Division Successor of such Division shall be organized in, (x) one of the States of the United States or (y) a jurisdiction in which any then-existing
Borrowing Subsidiary is organized, then (A) such Borrowing Subsidiary, such survivor or each such Division Successor, as the case may be, shall have delivered all documentation and other information required by bank regulatory authorities under
applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent reasonably requested in connection therewith by the Administrative Agent or any Lender, and such documents and
certificates, including customary opinions of counsel (in form and substance reasonably satisfactory to the Administrative Agent), as the Administrative Agent may reasonably request and (B) in the case of any such merger or consolidation, the
survivor thereof, and in the case of any such Division, each Division Successor, shall expressly assume the obligations of such Borrowing Subsidiary under this Agreement pursuant to documentation in form and substance reasonably satisfactory to the
Administrative Agent. 
 (c) The Company will not, and will not permit any of its Consolidated Subsidiaries to, engage to any material
extent in any business other than energy-related businesses. 
 SECTION 6.03. Restrictive Agreements. The Company will not, and will
not permit any of its Consolidated Subsidiaries (other than any Midstream Subsidiary) to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement with any Person (other than any such agreements or arrangements
between or among the Company and its Consolidated Subsidiaries (other than the Midstream Subsidiaries)) that prohibits, restricts or imposes any condition upon the ability of any Significant Subsidiary (other than any Midstream Subsidiary) to pay
dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Company; provided that the foregoing shall not apply to prohibitions, restrictions and conditions imposed by any
agreement or other arrangement so long as the Company has determined in good faith that such prohibitions, restrictions and conditions would not reasonably be expected to impair in any material respect the ability of the Borrowers to meet their
ongoing obligations under the Loan Documents. 

  
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 SECTION 6.04. Future Subsidiary Guarantees. The Company will not permit any
Subsidiary to Guarantee any other Debt of the Company unless such Subsidiary has executed and delivered or simultaneously executes and delivers a guarantee agreement in a form and substance reasonably satisfactory to the Administrative Agent for the
Guarantee of the payment of the obligations hereunder; provided that the Company shall not be obligated to provide any such Guarantee by a Subsidiary not organized under the laws of the United States, any State thereof or the District of
Columbia if the provision of such Guarantee would result in an adverse Tax consequence to the Company or its Subsidiaries. 
 SECTION 6.05.
Capitalization Ratios. The Company shall not permit the Company Capitalization Ratio to exceed, as of the last day of any fiscal quarter, 0.650 to 1.000. 

ARTICLE VII 
 Events of Default

 If any of the following events (“Events of Default”) shall occur: 

(a) any Borrower shall be in default in the payment when due of any principal of any Loan on the maturity date thereof or any
reimbursement obligation in respect of any LC Disbursement on the date on which the same shall become due; 
 (b) any
Borrower shall be in default for five days in the payment when due of any interest on any Loan or any other amount (other than principal) due hereunder; 

(c) any representation or warranty made or deemed made by any Borrower in Article III or in any other Loan Document or in any
certificate of any Borrower furnished to the Administrative Agent, any Issuing Bank or any Lender in connection with any Loan Document shall prove to have been incorrect, when made or deemed made, in any material respect; 

(d) any Borrower shall be in default in the performance of (i) any covenant applicable to it contained in
Section 5.02(a), 5.03 (solely with respect to legal existence of the Company), 5.06, 6.01, 6.02, 6.03, 6.04 or 6.05 for five consecutive days after such default shall have become known to the Company or any Borrower or (ii) any other
covenant, condition or agreement applicable to it contained in any Loan Document (other those specified in clause (a) or (b) of this Article) for 30 consecutive days after such default shall have become known to the Company or any Borrower;

 (e) any obligation of the Company or any Significant Subsidiary (other than any Midstream Subsidiary) in respect of any
Material Indebtedness now or hereafter outstanding shall become due by its terms, whether by acceleration or otherwise, and shall not be paid, extended or refunded or any default or event of default shall occur in respect of any such

  
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obligation and shall continue for a period of time sufficient to cause or permit the acceleration of maturity thereof, or the Company or any Significant Subsidiary (other than any Midstream
Subsidiary) shall fail to pay any Swap Payment Obligation of such Person in excess of $150,000,000 when due and payable (whether by acceleration or otherwise), unless such Person is contesting such Swap Payment Obligation in good faith by
appropriate proceedings and has set aside appropriate reserves relating thereto in accordance with GAAP; provided that in the case of any guarantees, endorsements and other contingent obligations in respect of any such obligation for borrowed
money of an entity other than the Company or any Consolidated Subsidiary (other than any Midstream Subsidiary) (all of the foregoing being herein called “Accommodation Guarantee Indebtedness”), a default with respect to any
Accommodation Guarantee Indebtedness of such Person shall constitute an Event of Default hereunder only if there shall have been a default in the performance by such Person of its obligations with respect to such Accommodation Guarantee Indebtedness
and such default shall continue for more than 30 days after a holder or beneficiary of such Accommodation Guarantee Indebtedness shall have demanded the performance of such obligation; 

(f) final judgment for the payment of money in excess of $150,000,000 shall be rendered against the Company or any of its
Significant Subsidiaries (other than any Midstream Subsidiary), and the same shall remain undischarged for a period of 60 days during which the judgment shall not be on appeal with the execution thereof being effectively stayed or execution thereof
shall not be otherwise effectively stayed; 
 (g) the Company or any of its Significant Subsidiaries (other than any
Midstream Subsidiary) shall (i) apply for or consent to the appointment of a receiver, trustee, administrator or liquidator of itself or of all or a substantial part of its assets, (ii) be unable, or admit in writing its inability or
failure, to pay its debts generally, (iii) make a general assignment for the benefit of creditors, (iv) be adjudicated to be bankrupt or insolvent, (v) commence any case, proceeding or other action under any existing or future law
relating to bankruptcy, insolvency, reorganization or relief of debtors seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent entity, or seeking reorganization, arrangement, adjustment,
winding up, liquidation, dissolution, composition or other relief with respect to it or its debts or an arrangement with creditors or taking advantage of any insolvency law or proceeding for the relief of debtors, or file an answer admitting the
material allegations of a petition filed against it in any bankruptcy, reorganization or insolvency proceeding, or (vi) take corporate action for the purpose of effecting any of the foregoing; 

(h) any case, proceeding or other action shall be instituted in any court of competent jurisdiction against the Company or any
of its Significant Subsidiaries (other than any Midstream Subsidiary), seeking in respect of the Company or any of its Significant Subsidiaries (other than any Midstream Subsidiary) adjudication in bankruptcy, reorganization, dissolution, winding
up, liquidation, administration, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, administrator, liquidator or the like of the Company or any of its Significant Subsidiaries (other than
any Midstream Subsidiary) or of all or any substantial part of its assets, or other like relief in respect of the Company or any of its Significant Subsidiaries (other than any 

  
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Midstream Subsidiary) under any bankruptcy or insolvency law, and such case, proceeding or other action results in an entry of an order for relief or any such adjudication or appointment or if
such case, proceeding or other action is being contested by such Company or any of its Significant Subsidiaries (other than any Midstream Subsidiary) in good faith, the same shall continue undismissed, or unstayed and in effect, for any period of 60
consecutive days; or 
 (i) at any time subsequent to December 31, 2018 and prior to the Maturity Date, Continuing
Directors shall fail to constitute at least a majority of the Board of Directors of the Company; for the foregoing purpose, the term “Continuing Directors” means those persons who were directors of the Company on December 31, 2018 and
any person whose election or nomination for election as a director of the Company at any time subsequent thereto was approved by at least a majority of the persons who were then Continuing Directors; 

then, and in every such event (other than an event with respect to the Company described in clause (g) or (h) of this Article), and at any time
thereafter during the continuance of such event, the Administrative Agent shall, at the request of the Required Lenders, by notice to the Company, take any or all of the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part (but ratably as among the Classes of Loans and the Loans of each Class at the time
outstanding), in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and
all fees and other obligations of the Borrowers hereunder, shall become due and payable immediately and (iii) require the deposit of cash collateral in respect of LC Exposure as provided in Section 2.06(i), in each case, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in the case of any event with respect to the Company described in clause (g) or (h) of this Article, the Commitments shall
immediately and automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers hereunder, shall immediately and automatically become due and payable
and the deposit of such cash collateral in respect of LC Exposure shall immediately and automatically become due, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. 

ARTICLE VIII 
 The Administrative
Agent 
 Each of the Lenders and the Issuing Banks hereby irrevocably appoints the entity named as the Administrative Agent in the heading
of this Agreement and its successors to serve as administrative agent under the Loan Documents and authorizes the Administrative Agent to take such actions and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
and of the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. 

  
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 The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender, an Issuing Bank or a Swingline Lender as any other Lender, Issuing Bank or Swingline Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept
deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any of its Subsidiaries or other Affiliates as if it were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders, Issuing Banks or Swingline Lenders. 
 The Administrative Agent shall not
have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, (a) the Administrative Agent
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any
other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market
custom and is intended to create or reflect only an administrative relationship between contracting parties), (b) the Administrative Agent shall not have any duty to take any discretionary action or to exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents), provided that the Administrative Agent shall not be required to take any action that,
in its opinion, could expose the Administrative Agent to liability or be contrary to any Loan Document or applicable law, rule or regulation, and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Subsidiaries or other Affiliates that is communicated to or obtained by the Person serving as Administrative Agent or
any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or in the absence of its own gross negligence or willful misconduct, with such absence to be presumed
unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written
notice thereof (stating that it is a “notice of default”) is given to the Administrative Agent by a Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of
any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 

  
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 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have
been signed or sent by the proper Person (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the signatory, sender or authenticator thereof). The Administrative Agent also may rely, and shall not
incur any liability for relying, upon any statement made to it orally or by telephone and believed by it to be made by the proper Person (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the
signatory, sender or authenticator thereof), and may act upon any such statement prior to receipt of written confirmation thereof. The Administrative Agent may consult with legal counsel (who may be counsel for any Borrower), independent accountants
and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers hereunder or under any other Loan Document by
or through any one or more subagents appointed by the Administrative Agent, provided that, other than in the case of any such sub-agent that is an Affiliate of the Administrative Agent, the
Administrative Agent shall provide prompt written notice of such appointment to the Company. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and
powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders, the Issuing Banks and the Company. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint one of the Lenders a successor. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the
Lenders and in consultation with the Company, appoint one of the Lenders as a successor Administrative Agent, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. If the Administrative Agent is a Defaulting
Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and the Administrative Agent, remove the Administrative Agent in its capacity as
such and, in consultation with the Company, appoint a successor. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged (to the extent not theretofore discharged) from its duties and obligations hereunder and under the other Loan Documents. The
fees payable by the Company to a successor Administrative Agent shall be 

  
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the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the Administrative Agent’s resignation or removal hereunder, the provisions
of this Article and Section 10.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by them while it was acting as Administrative Agent. 

Each Lender and each Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent, any Arranger,
any Issuing Bank or any other Lender, or any of the Related Parties of any of the foregoing and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any Issuing Bank or any other Lender, or any of the Related Parties of any of the foregoing, and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any other Loan Document or other related agreement or any document
furnished hereunder or thereunder. 
 Each Lender, by delivering its signature page to this Agreement, or delivering its signature page to
an Assignment and Acceptance or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be
delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a
Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or such Issuing Bank unless the Administrative Agent
shall have received notice to the contrary from such Lender or such Issuing Bank sufficiently in advance to the making of such Loan or the issuance, extension, renewal or amendment of such Letter of Credit. 

None of the Arrangers, the Syndication Agents or the Documentation Agents shall have any duties or obligations under this Agreement or any
other Loan Document (except in its capacity, as applicable, as a Lender or an Issuing Bank), but all such Persons shall have the benefit of the indemnities provided for hereunder. 

Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Company or any other Borrower, that at least one of the following is and will be true: 
 (a) such Lender
is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

  
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 (b) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(c) (i) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (ii) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (iii) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (iv) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(d) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 In addition, unless the immediately preceding clause (a) is true with respect to a Lender or such
Lender has not provided another representation, warranty and covenant as provided in the immediately preceding clause (d), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Company or any other Borrower, that none of the Administrative Agent, or any Arranger, any Syndication Agent, any Documentation Agent or any of their respective Affiliates is a fiduciary with respect
to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or
exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). 

The Administrative Agent, each Arranger, each Syndication Agent and each Documentation Agent hereby informs the Lenders that each such Person
is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such
Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended the Loans,
the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other

  
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payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees,
underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term
out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 
 ARTICLE IX 

Guarantee 
 In order to induce the
Lenders to extend credit to the Borrowing Subsidiaries hereunder and to induce the Issuing Banks to issue Letters of Credit for the accounts of the Borrowing Subsidiaries hereunder, the Company hereby irrevocably and unconditionally guarantees the
Guaranteed Obligations. The Company further agrees that the due and punctual payment of the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its
guarantee hereunder notwithstanding any such extension or renewal of any Guaranteed Obligation. 
 The Company waives presentment to, demand
of payment from and protest to any Borrowing Subsidiary of any of its Guaranteed Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment and all other notices, demands and protests and formalities of
any kind which may otherwise constitute grounds for relieving the Company of its obligations hereunder. The obligations of the Company hereunder shall not be affected by (a) the failure of the Administrative Agent, any Lender or any Issuing
Bank, as the case may be, to assert any claim or demand or to enforce any right or remedy against any Borrowing Subsidiary under the provisions of this Agreement, any other Loan Document or otherwise; (b) any extension or renewal of any of the
Guaranteed Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions of this Agreement or any other Loan Document or agreement; (d) the failure or delay of the Administrative
Agent, any Lender or any Issuing Bank, as the case may be, to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; (e) the failure of the Administrative Agent, any Lender or any Issuing Bank, as the case may
be, to assert any claim or demand or to enforce any remedy under any Loan Document or any other agreement or instrument; (f) any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations; (g) any
lack of validity or unenforceability of this Agreement or any other Loan Document; (h) any change in ownership of any Borrower or any merger or consolidation of any Borrower with any other Person, (i) any other circumstance which may
constitute a defense (other than payment in full of the Guaranteed Obligations) or (j) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of the Company or otherwise operate as a
discharge of the Company as a matter of law or equity or which would impair or eliminate any right of the Company to subrogation. 

  
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 The Company further agrees that its guarantee hereunder constitutes a promise of payment
when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any
resort be had by the Administrative Agent, any Lender or any Issuing Bank, as the case may be, to any balance of any deposit account or credit on the books of any Lender or Issuing Bank, as the case may be, in favor of any Borrower or Subsidiary or
any other Person. 
 The obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or termination
for any reason, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations, any impossibility in the performance of
the Guaranteed Obligations or otherwise. 
 The Company further agrees that its obligations hereunder shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by the Administrative Agent, any Lender or any Issuing Bank as applicable, upon the bankruptcy or
reorganization of any Borrowing Subsidiary or otherwise. 
 In furtherance of the foregoing and not in limitation of any other right which
the Administrative Agent, any Lender or any Issuing Bank may have at law or in equity against the Company by virtue hereof, upon the failure of any Borrowing Subsidiary to pay any Guaranteed Obligation of such Borrowing Subsidiary when and as the
same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Company hereby promises to and will, upon receipt of written demand by the Administrative Agent (which demand shall not be required if not
allowed due to the existence of a bankruptcy or similar proceeding and is hereby waived by the Company in the event of such circumstances), forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the Lenders and/or the
Issuing Banks in cash an amount equal the unpaid principal amount of such Guaranteed Obligation. The Company further agrees that if payment in respect of any Guaranteed Obligation shall be due in a currency other than dollars and/or at a place of
payment other than New York and if, by reason of any legal prohibition, disruption of currency or foreign exchange markets, war or civil disturbance or other event, payment of such Guaranteed Obligation in such currency or at such place of payment
shall be impossible or, in the reasonable judgment of any Lender or any Issuing Bank, not consistent with the protection of its rights or interests, then, at the election of such Lender or such Issuing Bank, as the case may be, the Company shall
make payment of such Guaranteed Obligation in dollars (based upon the applicable exchange rate in effect on the date of payment) and/or in New York, and shall indemnify such Lender or such Issuing Bank, as the case may be, against any losses or
expenses (including losses or expenses resulting from fluctuations in exchange rates) that it shall sustain as a result of such alternative payment. 

Upon payment in full by the Company of any Guaranteed Obligation, each Lender shall, in a reasonable manner, assign to the Company the amount
of such Guaranteed Obligation owed to such Lender and so paid, such assignment to be pro tanto to the extent to which the Guaranteed Obligation in question was discharged by the Company, or make such disposition thereof as the Company shall
direct (all without recourse to any Lender and without any representation or warranty by any Lender). Upon payment by the Company of any sums as provided above, all rights of the Company against the applicable Borrowing Subsidiary arising as a
result thereof by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full of all the Guaranteed Obligations owed by such Borrowing Subsidiary to the
Lenders. 

  
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 ARTICLE X 

Miscellaneous 
 SECTION 10.01.
Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone or electronic communication as contemplated by paragraph (b) below, all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows: 

(i) if to the Company, to Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036, Attention of Treasurer (Fax
No. (855) 439-8592) and Assistant Treasurer (Fax No. (855) 283-6931); 

(ii) if to any Borrowing Subsidiary, to it in care of the Company as provided in clause (i) above; 

(iii) if to JPMorgan Chase Bank, N.A., as Administrative Agent or as a Swingline Lender, to JPMorgan Chase Bank, N.A.,
Loan & Agency Services Group, 500 Stanton Christiana Road, NCC5, Floor 01, Newark, Delaware 19713, Attention of Nicholas Papa (Phone No. (302) 634-1979)
(E-mail: nicholas.papa@jpmorgan.com) (E-Fax 12012443629@tls.ldsprod.com); 

(iv) if to any Lender, to it at its address (or facsimile number) set forth in its Administrative Questionnaire; 

(v) if to an Issuing Bank, to it at the address specified in clause (iv) above or, if such Issuing Banks shall not also be
a Lender, to it at the address most recently specified by it in a notice delivered to the Administrative Agent and the Company; and 

(vi) if to any other Swingline Lender, as a Swingline Lender, to it at the address specified in clause (iv) above. 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices sent by fax shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the
recipient); and notices delivered through electronic communications to the extent provided in paragraph (b) below shall be effective as provided in such paragraph. 

  
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 (b) Notices and other communications to the Lenders and Issuing Banks hereunder may be
delivered or furnished by electronic communications (including e-mail and Internet and intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall
not apply to notices under Article II to any Lender or Issuing Bank if such Lender or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. Any
notices or other communications to the Administrative Agent or any Borrower may be delivered or furnished by electronic communications pursuant to procedures approved by the recipient thereof prior thereto; provided that approval of such
procedures may be limited or rescinded by any such Person by notice to each other such Person. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or
other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail
address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the
recipient. 
 (c) Any party hereto may change its address, telephone number, e-mail or facsimile
number for notices and other communications hereunder by notice to the other parties hereto. 
 (d) The Borrowers agree that the
Administrative Agent may, but shall not be obligated to, make any Communication by posting such Communication on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar electronic transmission system (the “Platform”).
The Platform is provided “as is” and “as available”. Neither the Administrative Agent nor any of its Related Parties warrants, or shall be deemed to warrant, the adequacy of the Platform and the Administrative Agent expressly
disclaims liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose,
non-infringement of third-party rights or freedom from viruses or other code defects, is made, or shall be deemed to be made, by the Administrative Agent or any of its Related Parties in connection with the
Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties have any liability to any Borrower, any Lender, any Issuing Bank or any other Person for damages of any kind, including, without limitation,
direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of Communications through the Platform,
except to the extent of direct or actual damages (and not any special, indirect, consequential or punitive damages) that are determined by a court of competent jurisdiction in a final and non-appealable
judgment to have resulted from the gross negligence or willful misconduct of the Administrative Agent or its employees in performing the services hereunder. 

  
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 SECTION 10.02. Waivers; Amendments. (a) No failure or delay by the
Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the
Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure
by any Borrower therefrom shall in any event be effective unless the same shall be permitted by this Section, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Without
limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Issuing Bank or any Lender may have had
notice or knowledge of such Default at the time. 
 (b) Except as provided in paragraph (c) of this Section, none of this Agreement or
any other Loan Document, nor any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Company and the Required Lenders or by the Company and the Administrative
Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC
Disbursement, or change the permitted currency thereof, or reduce the rate of interest thereon (other than by waiving any “default” interest under Section 2.13(e)), or reduce any fees payable hereunder, without the written consent of
each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees or any other amount payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.09(c), Section 2.18(b) or 2.18(c) in a manner that would alter
the pro rata termination or reduction of Commitments or pro rata sharing of payments, as applicable, required thereby without the written consent of each Lender, (v) change any of the provisions of this Section or the percentage set forth in
the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent
thereunder without the written consent of each Lender or (vi) release the Company from its obligations under Article IX without the written consent of each Lender; provided further that (A) no amendment, modification or
waiver of this Agreement or any provision hereof that would alter the rights or duties of the Administrative Agent, any Issuing Bank or any Swingline Lender hereunder shall be effective without the prior written consent of the Administrative Agent,
such Issuing Bank or such Swingline Lender, as the case may be, and, without limiting the foregoing, any amendment or other modification of Section 2.21 shall require the prior written consent of the Administrative Agent, each Issuing Bank and
each Swingline Lender and (B) notwithstanding the foregoing, but subject to first proviso of this paragraph, the Company, the Administrative Agent and the applicable Issuing Banks may enter into agreements referred to in Sections 2.06(j) and
2.06(k), and the term “LC Commitment”, as such term is used in reference to any Issuing Bank, may be modified as contemplated by the definition of such term, in each case without consent of the Required Lenders. 

  
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 (c) Notwithstanding anything to the contrary in paragraph (b) of this Section: 

(i) this Agreement and the other Loan Documents may be amended as provided in Sections 2.09(d), 2.09(e) and 2.14(b); 

(ii) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the
Company and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency or to make immaterial changes (including, but not limited to, incorporating changes needed to reflect a successor in interest of any party specifically
referred to herein) so long as, in each case, the Lenders shall have received at least five Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice
to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; and 

(iii) no consent with respect to any amendment, waiver or other modification of this Agreement or any other Loan Document shall
be required of any Defaulting Lender, except with respect to (A) any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of paragraph (b) of this Section and then only in the event
such Defaulting Lender shall be affected by such amendment, waiver or other modification or (B) any amendment, waiver or other modification requiring the consent of all the Lenders or each affected Lender that by its terms affects any
Defaulting Lender more adversely than the other affected Lenders. 
 (d) The Administrative Agent may, but shall have no obligation to, with
the prior written consent of any Lender, execute amendments, waivers or other modifications of this Agreement on behalf of such Lender. Any amendment, waiver or other modification effected in accordance with this Section 10.02 shall be binding
upon each Person that is at the time thereof a Lender and each Person that subsequently becomes a Lender. 
 SECTION 10.03. Expenses;
Indemnity; Damage Waiver. (a) The Borrowers agree to pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Arrangers and
each of their respective Affiliates (including the reasonable and documented fees, disbursements and other charges of one firm of counsel for the foregoing, taken as a whole, and, if reasonably necessary, of one firm of local counsel in any relevant
jurisdiction), in connection with the syndication of the credit facility provided for herein, the preparation and administration of this Agreement, the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable and documented out-of-pocket expenses incurred
by the Administrative Agent, the Arrangers, any Issuing Bank or any Lender (including the reasonable and documented fees, disbursements and other charges of one firm of counsel for the foregoing, taken as a whole, and, if reasonably necessary, of
one firm of local counsel in any relevant jurisdiction (and, in the case of an actual or perceived conflict of interest where the relevant Person affected by such conflict informs the Company of such conflict and thereafter retains its own counsel
(including, if reasonably necessary, its own local counsel in any relevant jurisdiction), of such conflict counsel for such affected Person and all similarly situated Persons, taken as a whole)), in connection with the enforcement or protection of
its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring
or negotiations in respect thereof. 

  
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 (b) The Borrowers agree to indemnify the Administrative Agent, each Arranger, each
Syndication Agent, each Documentation Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”), against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, disbursements and other charges of one firm of counsel for any Indemnitee, and, if reasonably necessary, of one firm of local
counsel in any relevant jurisdiction (and, in the case of an actual or perceived conflict of interest where the relevant Indemnitee affected by such conflict informs the Company of such conflict and thereafter retains its own counsel (including, if
reasonably necessary, its own local counsel in any relevant jurisdiction), of such conflict counsel for such affected Indemnitee and all similarly situated Indemnitees, taken as a whole)) incurred by or asserted against any Indemnitee arising out
of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any other agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their
respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an
Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and whether initiated against or by any party to this Agreement or any other Loan Document, any Affiliate of any of the
foregoing or any third party (and regardless of whether any Indemnitee is a party thereto); provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted (A) from the gross negligence or willful misconduct of such Indemnitee, its Affiliates or
their officers, directors or employees or (B) from a material breach of this Agreement by such Indemnitee. This Section 10.03(b) shall not apply with respect to Taxes, other than Taxes that represent losses, claims or damages arising from
any non-Tax claim. 
 (c) To the extent that the Borrowers fail to pay any amount required to be
paid by them to the Administrative Agent (or any sub-agent thereof), any Issuing Bank or any Swingline Lender or any Related Party of any of the foregoing, under paragraph (a) or (b) of this Section (and
without limiting the obligation of the Borrower to pay such amount), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Issuing Bank, such Swingline Lender or such
Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against 

  
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the Administrative Agent (or any such sub agent), such Issuing Bank or such Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the
Administrative Agent (or any such sub agent), any Issuing Bank or any Swingline Lender in connection with such capacity. 
 (d) To the
extent permitted by applicable law, (i) no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee, on any theory of liability, for any damages arising from the use by others of information or other materials
obtained through telecommunications, electronic or other information transmission systems (including the Internet), except to the extent that such damages are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or from a material breach of this Agreement by such Indemnitee, and (ii) no party hereto shall assert,
and each such party hereby waives, any claim against any other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any other agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that nothing in this sentence shall
relieve the Borrowers of any obligation they may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

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

SECTION 10.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that no Borrower may (other than as expressly permitted by Section 6.02(a) or
SECTION 6.02. (b) ) assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any
Letter of Credit), Participants (to the extent provided in paragraph (e) of this Section), the Arrangers, the Syndication Agents, the Documentation Agents and, to the extent expressly contemplated hereby, the Related Parties of the
Administrative Agent, the Arrangers, the Syndication Agents, the Documentation Agents, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all
or a portion of its Commitments and the Loans and participations in LC Disbursements at the time owing to it); provided that (i) each of the Company (provided that (A) in the case of an assignment to a Lender or an Affiliate
of a Lender or to an Approved Fund or (B) upon the occurrence and during the continuance of an Event of Default arising under clause (a), (b), (g) or (h) of Article ARTICLE VII, the consent of the Company shall not be required; and
provided further that the Company shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the 

  
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Administrative Agent within 10 Business Days after having received a written request for its consent to such assignment), the Administrative Agent and, in the case of any assignment of a
Commitment or any LC Exposure or any Swingline Exposure, as applicable, each Issuing Bank and each Swingline Lender must give their prior written consent to such assignment (which consent shall not be unreasonably withheld, delayed or conditioned,
it being agreed that (x) none of the Company, the Administrative Agent, any Issuing Bank or any Swingline Lender will be deemed to have acted unreasonably if it refuses to consent to an assignment to an institution whose unsecured long-term
deposit obligations or senior, unsecured, non-credit-enhanced long-term indebtedness for borrowed money shall not have ratings of at least BBB from S&P and Baa2 from Moody’s, in each case with at
least stable outlook and (y) the Company will not be deemed to have acted unreasonably if it refuses to consent to an assignment to any Person that is not a Professional Lender), (ii) except in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000 unless each of the Company and the Administrative Agent shall otherwise consent
(provided that upon the occurrence and during the continuance of an Event of Default arising under clause (a), (b), (g) or (h) of Article VII, the consent of the Company shall not be required, provided further that the
Company shall be deemed to have consented to such other amount unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received a written request for its consent to such assignment),
(iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause (iii) shall not apply with respect to the
assignment of rights and obligations in respect of outstanding Competitive Loans or Swingline Loans, (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance (or an agreement
incorporating by reference a form of Assignment and Acceptance posted on the Platform), together (except in the case of an assignment by a Lender to one of its Affiliates or an assignment as a result of any of the events contemplated by
Section 2.19) with a processing and recordation fee of $3,500, (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any tax forms required by Section 2.17(f) and an Administrative Questionnaire in which
the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain MNPI) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and
applicable laws, including Federal and state securities laws and (vi) no assignment may be made to any Person that is not a Professional Lender. Upon acceptance and recording pursuant to paragraph (d) of this Section, from and after the
effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 10.03). Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph
(e) of this Section. 

  
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 (c) The Administrative Agent, acting for this purpose as a
non-fiduciary agent of each Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and records of the names and addresses of the Lenders, and the Commitments
of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the
Borrowers, the Administrative Agent, the Lenders and the Issuing Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. The Register shall be available for inspection by any Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Upon its receipt of a duly completed Assignment and Acceptance (or an agreement incorporating by reference a form of Assignment and
Acceptance posted on the Platform) executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and any tax forms required by Section 2.17(f) (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and
Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(e) Any Lender may, without the consent of any Borrower, the Administrative Agent or the Issuing Banks, sell participations to one or more
Eligible Assignees (each a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the
Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.02(b) that affects such
Participant. Subject to paragraph (f) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section. Each Lender selling participations shall keep a register (the “Participant Register”) in which it shall record the name and address of each Participant to which such Lender
sells participations and the amount and terms of such participations, acting for this purpose as a non-fiduciary agent of the Borrowers; provided that no Lender shall have any obligation to disclose all
or any portion of the Participant 

  
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Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register. 
 (f) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable
Lender would have been entitled to receive with respect to the participations sold to such Participant, unless the sale of the participations to such Participant is made with the Company’s prior written consent. A Participant that would be a
Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Company is notified of the participations sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with
Section 2.17(f) as though it were a Lender. 
 (g) Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any central bank with jurisdiction over such Lender, and this Section shall not apply to any such
pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto. 
 SECTION 10.05. Survival. All covenants, agreements, representations and warranties made by the Borrowers in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank, any
Lender or any Affiliate of any of the foregoing may have had notice or knowledge of any Default or incorrect representation or warranty at the time any Loan Document is executed and delivered or any credit is extended hereunder, and shall continue
in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any LC Exposure is outstanding and so long as the Commitments have not
expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 10.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the
expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement or any other Loan
Document, in the event that an Issuing Bank shall have provided to the Administrative Agent a written consent to the release of the Lenders from their obligations hereunder with respect 

  
 89 

 
to any Letter of Credit issued by such Issuing Bank (whether as a result of the obligations of the Borrowers in respect of such Letter of Credit having been collateralized in full by a deposit of
cash with such Issuing Bank, or being supported by a letter of credit that names such Issuing Bank as the beneficiary thereunder, or otherwise), then from and after such time such Letter of Credit shall cease to be a “Letter of Credit”
outstanding hereunder for all purposes of this Agreement and the other Loan Documents (including, for purposes of determining whether the Company is required to comply with Articles ARTICLE V and ARTICLE VI hereof, but excluding Sections 2.15, 2.16,
2.17 and 10.03 hereof and any expense reimbursement or indemnity provisions set forth in any other Loan Document), and the Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with respect thereto, under
Section 2.06(d) or 2.06(e). 
 SECTION 10.06. USA PATRIOT Act. Each Lender and each Issuing Bank hereby notifies each Borrower
that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of each Borrower and other information that will allow
such Lender or such Issuing Bank to identify each Borrower in accordance with its requirements. 
 SECTION 10.07. Counterparts;
Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof, including the commitments of the Lenders and, if applicable, their Affiliates under any commitment letter entered into in connection with the credit facilities established hereunder and any commitment
advices submitted in connection therewith (but do not supersede any other provisions of any such commitment letter or any fee letter entered into in connection with the credit facilities established hereunder that do not by the terms of such
documents terminate upon the effectiveness of this Agreement, all of which provisions shall remain in full force and effect). This Agreement shall become effective on the Effective Date, and thereafter shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile, e-mailed .pdf or any other electronic image shall be
effective as delivery of a manually executed counterpart of this Agreement. 
 (b) The words “execution”, “signed”,
“signature”, “delivery” and words of like import in or relating to any document to be signed in connection with this Agreement or any other Loan Document and the transactions contemplated hereby shall be deemed to include
Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent. 

  
 90 

 SECTION 10.08. Severability. Any provision of this Agreement or any other Loan
Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 10.09. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each Issuing Bank and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other indebtedness at any time owing by such Lender, Issuing Bank or Affiliate (a) to or for the credit or the account of the Company against any of and all the obligations of the Company or any Borrower, and (b) to or for the credit
or the account of any Borrower against any of and all the obligations of such Borrower, now or hereafter existing under this Agreement held by such Lender or Issuing Bank, irrespective of whether or not such Lender or Issuing Bank shall have made
any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender and Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of
setoff) that such Lender, Issuing Bank or Affiliate may have. Each Lender and Issuing Bank agrees to notify the Company and the Administrative Agent promptly after any such set off and application; provided that the failure to give notice
shall not affect the validity of such set off and application. For purposes of this Section and without limitation, the Guarantee by the Company of the Guaranteed Obligations shall constitute an obligation of the Company. 

SECTION 10.10. Governing Law; Jurisdiction; Consent to Service of Process; Process Agent; Waiver of Immunity. (a) This Agreement
shall be construed in accordance with and governed by the law of the State of New York. 
 (b) Each party hereto hereby irrevocably and
unconditionally submits, for itself and its property, to the jurisdiction of the United States District Court of the Southern District of New York and the Supreme Court of the State of New York sitting in New York County, and any appellate court
from any thereof, in any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such suit, action or proceeding against the Administrative Agent, any Arranger, any Issuing Bank or any Lender shall be brought, and shall be heard and determined exclusively in such Federal Court, or, in the
event such Federal Court lacks subject matter jurisdiction, such New York State court. Each of the parties hereto agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender or Issuing Bank may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against any Borrower or its properties in the courts of any jurisdiction. 

  
 91 

 (c) Each party to this Agreement hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such
court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices to it in
Section 10.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each Borrowing Subsidiary that is not organized in the United States
of America, any State thereof or the District of Columbia hereby irrevocably designates, appoints and empowers the Company as its process agent to receive for and on its behalf service of process in any legal action or proceeding arising out of or
relating to this Agreement or any other Loan Document, and the Company hereby accepts such appointment. 
 SECTION 10.11. WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 10.12. Headings. Article and Section headings and the Table of Contents
used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 10.13. Confidentiality; Non-Public Information. (a) Each of the Administrative
Agent, the Lenders and the Issuing Banks agrees to maintain the confidentiality of and to not disclose the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, members,
partners, officers, employees and agents, including accountants, legal counsel and other advisers, on a need-to-know basis (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential or shall otherwise be bound by an obligation of confidentiality), (ii) to the extent requested by any
regulatory authority (including (A) any self-regulatory authority, such as the National Association of Insurance Commissioners and (B) in connection with a pledge or assignment permitted under Section 10.04(g)), (iii) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process (in which case such applicable party hereto agrees to inform the Company promptly thereof to the extent practical and not prohibited by applicable law), (iv) to
any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document 

  
 92 

 
or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or under any other Loan Document, (vi) subject to an agreement
containing provisions at least as restrictive as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B) any actual or
prospective direct or indirect counterparty (or its advisors) to any securitization, swap or derivatives transaction, relating to the Company, any of its Subsidiaries and the obligations hereunder, (vii) with the consent of the Company,
(viii) on a confidential basis to any rating agency in connection with rating the Company or its Subsidiaries or the credit facility provided for herein or (ix) to the extent such Information (A) becomes publicly available other than
as a result of a breach of this Section or (B) becomes available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis from a source other than a Borrower and such source is not, to the knowledge of the
Administrative Agent, such Lender or such Issuing Bank, subject to contractual or fiduciary confidentiality obligations owing to any Borrower or any Subsidiary with respect to such Information. In addition, each of the Administrative Agent and the
Lenders may disclose the existence of this Agreement and the terms of this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with
the administration of this Agreement, the other Loan Documents and the Commitments, including the CUSIP Service Bureau. For the purposes of this Section, “Information” means all information received (whether prior to, or after the
Effective Date) from or on behalf of any Borrower, any Subsidiary or any Affiliate of the foregoing relating to any Borrower, any Subsidiary or any Affiliate of the foregoing or their respective businesses, financial condition, operations or assets,
other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by or on behalf of any Borrower, any Subsidiary or any Affiliate of the foregoing;
provided that in the case of information received from the Borrowers after the Effective Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. 
 (b) Each Lender acknowledges that information furnished to it pursuant to this Agreement may include MNPI, and
confirms that it has developed compliance procedures regarding the use of MNPI and that it will handle such MNPI in accordance with those procedures and applicable law, including Federal and state securities laws. 

(c) All information, including requests for waivers and amendments, furnished by any Borrower or the Administrative Agent pursuant to, or in
the course of administering, this Agreement will be syndicate-level information, which may contain MNPI. Accordingly, each Lender represents to each Borrower and the Administrative Agent that it has identified in its Administrative Questionnaire a
credit contact who may receive information that may contain MNPI in accordance with its compliance procedures and applicable law, including Federal and state securities laws. 

  
 93 

 SECTION 10.14. No Fiduciary Relationship. Each of the Borrowers agrees that in
connection with all aspects of the transactions contemplated by the Loan Documents and any communications in connection therewith, the Borrowers and their Affiliates, on the one hand, and the Administrative Agent, the Arrangers, the Lenders, the
Issuing Banks and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty or advisory or agency relationship on the part of the Administrative Agent, the Arrangers,
the Lenders, the Issuing Banks or their Affiliates, and no such duty or relationship will be deemed to have arisen in connection with any such transactions or communications. The Administrative Agent, each Arranger, each Lender, each Issuing Bank
and their respective Affiliates may have economic interests that conflict with those of the Company and the Borrowing Subsidiaries, their respective equityholders and/or their respective Affiliates. 

SECTION 10.15. Conversion of Currencies. (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a
sum owing hereunder or under any other Loan Document in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with
normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. 

(b) The obligations of each party to any Loan Document in respect of any sum due to any other party thereto or any holder of the obligations
owing thereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due thereunder (the
“Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with
normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement
Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of each party to the Loan Documents contained in this Section shall survive the
termination of this Agreement and the other Loan Documents and the payment of all other amounts owing hereunder and thereunder. 
 SECTION
10.16. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under
applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been
payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the New York Fed Bank Rate to the date of repayment, shall have been received by such Lender. 

  
 94 

 SECTION 10.17. Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an
EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability
in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 [Remainder of page intentionally
left blank] 

  
 95 

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

			
		 	HESS CORPORATION, as the Borrower

 
			
		
	by 	 	 /s/ Eric S. Fishman

		 	Name: Eric S. Fishman
		 	Title: Vice President and Treasurer

 [Signature Page to the Hess Corporation Credit Agreement] 

			
		 	 HESS OVERSEAS FINANCE INVESTMENTS
 CENTRE
LIMITED, as a Borrowing Subsidiary

 
			
		
	by 	 	 /s/ John P. Rielly

		 	Name: John P. Rielly
		 	Title: Director

 [Signature Page to the Hess Corporation Credit Agreement] 

			
		 	 JPMORGAN CHASE BANK, N.A.,
 individually and as
Administrative Agent,
 an Issuing Bank and a Swingline Lender

 
			
		
	by 	 	 /s/ Debra Hrelja

		 	Name: Debra Hrelja
		 	Title: Vice President

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
		 	Name of Institution: Mizuho Bank, LTD.

 
			
		
	by	 	 /s/ Donna DeMagistris

		 	Name: Donna DeMagistris
		 	Title: Authorized Signatory

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
		 	Name of Institution: MUFG Bank Ltd.

 
					
		
	by 	 	 /s/ Todd Vaubel

		 	Name:	 	Todd Vaubel
		 	Title:	 	Director

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
		 	Name of Institution: GOLDMAN SACHS BANK USA

 
			
		
	by 	 	 /s/ Ryan Durkin

		 	Name: Ryan Durkin
		 	Title: Authorized Signatory

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
		 	Name of Institution: Morgan Stanley Bank, N.A.

 
			
		
	by	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Authorized Signatory

  

			
		 	For any Lender requiring a second signature block:

  

			
	 Morgan Stanley Senior Funding, Inc.

		
	by	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Vice President

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
		 	Name of Institution: BMO HARRIS BANK N.A.

 
					
		
	by	 	 /s/ James V. Ducote

		 	Name:	 	James V. Ducote
		 	Title:	 	Managing Director

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
		 	Name of Institution: BNP Paribas

 
			
		
	by	 	 /s/ Nicolas Anberree

		 	Name: Nicolas Anberree
		 	Title: Vice President

  

			
		 	For any Lender requiring a second signature block:

 
			
		
	by	 	 /s/ Joseph Onischuk

		 	Name: Joseph Onischuk
		 	Title: Managing Director

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
	Name of Institution: Citibank, N.A.
		
	by	 	/s/ Peter Kardos
		 	Name: Peter Kardos
		 	Title: Vice President

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
	SUMITOMO MITSUI BANKING CORPORATION
		
	By:	 	/s/ Katsuyuki Kubo

 
			
	Name:	 	Katsuyuki Kubo
	Title:	 	Managing Director

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
	The Bank of Nova Scotia, Houston Branch
		
	by	 	/s/ Joe Lattanzi
		 	Name: Joe Lattanzi
		 	Title: Managing Director

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
	 Name of Institution:
	 	THE TORONTO-DOMINION BANK, NEW YORK BRANCH

 
			
		
	    by	 	 /s/ MICHAEL BOROWIECKI

		 	Name: MICHAEL BOROWIECKI
		 	Title: AUTHORIZED SIGNATORY

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

			
	Institution:	 	 Wells Fargo Bank, N.A.

			
		
	  By:	 	 /s/ Doug McDowell

 

			
	  Name:	 	Doug McDowell

 
			
	  Title:	 	   Managing Director

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

							
		 	Name of Institution:	  	ABN AMRO Capital USA LLC	  	

  

			
	by	 	 /s/ Justin K. Martin

		 	Name: Justin K. Martin
		 	Title:   Director

  

			
	by	 	 /s/ Remco Jongkind

		 	Name: Remco Jongkind
		 	Title:   Managing Director

 [Signature Page to the Hess Corporation Credit Agreement] 

					
		  	 BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

NEW YORK BRANCH
	  	

  

			
	by	 	 /s/ Cara Younger

		 	Name: Cara Younger
		 	Title: Director

  

			
	by	 	 /s/ Miriam Trautmann

		 	Name: Miriam Trautmann
		 	Title: Senior Vice President

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

							
		 	Name of Institution:	  	Branch Banking & Trust Company	  	

  

			
	By	 	 /s/ Lincoln LaCour

		 	Name: Lincoln LaCour
		 	Title: Vice President

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

					
		  	Name of Institution: CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

  

			
	by	 	 /s/ Louis P. Laville, III

		 	Name: Louis P. Laville, III
		 	Title: Managing Director

  

					
		  	 For any Lender requiring a second signature block:

  

			
	by	 	 /s/ Ting Lee

		 	Name: Ting Lee
		 	Title: Director

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

					
		  	 DNB Capital LLC,
 as a Lender
	  	

  

			
	by	 	 /s/ Andrea Ozbolt

		 	Name: Andrea Ozbolt
		 	Title: SeniorVice President

  

			
	by	 	 /s/ Rob Dupree

		 	Name: Rob Dupree
		 	Title: Senior Vice President

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

					
		  	Standard Chartered Bank	  	

  

			
	by	 	 /s/ Daniel Mattern

		 	Name:Daniel Mattern
		 	Title: Associate Director
		 	          Standard Chartered Bank

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

							
		  	Name of Institution:	  	U.S. Bank National Association	  	

  

			
	by	 	 /s/ John Prigge

		 	Name: John Prigge
		 	Title: Senior Vice President

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

									
		  		  	Name of Institution: BANK OF CHINA, NEW YORK BRANCH

  

			
	by	 	 /s/ Raymond Qiao

		 	Name: Raymond Qiao
		 	Title:  Chief Lending Officer

 [Signature Page to the Hess Corporation Credit Agreement] 

 SIGNATURE PAGE TO 

THE CREDIT AGREEMENT 
 OF HESS
CORPORATION 
  

					
		  	Name of Institution:	 	The Northern Trust Company

  

			
	by	 	 /s/ Eric Siebert

		 	Name: Eric Siebert
		 	Title: SVP

 [Signature Page to the Hess Corporation Credit Agreement] 

 Schedule 2.01 

Commitments 
  

					
	 Lender
	  	Commitments	 
	 JPMorgan Chase Bank, N.A.
	  	$	274,000,000	 
	 Mizuho Bank, Ltd.
	  	$	274,000,000	 
	 MUFG Bank, Ltd.
	  	$	274,000,000	 
	 Goldman Sachs Bank USA
	  	$	274,000,000	 
	 Morgan Stanley Bank, N.A.
	  	$	205,000,000	 
	 Morgan Stanley Senior Funding, Inc.
	  	$	69,000,000	 
	 BMO Harris Bank N.A.
	  	$	176,000,000	 
	 BNP Paribas
	  	$	176,000,000	 
	 Citibank, N.A.
	  	$	176,000,000	 
	 Sumitomo Mitsui Banking Corporation
	  	$	176,000,000	 
	 The Bank of Nova Scotia, Houston Branch
	  	$	176,000,000	 
	 The Toronto-Dominion Bank, New York Branch
	  	$	176,000,000	 
	 Wells Fargo Bank, N.A.
	  	$	176,000,000	 
	 ABN Amro Capital USA LLC
	  	$	110,000,000	 
	 Banco Bilbao Vizcaya Argentaria, S.A. New York Branch
	  	$	110,000,000	 
	 Branch Banking & Trust Company
	  	$	110,000,000	 
	 Credit Agricole Corporate and Investment Bank
	  	$	110,000,000	 
	 DNB Capital LLC
	  	$	110,000,000	 
	 Standard Chartered Bank
	  	$	110,000,000	 
	 U.S. Bank National Association
	  	$	110,000,000	 
	 Bank of China, New York Branch
	  	$	64,000,000	 
	 The Northern Trust Company
	  	$	64,000,000	 
	 Total
	  	$	3,500,000,000.00	 

 Schedule 2.05 

Swingline Commitments 
  

					
	 Swingline Lender
	  	Initial Swingline
Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	274,000,000.00	 

 Schedule 2.06A 

Issuing Banks and LC Commitments 
  

					
	 Issuing Bank
	  	Initial LC Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	125,000,000.00	 
	 Mizuho Bank, Ltd.
	  	$	125,000,000.00	 
	 MUFG Bank, Ltd.
	  	$	125,000,000.00	 
	 Goldman Sachs Bank USA
	  	$	125,000,000.00	 
	 Morgan Stanley Senior Funding, Inc.1

	  	$	125,000,000.00	 
	 The Toronto-Dominion Bank, New York Branch
	  	$	125,000,000.00	 
	 Wells Fargo Bank, N.A.
	  	$	125,000,000.00	 

  
  

	1 	 It is understood that Morgan Stanley Senior Funding, Inc. has agreed, on the terms set forth in the Credit
Agreement, to issue Letters of Credit up to the full amount of its LC Commitment as set forth herein, notwithstanding that such LC Commitment exceeds its Commitment. 

 Schedule 2.06B 

Existing Letters of Credit 
 None. 

 Schedule 3.10 

Scheduled Debt – Consolidated Subsidiaries 
  

					
	Consolidated Subsidiary	  	Balance as of
December 31, 2018
(in millions)	 
	 Hess Exploration & Production Malaysia BV
	  	$	269.0	 
		  	  
	  
	 
	 Total
	  	$	269.0	 
	 Hess Infrastructure Partners LP
	  			
	 5.625% Senior Unsecured Notes due 2026 * 
	  	$	787.0	 
	 Term Loan A
	  	$	194.0	 
	 Revolving Credit Facility
	  	$	0.0	 
		  	  
	  
	 
	 Total
	  	$	981.0	 
	 Hess Midstream Partners LP
	  			
	 Revolving Credit Facility
	  	$	0.0	 
		  	  
	  
	 
	 Total
	  	$	0.0	 
	 Total Consolidated Subsidiary Debt
	  	$	1,250.0	 
		  	  
	  
	 

  

	*	 Co-issuer is Hess Infrastructure Partners Finance Corporation

 Schedule 6.01 

Existing Liens 
 None. 

 EXHIBIT A 

to Credit Agreement 
 [FORM OF] 

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

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

 

							
	 1.
	  	 Assignor:
	 	  
	  	
				
	 2.
	  	 Assignee:
	 	  
	  	
				
		  		 	[a Lender] [an Affiliate of [Lender]] [an Approved Fund of [Lender]]	  	
				
	 3.
	  	 Borrower:
	 	Hess Corporation and the Borrowing Subsidiaries identified in the Credit Agreement	  	
				
	 4.
	  	 Administrative Agent:
	 	JPMorgan Chase Bank, N.A., the Administrative Agent under the Credit Agreement	  	

					
	 5.
	  	 Credit Agreement:
	  	 Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time), among Hess Corporation, the Borrowing Subsidiaries from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent

  

					
	 6.
	  	 Assigned Interest:1 
	  	

 (a) Commitment/Revolving Credit Exposure 
  

					
	 Aggregate Amount of

Commitments/
 Revolving Credit

Exposure of all
 Lenders
	  	Amount of
Commitments/
Revolving Credit
Exposure Assigned	  	Percentage Assigned
of Aggregate Amount
of Commitments/
Revolving Credit
Exposure of all
Lenders2

	$	  	$	  	%

 (b) Competitive Loans 
  

					
	 Amount of Assignor’s

Competitive Loans
	  	Competitive
 LoansAssigned
by Assignor
	  	Competitive
 LoansRetained by
Assignor

	$	  	$	  	$

 Assignment Effective Date:    _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

 

	1 	 To comply with the minimum assignment amounts set forth in 10.04(b)(ii) of the Credit Agreement.

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

  
 2 

 The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

					
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	Consented to and Accepted:
	
	 JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent [and Swingline Lender]3 

					
		
	By:	 	 

					
		 	        Name:	 	
		 	        Title:	 	
	
	Consented to:
	
	[ISSUING BANK],4
	as Issuing Bank

					
		
	By:	 	 

					
		 	        Name:	 	
		 	        Title:	 	

  
  

	3 	 To be included only if consent of each Swingline Lender is required under Section 10.04(b) of the Credit
Agreement. 

	4 	 To be included only if consent of each Issuing Bank is required under Section 10.04(b) of the Credit
Agreement. 

					
	 [SWINGLINE LENDER],5 

as Swingline Lender

					
		
	By:	 	 

					
		 	        Name:	 	
		 	        Title:	 	
	
	[Consented to:
	
	HESS CORPORATION

					
		
	By:	 	 

					
	        	 	Name:	 	
	        	 	Title:]6	 	

  
  

	5 	 To be included only if consent of each Swingline Lender is required under Section 10.04(b) of the Credit
Agreement. 

	6 	 To be included only if the consent of the Company is required by Section 10.04(b)(i) of the Credit
Agreement. 

 ANNEX I 

HESS CORPORATION CREDIT AGREEMENT 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ACCEPTANCE 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal
and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, other than the statements, warranties or representations made by it herein, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents, (iii) the
financial condition of the Company, any of its Subsidiaries or other Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Company, any of its Subsidiaries or other Affiliates or
any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee. The Assignee (a) represents
and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it satisfies the requirements specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Assignment Effective Date, it
shall be bound by the provisions of the Credit Agreement and the other Loan Documents as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the
Credit Agreement and the other Loan Documents, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender
and (v) attached to this Assignment and Acceptance is any documentation required to be delivered by it pursuant to Section 2.17 of the Credit Agreement, duly completed and executed by the Assignee (including, if the Assignee is a Lender
that is a United States Person, IRS Form W-9 certifying that such Lender is exempt from United States Federal backup withholding tax and, if the Assignee is a Foreign Lender, IRS Form W-8-BEN, IRS Form W-8-BEN-E, IRS Form W-8ECI or IRS Form W-8IMY, as applicable); and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender. 

 2. Payments. From and after the Assignment Effective Date, the Administrative Agent
shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to or on or after the Assignment Effective Date. The Assignor and
the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Assignment Effective Date or with respect to the making of this assignment directly between themselves. 

3. General Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this
Assignment and Acceptance. This Assignment and Acceptance shall be construed in accordance with and governed by the law of the State of New York. 

  
 2 

 EXHIBIT B 

to Credit Agreement 
 [FORM OF] NOTE

 [Date] 
 FOR VALUE RECEIVED,
the undersigned, [NAME OF BORROWER], a [insert jurisdiction] [corporation] [limited liability company] [limited partnership] (the “Borrower”), unconditionally promises to pay to ________________________ (the
“Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation, the Borrowing Subsidiaries from time to time party thereto, the lenders from time to time party thereto (including the Lender) and JPMorgan Chase
Bank, N.A., as Administrative Agent, on such dates and in such amounts as are set forth in the Credit Agreement. The amounts payable under the Credit Agreement may be reduced only in accordance with the terms of the Credit Agreement. Unless
otherwise defined, capitalized terms used herein have the meanings provided in the Credit Agreement. 
 The Borrower also promises to pay
interest on the unpaid principal amount hereof from time to time outstanding from and including the date hereof until maturity (whether by acceleration or otherwise) and, after maturity, until paid, at the rates per annum and on the dates specified
in the Credit Agreement. 
 Payments of both principal and interest are to be made without setoff or counterclaim in lawful money of the
United States of America in same day or immediately available funds to the account designated by the Administrative Agent. 
 This Note is
one of the Notes referred to in, and evidences the Loans made by the Lender under, the Credit Agreement, to which reference is made for a statement of the terms and conditions on which the Borrower is permitted and required to make prepayments and
repayments of principal of the indebtedness evidenced by this Note and on which such indebtedness may be declared to be or shall automatically become immediately due and payable. 

THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 
  

			
	[NAME OF BORROWER]

 
			
		
	By:	 	
		 	  
 Name:

		 	Title:

									
		  	LOAN AND PRINCIPAL PAYMENTS	  	
					
	 Date
	  	 Amount
of Loan
	  	 Amount of
Principal
Repaid
	  	 Unpaid
Principal
Balance
	  	 Notations
Made By

  
 2 

 EXHIBIT C 

to Credit Agreement 
 [FORM OF]
BORROWING REQUEST 
 JPMorgan Chase Bank, N.A., 
 as the
Administrative Agent 
 Loan & Agency Services Group 

500 Stanton Christiana Road, NCC5, Floor 1 
 Newark, Delaware
19713 
 Attention: Nicholas Papa 
 E-Fax: 12012443639@tls.ldsprod.com 
 [Date] 

Ladies and Gentlemen: 
 Reference is made to the
Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation (the
“Company”), the Borrowing Subsidiaries from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but not otherwise defined herein
shall have the meanings specified in the Credit Agreement. 
 This notice constitutes a Borrowing Request, and the [Borrower specified
below][Company, on behalf of the Borrower specified below,] hereby gives you notice, pursuant to Section [2.03][2.05] of the Credit Agreement, that it requests a Borrowing under the Credit Agreement, and in connection therewith specifies the
following information with respect to such Borrowing: 
  

	 	(A)	 Borrower: ____________________________________________ 

 

	 	(B)	 Aggregate principal amount of Borrowing:1 [$]
_______________ 

  

	 	(C)	 Date of Borrowing:2 _____________________________________

  

	 	(D)	 Class of Borrowing:3
____________________________________ 

  

	 	(E)	 Type of Borrowing:4 ____________________________________

  
  

	1 	 Must comply with Section 2.02(c) of the Credit Agreement. 

	2 	 Must be a Business Day. 

	3 	 Specify Revolving Borrowing or Swingline Loan. 

	4 	 Specify ABR Borrowing or Eurodollar Borrowing. 

	 	(F)	 Interest Period:5
______________________________________________________________________________ 

  

	 	(G)	 [Location and number of the account of the applicable Borrower to which proceeds of the requested Borrowing are
to be disbursed: [Name of Bank] (Account No.:_________________________________________)][Name of the Issuing Bank that made the LC Disbursements the reimbursement of which is intended to be made with the proceeds of the requested Borrowing:]6 

  

	 	[(H)	 Swingline Lender[s]: ____________________________________________________________________________]7 

 The [Borrower specified above][Company, on behalf of the Borrower
specified above,] hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Borrowing Request and on the date of the requested Borrowing, the conditions specified in Sections 4.02(a) and
4.02(b) of the Credit Agreement are and shall be satisfied. 
  

			
	Very truly yours,
	
	[HESS CORPORATION][Borrower specified above],

 
			
		
	By: 	 	 
		 	Name:
		 	Title:

  

	5 	 Applicable to Eurodollar Borrowings only. Shall be subject to the definition of “Interest Period” and
can be a period of seven days (if generally available) or one, two, three or six months. 

	6 	 Selection as applicable in accordance with Section 2.03 or 2.05 of the Credit Agreement.

	7 	 Applicable to Swingline Borrowings only. Shall specify the Swingline Lender or Swingline Lenders that are
requested to provide the requested Swingline Borrowing. 

 EXHIBIT D 

to Credit Agreement 
 [FORM OF]
INTEREST ELECTION REQUEST 
 JPMorgan Chase Bank, N.A., 
 as the
Administrative Agent 
 Loan & Agency Services Group 

500 Stanton Christiana Road, NCC5, Floor 1 
 Newark, Delaware
19713 
 Attention: Nicholas Papa 
 E-Fax: 12012443639@tls.ldsprod.com 
 [Date] 

Ladies and Gentlemen: 
 Reference is made to the
Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation (the
“Company”), the Borrowing Subsidiaries from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but not otherwise defined herein
shall have the meanings specified in the Credit Agreement. 
 This notice constitutes an Interest Election Request and the [Borrower
identified below][Company, on behalf of the Borrower identified below,] hereby gives you notice, pursuant to Section 2.08 of the Credit Agreement, that it requests the conversion or continuation of a Borrowing under the Credit Agreement, and in
that connection the Borrower specifies the following information with respect to such Borrowing and each resulting Borrowing: 
  

			
	 1.  Borrowing to which this request applies:
	 	________________________________________________________
	 Principal Amount:
	 	________________________________________________________
	 Type:
	 	________________________________________________________
	 Interest Period1:
	 	________________________________________________________
		
	 2.  Effective date of this
election2:
	 	________________________________________________________
		
	 3.  Resulting
Borrowing[s]3
	 	
	 Principal Amount4:
	 	________________________________________________________

  
  

	1 	 In the case of a Eurodollar Borrowing, specify the last day of the current Interest Period therefor.

	2 	 Must be a Business Day. 

	3 	 If different options are being elected with respect to different portions of the Borrowing, provide the
information required by this item 3 for each resulting Borrowing. Each resulting Borrowing shall be subject to Section 2.02(c) of the Credit Agreement. 

	4 	 Indicate the principal amount of the resulting Borrowing. 

			
	 Type5:
	 	________________________________________________________
	 Interest Period6:
	 	________________________________________________________

  

			
	Very truly yours,
	
	[HESS CORPORATION][Borrower specified above],

 
			
		
	By: 	 	 
		 	Name:
		 	Title:

  

	5 	 Specify whether the resulting Borrowing is to be a ABR Borrowing or a Eurodollar Borrowing.

	6 	 Applicable only if the resulting Borrowing is to be a Eurodollar Borrowing. Shall be subject to the definition
of “Interest Period” and can be a period of seven days (if generally available) or one, two, three or six months. 

  
 2 

 EXHIBIT E 

to Credit Agreement 
 [Letterhead of
Issuing Bank] 
 [FORM OF] 

NOTICE OF LC ACTIVITY 
 Hess Corporation 

1185 Avenue of the Americas 
 New York, New York 10036 

Facsimile: (855) 439-8592, (855) 671-7087 

Attention: Treasurer and Assistant Treasurer 
 JPMorgan Chase
Bank, N.A., 
 as the Administrative Agent 
 Loan &
Agency Services Group 
 500 Stanton Christiana Road, NCC5, Floor 1 

Newark, Delaware 19713 

E-Fax: 12012443639@tls.ldsprod.com 

Attention: Nicholas Papa 
 [Date] 

Hess Corporation – Notice of LC Activity 

Ladies and Gentlemen: 
 This Notice of LC
Activity is delivered to you pursuant to Section 2.06(b) of the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Credit
Agreement”), among Hess Corporation, a Delaware corporation (the “Company”), the Borrowing Subsidiaries from time to time party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent.
Unless otherwise defined herein, terms used herein have the meanings provided in the Credit Agreement. 
 The undersigned Issuing Bank
hereby gives you notice pursuant to Section 2.06(b) of the Credit Agreement that [the Issuing Bank [issued] [amended] [renewed] [extended] a Letter of Credit pursuant to a Notice of LC Request from [the Company][name of Borrowing Subsidiary]]1. A copy of such Letter of Credit [(as so [amended] [renewed] [extended])] is attached hereto as Exhibit A. The beneficiary of such Letter of Credit is __________. The stated amount of such Letter of
Credit is $_________. Such Letter of Credit was issued on __________ 
  

 

	1 	 In the case of a Notice of LC Activity delivered in connection with an expiry of, or a drawing under a Letter
of Credit, identify the applicable Letter of Credit and specify such expiration date or the amount of such drawing. 

 [and the [amendment] [renewal] [extension] thereof became effective on _________________]. As of the date
hereof, $___________ of such Letter of Credit has been drawn on. The expiration date of such Letter of Credit is ___________ ___, _____. [Issuing Bank to add any other information with respect to the amendment, renewal, extension or expiry of, or
drawing under, such Letter of Credit as the Administrative Agent may reasonably request.] 
  

			
	                                    
        ,
	as Issuing Bank,

 
			
		
	By:	 	  

 
			
	        	 	Name:
		 	Title:

 Exhibit A 

[See Attached Letter of Credit] 

 EXHIBIT F 

to Credit Agreement 
 [Letterhead of
Company/Borrowing Subsidiary] 
 [FORM OF] 

NOTICE OF LC REQUEST 
  

			
	,
	as the Issuing Bank
	 
	 
	Facsimile:	 	 
		
	Attention:	 	 

 JPMorgan Chase Bank, N.A., 
 as
the Administrative Agent 
 Loan & Agency Services Group 

500 Stanton Christiana Road, NCC5, Floor 1 
 Newark, Delaware
19713 
 Attention: Nicholas Papa 
 E-Fax: 12012443639@tls.ldsprod.com 
 [Date] 

Hess Corporation – Notice of LC Request 

Ladies and Gentlemen: 
 This Notice of LC Request
is delivered to __________, as an issuing bank (the “Issuing Bank”), pursuant to Section 2.06(b) of the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation, a Delaware corporation (the “Company”), the Borrowing Subsidiaries from time to time party thereto, the Lenders from time to
time party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. Unless otherwise defined herein, capitalized terms used herein have the meanings provided in the Credit Agreement. 

1. [The Company [and [name of Borrowing Subsidiary]] request[s] that a Letter of Credit (the “Letter of Credit”) be issued as
provided herein. The amount of the Letter of Credit is $_____________. After giving effect to the issuance of the Letter of Credit, (i) the aggregate LC Exposure will not exceed $2,000,000,000, (ii) the portion of the LC Exposure attributable
to Letters of Credit issued by the Issuing Bank will not exceed the LC Commitment of the Issuing Bank (unless otherwise agreed by the Issuing Bank), (iii) the Revolving Credit Exposure of any Lender will not exceed the Commitment of such Lender,
(iv) the Aggregate Exposure will not 

 
exceed the Aggregate Commitment and (v) in the case of any extension of any Maturity Date pursuant to Section 2.09(d) of the Credit Agreement, the sum of the LC Exposure attributable to
Letters of Credit expiring after any Existing Maturity Date, the Competitive Loans maturing after such Existing Maturity Date and the Swingline Exposure attributable to Swingline Loans maturing after such Existing Maturity Date will not exceed the
sum of the Commitments that have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Competitive Loans and such Swingline Loans.] [The Company [and [name of Borrowing Subsidiary]]
request[s] that the [identify Letter of Credit] (the “Letter of Credit”) be [amended] [renewed] [extended] as provided herein. After giving effect to the [amendment] [renewal] [extension] of the Letter of Credit, (i) the
aggregate LC Exposure will not exceed $2,000,000,000, (ii) the portion of the LC Exposure attributable to Letters of Credit issued by the Issuing Bank will not exceed the LC Commitment of the Issuing Bank (unless otherwise agreed by the Issuing
Bank), (iii) the Revolving Credit Exposure of any Lender will not exceed the Commitment of such Lender, (iv) the Aggregate Exposure will not exceed the Aggregate Commitment and (v) in the case of any extension of any Maturity Date pursuant
to Section 2.09(d) of the Credit Agreement, the sum of the LC Exposure attributable to Letters of Credit expiring after any Existing Maturity Date, the Competitive Loans maturing after such Existing Maturity Date and the Swingline Exposure
attributable to Swingline Loans maturing after such Existing Maturity Date will not exceed the sum of the Commitments that have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such
Competitive Loans and such Swingline Loans.] 
 2. The proposed date of the requested [issuance] [amendment] [renewal] [extension] of the
Letter of Credit is __________ __, ____ (which is a Business Day). 
 3. The expiration date of the Letter of Credit is____________ __,
______.21 
 4. [Company/Borrowing Subsidiary to add any other information necessary to
prepare, amend, renew or extend the Letter of Credit (including amount of Letter of Credit, name and address of the beneficiary thereof, drawing conditions, etc.).] 

The undersigned Financial Officer of the Company [and the Borrowing Subsidiary] certifies that each of the conditions precedent to the
proposed issuance set forth in Section[s] 4.02 [and 4.03]22 of the Credit Agreement has been satisfied. 
  

 

	21 	 Insert date that is no less than five Business Days prior to the Maturity Date. The Maturity Date, the
Availability Period and the LC Availability Period, as such terms are used in the Credit Agreement in reference to any Issuing Bank or any Letter of Credit issued by such Issuing Bank, may not be extended with respect to any Issuing Bank without the
prior written consent of such Issuing Bank. 

	22 	 Insert in the case of any Letters of Credit issued for the account of a Borrowing Subsidiary.

  
 2 

 
			
	HESS CORPORATION

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	[[NAME OF BORROWING SUBSIDIARY]

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:]	 	

 EXHIBIT G-1 

to Credit Agreement 
  

			
		  	 [FORM OF] BORROWING SUBSIDIARY AGREEMENT dated as of
[                ], among HESS CORPORATION, a Delaware corporation (the “Company”), [NAME OF BORROWING SUBSIDIARY], a [insert jurisdiction]
[corporation] [limited liability company] [limited partnership] (the “New Borrowing Subsidiary”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

 Reference is made to the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and
restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among the Company, the Borrowing Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and JPMorgan
Chase Bank, N.A., as the Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 

Under the Credit Agreement, the Lenders have agreed, upon the terms and subject to the conditions therein set forth, to make Loans to, and
issue Letters of Credit for the account of, the Company and the Borrowing Subsidiaries. The Company and the New Borrowing Subsidiary desire that the New Borrowing Subsidiary become a Borrowing Subsidiary under the Credit Agreement. The Company and
the New Borrowing Subsidiary represent that the New Borrowing Subsidiary is a Significant Subsidiary incorporated or organized, as applicable, under the laws of [    ]. The Company represents that the representations and
warranties of the Company in the Credit Agreement are true and correct in all material respects on and as of the date hereof after giving effect to this Agreement. The Company agrees that the Guarantee of the Company contained in the Credit
Agreement will apply to the Guaranteed Obligations of the New Borrowing Subsidiary. Upon execution of this Agreement by each of the Company, the New Borrowing Subsidiary and the Administrative Agent and satisfaction of the other requirements of
Section 2.20 of the Credit Agreement, the New Borrowing Subsidiary shall be a party to the Credit Agreement and shall constitute a “Borrowing Subsidiary” for all purposes thereof, and the New Borrowing Subsidiary hereby agrees to be
bound by all provisions of the Credit Agreement, and will be liable for the observance and performance of all of the obligations of a Borrowing Subsidiary under the Credit Agreement (including as a Borrower thereunder) to the same extent as if it
had been one of the original parties to the Credit Agreement, including, without limitation, Section 10.03 thereof. 
 THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their authorized officers as of the date first appearing above. 
  

			
	HESS CORPORATION,

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 [NAME OF NEW BORROWING

	 SUBSIDIARY],

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	 JPMORGAN CHASE BANK, N.A., as

	 Administrative
Agent,

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 EXHIBIT G-2 

to Credit Agreement 
 [FORM OF] 

BORROWING SUBSIDIARY TERMINATION 
 JPMorgan Chase
Bank, N.A., 
 as Administrative Agent 
 for the Lenders
referred to below 
 Loan & Agency Services 
 500
Stanton Christiana Road, NCC5, Floor 1 
 Newark, Delaware 19713 

E-Fax: 12012443639@tls.ldsprod.com 

Attn: Nicholas Papa 
 [Date] 

Ladies and Gentlemen: 
 The undersigned, Hess
Corporation, a Delaware corporation (the “Company”), refers to the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the
“Credit Agreement”), among the Company, the Borrowing Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. Capitalized terms used and
not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 The Company hereby terminates the status
of [                ] (the “Terminated Borrowing Subsidiary”) as a Borrowing Subsidiary under the Credit Agreement. The Company represents and warrants
that no Loans made to, or Letters of Credit issued for the account of, the Terminated Borrowing Subsidiary are outstanding as of the date hereof and that all amounts payable by the Terminated Borrowing Subsidiary in respect of interest and/or fees
or in respect of Letters of Credit (and, to the extent notified by the Administrative Agent or any Lender, any other amounts payable under the Credit Agreement) pursuant to the Credit Agreement have been paid in full on or prior to the date hereof.
Notwithstanding the termination of the status of [                ] as a Borrowing Subsidiary under the Credit Agreement, the Company agrees that nothing shall affect
its obligations under Article IX of the Credit Agreement with respect to any Guaranteed Obligations incurred prior to the date hereof or any of its obligations that survive the repayment in full of the Loans, the expiration or termination of the
Commitments or the termination of the Credit Agreement, as provided in Section 10.05 of the Credit Agreement. 
  

			
	 Very truly yours,
  

HESS CORPORATION,

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 EXHIBIT H-1 

to Credit Agreement 
 FORM OF U.S.
TAX COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships 

For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented
and/or otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation, a Delaware corporation (the “Company”), the Borrowing Subsidiaries from time to time party thereto, the Lenders from time
to time party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. 
 Pursuant to the provisions of Section 2.17 of the
Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) it is not a
bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (d) it is not a controlled foreign corporation
related to any Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and
the Company with a certificate of its non-U.S. Person status on IRS Form W-8BEN or
W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (i) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Company and the Administrative Agent, and (ii) the undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either the
calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	[NAME OF LENDER],

 
					
			
		 	by	 	  

		 		 	Name:
		 		 	Title:
	
	Date:                      , 20[    ]

 EXHIBIT H-2 

to Credit Agreement 
 FORM OF U.S.
TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships 

For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented
and/or otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation, a Delaware corporation (the “Company”), the Borrowing Subsidiaries from time to time party thereto, the Lenders from time
to time party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. 
 Pursuant to the provisions of Section 2.17 of the
Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (b) it is not a bank within the meaning of
Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (d) it is not a controlled foreign corporation related to any Borrower as
described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this
certificate, the undersigned agrees that (i) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (ii) the undersigned shall have at all times furnished such Lender
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	 [NAME OF PARTICIPANT],

 
					
			
		 	by	 	  

		 		 	Name:
		 		 	Title:
	
	Date:                      , 20[    ]

 EXHIBIT H-3 

to Credit Agreement 
 FORM OF U.S.
TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships 

For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented
and/or otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation, a Delaware corporation (the “Company”), the Borrowing Subsidiaries from time to time party thereto, the Lenders from time
to time party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. 
 Pursuant to the provisions of Section 2.17 of the
Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the participation in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners
of such participation, (c) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade
or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and
(e) none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with an IRS Form W-8IMY accompanied by one of
the following forms from each of its partners/members that is claiming the portfolio interest exemption: (a) an IRS Form W-8BEN or
W-8BEN-E, as applicable, or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN
or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this
certificate, the undersigned agrees that (i) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender, and (ii) the undersigned shall have at all times furnished such Lender with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	[NAME OF PARTICIPANT],

 
					
			
		 	by	 	  

		 		 	Name:
		 		 	Title:
		
		 	Date:                      , 20[    ]

 EXHIBIT H-4 

to Credit Agreement 
 FORM OF U.S.
TAX COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Partnerships 

For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement, dated as of April 18, 2019 (as amended, restated, amended and restated, supplemented
and/or otherwise modified from time to time, the “Credit Agreement”), among Hess Corporation, a Delaware corporation (the “Company”), the Borrowing Subsidiaries from time to time party thereto, the Lenders from time
to time party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. 
 Pursuant to the provisions of Section 2.17 of the
Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor
any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its
direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a controlled foreign corporation related to
any Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the
Company with an IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (a) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (i) if the information provided on this certificate changes, the undersigned shall promptly so inform the Company and the Administrative Agent, and (ii) the
undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. 
  

					
	[NAME OF LENDER],

 
					
			
		 	by	 	  

		 		 	Name:
		 		 	Title:
		
	Date:	 	                     , 20[    ]Exhibit 10.1

 

Execution Version

 

RESTRUCTURING SUPPORT AGREEMENT

 

This Restructuring Support Agreement (including the exhibits attached hereto, as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof, this “Agreement”), dated as of April 18, 2019, is entered into by and among (i) Emerge Energy Services LP (“Emerge LP”), (ii) each direct and indirect subsidiary of Emerge LP party hereto (each an “Emerge LP Subsidiary”, and together with Emerge LP, the “Company”), (iii) Emerge Energy Services GP LLC (“Emerge GP”), (iv) the direct and indirect owners of Emerge GP party hereto (the “Consenting Equity Holders”), (v) the Revolving Loan Agent (as defined below), (vi) the Revolving Loan Lenders (as defined below) party hereto (the “Consenting Revolving Loan Lenders”), (vii) the Notes Agent (as defined below), and (viii) the Noteholders (as defined below) party hereto (the “Consenting Noteholders”).  Each of the foregoing are referred to herein individually as a “Party”, and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, reference is made to that certain Second Amended and Restated Revolving Credit and Security Agreement, dated as of January 5, 2018 (as the same may be amended, modified or supplemented), by and among Emerge Energy Services Operating LLC (“EESO”) and Superior Silica Sands LLC (“SSS”), as borrowers, Emerge LP, as parent guarantor, HPS Investment Partners, LLC (“HPS”), as administrative and collateral agent (in such capacity, together with any successor agent, the “Revolving Loan Agent”), and the lenders party thereto from time to time (the “Revolving Loan Lenders,” such agreement, the “Revolving Loan Agreement,” and such facility, the “Revolving Loan Facility”).  Any and all claims and obligations arising under or in connection with the Revolving Loan Agreement and related loan documents are defined herein as the “Revolving Loan Obligations.”  As of the date hereof, the Revolving Credit Facility had an aggregate outstanding principal amount of approximately $66,710,000 (the “Aggregate Outstanding Revolving Loan Amount”), comprised of $10,181,544 in the form of letters of credit and approximately $56,528,456 in an aggregate outstanding principal amount in the form of outstanding loans, plus accrued but unpaid interest, fees, costs, and expenses;

 

WHEREAS, reference is made to that certain Second Lien Note Purchase Agreement, dated as of January 5, 2018 (as the same may be amended, modified or supplemented), by and among EESO and SSS, as issuers, Emerge LP, as parent guarantor, HPS, as notes and collateral agent (in such capacity, together with any successor agent, the “Notes Agent”), and the noteholders party thereto from time to time (the “Noteholders,” such agreement, the “Notes Purchase Agreement,” and such facility, the “Notes Purchase Facility”).  Any and all claims and obligations arising under or in connection with the Notes Purchase Agreement and related loan documents are defined herein as the “Notes Purchase Obligations.”  As of the date hereof, the Note Purchase Facility had an aggregate outstanding principal amount of approximately $208,512,307 (the “Aggregate Outstanding Notes Purchase Amount”), plus accrued but unpaid interest, fees, costs, and expenses;

 

 

WHEREAS, Emerge GP is the general partner of Emerge LP and, in such capacity and pursuant to, and subject to the terms and conditions of, its applicable organization documents, has the authority to conduct, direct, and manage all activities of Emerge LP;

 

WHEREAS, the Company is seeking to restructure its debt obligations and capital structure and to recapitalize the Company in accordance with the terms and conditions set forth in the restructuring term sheet attached hereto as Exhibit A (as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof, the “Term Sheet”)(1) pursuant to an out-of-court restructuring (the “Out-of-Court Restructuring”);

 

WHEREAS, if the Company does not consummate the Out-of-Court Restructuring as described in the Term Sheet and this Agreement, then the Company will, at the direction of the Committee (as defined below), commence proceedings under chapter 11 of the Bankruptcy Code (as defined below) in accordance with the terms and conditions set forth in the Term Sheet and herein in order to restructure its debt obligations and capital structure and to recapitalize the Company in accordance with the terms and conditions set forth in the Term Sheet (the “In-Court Reorganization” and, together with the Out-of-Court Restructuring, the “Transaction”);

 

WHEREAS, concurrently with the execution and delivery of this Agreement, (i) the Board of Directors of Emerge GP (the “Board”), at the request of the Consenting Creditors (as defined below), is designating a restructuring committee (the “Committee”) to exercise the powers of the Board (and the Board will relinquish all such powers delegated to the Committee) pursuant and subject to a charter in the form attached hereto as Exhibit B (the “Charter”), and (ii) the Committee and Emerge Energy Services Holdings LLC (“Emerge Holdings”), as the sole member of Emerge GP, are entering into a voting and standstill agreement in the form attached hereto as Exhibit C (the “Voting and Standstill Agreement”), pursuant to which Emerge Holdings is delivering to the Committee an irrevocable voting proxy in the form attached to the Voting and Standstill Agreement as Exhibit A (the “Voting Proxy”);

 

WHEREAS, the Charter, the Voting and Standstill Agreement, and the Voting Proxy shall, subject to their respective terms and conditions, each remain in full force and effect from the Agreement Effective Date (as defined below) until the earlier of (i) the termination of this Agreement solely in accordance with Section 6(a) below, and (ii) the date on which the Transaction is substantially consummated in accordance with the terms and conditions of the Definitive Documents (such earlier date, the “Reversion Date”); and

 

WHEREAS, from the Agreement Effective Date until the Reversion Date, the Committee shall at all times comprise two independent directors appointed by the Company from a slate acceptable to the Majority Noteholders (as defined below) and, to the extent approved by and in the sole discretion of Emerge GP, one independent director nominated by the Company.

 

(1)  Capitalized terms used but not otherwise defined herein are defined in accordance with the Term Sheet, which is expressly made part of this Agreement and incorporated herein by reference.

 

2

 

NOW, THEREFORE, in consideration of the promises, covenants, and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.             The Transaction

 

Subject to the terms and conditions of this Agreement and the exhibits attached hereto, the Parties agree as follows until this Agreement has been terminated in accordance with Section 6 below:

 

a.             Generally.  Each of the Parties will use commercially reasonable efforts to cause to occur and cooperate in the prompt consummation of the Transaction on terms and conditions consistent in all respects with the Term Sheet and this Agreement.  Each of the Parties shall also cooperate with each other in good faith and shall use commercially reasonable efforts to coordinate their activities in connection with all matters concerning the pursuit, implementation, and consummation of the Transaction.  The agreements, representations, warranties, covenants, and obligations of the Consenting Creditors,(2) Emerge GP, and the Consenting Equity Holders under or in connection with this Agreement are several and not joint in all respects.  Any breach or violation of this Agreement by a Party shall not result in liability for any other Party.

 

b.             Form of Transaction.  The Transaction shall be effectuated as an Out-of-Court Restructuring unless the Committee determines (in good faith) that execution of the Out-of-Court Restructuring as contemplated in the Term Sheet is no longer reasonably possible or in the best interests of the Company and its stakeholders.  In that event, the Company shall, as soon as practicable, effectuate the In-Court Reorganization on terms and conditions consistent in all respects with the Term Sheet, in one or more cases (the “Chapter 11 Cases”) filed under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) to be commenced in the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) that shall (i) contemplate a Plan (as defined below) that is consistent in all respects with the terms and conditions of Appendix 1 of the Term Sheet, or (ii) to the extent the Chapter 11 Cases involve any sale of assets pursuant to section 363 or 1123 of the Bankruptcy Code, provide that the Noteholders may serve as a stalking horse, with standard stalking horse protections, and can credit bid in connection with the purchase of such assets.

 

2.             Agreement Effective Date

 

This Agreement shall be effective at 12:01 a.m. prevailing Eastern Time on the date hereof; provided that, as of such date, (i) the Company, Emerge GP, the Consenting Equity Holders, the Revolving Loan Agent, Revolving Loan Lenders holding 100% of the outstanding aggregate principal amount of the Revolving Loan Obligations, the Notes Agent, and Noteholders holding 100% of the outstanding aggregate principal amount of the Notes Purchase Obligations shall have executed and delivered to each other counterpart signature pages to this Agreement; (ii) the Board of Emerge GP shall have approved and adopted the Charter annexed hereto as Exhibit B, and (iii) Emerge Holdings shall have executed and delivered the Voting Proxy to the Committee

 

(2)   As used herein, the term “Consenting Creditors” means, collectively, the Revolving Loan Agent, the Consenting Revolving Loan Lenders, the Notes Purchase Agent, and the Consenting Noteholders.

 

3

 

(such date, the “Agreement Effective Date”).  The terms and provisions of this Agreement, and the rights, agreements, covenants, and the obligations of the Parties hereunder, shall not become effective or binding until the occurrence of the Agreement Effective Date.

 

3.             All Parties:  Implementation of the Transaction

 

Subject to the terms and conditions of this Agreement and the exhibits attached hereto, each Party hereby covenants and agrees, from the Agreement Effective Date until this Agreement has been terminated as to it in accordance with Section 6 below:

 

(i)            to negotiate in good faith the definitive documents implementing, achieving or relating to the Transaction or described in or contemplated by this Agreement or the Term Sheet (collectively, such definitive documents, the “Definitive Documents”), including, but not limited to, any stock purchase agreement, asset purchase agreement, equity transfer agreement, stockholder agreement, equity commitment agreement, and partnership agreement; and any chapter 11 motions, orders and related documents, including, but not limited to, debtor-in-possession and exit financing documents, cash collateral orders and related budgets, and all related agreements, documents, exhibits, annexes and schedules and, if applicable, the chapter 11 plan of reorganization (the “Plan”), the disclosure statement used to solicit votes on the Plan (the “Disclosure Statement”), the order of the Bankruptcy Court confirming such Plan (the “Confirmation Order”) and any “first day” pleadings to be filed by the Company in connection with the Chapter 11 Cases, in each case the terms and conditions of which will be consistent in all respects with the Term Sheet, as such definitive documents are approved in writing by, or amended, modified or supplemented from time to time with the written consent of, the Committee and Noteholders holding more than 50% of the outstanding aggregate principal amount of the Notes Purchase Obligations (the “Majority Noteholders”);

 

(ii)           to promptly execute and deliver (to the extent they are a party thereto) and otherwise support the prompt consummation of the transactions contemplated by the Definitive Documents; and

 

(iii)          not object to, delay, impede, commence any proceeding, or take any other action to interfere, directly or indirectly, in any material respect with the prompt consummation of the Transaction (or instruct, direct, encourage or support any person or entity to do any of the foregoing).

 

4.             Support of the Transaction

 

a.             Consenting Creditors Support.  Subject to the terms and conditions of this Agreement and the exhibits attached hereto, each Consenting Creditor agrees that, until this Agreement has been terminated as to it in accordance with Section 6, it will:

 

(i)            not accelerate the Revolving Loan Obligations or Notes Purchase Obligations, not commence an involuntary bankruptcy case against the Company, and not foreclose, take any enforcement action, or otherwise exercise any remedy against or realize upon any portion of the Collateral (as defined under the Revolving Loan Agreement); provided that the Consenting Creditors further agree that this Section 4(a)(i) shall survive and continue to

 

4

 

apply for the benefit of the Company for two (2) business days after this Agreement has been terminated in accordance with Section 6 below;

 

(ii)           not object to, or otherwise commence any proceeding to oppose, the Transaction, the confirmation or consummation of the Plan, or approval of the Disclosure Statement;

 

(iii)          not take any action to prevent, delay or impede the consummation of the Transaction or the Definitive Documents;

 

(iv)          provided that such Consenting Creditors, as applicable, have been solicited in accordance with applicable law, tender for exchange all notes beneficially owned by such Consenting Noteholder or for which it is the nominee, investment manager, or advisor for beneficial holders thereof for New Equity Interests;

 

(iv)          provided that such Consenting Creditors, as applicable, have been solicited in accordance with sections 1125 and 1126 of the Bankruptcy Code, if applicable, and other applicable law, vote all claims (as defined in Section 101(5) of the Bankruptcy Code) beneficially owned by such Consenting Creditor or for which it is the nominee, investment manager, or advisor for beneficial holders thereof in favor of the Transaction (and to accept the Plan, if applicable) and in favor of the releases, indemnity and exculpation provided under the Plan in accordance with the applicable procedures set forth in the Disclosure Statement and accompanying voting materials, and return a duly-executed ballot in connection therewith no later than the applicable deadline set forth in the Disclosure Statement;

 

(v)           not change, withdraw or revoke (or seek to change, withdraw or revoke) its participation in the Transaction or any vote to accept the Plan;

 

(vi)          not “opt out” of or object to any releases, indemnity or exculpation provided under the Plan (and to the extent required by such ballot, affirmatively “opt in” to such releases, indemnity and exculpation); and

 

(vii)         not support or vote in favor of any other plan of reorganization or liquidation proposed or filed, or to be proposed or filed, in the Chapter 11 Cases if commenced.

 

Notwithstanding the foregoing, in the event that (i) the Bankruptcy Court does not approve the releases and exculpation as described in the Term Sheet pursuant to the Confirmation Order and (ii) this Agreement has not been terminated as of the date of entry of the Confirmation Order, then each Consenting Creditor covenants and agrees to support and not object to the Reorganized Company providing such releases and exculpation (and, to the extent applicable, take reasonable steps to cause the Reorganized Company to provide such releases and exculpation) as promptly as reasonably possible after the occurrence of the date on which the Transaction is substantially consummated in accordance with the terms and conditions of the Definitive Documents (the “Effective Date”) (and each Consenting Creditor covenants and agrees not to object to, delay, impede, or take any other action (including to instruct or direct any other person or entity) to interfere with the prompt consummation thereof), which covenants and agreements shall survive the occurrence of the Termination Date.

 

5

 

b.             Emerge GP and Consenting Equity Holders Support.  Subject to the terms and conditions of this Agreement and the exhibits attached hereto, Emerge GP and each Consenting Equity Holder agrees that, until this Agreement has been terminated as to it in accordance with Section 6, it will:

 

(i)            not object to, or otherwise commence any proceeding to oppose, the Transaction, the confirmation or consummation of the Plan, or approval of the Disclosure Statement;

 

(ii)           not take any action to prevent, delay or impede the consummation of the Transaction or the Definitive Documents;

 

(iii)          provided that it has been solicited in accordance with sections 1125 and 1126 of the Bankruptcy Code, if applicable, and other applicable law and solely to the extent that it is a member of a voting class under the Plan, to vote all Existing Equity Interests beneficially owned by it or for which it is the nominee, investment manager, or advisor for beneficial holders thereof in favor of the Transaction (and to accept the Plan, if applicable) and in favor of the releases, indemnity and exculpation provided under the Plan in accordance with the applicable procedures set forth in the Disclosure Statement and accompanying voting materials, and return a duly-executed ballot in connection therewith no later than the applicable deadline set forth in the Disclosure Statement;

 

(iv)          not change, withdraw or revoke (or seek to change, withdraw or revoke) its participation in the Transaction or its vote to accept the Plan;

 

(v)           not “opt out” of or object to any releases, indemnity or exculpation provided under the Plan (and to the extent required by such ballot, affirmatively “opt in” to such releases, indemnity and exculpation); and

 

(vi)          not support or vote in favor of any other plan of reorganization or liquidation proposed or filed, or to be proposed or filed, in the Chapter 11 Cases if commenced.

 

c.             Service on Committee.  Notwithstanding anything in this Agreement to the contrary, if any Consenting Creditor is appointed to, and serves on a committee in the Chapter 11 Cases, the terms of this Agreement shall not be construed to limit its exercise of fiduciary duties in its role as a member of such committee, and any exercise of such fiduciary duties shall not be deemed to constitute a breach of the terms of this Agreement; provided, however, that service as a member of a committee shall not relieve such Consenting Creditor of its obligations to affirmatively support, and vote to accept, the Plan, on the terms and conditions set forth herein; provided, further, that nothing in this Agreement shall be construed as requiring any Consenting Creditor to serve on any committee in the Chapter 11 Cases.

 

d.             Definitive Documents; Other Rights Reserved.  The agreements, covenants, and obligations of each Party under Section 1, Section 3 and this Section 4 are conditioned upon and subject to the terms and conditions of the Transaction and the Definitive Documents being consistent in all respects with this Agreement and the Term Sheet.  Unless expressly limited herein, nothing contained herein shall limit the ability of Emerge GP, a

 

6

 

Consenting Creditor, or a Consenting Equity Holder to (i) consult with the Company or any other Party (or any of their respective professionals or advisors) or (ii) appear and be heard concerning any matter arising in the Chapter 11 Cases; provided, that such consultation or appearance is not inconsistent with such Party’s covenants and obligations under this Agreement.

 

5.             Company’s Obligations to Support the Transaction

 

a.             Subject to the terms and conditions of this Agreement and the exhibits attached hereto, and until this Agreement has been terminated as to it in accordance with Section 6, the Company shall, subject to its applicable fiduciary duties, use its commercially reasonable best efforts to:

 

(i)            support and promptly consummate the Transaction as expeditiously as practicable under applicable law on terms and conditions consistent in all respects with the Term Sheet;

 

(ii)           obtain any and all required regulatory and/or third-party approvals for the Transaction as expeditiously as practicable (if any and to the extent such approvals are not overridden by the Bankruptcy Code);

 

(iii)          not take any action that is inconsistent with, or is intended or is reasonably likely to interfere with or impede or delay consummation of, the Transaction; and

 

(iv)          not file or otherwise pursue a chapter 11 plan or any other Definitive Document that is inconsistent with the terms of this Agreement and the Term Sheet;

 

b.             Notwithstanding the foregoing, in the event that (i) the Bankruptcy Court does not approve the releases and exculpation as described in the Term Sheet pursuant to the Confirmation Order and (ii) this Agreement has not been terminated as of the date of entry of the Confirmation Order, then the Reorganized Company covenants and agrees to provide such releases and exculpation as promptly as reasonably possible after the occurrence of the Effective Date, which covenants and agreements shall survive the occurrence of the Termination Date.

 

c.             Notwithstanding anything to the contrary herein, the Company (solely at the direction of, and with the consent of, the Committee from the Agreement Effective Date until the Reversion Date) shall be entitled, at any time prior to consummation of the Transaction, to solicit, encourage and initiate any offer or proposal from, enter into any agreement with, or engage in any discussions or negotiations with any person or entity concerning any actual or proposed transaction involving any or all of (i) a competing plan of reorganization or other financial and/or corporate restructuring of the Company, (ii) the issuance, sale or other disposition of any equity or debt interests, or any material assets, of the Company, or (iii) a merger, consolidation, business combination, liquidation, recapitalization, refinancing or similar transaction involving the Company (each, an “Alternative Transaction”), in each case to the extent the Committee determines in good faith that such Alternative Transaction best maximizes value for the applicable Company entity and its stakeholders.  At all times prior to the date on which the Transaction is consummated, the Company shall promptly deliver to the other Parties all written communications delivered to or received by the Company or any of its advisors making

 

7

 

or materially modifying any alternative offers, including, without limitation, copies of all expressions of interest, term sheets, letters of interest, offers, and proposed agreements related to the foregoing.

 

6.             Termination

 

a.             All Parties.  This Agreement shall terminate as to all Parties upon the earliest to occur of any of the following:

 

(i)            the Transaction is consummated;

 

(ii)           the Transaction is not consummated in accordance with this Agreement and the Term Sheet by December 31, 2019 (the “Outside Date”), as such date may be further extended in writing from time to time by Emerge GP, the Company (with the consent of the Committee from the Agreement Effective Date until the Reversion Date), and the Majority Noteholders;

 

(iii)          Emerge GP, the Company (with the consent of the Committee from the Agreement Effective Date until the Reversion Date), and the Majority Noteholders mutually agree to such termination in writing; or

 

(iv)          this Agreement is terminated pursuant to and in accordance with paragraph (b) or (c) of this Section 6.

 

b.             The Company.  The Company (with the consent of the Committee from the Agreement Effective Date until the Reversion Date) may terminate this Agreement by written notice to the other Parties upon the occurrence of any of the following events:

 

(1)           upon a material breach by any Consenting Creditor of its obligations hereunder (a “Defaulting Creditor”), which breach is not cured within five (5) business days after the giving of written notice of such breach; provided, however, the Company may not terminate this Agreement if the Consenting Revolving Loan Lenders and the Consenting Noteholders that remain after excluding such Defaulting Creditor still constitute the Majority Revolving Loan Lenders (as defined below) and the Majority Noteholders;

 

(2)           if the Committee from the Agreement Effective Date until the Reversion Date (and thereafter, if any of the board of directors, boards of managers, or other governing body of Emerge LP or any Emerge LP Subsidiary, as applicable) determines, in good faith and based upon advice of legal counsel, that proceeding with the Transaction would be inconsistent with the exercise of its applicable fiduciary duties under applicable law (if any), rule or regulation; or

 

(3)           if the Bankruptcy Court or other governmental authority with jurisdiction shall have issued any order, injunction or other decree or taken any other action, in each case, which has become final and non-appealable and which restrains, enjoins or otherwise prohibits the implementation of the Transaction or declares this Agreement or any material provision contained herein to be unenforceable.

 

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c.             Consenting Creditors.  Revolving Loan Lenders holding more than 50% of the outstanding aggregate principal amount of the Revolving Loan Obligations (the “Majority Revolving Loan Lenders”) and the Majority Noteholders may terminate this Agreement by written notice to the other Parties upon the occurrence of any of the following events:

 

(1)           upon a material breach by the Company, Emerge GP, or any Consenting Equity Holder of its respective obligations hereunder, which breach is not cured within five (5) business days after the giving of written notice of such breach;

 

(2)           in the event the Chapter 11 Cases are commenced, either (a) the Company (i) withdraws the Plan, (ii) moves to voluntarily dismiss any of the Chapter 11 Cases, (iii) moves for conversion of any of the Chapter 11 Cases to Chapter 7 of the Bankruptcy Code, or (iv) moves for appointment of an examiner with expanded powers pursuant to section 1104 of the Bankruptcy Code or trustee in any of the Chapter 11 Cases, or (b) a final order is entered by the Bankruptcy Court granting any of the relief described in clauses (ii), (iii) or (iv) above;

 

(3)           if the Company enters into an Alternative Transaction or shall have publicly announced its intention to support or pursue, or entered into any agreement to support or pursue, an Alternative Transaction;

 

(4)           in the event the Chapter 11 Cases are commenced, the Company files any motion or other pleading with the Bankruptcy Court indicating its intention to support or pursue, or files with the Bankruptcy Court, any chapter 11 plan of reorganization (or related disclosure statement) that is inconsistent in any material respect with this Agreement and the Term Sheet;

 

(5)           in the event the Company determines not to pursue the Transaction in accordance with Section 6(b)(2) of this Agreement; or

 

(6)           if the Bankruptcy Court or other governmental authority with jurisdiction shall have issued any order, injunction or other decree or taken any other action, in each case, which has become final and non-appealable and which restrains, enjoins or otherwise prohibits the implementation of the Transaction or declares this Agreement or any material provision contained herein to be unenforceable.

 

Notwithstanding anything to the contrary herein, any right to terminate this Agreement as to the Consenting Creditors may be exercised only by the Majority Revolving Loan Lenders and the Majority Noteholders on behalf of all Consenting Creditors, and may not be exercised by one or more individual Consenting Creditors not constituting the Majority Revolving Loan Lenders and the Majority Noteholders.

 

d.             Emerge GP and the Consenting Equity Holders.  Emerge GP and the Consenting Equity Holders may terminate this Agreement, solely as to themselves, by written notice to the other Parties upon the occurrence of any of the following events:

 

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(1)           upon a material breach by the Company of its respective obligations hereunder, which breach is not cured within five (5) business days after the giving of written notice of such breach;

 

(2)           upon a material breach by any Consenting Creditor of its respective obligations hereunder, which breach is not cured within five (5) business days after the giving of written notice of such breach; provided, however, neither Emerge GP nor any Consenting Equity Holder may terminate this Agreement if the Consenting Revolving Loan Lenders and the Consenting Noteholders that remain after excluding such Defaulting Creditor still constitute the Majority Revolving Loan Lenders (as defined below) and the Majority Noteholders;

 

(3)           upon the execution or delivery of, or the amendment, modification, or waiver of any term or condition of, any Definitive Document (including with respect to any sale of assets pursuant to Section 363 or 1123 of the Bankruptcy Code) without the prior written consent of Emerge GP and the Consenting Equity Holders to the extent such Definitive Document or proposed amendment, modification or waiver either (i) adversely changes the economic treatment of the holders of Existing Equity Interests, Emerge GP or any Consenting Equity Holder in a material and disproportionate manner relative to the Consenting Noteholders or (ii) adversely changes the releases, exculpation, indemnities or other benefits to be provided to Emerge GP or any Consenting Equity Holder or any of their respective affiliates, subsidiaries, members, managers, professionals, directors, or officers, in each case as contemplated by the Term Sheet as in existence as of the date hereof;

 

(4)           if the Bankruptcy Court or other governmental authority with jurisdiction shall have issued any order, injunction or other decree or taken any other action, in each case, which has become final and non-appealable and which restrains, enjoins or otherwise prohibits the implementation of the Transaction or declares this Agreement or any material provision contained herein to be unenforceable; or

 

(5)           in the event the Company determines not to pursue the Transaction in accordance with Section 6(b)(2) of this Agreement.

 

Notwithstanding anything in this Agreement to the contrary, any termination of this Agreement pursuant to this sub-paragraph (d) by Emerge GP or the Consenting Equity Holders shall not limit, alter, or impair any term or condition of this Agreement between or among the Company, on the one hand, and the Consenting Creditors, on the other hand, and this Agreement shall remain binding and enforceable as between or among such Parties and otherwise in full force and effect as to such Parties unless and until this Agreement is terminated in accordance with sub-paragraph (a), (b) or (c) of this Section 6.

 

e.             Effect of Termination.  If this Agreement is terminated pursuant to this Section 6, any and all further agreements, obligations, and covenants of the applicable Parties hereunder shall be terminated without further liability (except for such agreements, obligations, and covenants that expressly survive such termination).  If this Agreement may be terminated at a time when permission of the Bankruptcy Court is required for a Party to terminate, or cause the termination of, this Agreement (or for such Party to change, revoke or withdraw, or cause to change, revoke or withdraw, its vote to accept the Plan), no other Party shall oppose any attempt

 

10

 

by such moving Party to obtain Bankruptcy Court approval for such act or action; provided that the moving Party has otherwise fully complied with the terms and conditions of this Section 6.  Notwithstanding anything to the contrary in this Agreement, (i) no termination of this Agreement shall relieve any Party from liability for its breach or non-performance of its obligations hereunder prior to the date of such termination; and (ii) the right to terminate this Agreement under this Section 6 shall not be available to any Party whose failure to fulfill any of its material obligations under this Agreement has been the cause of, or resulted in, the occurrence of the proposed termination event.

 

7.             Representations of the Company

 

The Company hereby jointly and severally represents and warrants to the other Parties that the following statements are true and correct in all material respects as of the date hereof:

 

a.             Power and Authority.  It has all requisite corporate, partnership or limited liability company power and authority to enter into this Agreement and to carry out the transactions contemplated by, and perform its obligations under, this Agreement.

 

b.             Authorization.  The execution and delivery of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary corporate, partnership or limited liability company action on its part.

 

c.             No Conflicts.  The execution and delivery of this Agreement and the performance of its obligations hereunder do not and shall not (i) violate any provision of law, rule, or regulation applicable to it or its organizational documents or (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material contractual obligation to which it is a party or under its organizational documents.

 

d.             Governmental Consents.  The execution and delivery of this Agreement and the performance of its obligations hereunder do not and shall not require any registration or filing with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body, other than (i) such filings as may be necessary and/or required for disclosure by the Securities and Exchange Commission; (ii) the filing of a pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, including the rules and regulations promulgated thereunder (the “HSR Act”), which, to the extent required, have been or will be made, and (iii) such filings as may be necessary or required in connection with the Chapter 11 Cases.

 

e.             Binding Obligation.  This Agreement is the legally valid and binding obligation of it, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization moratorium, or other similar laws relating to or relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

f.             No Litigation.  No litigation or proceeding before any court, arbitrator, or administrative or governmental body is pending against it that would adversely affect its ability to enter into this Agreement or perform its obligations hereunder.

 

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g.                                       Representation.  It has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement and the Term Sheet, and has had the contents hereof fully explained by such counsel and is fully aware of such contents and legal effect.

 

h.                                      No Claims.  To the best of its knowledge, there are no actions, suits, orders, directives or other legal or regulatory proceedings instituted, pending or threatened against any current or former officer, director or employee of Emerge GP or the Company (in their respective capacities as such) before any court or arbitrator or any governmental authority or instituted by any governmental authority, which action, suit, order, directive or other legal or regulatory proceeding would require, or be subject to, indemnity or reimbursement by Emerge GP or the Company.

 

i.                                          Specified Leases.  The Company is not party to any material railcar or terminal lease other than the railcar and terminal leases listed on Exhibit 3 attached to the Term Sheet.

 

j.                                         Emerge GP.  Emerge GP is the sole and exclusive general partner of Emerge LP.

 

8.                                      Representations of the Consenting Creditors

 

Each of the Consenting Creditors severally, but not jointly, represents and warrants to the other Parties that the following statements are true and correct in all material respects as of the date hereof with respect to itself only:

 

a.                                      Holdings by Consenting Creditors.  It either (i) is the sole legal and beneficial owner of the principal amount of Revolving Loan Obligations and Notes Purchase Obligations set forth opposite its name on Schedule A attached hereto and all related claims, rights and causes of action arising out of or in connection with or otherwise relating thereto (for each such Consenting Creditor, the “Consenting Creditor Claims”), in each case free and clear of all claims, liens and encumbrances, or (ii) has sole investment or voting discretion with respect to such Consenting Creditor Claims and has the power and authority to bind the beneficial owner(s) of such Consenting Creditor Claims to the terms of this Agreement.  It has full and sole power and authority to vote on and consent to matters concerning such Consenting Creditor Claims with respect to the Transaction.

 

b.                                      Prior Transfers.  It has made no prior assignment, sale, grant, pledge, conveyance, or other transfer of, and has not entered into any agreement to assign, sell, grant, pledge, convey or otherwise transfer, in whole or in part, any portion of its right, title, or interests in its Consenting Creditor Claims or its voting rights with respect thereto.

 

c.                                       Power and Authority.  It has all requisite corporate, partnership or limited liability company power and authority to enter into this Agreement and to carry out the transactions contemplated by, and perform its obligations under, this Agreement.

 

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d.                                      Authorization.  The execution and delivery of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary corporate, partnership or limited liability company action on its part.

 

e.                                       No Conflicts.  The execution and delivery of this Agreement and the performance of its obligations hereunder do not and shall not (i) violate any provision of law, rule, or regulation applicable to it or its certificate of incorporation or by-laws (or other organizational documents) or (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material contractual obligation to which it is a party or under its certificate of incorporation or by-laws (or other organizational documents).

 

f.                                        Governmental Consents.  The execution and delivery of this Agreement and the performance of its obligations hereunder do not and shall not require any registration or filing with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body, other than (i) such filings as may be necessary and/or required for disclosure by the Securities and Exchange Commission, (ii) any necessary filings under the HSR Act, which, to the extent required, have been or will be made, and (iii) such filings as may be necessary or required in connection with the Chapter 11 Cases.

 

g.                                       Binding Obligation.  This Agreement is the legally valid and binding obligation of it, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization moratorium, or other similar laws relating to or relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

h.                                      No Litigation.  No litigation or proceeding before any court, arbitrator, or administrative or governmental body is pending against it that would adversely affect its ability to enter into this Agreement or perform its obligations hereunder.

 

i.                                          Representation.  It has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement and the Term Sheet, and has had the contents hereof fully explained by such counsel and is fully aware of such contents and legal effect.

 

j.                                         Accredited Investor.  It is (i) a sophisticated investor with respect to the transactions described herein with sufficient knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of owning and investing in securities of the Company (including any securities that may be issued in connection with the Transaction), making an informed decision with respect thereto, and evaluating properly the terms and conditions of this Agreement, and it has made its own analysis and decision to enter in this Agreement, (ii) an “accredited investor” within the meaning of Rule 501 of the Securities Act of 1933 (as amended) or a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act of 1933 (as amended) and (iii) acquiring any securities that may be issued in connection with the Transaction for its own account and not with a view to the distribution thereof.  Each Consenting Creditor hereby further confirms that it has made its own decision to execute this Agreement based upon its own independent assessment of documents and information available to it, as it deemed appropriate and sufficient.

 

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9.                                      Representations of Emerge GP and Consenting Equity Holders

 

Emerge GP and each of the Consenting Equity Holders severally, but not jointly, represents and warrants to the other Parties that the following statements are true and correct in all material respects as of the date hereof with respect to itself only:

 

a.                                      Ownership of Existing Equity Interests.  It is the sole legal and beneficial owner of the Existing Equity Interests set forth opposite its name on Schedule B attached hereto, free and clear of all claims, liens and encumbrances (other than claims, liens, and encumbrances arising under or in connection with the Revolving Loan Facility and the Notes Purchase Facility) and has full and sole power and authority to consent to matters concerning such Existing Equity Interests with respect to the Transaction.  No other affiliate or subsidiary of it owns or controls any Existing Equity Interests other than as set forth opposite its name on Schedule B attached hereto.

 

b.                                      Prior Transfers.  It has made no prior assignment, sale, grant, pledge, conveyance, or other transfer of, and has not entered into any agreement to assign, sell, grant, pledge, convey or otherwise transfer, in whole or in part, any portion of its right, title, or interests in its Existing Equity Interests (other than claims, liens, and encumbrances arising under or in connection with the Revolving Loan Facility and the Notes Purchase Facility) or its voting rights with respect thereto (other than the Voting Proxy).

 

c.                                       Power and Authority.  It has all requisite corporate, partnership or limited liability company power and authority to enter into this Agreement and to carry out the transactions contemplated by, and perform its obligations under, this Agreement.

 

d.                                      Authorization.  The execution and delivery of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary corporate, partnership or limited liability company action on its part.

 

e.                                       No Conflicts.  The execution and delivery of this Agreement and the performance of its obligations hereunder do not and shall not (i) violate any provision of law, rule, or regulation applicable to it or its organizational documents or (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material contractual obligation to which it is a party or under its organizational documents.

 

f.                                        Governmental Consents.  The execution and delivery of this Agreement and the performance of its obligations hereunder do not and shall not require any registration or filing with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body, other than (i) such filings as may be necessary and/or required for disclosure by the Securities and Exchange Commission, (ii) any necessary filings under the HSR Act, which, to the extent required, have been or will be made, and (iii) such filings as may be necessary or required in connection with the Chapter 11 Cases.

 

g.                                       Binding Obligation.  This Agreement is the legally valid and binding obligation of it, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization moratorium, or other similar laws relating to or

 

14

 

relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

h.                                      No Litigation.  No litigation or proceeding before any court, arbitrator, or administrative or governmental body is pending against it that would adversely affect its ability to enter into this Agreement or perform its obligations hereunder.

 

i.                                          Representation.  It has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement and the Term Sheet, and has had the contents hereof fully explained by such counsel and is fully aware of such contents and legal effect.

 

j.                                         No Claims.  To the best of its knowledge, there are no actions, suits, orders, directives or other legal or regulatory proceedings instituted, pending or threatened against any current or former officer, director or employee of Emerge GP or the Company (in their respective capacities as such) before any court or arbitrator or any governmental authority or instituted by any governmental authority, which action, suit, order, directive or other legal or regulatory proceeding would require, or be subject to, indemnity or reimbursement by Emerge GP or the Company.

 

k.                                      Accredited Investor.  It is (i) a sophisticated investor with respect to the transactions described herein with sufficient knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of owning and investing in securities of the Company (including any securities that may be issued in connection with the Transaction), making an informed decision with respect thereto, and evaluating properly the terms and conditions of this Agreement, and it has made its own analysis and decision to enter in this Agreement, and (ii) an “accredited investor” within the meaning of Rule 501 of the Securities Act of 1933 (as amended) or a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act of 1933 (as amended).  It hereby further confirms that it has made its own decision to execute this Agreement based upon its own independent assessment of documents and information available to it, as it deemed appropriate and sufficient.

 

10.                               Additional Claims and Interests

 

This Agreement shall in no way be construed to preclude a Consenting Creditor from acquiring additional claims against or interests in the Company (collectively, the “Additional Claims/Interests”).  However, in the event a Consenting Creditor (or any of their respective controlled funds) shall acquire any such Additional Claims/Interests after the date hereof (or holds such Additional Claims/Interests as of the date hereof), such Additional Claims/Interests shall automatically be deemed, without further notice to or action of any Party, to be subject to the terms and conditions of this Agreement.

 

11.                               Transfer of Claims and Existing Equity Interests

 

Each Consenting Creditor agrees that, until this Agreement has been terminated as to it in accordance with Section 6, it will not, directly or indirectly, (i) sell, transfer, pledge, assign, hypothecate, grant an option on, or otherwise convey or dispose of any of its Consenting Noteholder Claims (except in connection with consummation of the Transaction), unless such

 

15

 

transferee or other recipient is either a Party hereto or has executed and delivered to the Company a joinder, substantially in the form attached hereto as Exhibit D and otherwise in form and substance reasonably satisfactory to the Company and the Majority Noteholders, or (ii) grant any proxies, deposit any of the Consenting Noteholder Claims into a voting trust or enter into a voting agreement with respect to any of the Consenting Noteholder Claims (collectively, a “Claim Transfer”).  Any attempted or proposed Claim Transfer that does not comply with the foregoing shall be deemed void ab initio and of no force or effect.  No Consenting Creditor shall have any liability under this Agreement arising from or related to the failure of its transferee to comply with the terms of this Agreement.

 

Emerge GP and each Consenting Equity Holder agrees that, until this Agreement has been terminated as to it in accordance with Section 6, it will not, directly or indirectly, (i) sell, transfer, pledge, assign, hypothecate, grant an option on, or otherwise convey or dispose of any of its Existing Equity Interests unless such transferee or other recipient is either a Party hereto or has executed and delivered to the Company a joinder, substantially in the form attached hereto as Exhibit D and otherwise in form and substance reasonably satisfactory to the Company and the Majority Noteholders, or (ii) grant any proxies, deposit any of its Existing Equity Interests into a voting trust or enter into a voting agreement with respect to any of its Existing Equity Interests, in each case except pursuant to the Voting Proxy (collectively, an “Equity Transfer”).  Any attempted or proposed Equity Transfer that does not comply with the foregoing shall be deemed void ab initio and of no force or effect.  Emerge GP and the Consenting Equity Holders shall not have any liability under this Agreement arising from or related to the failure of its transferee to comply with the terms of this Agreement.

 

12.                               Prior Negotiations

 

This Agreement and the exhibits attached hereto set forth in full the terms of agreement between the Parties and is intended as the full, complete and exclusive contract governing the relationship between the Parties with respect to the transactions contemplated herein, superseding all other discussions, promises, representations, warranties, agreements and understandings, whether written or oral, between or among the Parties with respect thereto; provided, that any confidentiality agreement between or among the Parties shall remain in full force and effect in accordance with its terms; provided, further, that the Parties intend to enter into the Definitive Documents after the date hereof to consummate the Transaction.

 

13.                               Amendment or Waiver

 

No waiver, modification or amendment of the terms of this Agreement or the exhibits attached hereto shall be valid unless such waiver, modification or amendment is in writing and has been signed by the Company (with the consent of the Committee from the Agreement Effective Date until the Reversion Date), the Majority Revolving Loan Lenders, and the Majority Noteholders; provided, that any term or provision of this Agreement or the exhibits attached hereto that expressly requires the consent or approval of a particular Party shall require, as applicable, the written consent or approval of such Party to waive, amend or modify such term or provision.  No waiver of any of the provisions of this Agreement or the exhibits attached hereto shall be deemed or constitute a waiver of any other provision of this Agreement or the exhibits attached hereto, whether or not similar, nor shall any waiver be deemed a continuing waiver.  Any amendment,

 

16

 

waiver, or modification of this Section 13 shall require the written consent of all Parties.  In determining whether any consent or approval has been given or obtained by the Majority Revolving Loan Lenders, the Majority Noteholders, and/or all Consenting Creditors, as applicable, each then existing Defaulting Creditor and its respective Consenting Creditor Claims shall be excluded from such determination.

 

14.                               WAIVER OF JURY TRIAL

 

EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EXHIBITS ATTACHED HERETO.

 

15.                               Governing Law and Consent to Jurisdiction and Venue

 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to such state’s choice of law provisions which would require the application of the law of any other jurisdiction.  By its execution and delivery of this Agreement, each of the Parties hereby irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter arising under or arising out of or in connection with this Agreement or the exhibits attached hereto or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, shall be brought in the United States District Court for the Southern District of New York and only to the extent such court lacks jurisdiction, in the New York State Supreme Court sitting in the Borough of Manhattan, and by execution and delivery of this Agreement, each of the Parties hereby irrevocably accepts and submits itself to the jurisdiction of such courts, generally and unconditionally, with respect to any such action, suit or proceeding.  Notwithstanding the foregoing consent to jurisdiction and venue, upon any commencement of the Chapter 11 Cases and until the effective date of the Plan, each of the Parties agrees that the Bankruptcy Court shall have exclusive jurisdiction of all matters arising out of or in connection with this Agreement or the exhibits attached hereto.

 

16.                               Specific Performance

 

It is understood and agreed by the Parties that, without limiting any rights or remedies available under applicable law or in equity, money damages would not be a sufficient remedy for any breach of this Agreement by any Party and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief as a remedy of any such breach, including, without limitation, an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder.

 

17.                               Reservation of Rights; Settlement Discussions

 

Except as expressly provided in this Agreement or the exhibits attached hereto, nothing herein is intended to, or does, in any manner, waive, limit, impair or restrict the ability of each Party to protect and preserve its rights, remedies and interests.  Notwithstanding anything to the contrary contained in this Agreement or the exhibits attached hereto, nothing in this Agreement or the exhibits attached hereto shall be, or shall be deemed to be or constitute: (i) a release, waiver, novation, cancellation, termination or discharge of the Consenting Creditor Claims (or any security

 

17

 

interest or lien securing such claims) or the Existing Equity Interests; or (ii) an amendment, modification or waiver of any term or provision of the Revolving Loan Facility or Notes Purchase Facility or any related loan document, which are hereby reserved and reaffirmed in full.  If the Transaction is not consummated, or if this Agreement is terminated for any reason, the Parties hereto fully reserve any and all of their respective rights and remedies thereunder and applicable law.

 

This Agreement and the Transaction are part of a proposed settlement of a dispute among the Parties.  Nothing herein shall be deemed an admission of any kind.  Pursuant to Federal Rule of Evidence 408, any applicable state rules of evidence and any other applicable law, foreign or domestic, this Agreement and the exhibits attached hereto and all negotiations relating thereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce the terms of this Agreement or the exhibits attached hereto (as applicable).

 

18.                               Headings; Recitals

 

The section headings of this Agreement are for convenience of reference only and shall not, for any purpose, be deemed a part of this Agreement.  The recitals to this Agreement are true and correct and incorporated by reference into this Section 18.

 

19.                               Notice

 

Any notices or other communications required or permitted under, or otherwise in connection with, this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or upon confirmation of receipt when transmitted by facsimile transmission (but only if followed by transmittal by national overnight courier or hand for delivery on the next business day) or on receipt after dispatch by registered or certified mail, postage prepaid, or on the next business day if transmitted by national overnight courier, addressed in each case as follows:

 

If to the Company, Emerge GP, or any Consenting Equity Holder:

 

Superior Silica Sands LLC

5600 Clearfork Main Street, Suite 400

Ft. Worth, TX 76109

Attn:  Rick Shearer

rick@sssand.com

 

-and-

 

Insight Equity

1400 Civic Place, Suite 250

Southlake, TX  76092

Attn:  Warren Bonham

wbonham@insightequity.com

 

18

 

with a copy to:

 

Latham & Watkins LLP

885 Third Avenue

New York, NY 10022-4834

Attn:  Keith A. Simon

Direct Dial:  212.906.1372

Fax:   212.751.4864

Email: keith.simon@lw.com

 

-and-

 

Hunton Andrews Kurth LLP

600 Travis Street, Suite 4200

Houston, TX 77002

Attn:  Tad Davidson

Direct Dial:  713.220.3810

Fax:  713.220.4285

Email:  TadDavidson@HuntonAK.com

 

If to any Consenting Creditor:

 

To the address (if any) specified on the signature page of this Agreement for the applicable Consenting Creditor

 

with a copy to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

Attn:  Matt Barr

David Griffiths

 

Telephone:  212.310.8000

Fax:  212.310.8007

Email: matt.barr@weil.com

david.griffiths@weil.com

 

20.                               Successors and Assigns

 

Subject to Section 11, neither this Agreement nor any of the rights or obligations hereunder may be assigned by any Party hereto, without the prior written consent of the other Parties hereto, and then only to a Person who has agreed to be bound by the provisions of this Agreement.  This Agreement is intended to and shall bind and inure to the benefit of the Parties and their respective successors, permitted assigns, heirs, executors, administrators and representatives.

 

19

 

21.                               No Third-Party Beneficiaries

 

Unless expressly stated herein, this Agreement shall be solely for the benefit of the Parties hereto and no other person or entity shall be a third party beneficiary hereof or shall otherwise be entitled to enforce any provision hereof.

 

22.                               Counterparts

 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same agreement.  Any Party hereto may execute and deliver a counterpart of this Agreement by delivery by facsimile transmission or electronic mail of a signature page of this Agreement signed by such Party, and any such facsimile or electronic mail signature shall be treated in all respects as having the same effect as having an original signature.

 

23.                               No Consideration

 

It is hereby acknowledged by the Parties that no pecuniary consideration shall be due or paid to the Parties in exchange for their support of the Transaction or vote to accept the Plan, other than the obligations imposed upon such Party pursuant to the terms of this Agreement.

 

24.                               Acknowledgement; Not a Solicitation

 

This Agreement does not constitute, and shall not be deemed to constitute (i) an offer for the purchase, sale, exchange, hypothecation, or other transfer of securities for purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934 (or any other federal or state law or regulation), (ii) a solicitation for consents to the Out-of-Court Restructuring or (iii) a solicitation of votes on the Plan for purposes of the Bankruptcy Code.  The consent of each Consenting Creditor and Consenting Equity Holder to the Out-of-Court Restructuring and vote to accept or reject the Plan shall not be solicited except in accordance with applicable law.

 

25.                               Public Announcement and Filings

 

Except as required by applicable law or regulation, or the rules of any applicable stock exchange or regulatory body, or in filings to be made with the Bankruptcy Court, no Party shall, nor shall it permit any of its respective affiliates to, make any public announcement in respect of this Agreement or the transactions contemplated hereby or by the Term Sheet without the prior written consent of the Company and the Majority Noteholders (in each case such consent not to be unreasonably withheld).  Notwithstanding the foregoing, the Company shall not be required to keep confidential the aggregate holdings of all Consenting Creditors, and each Consenting Creditor hereby consents to the disclosure of the execution of this Agreement by the Company, and the terms and contents hereof, in the Plan, the Disclosure Statement filed therewith, and any filings by the Company with the Bankruptcy Court or the Securities and Exchange Commission, or as otherwise required by applicable law or regulation, or the rules of any applicable stock exchange or regulatory body.

 

20

 

26.                               Relationship Among Parties

 

It is understood and agreed that no Party has any duty of trust or confidence in any form with any other Party, and there are no commitments among or between them, in each case arising solely from or in connection with this Agreement.  No prior history, pattern or practice of sharing confidences among or between the Parties shall in any way affect or negate this understanding and agreement.

 

27.                               No Strict Construction

 

Each Party acknowledges that it has received adequate information to enter into this Agreement, and that this Agreement and the exhibits attached hereto have been prepared through the joint efforts of all of the Parties.  Neither the provisions of this Agreement or the exhibits attached hereto nor any alleged ambiguity herein or therein shall be interpreted or resolved against any Party on the ground that such Party’s counsel drafted this Agreement or the exhibits attached hereto, or based on any other rule of strict construction.

 

28.                               Remedies Cumulative; No Waiver

 

All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof by any Party shall not preclude the simultaneous or later exercise of any other such right, power, or remedy by such Party.  The failure of any Party hereto to exercise any right, power, or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon strict compliance by any other Party hereto with its obligations hereunder, and any custom or practice of the parties at variance with the terms hereof, shall not constitute a waiver by such Party of its right to exercise any such or other right, power, or remedy or to demand such strict compliance.

 

29.                               Severability

 

If any portion of this Agreement or the exhibits attached hereto shall be held to be invalid, unenforceable, void or voidable, or violative of applicable law, the remaining portions of this Agreement and the exhibits attached hereto (as applicable) so far as they may practicably be performed shall remain in full force and effect and binding on the Parties hereto, provided that, this provision shall not operate to waive any condition precedent to any event set forth herein.

 

30.                               Time of Essence

 

Time is of the essence in the performance of each of the obligations of the Parties and with respect to all covenants and conditions to be satisfied by the Parties in this Agreement and all documents, acknowledgments and instruments delivered in connection herewith.  If any time period or other deadline provided in this Agreement expires on a day that is not a Business Day, then such time period or other deadline, as applicable, shall be deemed extended to the next succeeding Business Day.

 

21

 

31.                               Additional Parties

 

Without in any way limiting the provisions hereof, additional Revolving Loan Lenders and Noteholders may elect to become Parties by executing and delivering to the Company a counterpart hereof.  Such additional Revolving Loan Lenders and Noteholders shall become a Party to this Agreement as a Consenting Revolving Loan Lender or Consenting Noteholder, as applicable, in accordance with the terms of this Agreement.

 

32.                               Rules of Interpretation

 

For purposes of this Agreement, unless otherwise specified:  (a) each term, whether stated in the singular or the plural, shall include both the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and the neuter gender; (b) all references herein to “Articles”, “Sections”, and “Exhibits” are references to Articles, Sections, and Exhibits of this Agreement; and (c) the words ‘‘herein,’’ “hereof,” “hereunder” and ‘‘hereto’’ refer to this Agreement in its entirety rather than to a particular portion of this Agreement.

 

33.                               Term Sheet

 

The Term Sheet is expressly incorporated herein by reference and made part of this Agreement as if fully set forth herein.  The Term Sheet sets forth the material terms and conditions of the Transaction; provided, however, the Term Sheet is supplemented by the other terms and conditions of this Agreement.  In the event of any conflict or inconsistency between the Term Sheet and any other provision of this Agreement, the Term Sheet will govern and control to the extent of such conflict or inconsistency.

 

[Remainder of page intentionally left blank; signature page follows.]

 

22

 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and delivered by their respective duly authorized signatories, solely in their respective capacity as such and not in any other capacity, as of the date first set forth above.

 

	
 
    	
EMERGE LP
    
	
 
    	
 
    
	
 
    	
EMERGE   ENERGY SERVICES LP
    
	
 
    	
 
    
	
 
    	
By:Emerge Energy Services GP LLC, its general   partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Richard J. Shearer
    
	
 
    	
 
    	
Name: Richard J. Shearer
    
	
 
    	
 
    	
Title: Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
EMERGE LP SUBSIDIARIES
    
	
 
    	
 
    
	
 
    	
EMERGE   ENERGY SERVICES OPERATING LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Warren B. Bonham
    
	
 
    	
 
    	
Name: Warren B. Bonham
    
	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    
	
 
    	
SUPERIOR   SILICA SANDS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Warren B. Bonham
    
	
 
    	
 
    	
Name: Warren B. Bonham
    
	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    
	
 
    	
EMERGE   ENERGY SERVICES FINANCE CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Warren B. Bonham
    
	
 
    	
 
    	
Name: Warren B. Bonham
    
	
 
    	
 
    	
Title: Vice President
    

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

	
 
    	
EMERGE GP
    
	
 
    	
 
    
	
 
    	
EMERGE   ENERGY SERVICES GP LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Richard J. Shearer
    
	
 
    	
 
    	
 
    	
Name: Richard J. Shearer
    
	
 
    	
 
    	
 
    	
Title: Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
CONSENTING EQUITY HOLDERS
    
	
 
    	
 
    
	
 
    	
EMERGE   ENERGY SERVICES HOLDINGS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Name: Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Title: Chairman of the Board
    
	
 
    	
 
    
	
 
    	
INSIGHT   EQUITY I LP
    
	
 
    	
 
    
	
 
    	
By:
    	
Insight Equity GP I LP, its general partner
    
	
 
    	
By:
    	
Insight Equity Holdings I LLC, its general   partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Name: Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Title: Chief Executive Officer and Managing   Partner
    
	
 
    	
 
    
	
 
    	
INSIGHT EQUITY (TAX   EXEMPT) I LP
    
	
 
    	
 
    
	
 
    	
By:
    	
Insight Equity GP LP, its general partner
    
	
 
    	
By:
    	
Insight Equity Holdings I LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Name: Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Title: Chief Executive Officer and Managing   Partner
    
	
 
    	
 
    
	
 
    	
INSIGHT EQUITY (CAYMAN)   I LP
    
	
 
    	
 
    
	
 
    	
By:
    	
Insight Equity (Cayman) GP I Ltd., its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Name: Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Title:Director
    
	
 
    	
 
    
	
 
    	
INSIGHT EQUITY   (AFFILIATED COINVESTORS) I LP
    
					

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

	
 
    	
By:
    	
Insight Equity (Affiliated Coinvestors) GP I LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Name: Ted W. Beneski
    
	
 
    	
 
    	
 
    	
Title: Chief Executive Officer and Managing   Partner
    
					

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OC II LVS III LP

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

	
By:
    	
/s/Adam L. Gubner
    	
 
    
	
 
    	
Name: Adam L. Gubner
    	
 
    
	
 
    	
Title: Authorized   Person
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice: c/o Pacific Investment Management Company LLC

650 Newport Center Drive, Newport Beach, California 92660

Attention: Adam L. Gubner

Telephone: (949) 720-6813

Facsimile: (949) 720-1376

Email: adam.gubner@pimco.com

And Attention: Christopher Neumeyer

Telephone: (949) 720-6809

Facsimile: (949) 720-1376

Email: chris.neumeyer@pimco.com

And Attention: General Counsel

Telephone: (949) 720-6000

Facsimile: (949) 720-6079

Email: thevault@pimco.com

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OHA-CDP ESCF, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: OHA-CDP ESCF GenPar, LLC,

its general partner

 

By: OHA Global PE GenPar, LLC,

its managing member

 

By: OHA Global PE MGP, LLC,

its managing member

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
 
    	
Name: Gregory S. Rubin
    	
 
    
	
 
    	
Title: Authorized   Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OHA BCSS SSD, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: OHA BCSS SSD GenPar, LLC,

its general partner

 

By: OHA Global PE GenPar, LLC,

as managing member

 

By: OHA Global PE MGP, LLC,

as managing member

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
 
    	
Name: Gregory S. Rubin
    	
 
    
	
 
    	
Title: Authorized   Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OHA MPS SSD, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

	
By: OHA MPS SSD GenPar,   LLC,
    	
 
    
	
its general partner
    	
 
    
	
 
    	
 
    
	
By: OHA Global PE   GenPar, LLC,
    	
 
    
	
as managing member
    	
 
    
	
 
    	
 
    
	
By: OHA Global PE MGP,   LLC,
    	
 
    
	
as managing member
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

THE COCA-COLA COMPANY

MASTER RETIREMENT TRUST

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

	
By: Oak Hill Advisors,   L.P.,
    	
 
    
	
its Investment Manager
    	
 
    

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OHA Enhanced Credit Strategies Master Fund, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

	
By: OHA Enhanced Credit   Strategies GenPar, LLC,
    	
 
    
	
its general partner
    	
 
    
	
 
    	
 
    
	
By: OHA Global GenPar,   LLC,
    	
 
    
	
as managing member
    	
 
    
	
 
    	
 
    
	
By: OHA Global MGP,   LLC,
    	
 
    
	
as managing member
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

Future Fund Board of Guardians

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: Oak Hill Advisors, L.P.,

as its Investment Advisor

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

INDIANA PUBLIC RETIREMENT SYSTEM

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: Oak Hill Advisors, L.P.,

as Investment Manager

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

Lerner Enterprises, LLC

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: Oak Hill Advisors, L.P.,

as advisor and attorney-in-fact to Lerner Enterprises, LLC

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OCA OHA Credit Fund LLC

an individual series of OCA Investment Partners LLC, in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: Oak Hill Advisors, L.P.,

as Investment Manager

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

Oregon Public Employees Retirement Fund

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: Oak Hill Advisors, L.P.,

as Investment Manager

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OHA AD Customized Credit Fund (International), L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: OHA AD Customized Credit Fund GenPar, LLC,

its general partner

 

By: OHA Global PE GenPar, LLC,

as managing member

 

By: OHA Global PE MGP, LLC,

as managing member

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

Master SIF SICAV-SIF

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: Oak Hill Advisors, L.P.,

as Investment Manager

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

OHA Finlandia Credit Fund, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: OHA Finlandia Credit Fund GenPar, LLC,

its general partner

 

By: OHA Global GenPar, LLC,

as managing member

 

By: OHA Global MGP, LLC,

as managing member

 

 

	
By:
    	
/s/Gregory S. Rubin
    	
 
    
	
Name: 
    	
Gregory S. Rubin
    	
 
    
	
Title: 
    	
Authorized Signatory
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

1114 Avenue of the Americas

27th Floor

New York, New York 10036

 

Attention: Braeden Elsaesser

Facsimile: (212) 735-5287

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

HPS Investment Partners, LLC

solely in its capacities as notes agent and

collateral agent and not in its individual capacity

 

 

	
By:
    	
/s/Brett Pertuz
    	
 
    
	
Name: 
    	
Brett Pertuz
    	
 
    
	
Title: 
    	
Managing Director
    	
 
    

 

 

Address for Notice:

40 West 57th Street, 33rd Floor

New York, New York 10019

 

Attention: Brett Pertuz

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

MEZZANINE PARTNERS III, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: HPS Mezzanine Management III, LLC

as investment manager

 

By: HPS Investment Partners, LLC, its sole

and managing member

 

 

	
By:
    	
/s/Brett Pertuz
    	
 
    
	
Name: 
    	
Brett Pertuz
    	
 
    
	
Title: 
    	
Managing Director
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

40 West 57th Street, 33rd Floor

New York, New York 10019

 

Attention: Brett Pertuz

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

MP III OFFSHORE MEZZANINE

INVESTMENTS, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: HPS Mezzanine Management III, LLC

as investment manager

 

By: HPS Investment Partners, LLC, its sole

and managing member

 

 

	
By:
    	
/s/Brett Pertuz
    	
 
    
	
Name: 
    	
Brett Pertuz
    	
 
    
	
Title: 
    	
Managing Director
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

40 West 57th Street, 33rd Floor

New York, New York 10019

 

Attention: Brett Pertuz

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

AP MEZZANINE PARTNERS III, L.P.

in its capacity as Consenting Revolving Loan Lender and Consenting Noteholder

 

By: HPS Mezzanine Management III, LLC

as investment manager

 

By: HPS Investment Partners, LLC, its sole

and managing member

 

 

	
By:
    	
/s/Brett Pertuz
    	
 
    
	
Name: 
    	
Brett Pertuz
    	
 
    
	
Title: 
    	
Managing Director
    	
 
    

 

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$ [Intentionally Omitted]

 

Address for Notice:

40 West 57th Street, 33rd Floor

New York, New York 10019

 

Attention: Brett Pertuz

 

Signature Page to Restructuring Support Agreement for Emerge Energy

 

 

Schedule A

 

Holdings of each Consenting Creditor

 

	
Consenting Creditor
   Name
    	
 
    	
Percentage of Revolving
   Loan Obligations
    	
 
    	
Percentage of Notes
   Purchase Obligations
    
	
Mezzanine Partners III, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
MP III Offshore Mezzanine Investments, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
AP Mezzanine Partners III, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
OC II LVS III LP
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
OHA-CDP ESCF, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
OHA BCSS SSD, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
OHA MPS SSD, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
The Coca-Cola Company Master Retirement Trust
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
OHA Enhanced Credit Strategies Master Fund, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
Future Fund Board of Guardians
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
Indiana Public Retirement System
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
Lerner Enterprises, LLC
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    

 

 

	
OCA OHA Credit Fund LLC
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
Oregon Public Employees Retirement Fund
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
OHA AD Customized Credit Fund (International), L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
Master SIF SICAV-SIF
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    
	
OHA Finlandia Credit Fund, L.P.
    	
 
    	
[Intentionally Omitted]
    	
 
    	
[Intentionally Omitted]
    

 

 

Schedule B

 

Holdings of each Consenting Equity Holder

 

Ownership of Emerge Energy Services GP LLC:

 

	
Member Name
    	
 
    	
Percentage Interest
    	
 
    
	
Emerge Energy   Services Holdings LLC
    	
 
    	
100.00
    	
%
    

 

Ownership of Emerge Energy Services Holdings LLC:

 

	
Member Name
    	
 
    	
Percentage Interest
    	
 
    
	
Insight Equity I   LP
    	
 
    	
30.2658
    	
%
    
	
Insight   (Tax-Exempt) I LP
    	
 
    	
33.0044
    	
%
    
	
Insight Equity (Cayman)   I LP
    	
 
    	
8.6278
    	
%
    
	
Insight Equity   (Affiliated Coinvestors) I LP
    	
 
    	
8.1020
    	
%
    

 

 

Exhibit A

 

Term Sheet

 

 

Execution Version

 

April 18, 2019

 

THIS SUMMARY IS NOT AN OFFER FOR THE PURCHASE, SALE, EXCHANGE, HYPOTHECATION, OR OTHER TRANSFER OF SECURITIES FOR PURPOSES OF THE SECURITIES ACT OF 1933, THE SECURITIES EXCHANGE ACT OF 1934 AND/OR OTHER FEDERAL OR STATE LAW OR REGULATION OR A SOLICITATION OF ACCEPTANCES OR REJECTION OF A CHAPTER 11 PLAN OF REORGANIZATION PURSUANT TO THE BANKRUPTCY CODE.  ANY SUCH OFFER OR SOLICITATION WILL BE MADE ONLY IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS AND PROVISIONS OF THE BANKRUPTCY CODE.  THIS SUMMARY IS BEING PROVIDED IN FURTHERANCE OF SETTLEMENT DISCUSSIONS AND IS ENTITLED TO PROTECTION PURSUANT TO RULE 408 OF THE FEDERAL RULES OF EVIDENCE AND ANY SIMILAR FEDERAL OR STATE RULE OF EVIDENCE.  THE TRANSACTIONS DESCRIBED IN THIS SUMMARY ARE SUBJECT IN ALL RESPECTS TO, AMONG OTHER THINGS, EXECUTION AND DELIVERY OF DEFINITIVE DOCUMENTATION AND SATISFACTION OR WAIVER OF THE CONDITIONS PRECEDENT SET FORTH THEREIN.

 

NOTHING IN THIS TERM SHEET (INCLUDING APPENDIX 1 HERETO) SHALL CONSTITUTE OR BE CONSTRUED AS AN ADMISSION OF ANY FACT OR LIABILITY, A STIPULATION OR A WAIVER, AND EACH STATEMENT CONTAINED HEREIN IS MADE WITHOUT PREJUDICE, WITH A FULL RESERVATION OF ALL RIGHTS, REMEDIES, CLAIMS, AND DEFENSES OF EACH PARTY HERETO.  THIS TERM SHEET (INCLUDING APPENDIX 1 HERETO) DOES NOT INCLUDE A DESCRIPTION OF ALL OF THE TERMS, CONDITIONS, AND OTHER PROVISIONS THAT ARE TO BE CONTAINED IN THE DEFINITIVE DOCUMENTATION, WHICH REMAIN SUBJECT TO DISCUSSION, NEGOTIATION, AND EXECUTION (INCLUDING WITH RESPECT TO TAX ANALYSIS AND DILIGENCE MATTERS).  EXCEPT AS PROVIDED IN THE SUPPORT AGREEMENT, THIS TERM SHEET (INCLUDING APPENDIX 1 HERETO) AND THE TERMS CONTAINED HEREIN ARE CONFIDENTIAL.

 

SUMMARY OF PRINCIPAL TERMS OF PROPOSED RESTRUCTURING TRANSACTION

 

This term sheet (the “Term Sheet”) outlines certain key terms of a proposed Out-of-Court Restructuring (as defined in the Support Agreement (as defined below)) for Emerge Energy Services GP LLC (“Emerge GP”), Emerge Energy Services LP (“Emerge LP”) and each direct and indirect subsidiary of Emerge LP (each an “Emerge LP Subsidiary,” and together with Emerge LP, the “Company”), and Appendix 1 hereto outlines certain key terms of a proposed In-Court Reorganization (as defined in the Support Agreement) to be executed if the Out-of-Court Restructuring cannot be consummated on the terms provided for in this Term Sheet and the Support Agreement.

 

Reference is made to the following documents and obligations:

 

1

 

(i)                                     that certain Second Amended and Restated Revolving Credit and Security Agreement, dated as of January 5, 2018 (as the same may be amended, modified or supplemented), by and among Emerge Energy Services Operating LLC (“EESO”) and Superior Silica Sands LLC (“SSS”), as borrowers, Emerge LP, as parent guarantor, HPS Investment Partners, LLC (“HPS”), as administrative and collateral agent (in such capacity, together with any successor agent, the “Revolving Loan Agent”), and the lenders party thereto from time to time (the “Revolving Loan Lenders”, such agreement, the “Revolving Loan Agreement,” and such facility, the “Revolving Loan Facility”).  Any and all claims and obligations arising under or in connection with the Revolving Loan Agreement and related loan documents are defined herein as the “Revolving Loan Obligations”.  As of the date hereof, the Revolving Credit Facility had an aggregate outstanding principal amount of approximately $66,710,000 (the “Aggregate Outstanding Revolving Loan Amount”), comprised of $10,181,544 in the form of letters of credit and approximately $56,528,456 in an aggregate outstanding principal amount in the form of outstanding loans, plus accrued but unpaid interest, fees, costs, and expenses; and

 

(ii)                                  that certain Second Lien Note Purchase Agreement, dated as of January 5, 2018 (as the same may be amended, modified or supplemented), by and among EESO and SSS, as issuers, Emerge LP, as parent guarantor, HPS, as notes and collateral agent (in such capacity, together with any successor agent, the “Notes Agent”), and the noteholders party thereto from time to time (the “Noteholders”, such agreement, the “Notes Purchase Agreement,” and such facility, the “Notes Purchase Facility”).  Any and all claims and obligations arising under or in connection with the Notes Purchase Agreement and related loan documents are defined herein as the “Notes Purchase Obligations”.  As of the date hereof, the Note Purchase Facility had an aggregate outstanding principal amount of $208,512,307 (the “Aggregate Outstanding Notes Purchase Amount”), plus accrued but unpaid interest, fees, costs, and expenses.

 

This Term Sheet is the “Term Sheet” referenced as Exhibit A in that certain Restructuring Support Agreement, dated as of April 18, 2019 (as the same may be amended, modified or supplemented, the “Support Agreement”), by and among the Company, Emerge GP, the direct and indirect owners of Emerge GP party thereto (the “Consenting Equity Holders”), the Revolving Loan Agent, the Revolving Loan Lenders party thereto (the “Consenting Revolving Loan Lenders”), the Notes Agent, and the Noteholders party thereto (the “Consenting Noteholders”).  Capitalized terms used but not otherwise defined in this Term Sheet have the meanings given to such terms in the Support Agreement.  This Term Sheet supersedes any proposed summary of terms or conditions regarding the subject matter hereof, whether written or oral.

 

GOVERNANCE FOR THE TRANSACTION

 

Delivery of Voting Proxy

 

In connection with its entry into the Voting and Standstill Agreement, Emerge Energy Services Holdings LLC (“Emerge Holdings”), as the sole member of Emerge GP, shall deliver an irrevocable proxy (the “Voting Proxy”) to the Committee (as defined below) on the date of execution of the Support Agreement (the “Implementation Date”) with respect to voting for directors of Emerge GP, which Voting Proxy shall remain in full force and effect until the earlier of (i) termination of the Support Agreement solely pursuant to section 6(a) thereof, and (ii) the Effective Date (such earlier date, the “Reversion Date”).  The Voting Proxy shall be attached as an exhibit to the Voting and Standstill Agreement, which shall be attached as an exhibit to the Support Agreement.  The sole and exclusive purpose of the Voting Proxy is 

 

2

 

to maintain the members, rights, and benefits of the Board of Directors of Emerge GP (the “Board”) and Committee as in existence as of the Implementation Date until the Reversion Date, and the Committee shall not exercise the Voting Proxy to alter the composition of the Board as constituted on the Implementation Date or to vote the membership interests of Emerge Holdings for any matter or reason whatsoever.  

Role of the Restructuring Committee

 

From the Implementation Date to the Reversion Date, the Board will designate a restructuring committee (the “Committee”) to exercise all of the powers of the Board (and the Board will relinquish all such powers delegated to the Committee) pursuant to a charter to be adopted by the Board (the “Charter”) with respect to the following actions:

 

·                  Implement the terms of the Transaction as set forth in this Term Sheet and the Support Agreement;

 

·                  Review, evaluate, and, if appropriate, approve and authorize any actions contemplated to be taken by the Company in connection with the Transaction as set forth in or contemplated by this Term Sheet and the Support Agreement;

 

·                  Oversee discussions with the Company’s key stakeholders with respect to the Transaction as set forth in or contemplated by this Term Sheet and the Support Agreement;

 

·                  Oversee the implementation and execution of the Transaction as set forth in or contemplated by this Term Sheet and the Support Agreement;

 

·                  Manage the Company’s day-to-day cash management in furtherance of the Transaction as set forth in or contemplated by this Term Sheet and the Support Agreement;

 

·                  Manage and direct the Chief Restructuring Officer (“CRO”) in furtherance of the Transaction as set forth in or contemplated by this Term Sheet and the Support Agreement.  Subject to the above and the other terms and conditions of this Term Sheet, the CRO shall be authorized and empowered by the Committee with the following responsibilities (to include and not be limited to):

 

·                  Implement the terms of the Transaction;

·                  Direct the Company’s day-to-day book keeping, collections, disbursement, treasury, liquidity and reporting obligations;

·                  Manage the financial and operational reporting processes to all internal and external constituents;

·                  Oversight and approval of expenditures and cash payments;

·                  Cash management, including vendors, A/R, taxes; financial controls and processes;

·                  Coordinate and manage any asset divestitures;

·                  Development of any business plan and development of any related financial models;

·                  Define and constrain issues including legal, environmental, tax, and regulatory;

·                  Approve any amendments or modifications to the engagement letters of the Company’s professionals, and the entry into any new engagement letters for Company professionals;

·                  Direct and manage the Company’s professionals;

·                  Evaluate and renegotiate material contracts, including railcar leases; and

·                  Other services and activities as directed by the Committee.

 

3

 

In addition, from the Implementation Date to the Reversion Date, the Committee shall also be authorized to take such other actions as the Committee determines, in good faith, is necessary or desirable in order to carry out its mandate in accordance with the terms hereof so long as such action is in furtherance of any of the foregoing.

 

The Committee shall have the right, from the Implementation Date to the Reversion Date, to direct the commencement of voluntary cases (the “Chapter 11 Cases”) of Emerge LP and the Emerge LP Subsidiaries (collectively, the “Debtors”), under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), to be filed in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) in the event that the Committee determines (in good faith) that execution of the Out-of-Court Restructuring as contemplated in this Term Sheet is no longer reasonably possible or in the best interests of the Company and its stakeholders.  Any such filing shall contemplate a chapter 11 plan of reorganization (as amended, supplemented or otherwise modified from time to time in accordance with this Term Sheet, the “Plan”) that is consistent in all respects with the terms and conditions of Appendix 1 attached hereto or, to the extent the Chapter 11 Cases involve any sale of assets pursuant to section 363 of the Bankruptcy Code, the Noteholders may serve as a stalking horse, with standard stalking horse protections, and can credit bid in connection with the purchase of such assets.  A determination by the Committee to file the Chapter 11 Cases in accordance with this Term Sheet shall not cause the occurrence of the Reversion Date.

 

Any directions, decisions, approvals, or other actions taken by the Committee, including any resolutions at meetings, must be decided by a majority of the Committee.

 

For the avoidance of doubt, the Charter shall be attached as an exhibit to the Support Agreement and it shall be effective from the Implementation Date until the Reversion Date.

 

Composition of the Restructuring Committee

 

From the Implementation Date until the Reversion Date, the Committee shall at all times comprise two (2) independent directors appointed by the Board from a slate acceptable to the Majority Noteholders and, to the extent approved by and in the sole discretion of Emerge GP, one (1) independent director nominated by the Board.

 

SUMMARY OF THE OUT-OF-COURT RESTRUCTURING

 

The table below summarizes the proposed treatment to be received on the Effective Date (as defined below) by holders of claims against, and interests in, the Company pursuant to the Out-of-Court Restructuring.

 

CLAIMS/INTEREST

 

Revolving Loan Obligations

 

At the option of the Majority Noteholders, either (i) the Revolving Loan Obligations shall be paid in full in cash from the proceeds of the post-effective date financing facility or (ii) the Revolving Loan Agreement and related loan documents shall be amended and restated on terms and conditions acceptable to the Company, Majority Noteholders, and the Revolving Loan Lenders (or Majority Revolving Loan Lenders, as applicable) in their respective sole discretion.

 

4

 

CLAIMS/INTEREST

 

Notes Purchase Obligations

 

Each holder of a Notes Purchase Obligation shall receive, upon and subject to the Effective Date and in full satisfaction, settlement, discharge and release of, and in exchange for, such claim and the Notes, its pro rata share of (i) new second lien secured notes with terms and conditions substantially consistent with Exhibit 1 attached hereto (the “New Notes”) and (ii) ninety-five percent (95%) of the new ownership interests in Emerge LP (the “New Equity Interests”), subject to dilution by any securities that are exercisable or exchangeable for or convertible into New Equity Interests issued pursuant to the Management Incentive Plan (the “Management Incentive Units”) and the Contingent Warrants (as defined below).

 

Existing Equity Interests in Emerge LP

 

All outstanding partnership and other ownership interests in Emerge LP (and any related options and warrants to acquire the same) (collectively, the “Existing Equity Interests”) shall be diluted through the issuance of the New Equity Interests such that, on and as of the Effective Date, each holder of an Existing Equity Interest shall own its pro rata share of (i) five percent (5%) of the total issued and outstanding equity interests of Reorganized Emerge LP (subject to dilution by the Management Incentive Units and the Contingent Warrants), with the remaining ninety-five percent (95%) of the New Equity Interests being owned by the Consenting Noteholders, and (ii) new contingent warrants issued by Reorganized Emerge LP representing fifteen percent (15%) of the New Equity Interests (subject to dilution by the Management Incentive Units), with terms and conditions materially consistent with Exhibit 2 attached hereto (the “Contingent Warrants”).(1)  When the term New Equity Interest is used in this Term Sheet it means the 5% retained interest in the equity owned collectively by the holders of the Existing Equity Interests, as well as the 95% New Equity Interests owned collectively by the Consenting Noteholders, in each case as of the Effective Date (which 95% New Equity Interests are subject to dilution by the Contingent Warrants).

 

Existing Equity Interests in Emerge LP Subsidiaries

 

All outstanding partnership and other ownership interests in each Emerge LP Subsidiary shall remain effective and outstanding and continue to be owned by Emerge LP or the applicable Emerge LP Subsidiary on the Effective Date pursuant to the Definitive Documents.  Emerge Energy Services Operating LLC’s LLC Agreement shall be amended and restated on terms and conditions reasonably acceptable to the Committee and the Majority Noteholders; provided that if the terms and conditions of such amended and restated LLC Agreement (i) adversely change the economic treatment of the holders of Existing Equity Interests, Emerge GP or any Consenting Equity Holder in a material and disproportionate manner relative to the Consenting Noteholders or (ii) adversely change the releases, exculpation, indemnities or other benefits to be provided to Emerge GP or any Consenting Equity Holder or any of their respective affiliates, subsidiaries, members, managers, professionals, directors, or officers, in each case as contemplated by this Term Sheet as in existence as of the date hereof, then such amended and restated LLC Agreement shall also be reasonably acceptable to Emerge GP or such Consenting Equity Holder, as applicable.

 

(1)    Holders of outstanding but unexercised options, warrants, calls,  puts, or any other similar agreements of any character, kind, or nature as of the Effective Date will not receive any distribution or property on account of such unexercised equity interests.

 

5

 

OTHER TERMS OF THE TRANSACTION

 

	
Company Professionals
    	
 
    	
Until the Effective Date (and thereafter, at the   sole discretion of the Majority Noteholders), and notwithstanding the   Charter, Voting and Standstill Agreement or Voting Proxy, unless and until   otherwise determined in writing by Emerge GP in its sole discretion, the   Company shall continue to retain, in consultation with the Committee, and   shall promptly pay the reasonable fees and expenses of, the following:   (i) Houlihan Lokey, as financial advisor to the Company;   (ii) Latham & Watkins LLP, as counsel to the Company;   (iii) Richards Layton & Finger P.A., as Delaware counsel to the   Company; and (iv) Kurtzman Carson Consultants LLC, as claims and   noticing agent of the Company, in each case in accordance with the terms and   conditions of the engagement letter of such applicable entity.
    
	
 
    	
 
    	
 
    
	
Post-Effective Date Financing
    	
 
    	
Any post-Effective Date financing facility shall be   on terms and conditions acceptable to the Committee and the Majority   Noteholders.
    
	
 
    	
 
    	
 
    
	
Railcar and Terminal Leases
    	
 
    	
The Railcar and Terminal Leases listed on Exhibit 3   attached hereto shall be amended and restated on terms and conditions   reasonably acceptable to the Committee and the Majority Noteholders.
    
	
 
    	
 
    	
 
    
	
Alternate Form of Transaction
    	
 
    	
To the extent reasonably acceptable to the Committee   and the Majority Noteholders, the Out-of-Court Restructuring and Definitive   Documents may be altered or amended to provide that the New Equity Interests   will, instead of being issued by Reorganized Emerge LP, be issued by one or   more newly formed entities (each, a “Newco”)   owned and controlled, directly or indirectly, by the Consenting Noteholders   or their respective designees (which Newco shall, directly or indirectly, own   and control Reorganized Emerge LP); provided that if such alteration   or amendment (i) adversely changes the economic treatment of the holders   of Existing Equity Interests, Emerge GP or any Consenting Equity Holder in a   material and disproportionate manner relative to the Consenting Noteholders   or (ii) adversely changes the releases, exculpation, indemnities or other   benefits to be 
    

 

6

 

	
 
    	
 
    	
provided to Emerge GP or any Consenting Equity   Holder or any of their respective affiliates, subsidiaries, members,   managers, professionals, directors, or officers, in each case as contemplated   by this Term Sheet as in existence as of the date hereof, then such   alteration or amendment shall also require the consent of Emerge GP or such   Consenting Equity Holder, as applicable, which consent shall not be unreasonably   withheld.
    
	
 
    	
 
    	
 
    
	
Tax Structure
    	
 
    	
The Out-of-Court Restructuring shall be structured   as a debt-for-equity exchange consistent with the “Summary of   the Out-of-Court Restructuring” section above; provided, however,   that such structure may be modified with the mutual consent of the Committee   and the Majority Noteholders which modified structure may involve, among   other things, a debt-for-equity or debt-for assets exchange, an incorporation   of Emerge LP and/or other corporate governance changes involving the Company   prior to the Effective Date, and/or a contribution of the Notes Purchase   Obligations to one or more Newco entities in connection with the Out-of-Court   Restructuring.
    
	
 
    	
 
    	
 
    
	
New Board & New General Partner
    	
 
    	
The initial board of directors of the New General   Partner (as defined below) (the “New Board”)   to be put in place from and after the Effective Date shall be selected by the   Majority Noteholders. As majority holders of the New Equity Interests, the   Majority Noteholders will appoint a new general partner of Reorganized Emerge   LP (the “New General Partner”) and   Emerge GP will cease to be general partner of Emerge LP on and as of the   Effective Date. The New General Partner will be owned by the Consenting   Noteholders pro rata in proportion to their ownership of New Equity   Interests.
    
	
 
    	
 
    	
 
    
	
Management Incentive Plan
    	
 
    	
On the Effective Date, the New Board shall adopt a   customary management incentive plan for the New General Partner and Company,   as applicable (the “Management Incentive   Plan”) that provides compensation in the form of Management   Incentive Units to those individuals involved in day-to-day management of the   Company. Any shares of New Equity Interests ultimately acquired pursuant to   the Management Incentive Plan shall dilute the shares of New Equity Interests   otherwise distributed through the Out-of-Court 
    

 

7

 

	
 
    	
 
    	
Restructuring. The New Board shall determine   allocation and other terms of the Management Incentive Plan.
    
	
 
    	
 
    	
 
    
	
Releases
    	
 
    	
The Definitive Documents will contain mutual   customary releases and other exculpatory provisions in favor of the Company,   Emerge GP, the Consenting Equity Holders, the Revolving Loan Agent, the   Consenting Revolving Loan Lenders, the Notes Agent, and the Majority   Noteholders, and each their respective current and former affiliates,   subsidiaries, members, managers, equity owners, employees, professionals,   directors and officers (in each case in their respective capacities as such)   and other persons and entities acceptable to the Committee and Majority   Noteholders. Such release shall include, without limitation, any and all   claims, obligations, rights, suits, damages, causes of action, remedies, and   liabilities whatsoever, whether known or unknown, foreseen or unforeseen,   existing or hereinafter arising, in law, equity, or otherwise, including any   derivative claims and avoidance actions, of the Company, whether known or   unknown, foreseen or unforeseen, existing or hereinafter arising, in law, equity,   or otherwise, that the Company would have been legally entitled to assert in   its own right (whether individually or collectively), or on behalf of the   holder of any claim or equity interest (whether individually or collectively)   or other entity, based in whole or in part upon any act or omission,   transaction, or other occurrence or circumstances existing or taking place at   any time prior to or on the Effective Date arising from or related in any way   in whole or in part to the Company, the Revolving Loan Agreement, the Notes   Purchase Agreement, the purchase, sale, or rescission of the purchase or sale   of any security of the Company, the subject matter of, or the transactions or   events giving rise to, any claim against or equity interest in the Company that   is treated hereunder, or the negotiation, formulation, or preparation of the   Definitive Documentation or related agreements, instruments, or other   documents.
    
	
 
    	
 
    	
 
    
	
Noteholder and Revolving Loan Lender Fees and   Expenses
    	
 
    	
The Company shall, upon the Implementation Date and   to the extent invoiced, and thereafter upon receipt of an invoice, promptly   pay, in full in cash, all reasonable fees and out-of-pocket costs and   expenses of Weil, Gotshal & Manges LLP, as counsel to HPS, incurred   in connection with the Transaction, drafting and/or negotiating any   Definitive Document (whether or not the Transaction contemplated hereby is   consummated), and in connection with the analysis, preservation or exercise   of any of the respective rights or remedies of HPS, the Noteholders, the 
    

 

8

 

	
 
    	
 
    	
Revolving Loan Agent, or the Revolving Loan Lenders   under the Revolving Loan Agreement or Notes Purchase Agreement (as   applicable), or under any related loan document.
    
	
 
    	
 
    	
 
    
	
Effective Date
    	
 
    	
The date on which the Out-of-Court Restructuring is   substantially consummated in accordance with the terms and conditions of the   Definitive Documents.
    
	
 
    	
 
    	
 
    
	
D&O Liability Insurance Policies and Indemnification
    	
 
    	
The Company and Emerge GP (as applicable) shall   maintain and continue in full force and effect all insurance policies for   directors’, managers’, and officers’ liability (the “D&O   Liability Insurance Policies”). All indemnification provisions   in existence as of the date of the Support Agreement for directors, managers,   and officers of the Company and Emerge GP (as applicable) (whether in   by-laws, certificate of formation or incorporation, board resolutions,   employment contracts, or otherwise, such indemnification provisions, “Indemnification Provisions”)   shall continue in full force and effect and shall continue to apply with   respect to actions, or failures to act, that occurred on or prior to the   Effective Date. All claims arising from the D&O Liability Insurance   Policies and such Indemnification Provisions shall survive the Effective Date   and be unimpaired.
    
	
 
    	
 
    	
 
    
	
Wind-Down of Emerge GP and Certain Consenting   Equity Holders
    	
 
    	
To the extent applicable, the Definitive Documents   shall provide for the creation of cash reserves on the Effective Date in such   amounts as are reasonably acceptable to Emerge GP, the Committee and the   Majority Noteholders to fund the wind-down and dissolution of Emerge GP and   certain of the Consenting Equity Holders in accordance with applicable law; provided   that such aggregate amount shall not exceed $125,000 without the consent of   the Majority Noteholders.
    
	
 
    	
 
    	
 
    
	
Other Terms and Conditions
    	
 
    	
The Definitive Documents will contain such other   terms and conditions (including conditions precedent) as are reasonable or   customary for transactions of this type that are in furtherance of the   Out-of-Court Restructuring as set forth in this Term Sheet and the Support Agreement   and otherwise acceptable to the Committee and the Majority Noteholders; provided   that if such other terms 
    

 

9

 

	
 
    	
 
    	
and conditions (i) adversely change the   economic treatment of the holders of Existing Equity Interests, Emerge GP or   any Consenting Equity Holder in a material and disproportionate manner   relative to the Consenting Noteholders or (ii) adversely change the   releases, exculpation, indemnities or other benefits to be provided to Emerge   GP or any Consenting Equity Holder or any of their respective affiliates,   subsidiaries, members, managers, professionals, directors, or officers, in   each case as contemplated by this Term Sheet as in existence as of the date   hereof, then such term or condition shall also require the consent of Emerge   GP or such Consenting Equity Holder, as applicable, which consent shall not   be unreasonably withheld.
    
	
 
    	
 
    	
 
    
	
Reorganized Emerge LP
    	
 
    	
Means Emerge LP, as reorganized pursuant to the   Transaction.
    
	
 
    	
 
    	
 
    
	
Reorganized Company
    	
 
    	
Means the Company, as reorganized pursuant to the   Transaction.
    

 

10

 

Exhibit 1

 

New Notes

 

	
New Notes Principal Amount
    	
 
    	
$150 million less the Aggregate Outstanding   Revolving Loan Amount, or such other amount that is acceptable to the   Committee and Majority Noteholders
    
	
 
    	
 
    	
 
    
	
Issuers
    	
 
    	
Same as under the existing Notes Purchase Agreement
    
	
 
    	
 
    	
 
    
	
Guarantors
    	
 
    	
Same as under the existing Notes Purchase Agreement
    
	
 
    	
 
    	
 
    
	
Collateral
    	
 
    	
Same as under the existing Notes Purchase Agreement
    
	
 
    	
 
    	
 
    
	
Priority of Liens
    	
 
    	
Crossing liens structure. New Notes to have a first   priority lien on fixed asset collateral, including the equity of the Issuers   and Guarantors. Revolving ABL Loan Facility to have a first priority lien on   borrowing base assets.
    
	
 
    	
 
    	
 
    
	
Other Terms
    	
 
    	
The notes purchase agreement governing the New Notes   shall contain terms and conditions that are customary for transactions of   this type and otherwise acceptable to the Committee and the Majority Noteholders   in their respective sole discretion.
    

 

 

Exhibit 2

 

Contingent Warrants

 

	
Shares Represented
    	
 
    	
Fifteen percent (15%) of the New Equity Interests,   subject to dilution by the Management Incentive Units.
    
	
 
    	
 
    	
 
    
	
Expiration Date
    	
 
    	
10 years from the Effective Date (the “Expiration Date”).
    
	
 
    	
 
    	
 
    
	
Contingent Exercise
    	
 
    	
Only exercisable when, and if, the holders of the   New Equity Interests have received cash or cash equivalent consideration, on   or before the Expiration Date, of $190 million.
    
	
 
    	
 
    	
 
    
	
Anti-Dilution Adjustments
    	
 
    	
Customary adjustments to be agreed upon.
    
	
 
    	
 
    	
 
    
	
Other Terms
    	
 
    	
The agreement governing the Contingent Warrants   shall contain terms and conditions customary for transactions of this type   and otherwise acceptable to Emerge GP, the Consenting Equity Holders, the   Committee and the Majority Noteholders.
    

 

 

Exhibit 3

 

Railcar and Terminal Leases

 

	
 
    	
 
    	
Lease Title
    	
 
    	
Lease Counterparty
    
	
Railcar Lessor
    	
 
    	
Master Car Master Lease Agreement
    	
 
    	
CAI Rail, Inc.
    
	
Railcar Lessor
    	
 
    	
Greenbrier Master Lease Agreement
    	
 
    	
Greenbrier Master Leasing Company, LLC
    
	
Railcar Lessor
    	
 
    	
Trinity Industries Leasing Company Railroad Car   Lease Agreement
    	
 
    	
Trinity Industries Leasing Company
    
	
Railcar Lessor
    	
 
    	
Master Railcar Lease
    	
 
    	
CIT Rail LLC
    
	
Railcar Lessor
    	
 
    	
Notice and Acknowledgement of Lease Assignment
    	
 
    	
MUL Railcar Leasing, LLC
    
	
Railcar Lessor
    	
 
    	
Notice and Acknowledgement
    	
 
    	
The Andersons, Inc.
    
	
Railcar Lessor
    	
 
    	
Master Lease of Railcars
    	
 
    	
Chicago Freight Car Leasing Co.
    
	
Railcar Lessor
    	
 
    	
Rider Six (6) to Railroad Car Lease Agreement
    	
 
    	
Wells Fargo Rail Corporation
    
	
Railcar Lessor
    	
 
    	
Master Railcar Lease Agreement
    	
 
    	
SMBC Rail Services LLC
    
	
Terminals
    	
 
    	
Transload and Storage Services Agreements
    	
 
    	
OmniTrax Logistics Services, LLC (Bainville)
    
	
Terminals
    	
 
    	
Transloading Service Agreement
    	
 
    	
TORQ Transloading Inc. (Buick)
    
	
Terminals
    	
 
    	
Transloading and Storage Services Agreement
    	
 
    	
Tidewater Logistics Corp (Big Lake)
    
	
Terminals
    	
 
    	
Transloading Agreement
    	
 
    	
Evergreen Transloading Terminal Ltd (Sexsmith)
    
	
Terminals
    	
 
    	
Third Amendment to Sand Transload and Storage   Agreement
    	
 
    	
Di-Corp Sand Transloading LP
   (Rocky Mountain)
    
	
Terminals
    	
 
    	
Transload Facility Management, Warehousing and   Transportation Agreement
    	
 
    	
Arrow Material Services (Elmendorf)
    
	
Terminals
    	
 
    	
Rail Yard Services Agreement
    	
 
    	
Rail Logix Alamo Junction, LLC.
    
	
Terminals
    	
 
    	
Material Handle and Storage Agreement
    	
 
    	
Price River Terminal, LLC (Wellington)
    
	
Terminals
    	
 
    	
Transloading Service Agreement
    	
 
    	
TORQ Transloading Inc. (Unity)
    

 

 

APPENDIX 1

 

SUMMARY OF CONTINGENT IN-COURT REORGANIZATION

 

The table below summarizes the proposed treatment to be received on the effective date of the Plan (the “Plan Effective Date”) by holders of claims against, and interests in, the Debtors pursuant to the Plan.  The Plan, which shall, subject to the Committee Discretion (as defined below), contain means of implementation consistent with this Term Sheet, shall constitute a global settlement and compromise pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedures between the Parties to the Support Agreement (the “Global Settlement and Compromise”).  The Committee shall, in good faith, use its discretion to propose and seek confirmation of the Plan in accordance with the terms set forth herein or such other terms and treatment that the Committee determines, in good faith, are necessary in order to obtain confirmation of the Plan (the “Committee Discretion”).

 

	
Global Settlement
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Consideration
    	
 
    	
In connection with the Global Settlement and   Compromise, and only if the class of holders of General Unsecured Claims vote   to accept the Plan, the Consenting Noteholders have agreed to carve-out from   their collateral a settlement fund (the “Global Settlement Fund”)   consisting of:

(i) 5% of the New Common Units (as defined   below), subject to dilution by the Reorg Management Incentive Units (as   defined below) and the Reorg Warrants (as defined below); and

(ii) Out-of-the-money warrants for 15% of the   equity of the Reorganized Company and otherwise with terms and conditions   consistent with the Contingent Warrants (the “Reorg   Warrants”), subject to dilution by the Reorg Management Incentive   Units.
    
	
 
    	
 
    	
 
    
	
Allocation
    	
 
    	
In the event that the Consenting Noteholders   establish the Global Settlement Fund because the class of holders of General   Unsecured Claims vote to accept the Plan, the Committee shall have sole   discretion to determine the allocation of the Global Settlement Fund among   the class of holders of General Unsecured Claims and the class of holders of   Existing Emerge LP Common Units, in a manner that ensures confirmation of the   Plan (the “Committee Determination Right”).
    
	
 
    	
 
    	
 
    
	
Treatment of Claims and Interests
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Administrative Expense Claims (including   503(b)(9) Claims)
    	
 
    	
Payable in full in cash (i) on the date such   amounts become due and owing in the ordinary course of business; or   (ii) on or as soon as reasonably practicable after the Plan Effective   Date.

Unclassified—Non-Voting
    
	
 
    	
 
    	
 
    
	
Priority Tax Claims
    	
 
    	
Payable in deferred cash payments over a period not   longer than five (5) years after the filing of the Chapter 11 Cases in   accordance with Section 1129 of the Bankruptcy Code.
    

 

 

	
 
    	
 
    	
Unclassified—Non-Voting
    
	
 
    	
 
    	
 
    
	
Other Priority Claims
    	
 
    	
Payable in full in cash on or as soon as reasonably   practicable after the Plan Effective Date.

Unimpaired—Deemed to Accept
    
	
 
    	
 
    	
 
    
	
Other Secured Claims
    	
 
    	
Satisfied in full through (i) payment in full   in cash on or as soon as reasonably practicable after the Plan Effective   Date, (ii) delivery of collateral securing any such claim and payment of   any interest requested under section 506(b) of the Bankruptcy Code,   (iii) reinstatement pursuant to section 1124 of the Bankruptcy Code,   (iv) such other recovery necessary to satisfy section 1129 of the   Bankruptcy Code, or (v) such other treatment as agreed to by such   holder, the Debtors, and the Majority Noteholders.

Unimpaired—Deemed to Accept
    
	
 
    	
 
    	
 
    
	
Revolving Loan Facility
    	
 
    	
The Revolving Loan Facility will be satisfied in   full in cash.

Unimpaired—Deemed to Accept
    
	
 
    	
 
    	
 
    
	
Notes Purchase Obligations
    	
 
    	
The Second Lien Notes will be partially reinstated   in a principal amount and on terms satisfactory to the Committee and the   Majority Noteholders. In satisfaction of the remainder of the Notes Purchase   Facility, the Noteholders shall receive:

(i) if the class of holders of General Unsecured   Claims vote to accept the Plan, 95% of the reorganized common units of Emerge   LP (such units, the “New Common Units”),   subject to dilution by any Reorg Management Incentive Units (as defined   herein) issued pursuant to the Reorg Management Incentive Plan (as defined   herein) and the Reorg Warrants, or

(ii) if the class of holders of General   Unsecured Claims vote to reject the Plan, 100% of the New Common Units,   subject to dilution by any Reorg Management Incentive Units.

In addition, as owners of the New Common Units, the   Noteholders will appoint a new general partner of Emerge LP and the old   general partner will be removed as of the Plan Effective Date.

Impaired—Entitled to Vote
    
	
 
    	
 
    	
 
    
	
General Unsecured Claims
    	
 
    	
If the class of holders of allowed prepetition   Claims (as defined in section 101(5) of the Bankruptcy Code) against the   Debtors that are not Intercompany Claims or a Claim that is secured or   entitled to priority under the Bankruptcy Code (the “General Unsecured Claims”) votes to accept the Plan, holders   of allowed General Unsecured Claims shall receive their pro rata   share of the Global Settlement Fund, as determined pursuant to the Committee   Determination Right.

If the class of holders of General Unsecured Claims   vote to reject the Plan, the holders of allowed General Unsecured Claims   shall receive no distribution under the Plan.

Impaired—Entitled to Vote
    
	
 
    	
 
    	
 
    
	
Intercompany Claims and Other Intercompany   Interests
    	
 
    	
Intercompany Claims and Other Intercompany Interests   shall be compromised, reinstated, or cancelled as acceptable to the Committee   and the Majority Noteholders.

Unimpaired—Deemed to Accept
    
	
 
    	
 
    	
 
    
	
Existing Emerge LP Common Units
    	
 
    	
As part of the Global Settlement and Compromise and   as of the Plan Effective Date, common units of Emerge LP (the “Existing Emerge LP Common Units”) will be deemed cancelled   and shall be of no further
    

 

 

	
 
    	
 
    	
force and effect, whether surrendered for   cancellation or otherwise, and if the class of holders of General Unsecured   Claims vote to accept the Plan, holders of Existing Emerge LP Common Units   shall receive their pro rata   share of the Global Settlement Fund, as determined pursuant to the Committee   Determination Right.

If holders of General Unsecured Claims vote to   reject the Plan, there shall be no distribution to holders of Existing Emerge   LP Common Units on account of such units.

Impaired—Deemed to Reject
    
	
 
    	
 
    	
 
    
	
Other Implementation Provisions
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Debtor-in-Possession Financing
    	
 
    	
To the extent acceptable to the Committee, the Revolving   Loan Lenders (or a subset thereof) shall provide debtor-in-possession   financing (the “DIP Facility”)   to the Debtors to fund the Chapter 11 Cases pursuant to a DIP Facility term   sheet to be separately provided.
    
	
 
    	
 
    	
 
    
	
Critical Vendors
    	
 
    	
The Debtors shall consult with the Majority   Noteholders regarding vendors that may be deemed critical vendors in the   Chapter 11 Cases and estimated critical vendor payments that may be due to   such vendors. Thereafter, and prior to the Petition Date (as defined below), the   Debtors and the Majority Noteholders shall determine which vendors might be   designated as critical vendors in the Chapter 11 Cases.
    
	
 
    	
 
    	
 
    
	
Reorg Management Incentive Plan
    	
 
    	
Pursuant to the Plan, following the Plan Effective   Date, the new board of directors of the Company or New General Partner   appointed by the Majority Noteholders (the “Reorganized   Board”) shall adopt a customary management incentive plan for the   Company or New General Partner (the “Reorg Management   Incentive Plan”) that provides compensation in the form of   management incentive units consisting of warrants (the “Reorg   Management Incentive Units”) to those individuals involved in   day-to-day management of the Company, which Reorg Management Incentive Units   shall dilute the other units issued pursuant to the Plan. Any similar   existing equity-based management incentive plan will be terminated. The   Reorganized Board shall determine allocation and other terms of the Reorg   Management Incentive Plan.
    
	
 
    	
 
    	
 
    
	
Corporate Structure; Governance
    	
 
    	
To be determined by the Reorganized Board unless   otherwise required, and to be acceptable to the Majority Noteholders in their   sole discretion.
    
	
 
    	
 
    	
 
    
	
Executory Contracts and Unexpired   Leases
    	
 
    	
The Debtors shall only assume executory contracts   and unexpired leases with the consent of the Majority Noteholders.

All executory contracts and unexpired leases not   expressly assumed shall be deemed rejected pursuant to the Plan.

In consultation with the Majority Noteholders, the   Debtors may reject executory contracts and unexpired leases during the   Chapter 11 Cases.

For the avoidance of doubt, any awards granted under   the Reorg Management Incentive Plan will be governed by such program and will   not be subject to any provisions of any rejected agreements.
    
	
 
    	
 
    	
 
    
	
Vesting
    	
 
    	
Upon consummation of the Plan, all of the assets of   the Debtors shall vest in the Reorganized Company.
    

 

 

	
Exculpations, Releases, Injunction, Waiver   and Discharge
    	
 
    	
The Plan shall include a release, exculpation and   indemnity provision consistent with the Out-of-Court Restructuring that is   otherwise customary for chapter 11 cases and, in addition, (a) standard   and customary third party releases and injunction provisions, (b) a   waiver of any and all potential causes of action against the Noteholders   under chapter 5 of the Bankruptcy Code or otherwise, and (c) a full and   complete discharge.
    
	
 
    	
 
    	
 
    
	
Other Provisions
    	
 
    	
The Plan shall contain such other terms and   conditions as agreed to by the Debtors and the Majority Noteholders.
    
	
 
    	
 
    	
 
    
	
Conditions to Confirmation
   and Effectiveness
    	
 
    	
The Plan shall be subject to usual and customary   conditions to confirmation and effectiveness (as applicable), as well as such   other conditions that are satisfactory to the Committee and the Majority   Noteholders, including the following:

 

(i)                                     The   Bankruptcy Court shall have entered an order in form and substance acceptable   to the Committee and the Majority Noteholders approving the disclosure   statement as containing “adequate information” within the meaning of section   1125 of the Bankruptcy Code;

 

(ii)                                  The   Plan and all documents contained in any supplement thereto, including any   exhibits, schedules, amendments, modifications or supplements thereto, and   all other definitive documentation shall have been negotiated, executed, delivered   and filed with the Bankruptcy Court in substantially final form and in form   and substance acceptable to the Committee and the Majority Noteholders and   otherwise consistent with the terms and conditions described in this Term   Sheet and the Support Agreement, as applicable;

 

(iii)                               The   Support Agreement shall have been approved pursuant to an order of the   Bankruptcy Court and shall not have been terminated, and shall be in full   force and effect; and

 

(iv)                              The   Bankruptcy Court shall have entered a confirmation order in form and   substance acceptable to the Committee and the Majority Noteholders and the   confirmation order shall be a final order.
    
	
 
    	
 
    	
 
    
	
Issuance of New Common Units; Execution of the   Plan Documents
    	
 
    	
On the Plan Effective Date, the Reorganized Company   shall issue and execute all securities, notes, instruments, certificates, and   other documents required to be issued and executed in accordance with the   Plan.
    
	
 
    	
 
    	
 
    
	
No Registration Under the Securities Act
    	
 
    	
The offer, issuance and distribution of the New   Common Units and Warrants pursuant to the Plan will be exempt from   registration under the Securities Act of 1933 pursuant to section 1145 of the   Bankruptcy Code.
    
	
 
    	
 
    	
 
    
	
Reorganized Public Company
    	
 
    	
The Debtors shall use commercially reasonable   efforts to maintain the listing of the Existing Emerge LP Common Units on the   New York Stock Exchange. If necessary, the Reorganized Company shall use
    

 

 

	
 
    	
 
    	
commercially reasonable efforts to have the New   Common Units and the Reorg Warrants registered with the SEC and listed on a   nationally recognized exchange, as soon as practicable subject to meeting   applicable listing requirements following the Plan Effective Date.
    
	
 
    	
 
    	
 
    
	
Restructuring Timeline
    	
 
    	
Filing of the Chapter 11 Cases (the “Petition Date”).

On or within one day of the Petition Date, the   Debtors shall file a motion seeking entry of interim and final orders   approving the terms of the DIP Facility (if such DIP Facility is required as   determined by the Committee).

Petition Date +2 (business days):   If applicable, the Bankruptcy Court shall have entered an interim order   approving the terms of the DIP Facility.

Petition Date +35: If   applicable, the Bankruptcy Court shall have entered a final order approving   the terms of the DIP Facility.

Petition Date +50: The   Bankruptcy Court shall have entered an order approving the disclosure   statement.

Petition Date +85: The   Bankruptcy Court shall have entered an order confirming the Plan.

Petition Date +100: The   Debtors shall have filed a notice of effectiveness of the Plan.
    
	
 
    	
 
    	
 
    
	
Fees and Expenses
    	
 
    	
The Debtors shall pay all reasonable costs, fees and   expenses of Weil, Gotshal & Manges LLP, as counsel to HPS, and of   other advisors retained by the Revolving Loan Agent, HPS, or the Noteholders   in connection with the negotiation, prosecution or implementation of the   Chapter 11 Cases, under their respective engagement letters or other   contractual arrangements.
    
	
 
    	
 
    	
 
    
	
No Admission
    	
 
    	
Nothing in this Term Sheet is or shall be deemed to   be an admission of any kind as to the extent, validity, or priority of any   claims held by any parties hereto.
    

 

 

Exhibit B

 

Charter

 

 

AMENDED AND RESTATED CHARTER

FOR THE SPECIAL RESTRUCTURING COMMITTEE

 

I.                                        Purpose

 

The Special Restructuring Committee (the “Committee”) is appointed by, and acts on behalf of, the board of directors (the “Board”) of Emerge Energy Services GP LLC (the “General Partner”), the general partner of Emerge Energy Services LP (the “Partnership”), in connection with, among other things and as set forth herein, the Transaction contemplated by that certain Restructuring Support Agreement (including the exhibits attached thereto, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof, the “Support Agreement”), dated as of April 18, 2019, by and among (i) the Partnership, (ii) each direct and indirect subsidiary of the Partnership party thereto, (iii) the General Partner, (iv) the direct and indirect owners of the General Partner party thereto, (v) the Revolving Loan Agent (as defined therein), (vi) the Revolving Loan Lenders (as defined therein) party thereto (the “Consenting Revolving Loan Lenders”), (vii) the Notes Agent (as defined therein), and (viii) the Noteholders (as defined therein) party thereto (the “Consenting Noteholders”).  Capitalized terms used, but not otherwise defined herein are defined in accordance with the Support Agreement.

 

This Charter amends and restates in its entirety the special restructuring committee charter dated January 31, 2019.  Notwithstanding anything herein to the contrary, this Charter and its respective terms and conditions shall be effective only from the Agreement Effective Date until the earlier of (i) the termination of the Support Agreement solely pursuant to section 6(a) thereof, and (ii) the date on which the Transaction is substantially consummated in accordance with the terms and conditions of the Support Agreement (such earlier date, the “Reversion Date”, and such time period, the “Amended Charter Time Period”).

 

II.                                   Composition

 

During the Amended Charter Time Period, the Committee shall at all times be comprised of two (2) independent directors appointed by the General Partner from a slate acceptable to the Noteholders holding more than 50% of the outstanding aggregate principal amount of the Notes Purchase Obligations (the “Majority Noteholders”) and, to the extent approved by and in the sole discretion of the General Partner, one (1) independent director nominated by the General Partner.

 

The initial members of the Committee will be Eugene I. Davis and William L. Transier, both of whom were appointed by the General Partner from a slate acceptable to the Majority Noteholders. The Committee may have a chairperson if approved by the Committee.

 

III.                              Meetings, Procedures and Authority

 

The Committee has the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Amended and Restated Limited Liability Company Agreement of the General Partner in effect as of the date hereof (the “GP LLC Agreement”) that are applicable to the Committee.

 

In addition to the duties and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities that are consistent with this Charter and the purposes of the Committee.  The Committee will endeavor to operate by consensus in carrying out its duties and responsibilities. Any directions, decisions, approvals, or other actions taken by the Committee, including any resolutions at meetings, must be decided by a majority of the Committee.

 

IV.                               Duties and Responsibilities

 

1.                                      Implement and Oversee the Transaction.  During the Amended Charter Time Period, the Committee shall exercise all of the powers of the Board (and the Board relinquishes all such powers delegated to the Committee) as set forth in the Term Sheet and the Support Agreement with respect to the following actions:

 

·                  To implement the terms of the Transaction as set forth in the Term Sheet and the Support Agreement;

 

·                  To review, evaluate, and, if appropriate, approve and authorize any actions contemplated to be taken by the Partnership in connection with the Transaction as set forth in or contemplated by the Term Sheet and the Support Agreement;

 

·                  To oversee discussions with the Partnership’s key stakeholders with respect to the Transaction as set forth in or contemplated by the Term Sheet and the Support Agreement;

 

 

·                  To oversee the implementation and execution of the Transaction as set forth in or contemplated by the Term Sheet and the Support Agreement;

 

·                  To manage the Partnership’s day-to-day cash management in furtherance of the Transaction as set forth in or contemplated by the Term Sheet and the Support Agreement; and

 

·                  To take such other actions as the Committee determines, in good faith, is necessary or desirable in order to carry out its mandate so long as such action is in furtherance of any of the foregoing.

 

2.                                      Manage and Direct the CRO.  During the Amended Charter Time Period, the Committee shall manage and direct the Chief Restructuring Officer of the General Partner (“CRO”) in furtherance of the Transaction as set forth in or contemplated by the Term Sheet and the Support Agreement.  Subject to the above and the other terms and conditions of the Term Sheet and Support Agreement, the CRO shall be authorized and empowered by the Committee with responsibilities to include (and not be limited to) the following:

 

·                                          Implementing the terms of the Transaction;

 

·                                          directing the Partnership’s day-to-day book keeping, collections, disbursement, treasury, liquidity and reporting obligations;

 

·                                          managing the financial and operational reporting processes with respect to all internal and external constituents;

 

·                                          overseeing and approving expenditures and cash payments;

 

·                                          cash management, including vendors, accounts receivable, taxes, financial controls and processes;

 

·                                          coordinating and managing any asset divestitures;

 

·                                          development of any business plan and development of any related financial models;

 

·                                          defining and constraining issues with respect to the Partnership’s business, including legal, environmental, tax, and regulatory;

 

·                                          approving any amendments or modifications to the engagement letters of the Partnership’s professionals, and entering into any new engagement letters for Partnership professionals;

 

·                                          directing and managing the Partnership’s professionals;

 

·                                          evaluating and renegotiating the Partnership’s material contracts, including railcar leases; and

 

·                                          other services and activities as directed by the Committee.

 

3.                                      Commencement of Chapter 11 Cases.  During the Amended Charter Time Period, the Committee shall have the right to direct the commencement of voluntary cases (the “Chapter 11 Cases”) of the Partnership and the Partnership’s subsidiaries under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), to be filed in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) in the event that the Committee determines (in good faith) that execution of the Out-of-Court Restructuring as contemplated by the Term Sheet and the Support Agreement is no longer reasonably possible or in the best interests of the Partnership and its stakeholders. Any such filing shall contemplate a chapter 11 plan of reorganization that is consistent in all respects with the terms and conditions set forth in Appendix 1 to the Term Sheet or, to the extent the Chapter 11 Cases involve any sale of assets pursuant to section 363 of the Bankruptcy Code, the Noteholders may serve as a stalking horse, with standard stalking horse protections, and can credit bid in connection with the purchase of such assets.  The Committee shall, in good faith, use its discretion to propose and seek confirmation of a chapter 11 plan in accordance with the terms set forth in the Term Sheet or such other terms and treatment that the Committee determines, in good faith, are necessary in order to obtain confirmation of a chapter 11 plan.  A determination by the Committee to file the Chapter 11 Cases in accordance with the Support Agreement and the Term Sheet shall not cause the occurrence of the Reversion Date.

 

 

4.                                      Other Matters. The Committee (or any member thereof) may make recommendations to the Board regarding any other matters not contemplated by this Charter.

 

5.                                      Minutes. To the extent practical, the Committee will keep minutes of its meetings.

 

6.                                      Reports to the Board of Directors. The Committee will report regularly to the Board regarding the activities of the Committee.

 

7.                                      Review of this Charter. The Committee should periodically review and reassess this Charter and submit any recommended changes to the Board for its consideration.

 

8.                                      Revocation.  During the Amended Charter Time Period, no waiver, modification, amendment or revocation of the terms of this Amended and Restated Charter shall be valid unless such waiver, modification, amendment or revocation is in writing and has been expressly consented to by the Consenting Noteholders.

 

 

Exhibit C

 

Voting and Standstill Agreement

 

 

Execution Version

 

VOTING AND STANDSTILL AGREEMENT

 

This Voting and Standstill Agreement (this “Agreement”), dated as of April 18, 2019, is by and between Emerge Energy Services Holdings LLC (“Emerge Holdings”) and the Committee (as defined below).  Each of the foregoing are referred to herein individually as a “Party,” and collectively as the “Parties.”

 

WHEREAS, reference is hereby made to that certain Restructuring Support Agreement (including the exhibits attached thereto, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof, the “Support Agreement”), dated as of April 18, 2019, by and among (i) Emerge Energy Services LP (the “Partnership”), (ii) each direct and indirect subsidiary of the Partnership party thereto, (iii) Emerge Energy Services GP LLC (the “General Partner”), (iv) the direct and indirect owners of the General Partner party thereto, (v) the Revolving Loan Agent, (vi) the Revolving Loan Lenders party thereto, (vii) the Notes Agent and (viii) the Noteholders party thereto;

 

WHEREAS, the Support Agreement contemplates, among other things, a proposed out-of-court restructuring transaction involving the Partnership and its subsidiaries, as well as a proposed in-court reorganization transaction if the out-of-court restructuring transaction cannot be consummated on the terms provided for therein; and

 

WHEREAS, execution and delivery of this Agreement is a condition precedent to the effectiveness of the Support Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE 1.

DEFINITIONS

 

1.1                               As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate” of any Person means any Person that directly or indirectly controls, or is under common control with, or is controlled by, such Person.  As used in this definition, “control” (including with its correlative meanings, “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person (whether through ownership of securities or partnership, member or other ownership interests, by contract or otherwise).

 

“Agreement” shall have the meaning set forth in the Preamble to this Agreement, including all exhibits attached hereto.

 

“Agreement Effective Date” shall have the meaning set forth in the Support Agreement.

 

“Board” means the board of directors of the General Partner.

 

1

 

“Business Day” means a day on which commercial banking institutions in New York, New York are open for business.

 

“Charter” means the Amended and Restated Charter for the Special Restructuring Committee authorized by the Board in the form attached to the Support Agreement as Exhibit B and effective as of the date hereof.

 

“Committee” means the Special Restructuring Committee of the Board created pursuant to the Charter.

 

“Governmental Authority” shall mean any court, agency, authority, department, regulatory body or other instrumentality of any government or country or of any national, federal, state, provincial, regional, county, city or other political subdivision of any such government or country or any supranational organization of which any such country is a member.

 

“GP LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the General Partner, dated as of May 14, 2013.

 

“Law” or “Laws” means all laws, statutes, rules, regulations, orders, judgments, injunctions and/or ordinances of any Governmental Authority.

 

“Member” has the meaning set forth in the GP LLC Agreement.

 

“Person” means any individual, partnership, firm, corporation, association, trust, unincorporated organization, government or any department or agency thereof or other entity, as well as any syndicate or group that would be deemed to be a Person under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 

“Reversion Date” means the earlier of (i) the termination of the Support Agreement solely pursuant to section 6(a) thereof, and (ii) the date on which the Transaction is substantially consummated in accordance with the terms and conditions of the Support Agreement.

 

“Support Agreement” shall have the meaning set forth in the first recital to this Agreement, and shall include all exhibits attached thereto.

 

“Transaction” shall have the meaning set forth in the Support Agreement.

 

“Voting Proxy Start Time” shall have the meaning set forth in Section 4.1 of this Agreement.

 

“Voting Proxy Time Period” means the time period commencing on the Voting Proxy Start Time and ending on the Reversion Date.

 

1.2                               For purposes of this Agreement, unless otherwise specified:  (a) each term, whether stated in the singular or the plural, shall include both the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and the neuter gender; (b) all references herein to “Articles”, “Sections”, and “Exhibits” are references to Articles, Sections, and Exhibits of this Agreement; and (c) the words “herein,” “hereof,” “hereunder” and “hereto” refer to this Agreement in its entirety rather than to a particular portion of this Agreement. Capitalized terms used, but not otherwise defined, herein are defined in accordance with the Support Agreement.

 

ARTICLE 2.

RESTRICTIONS

 

2.1                               During the Voting Proxy Time Period and except as expressly contemplated by the Support Agreement, Emerge Holdings shall not take any of the following actions:

 

2

 

a.                                      delegate any rights or powers of the Member to any other Person pursuant to Section 7.1(b) or 7.1(c) of the GP LLC Agreement;

 

b.                                      exercise any rights or powers of the Member under section 7.1(e) of the GP LLC Agreement solely as it relates to sections 7.1(d)(v) and 7.1(d)(vi) of the GP LLC Agreement; it being acknowledged and agreed that all such rights and powers of the Majority Interest (as defined in the GP LLC Agreement) have been irrevocably waived during the Voting Proxy Time Period in favor of the Committee pursuant and subject to Section 2.3 below;

 

c.                                       dissolve or remove any member of the Board or Committee as in existence as of the Agreement Effective Date; or

 

d.                                      alter or modify the rights or benefits of the Board or Committee as in existence as of the Agreement Effective Date.

 

2.2                               In furtherance of the above, Emerge Holdings shall execute and deliver to the Committee on the Agreement Effective Date an irrevocable proxy, substantially in the form of Exhibit A attached hereto (the “Voting Proxy”).  Notwithstanding anything herein to the contrary, the Committee shall not exercise the Voting Proxy to alter the composition of the Board as constituted on the Agreement Effective Date or to vote or execute a written consent with respect to any of the voting interests of Emerge Holdings for any matter or reason whatsoever, in each case except as contemplated by the Support Agreement.  Such Voting Proxy shall terminate automatically, without any further action by or notice to any Person, upon the Reversion Date.

 

2.3                               Furthermore, during the Voting Proxy Time Period, Emerge Holdings hereby grants in favor of the Committee its consent to take any and all such actions as necessary to fulfill the purpose of the Charter, including, but not limited to, taking any and all such actions requiring approval of the Majority Interest pursuant to Section 7.1(e) of the GP LLC Agreement solely as it relates to sections 7.1(d)(v) and 7.1(d)(vi) of the GP LLC Agreement.  During the Voting Proxy Time Period, such consent constitutes a full and irrevocable waiver of any and all required votes, consents, rights and other requirements of the Majority Interest pursuant to Section 7.1(e) of the GP LLC Agreement solely as it relates to sections 7.1(d)(v) and 7.1(d)(vi) of the GP LLC Agreement.

 

ARTICLE 3.

 

[Intentionally omitted]

 

ARTICLE 4.

VOTING PROXY START TIME; TERMINATION

 

4.1                               Voting Proxy Start Time.  This Agreement shall be effective at 12:01 a.m. prevailing Eastern Time on the date hereof; provided that, as of such date, (i) the Parties shall have executed and delivered to each other counterpart signature pages to this

 

3

 

Agreement and (ii) the Agreement Effective Date shall have occurred under the Support Agreement (or will occur concurrently with the execution and delivery of this Agreement) (such date, the “Voting Proxy Start Time”).  The terms and provisions of this Agreement, and the rights, agreements, covenants, and the obligations of the Parties hereunder, shall not become effective or binding until the occurrence of the Voting Proxy Start Time.

 

4.2                               Termination.  This Agreement, and the agreements, obligations, and covenants of the Parties hereunder, shall terminate automatically, without any further action by or notice to any Person, upon the Reversion Date; provided that termination of this Agreement shall not relieve any Party from liability for its breach or non-performance of its obligations hereunder prior to the date of such termination.

 

ARTICLE 5.

MISCELLANEOUS

 

5.1                               Governing Law; Submission to Jurisdiction.  This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard to the conflict of laws principles thereof that would require the application of the Law of any other jurisdiction. The Parties irrevocably and unconditionally submit to the exclusive jurisdiction of the state and federal courts of Delaware solely and specifically for the purposes of any action or proceeding arising out of or in connection with this Agreement.

 

5.2                               Amendment or Waiver.  No waiver, modification or amendment of the terms of this Agreement or the exhibits attached hereto shall be valid unless such waiver, modification or amendment is in writing and has been signed by all of the Parties.  No waiver of any of the provisions of this Agreement or the exhibits attached hereto shall be deemed or constitute a waiver of any other provision of this Agreement or the exhibits attached hereto, whether or not similar, nor shall any waiver be deemed a continuing waiver.

 

5.3                               Notices.  Any notices or other communications required or permitted under, or otherwise in connection with, this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or upon confirmation of receipt when transmitted by facsimile transmission (but only if followed by transmittal by national overnight courier or hand for delivery on the next Business Day) or on receipt after dispatch by registered or certified mail, postage prepaid, or on the next Business Day if transmitted by national overnight courier, addressed in each case as follows:

 

If to Emerge Holdings:

 

Insight Equity

1400 Civic Place, Suite 250

Southlake, TX  76092

Attn:  Warren Bonham

wbonham@insightequity.com

 

with a copy to:

 

Latham & Watkins LLP

 

4

 

885 Third Avenue

New York, NY 10022-4834

Attn:  Keith A. Simon

Direct Dial:  212.906.1372

Fax:   212.751.4864

Email: keith.simon@lw.com

 

-and-

 

Hunton Andrews Kurth LLP

600 Travis Street, Suite 4200

Houston, TX 77002

Attn:  Tad Davidson

Direct Dial:  713.220.3810

Fax:  713.220.4285

Email:  TadDavidson@HuntonAK.com

 

If to the Committee:

 

Eugene I. Davis

5 Canoe Brook Drive

Livingston, New Jersey 07039

 

genedavis@pirinateconsulting.com

 

with a copy to:

 

Latham & Watkins LLP

885 Third Avenue

New York, NY 10022-4834

Attn:  Keith A. Simon

Direct Dial:  212.906.1372

Fax:   212.751.4864

Email: keith.simon@lw.com

 

5.4                               Entire Agreement.  This Agreement and the exhibits attached hereto set forth in full the terms of agreement between the Parties and is intended as the full, complete and exclusive contract governing the relationship between the Parties with respect to the transactions contemplated herein, superseding all other discussions, promises, representations, warranties, agreements and understandings, whether written or oral, between or among the Parties with respect thereto; provided, that any confidentiality agreement between or among the Parties shall remain in full force and effect in accordance with its terms.

 

5.5                               Severability.  If any portion of this Agreement or the exhibits attached hereto shall be held to be invalid, unenforceable, void or voidable, or violative of applicable Law, the remaining portions of this Agreement and the exhibits attached hereto (as applicable) so far as they may practicably be performed shall remain in full force and effect and binding on the Parties hereto; provided that this provision shall not operate to waive any condition precedent to any event set forth herein.

 

5.6                               Assignment.  Neither this Agreement nor any of the rights or obligations hereunder may be assigned by any Party hereto, without the prior written consent of the other Parties hereto, and then only to a Person who has agreed to be bound by the provisions of this Agreement.  This Agreement is intended to and shall bind and inure to the benefit

 

5

 

of the Parties and their respective successors, permitted assigns, heirs, executors, administrators and representatives.

 

5.7                               Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same agreement.  Any Party hereto may execute and deliver a counterpart of this Agreement by delivery by facsimile transmission or electronic mail of a signature page of this Agreement signed by such Party, and any such facsimile or electronic mail signature shall be treated in all respects as having the same effect as having an original signature.

 

5.8                               Third Party Beneficiaries.  Unless expressly stated herein, this Agreement shall be solely for the benefit of the Parties hereto and no other person or entity shall be a third party beneficiary hereof or shall otherwise be entitled to enforce any provision hereof.

 

5.9                               WAIVER OF JURY TRIAL.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EXHIBITS ATTACHED HERETO.

 

(Signature Page Follows)

 

6

 

IN WITNESS WHEREOF, the Parties have executed and delivered this Voting and Standstill Agreement as of the date first above written.

 

 

	
 
    	
EMERGE   ENERGY SERVICES HOLDINGS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
					

 

 

IN WITNESS WHEREOF, the Parties have executed and delivered this Voting and Standstill Agreement as of the date first above written.

 

 

	
 
    	
Special Restructuring   Committee:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

 

EXHIBIT A

 

FORM OF IRREVOCABLE PROXY

 

In order to secure the performance of the agreements of Emerge Energy Services Holdings LLC (“Emerge Holdings”), who is the sole member of Emerge Energy Services GP LLC (the “General Partner”), pursuant to the Voting and Standstill Agreement, dated as of April 18, 2019 (the “Agreement”), by and between Emerge Holdings and the Committee (as defined therein), Emerge Holdings hereby irrevocably appoints the Committee as attorneys, agents and proxies, with full power of substitution for Emerge Holdings, and in the name, place and stead of Emerge Holdings, to vote (or cause to be voted) or, if applicable, to give consent, in such manners as each such attorneys, agents and proxies shall, in accordance with any written instruction from the Committee given in accordance with the Support Agreement, record such vote (or consent) in the manner and for the limited purposes set forth in Section 2.1 of the Agreement with respect to all voting securities that Emerge Holdings is or may be entitled to vote at any meeting of the General Partner held after the date hereof, whether annual or special and whether or not an adjourned meeting or, if applicable, to approve any action of the General Partner with respect thereto or to give written consent with respect thereto.  Capitalized terms used, but not otherwise defined, herein are defined in accordance with the Agreement.

 

During the Voting Proxy Time Period, this proxy (the “Voting Proxy”) shall be irrevocable and binding on any successor-in-interest of Emerge Holdings.  This Voting Proxy shall operate to revoke and render void any prior proxy as to voting securities heretofore granted by Emerge Holdings which is inconsistent herewith.

 

Notwithstanding anything herein to the contrary, the Committee shall not exercise this Voting Proxy to alter the composition of the Board of the General Partner, as constituted on the Agreement Effective Date, or to vote or execute a written consent with respect to any of the voting interests of Emerge Holdings for any matter or reason whatsoever, in each case except as contemplated by the Support Agreement.

 

The terms and provisions of this Voting Proxy, and the rights, agreements, covenants, and the obligations of the Parties hereunder, shall not become effective or binding until the occurrence of the Voting Proxy Start Time. This Voting Proxy, and the agreements, obligations, and covenants of the Parties hereunder, shall terminate automatically, without any further action by or notice to any Person, upon the Reversion Date; provided that termination of this Voting Proxy shall not relieve any Party from liability for its breach or non-performance of its obligations hereunder prior to the date of such termination.

 

The provisions of Section 1.2 and Article 5 of the Agreement are incorporated herein by reference and shall apply as if fully set forth herein, mutatis mutandis.

 

	
 
    	
Emerge Energy Services   Holdings LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
				

 

 

Exhibit D

 

Form of Joinder

 

 

JOINDER TO RESTRUCTURING SUPPORT AGREEMENT

 

The undersigned hereby acknowledges that it has received and fully reviewed the Restructuring Support Agreement (including the exhibits attached thereto, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof, the “Agreement”), dated as of April 18, 2019, by and among (i) Emerge Energy Services LP (“Emerge LP”), (ii) each direct and indirect subsidiary of Emerge LP party thereto (each an “Emerge LP Subsidiary”, and together with Emerge LP, the “Company”), (iii) Emerge Energy Services GP LLC (“Emerge GP”), (iv) the direct and indirect owners of Emerge GP party thereto (the “Consenting Equity Holders”), (v) the Revolving Loan Agent (as defined therein), (vi) the Revolving Loan Lenders (as defined therein) party thereto (the “Consenting Revolving Loan Lenders”), (vii) the Notes Agent (as defined therein), and (viii) the Noteholders (as defined therein) party thereto (the “Consenting Noteholders”).  The undersigned acknowledges and agrees, by its signature below, that it is bound by the terms and conditions of the Agreement and shall be deemed a [“Consenting Revolving Loan Lender”/”Consenting Noteholder”] for all purposes under the terms of and pursuant to the Agreement as of the date hereof.

 

Date:  [             ], 2019

 

	
[Name of Holder/Proposed Transferee]
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
			

 

Principal Amount of Revolving Loan Obligations as of the date hereof:

 

$               

 

Principal Amount of Notes Purchase Obligations as of the date hereof:

 

$               

 

Address for Notice:

 

[          ]

[          ]

Attention: [          ]

Facsimile: [          ]

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