Document:

Delta Petroleum General Recovery Trust Agreement

 Exhibit 10.6 
 EXECUTION VERSION 
 DELTA PETROLEUM GENERAL RECOVERY TRUST AGREEMENT

 This Delta Petroleum General Recovery Trust Agreement (this “Trust Agreement”) is made this 27th day
of August, 2012, by and among Delta Petroleum Corporation, DPCA LLC, Delta Exploration Company, Inc., Delta Pipeline, LLC, DLC, Inc., CEC, Inc., Castle Texas Production Limited Partnership, Amber Resources Company of Colorado, and Castle Exploration
Company, Inc. (each a “Debtor” and, collectively, the “Debtors”), and John T. Young, Jr., as trustee (the “Trustee”). 
 RECITALS 
 WHEREAS, on the Petition Date, each of the Debtors
filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”); and 

WHEREAS, on August 16, 2012, the Bankruptcy Court entered its “Findings of Fact and Conclusions of
Law Relating to, and Order Under 11 U.S.C. §§ 1129(a) and (b) Confirming, Joint Chapter 11 Plan of Reorganization of Delta Petroleum Corporation and its Debtor Affiliates” [D.I. 925] (the “Confirmation Order”),
which Order confirmed and implemented the “Joint Chapter 11 Plan of Reorganization of Delta Petroleum Corporation and its Debtor Affiliates” (as so confirmed and implemented, the “Plan”);1 and 

WHEREAS, the Plan’s Effective Date is anticipated to occur on August 31, 2012; and 

WHEREAS, the Plan contemplates that, by the Effective Date, (a) the Debtors and the Trustee will have (i) created a
General Trust (the “Trust”) and (ii) create the beneficial interest in the Trust of the Recovery Trust Beneficiaries (the “Beneficiary”), and (b) caused the Trust to be vested with Cash in the initial
amount of $2,000,000 and the General Trust Assets (including without limitation the right to prosecute and settle certain unreleased Causes of Action) to be liquidated and distributed to the Beneficiary as set forth in the Plan and to object to,
settle and/or compromise any Claims that are Disputed (“Disputed Claims”); and 
 WHEREAS, the Trust is
intended to qualify as a “grantor trust” for U.S. federal income tax purposes, pursuant to Sections 671-677 of the Internal Revenue Code of 1986, as amended, with the Beneficiary to be treated as the grantor of the Trust and deemed to be
the owner of the General Trust Assets (subject to the rights of creditors of the Trust), and consequently, the transfer of the General Trust Assets to the Trust shall be treated as a deemed transfer of those assets from the Debtors and the Estates
(other than the Beneficiary), to the Beneficiary followed by a deemed transfer by the Beneficiary to an entity disregarded as separate from the Beneficiary for U.S. federal income tax purposes. 

 

	1 	 Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Plan. 

 NOW, THEREFORE, pursuant to the Plan and the Confirmation Order, in consideration of
the premises, the mutual agreements of the parties contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and affirmed, the parties hereby agree as follows: 

ARTICLE I 

DECLARATION OF TRUST 
 1.1 Creation and Purpose of the Trust. The Debtors and the Trustee hereby create the Trust for the principal purpose of aiding in the implementation of the Plan. 

1.2 Declaration of Trust. In order to declare the terms and conditions hereof, and in consideration of the confirmation of the
Plan, the Debtors and the Trustee have executed this Trust Agreement and, effective on the Effective Date, hereby irrevocably transfer to the Trust, all of the right, title and interests of the Debtors in and to the General Trust Assets and Cash, to
have and to hold unto the Trust and its successors and assigns forever, under and subject to the terms of the Plan and the Confirmation Order for the benefit of the Beneficiary and its successors and assigns as provided for in this Trust Agreement
and in the Plan and Confirmation Order. 
 1.3 Funding of the Trust. The Trust shall be funded, on the Effective Date,
with the General Trust Assets and Cash in the initial amount of $2,000,000, subject to replenishment from recoveries and diminishment from distributions hereunder, as provided for in the Plan and in the Confirmation Order. 

1.4 Acceptance by Trustee. The Trustee hereby accepts the trust imposed upon it by this Trust Agreement and agrees to observe and
perform that trust on and subject to the terms and conditions set forth in this Trust Agreement, the Plan, and the Confirmation Order. In connection with and in furtherance of the purposes of the Trust, the Trustee hereby accepts the transfer of the
General Trust Assets; provided, however, that the Trustee shall have the right to abandon or otherwise not accept any property that it believes, in good faith, has no value to the Trust. 

1.5 Name of the Trust. The Trust established hereby shall be known as the “Delta Petroleum General Recovery Trust”.

 ARTICLE II 
 THE TRUSTEE 
 2.1 Appointment. The Trustee has been selected
pursuant to the provisions of the Plan and has been appointed as of the Effective Date. The Trustee’s appointment shall continue until the earlier of (a) the termination of the Trust and (b) the effective date of the Trustee’s
resignation, death, dissolution, removal or liquidation. 

  
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 2.2 General Powers. Except as otherwise provided in this Trust Agreement (including,
without limitation, the powers of the Trust Oversight Board set forth in Article III of this Trust Agreement), the Plan, or the Confirmation Order, and subject to the retained jurisdiction of the Bankruptcy Court as provided in the Plan, but without
prior or further authorization, the Trustee may control and exercise authority over the General Trust Assets, over the acquisition, management and disposition thereof, and over the management and conduct of the business of the Trust to the same
extent as if the Trustee were the sole owner of the General Trust Assets in its own right. No person dealing with the Trust shall be obligated to inquire into the Trustee’s authority in connection with the acquisition, management, or
disposition of General Trust Assets. Without limiting the foregoing, but subject to the Plan, the Confirmation Order, and other provisions of this Trust Agreement, including without limitation the powers of the Trust Oversight Board), the Trustee
shall be expressly authorized to, with respect to the Trust and the General Trust Assets: 
 (a) Exercise all power and
authority that may be or could have been exercised, commence, prosecute and settle all proceedings that may be or could have been commenced, including, without limitation, proceedings with respect to the Causes of Action, and take all actions that
may be or could have been taken with respect to the General Trust Assets by the Debtors or by any officer, director or shareholder of the Debtors with like effect as if duly authorized, exercised and taken by action of the Debtors or such officers,
directors or shareholders. 
 (b) Open and maintain bank accounts on behalf of or in the name of the Trust, calculate and make
distributions and take other actions consistent with the Plan and the implementation thereof, including the establishment, re-evaluation, adjustment and maintenance of appropriate reserves, in the name of the Trust. 

(c) Receive, manage, invest, supervise, and protect the General Trust Assets, subject to the limitations provided herein. 

(d) Hold legal title to any and all General Trust Assets. 
 (e) Subject to the applicable provisions of the Plan, collect and liquidate all General Trust Assets pursuant to the Plan. 
 (f) Object to Disputed Claims and supervise and administer the resolution, settlement and payment of all Claims, and distributions to the Beneficiary and creditors of the Trust, in accordance with this
Trust Agreement, the Plan, and the Confirmation Order. 
 (g) (i) Seek a determination of tax liability under section
505 of the Bankruptcy Code; (ii) file, if necessary, any and all tax and information returns required with respect to the Trust; (iii) make tax elections for and on behalf of the Trust; and (iv) pay taxes, if any, payable for and on
behalf of the Trust. 

  
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 (h) Pay all lawful expenses, debts, charges, taxes and liabilities of the Trust. 

(i) Take all other actions consistent with the provisions of the Plan that the Trustee deems reasonably necessary or desirable to
administer the Plan. 
 (j) Make distributions to the Beneficiary as provided for, or contemplated by, the Plan, the
Confirmation Order and this Trust Agreement. 
 (k) Withhold from the amount distributable to the Beneficiary such amount as may
be sufficient to pay any tax or other charge which the Trustee has determined, in its sole discretion, may be required to be withheld therefrom under the income tax laws of the United States or of any state or political subdivision thereof.

 (l) Retain and engage at its discretion, and without Bankruptcy Court approval, such professionals and persons (who may
include professionals and persons who had previously been employed by the Debtors or otherwise in the Chapter 11 Cases) as may be necessary to carry out the Trustee’s duties under this Trust Agreement, including, without limitation, accountants
and other financial professionals and legal counsel. 
 (m) Enter into any agreement or execute any document required by or
consistent with the Plan, the Confirmation Order and this Trust Agreement and perform all obligations thereunder. 
 (n) If any
of the General Trust Assets are situated in any state or other jurisdiction in which the Trustee is not qualified to act as trustee, nominate and appoint a person duly qualified to act as trustee in such state or jurisdiction and require from each
such trustee such security as may be designated by the Trustee in its discretion; confer upon such trustee all the rights, powers, privileges and duties of the Trustee hereunder, subject to the conditions and limitations of this Trust Agreement,
except as modified or limited by the Trustee and except where the conditions and limitations may be modified by the laws of such state or other jurisdiction (in which case, the laws of the state or other jurisdiction in which such trustee is acting
shall prevail to the extent necessary); require such trustee to be answerable to the Trustee for all monies, assets and other property that may be received in connection with the administration of all property; and remove such trustee, with or
without cause, and appoint a successor trustee at any time by the execution by the Trustee of a written instrument declaring such trustee removed from office, and specifying the effective date and time of removal. 

(o) Purchase or create and carry all insurance policies and pay all insurance premiums and costs it deems reasonably necessary or
advisable. 
 (p) Implement and/or enforce and/or discharge all of the terms, conditions and all other provisions of, and all
duties and obligations under, the Plan, the Confirmation Order, this Trust Agreement and the Joint Venture Company Agreements. 

  
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 2.3 Compensation of Trustee and its Professionals. 

(a) The initial Trustee shall be entitled to receive reasonable compensation in connection with the performance of its duties as set
forth in Exhibit A hereto, plus the reimbursement of reasonable out-of-pocket expenses. Any successor to the Trustee shall also be entitled to reasonable compensation in connection with the performance of its duties, which compensation shall
be approved by the Trust Oversight Board, plus the reimbursement of reasonable out-of-pocket expenses. 
 (b) On or before the
last day of each month following the month for which compensation or reimbursement is sought, the Trustee and each of its professionals seeking compensation shall serve a monthly statement on the Trustee. The Trustee and the Trust Oversight Board
will have thirty (30) days from the date such statement is received by the Trustee to review the statement and object to such statement by serving an objection setting forth the precise nature of the objection and the amount at issue on the
statement. At the expiration of the thirty (30) day period, the Trustee shall pay from General Trust Assets 100% of the amounts requested, except for the portion of such fees and disbursements to which any objection has been made. The parties
shall attempt to consensually resolve objections, if any, to any monthly statement. If the parties are unable to reach a consensual resolution of any such objection, the party who received an objection to its fees may seek payment of such fees by
filing a motion with the Bankruptcy Court and providing notice to the Trustee. If the Trustee or any professional fails to submit a monthly statement, it shall be ineligible to receive payment of fees and expenses therefore as provided in this Trust
Agreement until the monthly statement is submitted. 
 2.4 General Duties, Obligations, Rights and Benefits of the Trust.
The Trust shall have all duties, obligations, rights and benefits assumed by, assigned to or vested in the Trust under the Plan, the Confirmation Order, this Trust Agreement and, subject to the terms of the Plan, any other agreement entered into
pursuant to or in connection with the Plan. Such duties, obligations, rights and benefits include, without limitation, all duties, obligations, rights and benefits relating to the collection and liquidation of the General Trust Assets,
administration of Claims, satisfaction of claims of creditors, distributions to the Beneficiary, administration of the Trust and any other duties, obligations, rights and benefits reasonably necessary to accomplish the purpose of the Trust under the
Plan, the Confirmation Order, the Disputed Ownership Fund Escrow Agreement, this Trust Agreement and, subject to the terms of the Plan, any other agreement entered into pursuant to or in connection with the Plan. Notwithstanding any other provision
of this Trust Agreement, the Trust shall have no responsibility for the signing or accuracy of the Debtors’ income tax returns that are due to be filed after the Effective Date or for any tax liability related thereto. 

2.5 Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to
the Bankruptcy Court and the Trust Oversight Board, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Trustee may be removed (i) by the Bankruptcy Court upon
application and after notice and a hearing, which application may be brought by any party in interest (including any Director serving on the Trust Oversight Board) or (ii) by majority vote of

  
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the Trust Oversight Board. In the event of the resignation or removal of the Trustee, the Trust Oversight Board may, by majority vote, designate a person to serve as successor Trustee;
provided, however, that if the Trust Oversight Board shall fail to appoint a successor within thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court based upon submissions from Directors on the Trust
Oversight Board or the Beneficiary. Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and the predecessor Trustee shall be fully
released from all responsibilities relating to the Trust. In the event of the removal or resignation of any Trustee, such Trustee shall be immediately compensated for all fees and expenses accrued through the effective date of termination, whether
or not previously invoiced. The provisions of Article IV shall survive the resignation or removal of any Trustee. 
 2.6
Trust Continuance. The death, dissolution, resignation or removal of the Trustee shall not terminate the Trust or revoke any existing agency created by the Trustee pursuant to this Trust Agreement or invalidate any action theretofore taken by
the Trustee, and the successor Trustee agrees that the provisions of this Trust Agreement shall be binding upon and inure to the benefit of the successor Trustee and all his, her or its heirs and legal and personal representatives, successors or
assigns. 
 2.7 Claims Settlement Authority. Notwithstanding any requirement that may be imposed pursuant to Bankruptcy
Rule 9019, from and after the Effective Date, the Trustee may, subject to Section 3.3 hereof, settle all Disputed Claims and Causes of Action without supervision or approval of the Bankruptcy Court, free of any restrictions of the Bankruptcy
Code, the Bankruptcy Rules, the local rules of the Bankruptcy Court, and the guidelines and requirements of the United States Trustee, other than those restrictions expressly imposed by this Trust Agreement, the Plan or the Confirmation Order.

 ARTICLE III 
 TRUST OVERSIGHT BOARD 
 3.1 Trust Oversight Board. As of the
Effective Date, an oversight board shall be formed (the “Trust Oversight Board”) and shall be comprised of three directors selected as follows: one directors selected by Whitebox Advisors, LLC (“Whitebox”); one
director selected by Zell Credit Opportunities Master Fund, L.P. (“ZCOF”); and the Trustee, which members were selected pursuant to the provisions of the Plan (each a “Director” and collectively, the
“Directors”). In the event of the resignation, removal, or death, of a Director appointed by Whitebox or ZCOF, the party with the right to designate such Director also shall have the right to designate a replacement Director. In the
absence of any Director designation by Whitebox or ZCOF, any such undesignated Director position shall remain vacant until such designee is chosen, and the remaining Directors shall continue to operate as a fully functioning Trust Oversight Board
until a successor Director is appointed by the Bankruptcy Court as set forth below. In the event of the resignation, removal, or death of the Director position held by the Trustee, the replacement Director shall be the successor Trustee. If the
remaining Directors of the Trust Oversight Board shall fail to appoint a successor within thirty (30) days, the successor Director shall be appointed by the Bankruptcy Court based upon submissions from the remaining Directors or the
Beneficiary. 

  
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 3.2 Reports to Trust Oversight Board. Notwithstanding any other provision of this
Trust Agreement, the Trustee shall report to the Trust Oversight Board on a regular basis, as the Trustee deems appropriate or as otherwise directed by the Trust Oversight Board. Each such report shall include such matters and information as
requested by the Trust Oversight Board. 
 3.3 Powers of Trust Oversight Board. Except as otherwise provided by the Plan,
the Confirmation Order, or this Trust Agreement, the Trust Oversight Board shall establish such governance procedures and by-laws for the Trust and for the oversight of the Trustee as it deems appropriate and that are consistent with the Delaware
General Corporation Law, Title 12 of the Delaware Code, and this Agreement; provided, however, that the approval of a majority of the Trust Oversight Board shall not be required with respect to any action proposed to be taken or
transaction proposed to be entered into by the Trustee involving amounts in dispute that in the aggregate total $100,000 or less; provided, further, that to the extent that the Trustee believes in good faith that the Trust Oversight
Board’s direction is inconsistent with Delaware General Corporation Law, Title 12 of the Delaware Code, or otherwise is inconsistent with the Trustee’s fiduciary duties to the Beneficiary, then the Trustee is hereby authorized to file a
motion with the Bankruptcy Court seeking authorization to pursue an alternate course of action that the Trustee believes to be consistent with Delaware General Corporation law, Title 12 of the Delaware Code, or the Trustee’s fiduciary duties to
the Beneficiary. The Trustee’s decision to retain professionals and persons (who may include professionals and persons who had previously been employed by the Debtors or other parties in interest in the Chapter 11 Cases) shall be subject to
review and approval by the Trust Oversight Board. The Trust Oversight Board may authorize the Trustee to invest the General Trust Assets in prudent investments other than those described in section 345 of the Bankruptcy Code. The Trust Oversight
Board may, at its discretion, require a fidelity bond from the Trustee in such reasonable amount as may be agreed to by majority vote of the Trust Oversight Board, but any costs associated with any such fidelity bond shall be payable exclusively
from the General Trust Assets. 
 3.4 Professionals. The Trust Oversight Board may retain and engage at its discretion,
and without Bankruptcy Court approval, such professionals and persons (who may include professionals and persons who had previously been employed by the Debtors or other parties in interest in the Chapter 11 Cases) as may be necessary to carry out
the Trust Oversight Board’s duties under this Trust Agreement, including, without limitation, accountants and other financial professionals and legal counsel. Such professionals and persons shall be compensated in the same manner set forth in
Section 2.3. 
 3.5 Compensation of Trust Oversight Board. The members of the Trust Oversight Board shall serve
without compensation. 

  
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 ARTICLE IV 
 LIABILITY OF TRUSTEE 
 AND THE TRUST OVERSIGHT BOARD 

4.1 Standard of Care; Exculpation. Neither the Trustee, the members of the Trust Oversight Board, nor any director, officer,
affiliate, employee, employer, professional, agent or representative of the Trustee or any member of the Trust Oversight Board shall be liable for losses, claims, damages, liabilities or expenses in connection with the affairs of the Trust to any
Holder of a Claim or Equity Interest or Beneficiary of the Trust, or any other person, for the acts or omissions of the Trustee or the Trust Oversight Board; provided, however, that the foregoing limitation shall not apply to any losses, claims,
damages, liabilities or expenses suffered or incurred by any Holder of a Claim or Equity Interest or Beneficiary that are found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and
directly from the fraud, gross negligence or willful misconduct of the Trustee, the Trust Oversight Board or any director, officer, affiliate, employee, employer, professional, agent or representative of the Trustee or any member of the Trust
Oversight Board. Every act done, power exercised or obligation assumed by the Trust, the Trustee, the Trust Oversight Board or any director, officer, affiliate, employee, employer, professional, agent or representative of the Trustee or any member
of the Trust Oversight Board pursuant to the provisions of this Trust Agreement shall be held to be done, exercised or assumed, as the case may be, by the Trust, the Trustee, the Trust Oversight Board or any director, officer, affiliate, employee,
employer, professional, agent or representative of the Trustee or any member of the Trust Oversight Board acting for and on behalf of the Trust and not otherwise. Except as provided in the proviso of the first sentence of this Section 4.1 with
respect to any Holder of a Claim or Equity Interest or the Beneficiary, every person, firm, corporation or other entity contracting or otherwise dealing with or having any relationship with the Trust, the Trustee, the Trust Oversight Board or any
director, officer, affiliate, employee, employer, professional, agent or representative of the Trustee or any member of the Trust Oversight Board shall have recourse only to the General Trust Assets for payment of any liabilities or other
obligations arising in connection with such contracts, dealings or relationships and the Trust, the Trustee, the Trust Oversight Board or any director, officer, affiliate, employee, employer, professional, agent or representative of the Trustee or
any member of the Trust Oversight Board shall not be individually liable therefor. 
 4.2 Indemnification. 

(a) Except as otherwise set forth in the Plan or Confirmation Order, the Trustee, the members of the Trust Oversight Board, and any
director, officer, affiliate, employee, employer, professional, agent or representative of the Trustee or the members of the Trust Oversight Board, and each of their heirs, executors and personal and legal representatives (each, an
“Indemnified Party” and collectively, the “Indemnified Parties”) shall be defended, held harmless and indemnified from time to time by the Trust to the fullest extent authorized or permitted by applicable law, as
now or hereafter in effect, against any and all losses, claims, damages, liabilities, penalties, obligations and expenses, including the costs for counsel or others in investigating, preparing or defending any action or claim, including, without
limitation, the 

  
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Claims or the Causes of Action, whether or not in connection with litigation in which any Indemnified Party is a party, or enforcing this Trust Agreement (including these indemnity provisions),
as and when incurred, caused by, relating to, based upon or arising out of (directly or indirectly) the Trustee’s or Trust Oversight Board’s acceptance of or the performance or nonperformance of its obligations under this Trust Agreement,
the Plan or the Confirmation Order; provided, however, such indemnity shall not apply to any such loss, claim, damage, liability or expense to the extent it is found in a final judgment by a court of competent jurisdiction (not subject
to further appeal) to be a liability for which recourse is not limited to the General Trust Assets pursuant to Section 4.1 above. The rights to indemnification and to the advancement of expenses conferred in this Article IV shall not be
exclusive of any other right which any person may have or hereafter acquire under this Trust Agreement, the Confirmation Order, the Plan, any statute, agreement, or otherwise. Any repeal or modification of this Article IV shall not adversely affect
any rights to indemnification and to the advancement of expenses of an Indemnified Party existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification. Satisfaction of any
obligation of the Trust arising pursuant to the terms of this Section shall be payable only from the General Trust Assets, may be advanced prior to the conclusion of such matter and such right to payment shall be prior and superior to any other
rights to receive a distribution of the General Trust Assets. 
 (b) The Trust shall promptly pay expenses reasonably incurred
by any Indemnified Party in defending, participating in, or settling any action, proceeding or investigation in which such Indemnified Party is a party or is threatened to be made a party or otherwise is participating in connection with the Trust
Agreement or the duties, acts or omissions of the Trustee, upon submission of invoices therefor, whether in advance of the final disposition of such action, proceeding, or investigation or otherwise. Each Indemnified Party hereby undertakes, and the
Trust hereby accepts its undertaking, to repay any and all such amounts so advanced if it shall ultimately be determined that such Indemnified Party is not entitled to be indemnified therefor under this Trust Agreement. 

4.3 No Liability for Acts of Successor/Predecessor Trustees. Upon the appointment of a successor Trustee and the delivery of the
General Trust Assets to the successor Trustee, the predecessor Trustee shall have no further liability or responsibility with respect thereto. A successor Trustee shall have no duty to examine or inquire into the acts or omissions of its immediate
or remote predecessor and no successor Trustee shall be in any way liable for the acts or omissions of any predecessor Trustee unless a successor Trustee expressly assumes such responsibility. A predecessor Trustee shall have no liability for the
acts or omissions of any immediate or subsequent successor Trustee for any events or occurrences subsequent to the cessation of its role as Trustee. 
 4.4 Reliance by Trustee and the Trust Oversight Board on Documents or Advice of Counsel. Except as otherwise provided in this Trust Agreement, the Trustee and the Trust Oversight Board may rely,
and shall be protected from liability for acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order or other paper or document reasonably believed by the Trustee and/or the Trust Oversight
Board to be genuine and to have been presented by an authorized party. Neither the Trustee nor the Trust 

  
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Oversight Board shall be liable for any action taken or suffered by the Trustee or the Trust Oversight Board, as applicable, in reasonable reliance upon the advice of counsel or other
professionals engaged by the Trustee or the Trust Oversight Board, as applicable, in accordance with this Trust Agreement. 

4.5 Insurance. The Trust may purchase and carry all insurance policies and pay all insurance premiums and costs the Trustee deems
reasonably necessary or advisable, including, without limitation, purchasing any errors and omissions insurance with regard to any liabilities, losses, damages, claims, costs and expenses it may incur, including but not limited to attorneys’
fees, arising out of or due to its actions or omissions, or consequences of such actions or omissions, other than as a result of its fraud or willful misconduct, with respect to the implementation and administration of the Plan or this Trust
Agreement. 
 ARTICLE V 
 GENERAL PROVISIONS CONCERNING 
 ADMINISTRATION OF THE TRUST

 5.1 Administrative Reserve. The Trust may, at its discretion, establish the Administrative Reserve as set forth in
Section 7.1 of this Trust Agreement. 
 5.2 Books and Records. The Trust also shall maintain in respect of the Trust
and the Beneficiary books and records relating to the General Trust Assets and income realized therefrom and the payment of expenses of and claims against or assumed by the Trust in such detail and for such period of time as may be necessary to
enable it to make full and proper reports in respect thereof. Except as expressly provided in this Trust Agreement, the Plan or the Confirmation Order, or as may be required by applicable law (including securities law), nothing in this Trust
Agreement is intended to require the Trust to file any accounting or seek approval of any court with respect to the administration of the Trust, or as a condition for making any payment or distribution out of the General Trust Assets. The
Beneficiary shall have the right upon thirty (30) days’ prior written notice delivered to the Trustee to inspect the Trust’s books and records, provided the Beneficiary shall have entered into a confidentiality agreement in form and
substance reasonably satisfactory to the Trust. Satisfaction of the foregoing condition notwithstanding, if (a) the Trustee determines in good faith that the inspection of the Trust’s books and records, by the Beneficiary would be
detrimental to the Trust or (b) the Beneficiary is a defendant (or potential defendant) in a pending (or potential) action brought by the Trust, the Trust may deny such request for inspection. The Bankruptcy Court shall resolve any dispute
between the Beneficiary and the Trustee under this Section 5.2. 
 5.3 Interim Reports to the Beneficiary. The
Trustee may from time to time in its discretion, or as may be required by applicable law (including securities law) report to the Beneficiary on the status of the Trust. 
 5.4 Final Accounting of Trustee. The Trust shall within ninety (90) days after the termination of the Trust or the death, dissolution, resignation or removal of the Trustee, render an
accounting containing at least the following information: 
 (a) A description of the General Trust Assets. 

  
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 (b) A summarized accounting in sufficient detail of all gains, losses, receipts,
disbursements and other transactions in connection with the Trust and the General Trust Assets during the Trustee’s term of service, including their source and nature. 
 (c) Separate entries for all receipts of principal and income. 
 (d) The ending
balance of all General Trust Assets as of the date of the accounting, including the Cash balance on hand and the name(s) and location(s) of the depository or depositories where the Cash is kept. 

(e) All known liabilities of the Trust. 
 The accounting shall be provided to the Trust Oversight Board and the Beneficiary. 

5.5 Cooperation with the Reorganized Debtors. The Trust shall provide reasonable non-economic assistance to the Reorganized
Debtors, including reasonable access to its employees and books and records, and reasonable assistance in connection with the preparation of tax returns. Furthermore, to the extent it deems it necessary or appropriate, the Trust is authorized to
expend funds from the Administrative Reserve to assist the Reorganized Debtors on matters that are of reasonable benefit to the Beneficiary. The Reorganized Debtors (as the “Debtors” and, therefore, signatories to this Trust Agreement)
agree to help facilitate the Trust becoming a co-insured under any policies of insurance retained or purchased by the Reorganized Debtors, to the extent that (i) the Trust desires becoming a co-insured entity under such policies and
(ii) it is reasonable for the Reorganized Debtors to do so. 
 ARTICLE VI 

THE BENEFICIARY 
 6.1 Interest Beneficial Only. Except as provided in Article IX of this Trust Agreement, the ownership of a beneficial interest in the Trust shall not entitle the Beneficiary to any title in or to
the General Trust Assets or to any right to call for a partition or division of the General Trust Assets or to require an accounting. 
 6.2 Evidence of Beneficial Interest. Ownership of a beneficial interest in the Trust shall not be evidenced by any certificate, security or receipt or in any other form or manner whatsoever, except
as maintained on the books and records of the Trust by the Trustee. 
 6.3 Transfers of Beneficial Interests. The
Beneficiary of the Trust shall not assign, convey or otherwise transfer any of its right, title or interest in and to the Trust. 
 6.4 Absolute Owners. The Trustee may deem and treat the Beneficiary as the absolute owner of the beneficial interest in the Trust for the purposes of receiving distributions and payments on account
thereof for federal and state income tax purposes and for all other purposes whatsoever. 

  
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 6.5 Change of Address. Notice of any change of address of the Beneficiary shall be
forwarded to the Trustee by registered mail. Absent such written notice, the Trustee shall not recognize any such change of address. Such notification shall be effective only upon receipt. 

6.6 Standing. Except as expressly provided in this Trust Agreement, the Plan or the Confirmation Order, the Beneficiary does not
have standing to direct the Trustee to do or not to do any act or to institute any action or proceeding at law or in equity against any party (other than against the Trustee to the extent provided in this Trust Agreement) upon or with respect to the
General Trust Assets. 
 6.7 Release of Liability by Beneficiary. The Beneficiary shall not relieve the Trustee from any
duty, responsibility, restriction or liability as to such Beneficiary that would otherwise be imposed under this Trust Agreement unless such relief is (i) agreed to in writing by the Trust, the Trust Oversight Board and the Beneficiary or
(ii) approved by Final Order of the Bankruptcy Court. 
 ARTICLE VII 

DISTRIBUTIONS 
 7.1 Distributions to the Beneficiary from General Trust Assets. The Trustee shall distribute recoveries on account of General Trust Assets to the Beneficiary; provided, however, that
the Trust may retain and supplement from time to time a reserve (the “Administrative Reserve”) in such amount (a) as is reasonably necessary to meet contingent liabilities and to maintain the value of the General Trust Assets
during the term of the Trust; (b) to pay reasonable administrative expenses including, without limitation, the compensation and the reimbursement of reasonable, actual and necessary costs, fees (including attorneys’ fees) and expenses of
the Trustee and the Trust Oversight Board in connection with the performance of their duties in connection with this Trust Agreement; and (c) to satisfy all other liabilities and claims of creditors of the Trust incurred or assumed in respect
of the Trust (or to which the General Trust Assets are otherwise subject) in accordance with the Plan, the Confirmation Order and this Trust Agreement. All payments to be made by the Trust to the Beneficiary shall be made only in accordance with the
Plan, the Confirmation Order and this Trust Agreement and from the General Trust Assets (or from the income and proceeds realized from the General Trust Assets) net of the Administrative Reserve, and only to the extent that the Trust has sufficient
General Trust Assets (or income and proceeds realized from the General Trust Assets) to make such payments in accordance with and to the extent provided for in the Plan, the Confirmation Order and this Trust Agreement. All such distributions shall
be made as provided, and subject to any withholding or reserve, in this Trust Agreement, the Plan or the Confirmation Order. Additionally, the Trustee may withhold from amounts distributable to the Beneficiary any and all amounts, determined in the
Trustee’s sole discretion, to be required by any law, regulation, rule, ruling, directive or other governmental requirement. In addition, all distributions under this Trust Agreement shall be net of the actual and reasonable costs of making
such distributions. 

  
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 7.2 Non-Cash Property. Any non-Cash property of the Trust may be sold, transferred or
abandoned by the Trustee. Notice of such sale, transfer or abandonment shall be provided to the Holders, if any, of Secured Claims holding liens on such non-Cash property. If, in the Trustee’s reasonable judgment, such property cannot be sold
in a commercially reasonable manner, or the Trustee believes, in good faith, such property has no value to the Trust, the Trustee shall have the right, in its sole discretion, to abandon or otherwise dispose of such property, including by donation
of such property to a charity designated by the Trustee. Except in the case of willful misconduct, no party in interest shall have a cause of action against any Debtor or successor in interest, the Trustee, any member of the Trust Oversight Board,
or any director, officer, employee, consultant or professional of a Debtor or its successor, the Trustee, or the Trust Oversight Board arising from or related to the disposition of non-Cash property in accordance with this Section. 

7.3 Withholding Taxes and Expenses of Distribution. Any federal, state or local withholding taxes or other amounts required to be
withheld under applicable law shall be deducted from distributions hereunder. The Beneficiary shall be required to provide the Trustee with any information necessary to effect the withholding of such taxes. In addition, all distributions under the
Plan shall be net of the actual and reasonable costs of making such distributions. 
 7.4 Distributions on Non-Business
Days. Any payment or distribution due on a day other than a Business Day shall be made, without interest, on the next Business Day. 
 ARTICLE VIII 
 TAXES 

8.1 Income Tax Status. The Trust shall be treated as a grantor trust pursuant to sections 671-677 of the Internal Revenue Code. As
such, the Beneficiary will be treated as both the grantor and the deemed owner of the Trust. Any items of income, deduction, credit and loss of the Trust shall be allocated for federal income tax purposes to the Beneficiary. 

8.2 Tax Returns. In accordance with section 6012 of the Internal Revenue Code and Treasury Regulation Section 1.671-4(a), the
Trust shall file with the IRS annual tax returns on Form 1041. In addition, the Trust shall file in a timely manner such other tax returns, including any state and local tax returns, as are required by applicable law and pay any taxes shown as due
thereon. Within a reasonable time following the end of the taxable year, the Trust shall send to the Beneficiary a separate statement setting forth the Beneficiary’s share of items of income, gain, loss, deduction or credit and will instruct
the Beneficiary to report such items on their federal income tax returns. The Trust shall provide the Beneficiary with a copy of the Form 1041 for the Trust. 

  
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 8.3 Withholding of Taxes and Reporting Related to Trust Operations. The Trust shall
comply with all withholding and reporting requirements imposed by any federal, state, local or foreign taxing authority, and all distributions made by the Trust shall be subject to any such withholding and reporting requirements. To the extent that
the operation of the Trust or the liquidation of the General Trust Assets creates a tax liability, the Trust shall promptly pay such tax liability and any such payment shall be considered a cost and expense of the operation of the Trust payable
without Bankruptcy Court order. The Trust may reserve a sum, the amount of which shall be determined by the Trust in its sole discretion, sufficient to pay the accrued or potential tax liability arising out of the operations of the Trust or the
operation of the General Trust Assets. In the exercise of its sole discretion, the Trust may enter into agreements with taxing authorities or other governmental units for the payment of such amounts as may be withheld. Any federal, state or local
withholding taxes or other amounts required to be withheld under applicable law shall be deducted from distributions hereunder. The Beneficiary shall be required to provide any information necessary to effect the withholding of such taxes.

 8.4 Valuations. As soon as possible after the Effective Date, the Trust shall make a good faith valuation of the
General Trust Assets, and such valuation shall be used consistently by the Trust and the Beneficiary for all federal income tax purposes. The Trust also shall file (or cause to be filed) any other statements, returns or disclosures relating to the
Trust that are required by any governmental unit. 
 8.5 Expedited Determination of Taxes. The Trust may request an
expedited determination of taxes of the Debtors and of the Trust under section 505(b) of the Bankruptcy Code for all returns filed for, or on behalf of, the Debtors and the Trust for all taxable periods through the termination of the Trust.

 ARTICLE IX 
 TERMINATION OF TRUST 
 9.1 Termination of Trust. The Trustee shall
be discharged and the Trust shall be terminated, at such time as (i) all of the General Trust Assets have been liquidated, (ii) all duties and obligations of the Trustee hereunder have been fulfilled, (iii) all distributions required
to be made by the Trustee under the Plan and this Trust Agreement have been made, and (iv) all of the Chapter 11 Cases have been closed. 
 9.2 Maximum Term. The duties, responsibilities and powers of the Trustee shall terminate after all General Trust Assets, including the Causes of Action, transferred and assigned to the Trust, or
involving the Trustee on behalf of the Trust, are fully resolved, abandoned or liquidated and distributed in accordance with the Plan and this Trust Agreement and the administration of the Trust has otherwise been completed. The Trust shall
terminate no later than five (5) years after the Effective Date unless extended by order of the Bankruptcy Court. 

  
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 9.3 Events Upon Termination. At the conclusion of the term of the Trust, the Trust
shall distribute the remaining General Trust Assets, if any, to the Beneficiary, in accordance with the Plan, the Confirmation Order and this Trust Agreement and shall file a notice of termination of the Trust with the Bankruptcy Court. 

9.4 Winding Up and Discharge of the Trustee. For the purposes of winding up the affairs of the Trust at the conclusion of its
term, the Trustee shall continue to act as Trustee until its duties under this Trust Agreement have been fully discharged or its role as Trustee is otherwise terminated under this Trust Agreement and the Plan. Upon a motion by the Trustee, the
Bankruptcy Court may enter an order relieving the Trustee, its agents and employees of any further duties, discharging the Trustee and releasing its bond, if any. 
 ARTICLE X 
 MISCELLANEOUS PROVISIONS 

10.1 Amendments. This Trust Agreement may be modified, supplemented, or amended upon written approval by a majority of the Trust
Oversight Board and a majority of the board of directors of the Beneficiary; provided, however, that any such modification, supplementation, or amendment of this Trust Agreement must be consistent with the terms of the Plan and the
Confirmation Order. Such modification, supplementation or amendment shall be in writing and filed with the Bankruptcy Court and shall become effective without approval or order of the Bankruptcy Court on the thirtieth (30th) day following
notice thereof to the Trust Oversight Board and the Beneficiary; provided, however, that if the Beneficiary or another party in interest files an objection to such modification, supplement and/or amendment within thirty (30) days
of notice thereof, such modification, supplement and/or amendment shall only be become effective upon entry of a Final Order approving such amendment, supplementation and/or amendment. 

10.2 Waiver. No failure by the Trust, the Trustee, or the Trust Oversight Board to exercise or delay in exercising any right,
power or privilege hereunder shall operate as a waiver, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any further exercise thereof, or of any other right, power or privilege. 

10.3 Cumulative Rights and Remedies. The rights and remedies provided in this Trust Agreement are cumulative and are not exclusive
of any rights under law or in equity. 
 10.4 No Bond Required. Notwithstanding any state law to the contrary, the
Trustee (including any successor Trustee) shall be exempt from giving any bond or other security in any jurisdiction other than as provided under Section 3.3. 
 10.5 Irrevocability. This Trust Agreement and the Trust created hereunder shall be irrevocable, except as otherwise expressly provided in this Trust Agreement. 

10.6 Relationship to the Plan. The principal purpose of this Trust Agreement is to aid in the implementation of the Plan and,
therefore, this Trust Agreement incorporates and is subject to the provisions of the Plan and the Confirmation Order. In the event that any 

  
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provision of this Trust Agreement is found to be inconsistent with a provision of the Plan or the Confirmation Order, the provisions of the Plan or the Confirmation Order, as applicable, shall
control. 
 10.7 Division of Trust. Under no circumstances shall the Trustee have the right or power to divide the Trust
unless authorized to do so by the Bankruptcy Court. 
 10.8 Applicable Law. The Trust is made in the State of Delaware,
and the Trust and this Trust Agreement, and the rights and obligations of the Trustee or the Trust Oversight Board are to be governed by and construed and administered according to the laws of the State of Delaware; provided, however,
that, except as expressly provided in this Trust Agreement, there shall not be applicable to the Trust, the Trustee, the Trust Oversight Board, or this Trust Agreement (a) the provisions of Section 3540 of Title 12 of the Delaware Code; or
(b) any provisions of the laws (statutory or common) of the State of Delaware pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees
and charges; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust; (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of
real or personal property; (iv) fees or other sums payable to trustees, officers, agents or employees of a trust; (v) the allocation of receipts and expenditures to income or principal; (vi) restrictions or limitations on the
permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets; or (vii) the establishment of fiduciary or other standards or responsibilities or
limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustee set forth or referenced in this Trust Agreement. 

10.9 Retention of Jurisdiction. Notwithstanding the Effective Date, and to the fullest extent permitted by law, the Bankruptcy
Court shall retain exclusive jurisdiction over the Trust after the Effective Date, including, without limitation, jurisdiction to resolve any and all controversies, suits and issues that may arise in connection therewith, including, without
limitation, this Trust Agreement, or any entity’s obligations incurred in connection herewith, including without limitation, any action against the Trustee or any professional retained by the Trustee, in each case in its capacity as such. Each
party to this Trust Agreement hereby irrevocably consents to the exclusive jurisdiction of the Bankruptcy Court in any action to enforce, interpret or construe any provision of this Trust Agreement or of any other agreement or document delivered in
connection with this Trust Agreement, and also hereby irrevocably waives any defense of improper venue, forum non conveniens or lack of personal jurisdiction to any such action brought in the Bankruptcy Court. Each party further irrevocably
agrees that any action to enforce, interpret or construe any provision of this Trust Agreement will be brought only in the Bankruptcy Court. Each party hereby irrevocably consents to the service by certified or registered mail, return receipt
requested, of any process in any action to enforce, interpret or construe any provision of this Trust Agreement. 
 10.10
Severability. In the event that any provision of this Trust Agreement or the application thereof to any person or circumstance shall be determined by the Bankruptcy Court to be invalid or unenforceable to any extent, the remainder of this Trust
Agreement, or the 

  
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application of such provision to persons or circumstance, other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and such provision of this Trust
Agreement shall be valid and enforced to the fullest extent permitted by law. 
 10.11 Limitation of Benefits. Except as
otherwise specifically provided in this Trust Agreement, the Plan or the Confirmation Order, nothing herein is intended or shall be construed to confer upon or to give any person other than the parties hereto and the Beneficiary any rights or
remedies under or by reason of this Trust Agreement. 
 10.12 Notices. All notices, requests, demands, consents and other
communication hereunder shall be in writing and shall be deemed to have been duly given to a person, if delivered in person or by facsimile with an electromagnetic report of delivery or if sent by overnight mail, registered mail, certified mail or
regular mail, with postage prepaid, to the following addresses: 
 If to the Trustee: 

Conway MacKenzie, Inc. 
 1301 McKinney 
 Suite 2025 

Houston, Texas 77010 
 Facsimile: (713) 650-0502 
 Attention: John T. Young, Jr. 

E-mail: JYoung@ConwayMacKenzie.com 
 If to the Beneficiary (Reorganized Debtors): 
 370 Seventeenth Street, Suite 4300

 Denver, Colorado 80202 
 Attention: Chief Executive Officer 
 Telecopier No.: (303) 298-8251

 If to the Trust Oversight Board: 
 Whitebox Advisors LLC 
 3033 Excelsior Blvd. 

Minneapolis, Minneapolis 55416 
 Attention: Jake Mercer 
 Telecopier No.: (612) 253-6100 

The parties may designate in writing from time to time other and additional places to which notices may be sent. 

10.13 Further Assurances. From and after the Effective Date, the parties hereto covenant and agree to execute and deliver all such
documents and notices and to take all such further actions as may reasonably be required from time to time to carry out the intent and purposes of this Trust Agreement, and to consummate the transactions contemplated hereby. 

  
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 10.14 Integration. This Trust Agreement, the Plan and the Confirmation Order
constitute the entire agreement with, by and among the parties thereto, and there are no representations, warranties, covenants or obligations except as set forth herein, in the Plan and in the Confirmation Order. This Trust Agreement, together with
the Plan and the Confirmation Order, supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, written or oral, of the parties hereto, relating to any transaction contemplated hereunder. Except as otherwise
provided in this Trust Agreement, the Plan or Confirmation Order, nothing herein is intended or shall be construed to confer upon or give any person other than the parties hereto and the Beneficiary any rights or remedies under or by reason of this
Trust Agreement. 
 10.15 Interpretation. The enumeration and Section headings contained in this Trust Agreement are
solely for convenience of reference and shall not affect the meaning or interpretation of this Trust Agreement or of any term or provision hereof. Unless context otherwise requires, whenever used in this Trust Agreement the singular shall include
the plural and the plural shall include the singular, and words importing the masculine gender shall include the feminine and the neuter, if appropriate, and vice versa, and words importing persons shall include partnerships, associations and
corporations. The words herein, hereby, and hereunder and words with similar import, refer to this Trust Agreement as a whole and not to any particular Section or subsection hereof unless the context requires otherwise. Any reference to the
“Debtors” shall be deemed to include a reference to the “Reorganized Debtors” unless the context otherwise requires. Any reference to the “Trustee” shall be deemed to include a reference to the “Trust” and any
reference to the “Trust” shall be deemed to include a reference to the “Trustee” except for the references in Sections 3.1, 3.2 and such other provisions in which the context otherwise requires. 

10.16 Counterparts. This Trust Agreement may be signed by the parties hereto in counterparts, which, when taken together, shall
constitute one and the same document. 

  
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 IN WITNESS WHEREOF, the parties hereto have either executed and acknowledged this Trust
Agreement, or caused it to be executed and acknowledged on their behalf by their duly authorized officers, all as of the date first above written. 
  

					
	DEBTORS:
		
		 	DELTA PETROLEUM CORPORATION
			
		 	By:	 	 /s/ John T. Young, Jr.

		 		 	John T. Young, Jr.
		 		 	Chief Restructuring Officer
		
		 	CEC, INC.
			
		 	By:	 	 /s/ John T. Young, Jr.

		 		 	John T. Young, Jr.
		 		 	Chief Restructuring Officer
		
		 	DELTA EXPLORATION COMPANY, INC.
			
		 	By:	 	 /s/ John T. Young, Jr.

		 		 	John T. Young, Jr.
		 		 	Chief Restructuring Officer
		
		 	DELTA PIPELINE, LLC
			
		 	By:	 	 /s/ John T. Young, Jr.

		 		 	John T. Young, Jr.
		 		 	Chief Restructuring Officer

  
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	DLC, INC.
		
	By:	 	 /s/ John T. Young, Jr.

		 	John T. Young, Jr.
		 	Chief Restructuring Officer
	
	DPCA LLC
		
	By:	 	 /s/ John T. Young, Jr.

		 	John T. Young, Jr.
		 	Chief Restructuring Officer
	
	AMBER RESOURCES COMPANY OF COLORADO
		
	By:	 	 /s/ John T. Young, Jr.

		 	John T. Young, Jr.
		 	Chief Restructuring Officer
	
	CASTLE EXPLORATION COMPANY, INC.
		
	By:	 	 /s/ John T. Young, Jr.

		 	John T. Young, Jr.
		 	Chief Restructuring Officer
	
	CASTLE TEXAS PRODUCTION LIMITED PARTNERSHIP
		
	By:	 	 /s/ John T. Young, Jr.

		 	John T. Young, Jr.
		 	Chief Restructuring Officer

  
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	TRUSTEE:
			
		 	By:	 	 /s/ John T. Young, Jr.

		 		 	John T. Young, Jr.

  
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 EXHIBIT A 
 The Trustee shall be entitled to compensation at the rate of $550/hour, plus reimbursement of reasonable out-of-pocket expenses. To the extent that the Trustee employs professionals from Conway Mackenzie
Management Services LLC (“Conway”), Conway will bill at the same hourly rates used throughout the Debtors’ bankruptcy cases as set forth below: 
  

							
	Professional	  	Title	  	Hourly
Rates	 
	 John T. Young, Jr.
	  	Trustee	  	$	550.00	  
	 Jeff N. Huddleston
	  	Director	  	$	475.00	  
	 R. Seth Bullock
	  	Director	  	$	475.00	  
	 Seth Barron
	  	Director	  	$	410.00	  
	 Maggie Conner
	  	Director	  	$	390.00	  
	 Carl Seidman
	  	Director	  	$	375.00	  
	 Kayla J. Hughes
	  	Administrative Assistant	  	$	185.00Pledge Agreement

 Exhibit 10.7 
 Execution Version 
 PLEDGE AGREEMENT 

THIS PLEDGE AGREEMENT (this “Agreement”) is made as of August 31, 2012 by Par Piceance Energy Equity
LLC, a Delaware limited liability company (herein called “Pledgor”), in favor of Jefferies Finance LLC, as Administrative Agent for the ratable benefit of the Secured Parties (in such capacity, herein called
“Pledgee”). 
 W I T N E S S E T H: 

WHEREAS, the Pledgor, the Pledgee, and the Lenders party thereto from time to time, are parties to that certain Delayed Draw Term Credit
Agreement (as may be amended from time to time, the “Credit Agreement”) dated as of August 31, 2012, pursuant to which the Lenders have agreed to make loans and other extensions of credit to the Borrower for the purposes
set forth therein; and 
 WHEREAS, as a condition precedent to the Credit Agreement, Pledgor is required to execute and deliver
this Agreement; and 
 WHEREAS, the board of directors of the sole member of Pledgor has determined that Pledgor’s
execution, delivery and performance of this Agreement may reasonably be expected to benefit Pledgor, directly or indirectly, and are in the best interests of Pledgor. 
 NOW, THEREFORE, in consideration of the premises and in order to induce the Secured Parties to extend credit under the Credit Agreement, Pledgor hereby agrees with Pledgee as follows: 

ARTICLE I 

DEFINITIONS AND REFERENCES 
 Section 1.1 General Definitions. As used herein, the terms defined above shall have the meanings indicated above, and the following terms shall have the following meanings: 

“Collateral” means all property of whatever type, in which Pledgee at any time has a security interest pursuant
to Section 2.1 hereof. 
 “Other Liable Party” means any Person, other than Pledgor, but
including the Borrower and each other Credit Party, who may now or may at any time hereafter be primarily or secondarily liable for any of the Obligations or who may now or may at any time hereafter have granted to Pledgee or the Secured Parties a
Lien upon any property as security for the Obligations. 
 “Pledged Equity” has the meaning given it in
Section 2.1(a) hereof. 
 Section 1.2 Other Definitions. Reference is hereby made to the Credit
Agreement for a statement of the terms thereof. All capitalized terms used in this Agreement which are defined in the Credit Agreement and not otherwise defined herein shall have the same meanings herein as set forth therein. All terms used in this
Agreement which are defined in the UCC and not otherwise defined herein or in the Credit Agreement shall have the same meanings herein as set forth in the UCC, except where the context otherwise requires. 

  
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 Section 1.3 Amendment of Defined Instruments. Unless the context
otherwise requires or unless otherwise provided herein, references in this Agreement to a particular agreement, instrument or document also refer to and include all renewals, extensions, amendments, modifications, supplements or restatements of any
such agreement, instrument or document, provided that nothing contained in this Section 1.3 shall be construed to authorize any Person to execute or enter into any such renewal, extension, amendment, modification, supplement or
restatement. 
 Section 1.4 References and Titles. All references in this Agreement to Articles, Sections,
subsections, and other subdivisions refer to the Articles, Sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. Titles appearing at the beginning of any subdivision are for convenience only and do not
constitute any part of any such subdivision and shall be disregarded in construing the language contained in this Agreement. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and
words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The phrases “this Section” and “this subsection” and similar phrases refer only to the Sections or
subsections hereof in which the phrase occurs. The word “or” is not exclusive, and the word “including” (in all of its forms) means “including without limitation”. Pronouns in masculine, feminine and neuter gender shall
be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. 
 ARTICLE II 
 SECURITY INTEREST 

Section 2.1 Grant of Security Interest. As collateral security for all of the payment and performance in full when due
of all of the Obligations, Pledgor hereby pledges and assigns to Pledgee and grants to Pledgee a continuing security interest with at least the priority required by Section 3.1(d)(iv) hereof for the benefit of the Secured Parties in and
to all of the following rights, interests and property: 
 (a) all of the issued and outstanding JV Interests now owned or
hereafter acquired by Pledgor (all of the foregoing being herein sometimes called the “Pledged Equity”); 
 (b) any and all proceeds or other sums arising from or by virtue of, and all dividends and distributions (cash or otherwise) payable and/or distributable with respect to, all or any of the Pledged Equity;
and 
 (c) all cash, securities, dividends, warrants, rights, options, instruments and other property at any time and from time
to time receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Equity and any other property substituted or exchanged therefor. 

  
 2 

 Execution Version 

 

 Section 2.2 Obligations Secured. The security interest created hereby
in the Collateral constitutes continuing collateral security for the payment and performance in full of all of the Obligations. 

ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 3.1 Representations and Warranties. Pledgor represents and warrants as follows: 
 (a) Ownership and Liens. Pledgor has good and marketable title to the Collateral free and clear of all Liens, encumbrances or adverse claims, except for the security interest created by this
Agreement and except as provided in Section 3.1(d)(iv). No effective financing statement or other instrument similar in effect covering all or any part of the Collateral is on file in any recording office except such as have been filed
in favor of Pledgee relating to this Agreement or the other Loan Documents or other Permitted Liens. 
 (b) No Conflicts
or Consents. Neither the ownership or the intended use of the Collateral by Pledgor, nor the grant of the security interest by Pledgor to Pledgee herein, nor the exercise by Pledgee of its rights or remedies hereunder, will (i) conflict
with any provision of (A) any domestic or foreign law, statute, rule or regulation, (B) the certificate of formation, articles of organization, limited liability company agreement, or other organizational document of the JV Company, or
(C) any agreement, judgment, license, order or permit applicable to or binding upon Pledgor; or (ii) result in or require the creation of any Lien, charge or encumbrance upon any assets or properties of Pledgor except as expressly
contemplated in the Loan Documents. Except as expressly contemplated in the Loan Documents, no consent, approval, authorization or order of, and no notice to or filing with, any court, Governmental Authority, the JV Company, or third party is
required in connection with the grant by Pledgor of the security interest herein, or, except as may be required under the UCC, the exercise by Pledgee of its rights and remedies hereunder. 

(c) Security Interest. Pledgor has and will have at all times full right, power and authority to grant a security interest
in the Collateral to Pledgee in the manner provided herein, free and clear of any Lien, adverse claim, or encumbrance (except as provided in Section 3.1(d)(iv)). This Agreement creates a valid and binding security interest in favor of
Pledgee in the Collateral securing the Obligations. The taking possession by Pledgee or by the JV Company Credit Agreement Agent (as agent for perfection for the Pledgee under the Intercreditor Agreement), for the ratable benefit of the Secured
Parties of all certificates, instruments and cash constituting Collateral from time to time, together with appropriate stock powers, and the filing of the financing statements delivered concurrently herewith by Pledgor to Pledgee will perfect, and
establish the priority required by Section 3.1(d)(iv) of, Pledgee’s security interest hereunder in the Collateral securing the Obligations. No further or subsequent filing, recording, registration, other public notice or other
action is necessary or desirable to perfect or otherwise continue, preserve or protect such security interest except for continuation statements or filings as contemplated in Section 3.3(b) or otherwise by the UCC. 

  
 3 

 Execution Version 

 

 (d) Pledged Equity. (i) Pledgor is the legal and beneficial owner of
the Pledged Equity; (ii) the Pledged Equity is duly authorized and issued, fully paid and non-assessable (as applicable), and all documentary, stamp or other Taxes or fees owing in connection with the issuance, transfer and/or pledge thereof
hereunder have been paid; (iii) no dispute, right of setoff, counterclaim or defense exists with respect to all or any part of the Pledged Equity; (iv) the Pledged Equity is free and clear of all Liens, options, warrants, puts, calls or
other rights of third Persons, and restrictions, other than (A) those Liens arising under this Agreement or any other of the Loan Documents, (B) Liens for Taxes or assessments not yet due or not yet delinquent, or, if delinquent, that are
being contested in good faith in the normal course of business by appropriate action, (C) restrictions on transferability imposed by applicable state and federal securities Laws and (D) Permitted Liens; (v) Pledgor has full right and
authority to pledge the Pledged Equity for the purposes and upon the terms set out herein; (vi) certificates (as applicable) representing the Pledged Equity have been delivered to Pledgee or, prior to the payment in full of the JV Company
Credit Facility Obligations, to the JV Company Credit Facility Agent (as agent for perfection for the Pledgee under the Intercreditor Agreement), together with a duly executed blank stock power for each certificate; and (vii) the JV Company has
not issued, and there are not outstanding, any options, warrants or other rights to acquire Equity Interests of the JV Company. 

Section 3.2 Affirmative Covenants. Unless Pledgee shall otherwise consent in writing, Pledgor will at all times comply
with the covenants contained in this Section 3.2 from the date hereof and so long as any part of the Obligations remain outstanding. 
 (a) Ownership and Liens. Pledgor will maintain good and marketable title to all Collateral free and clear of all Liens, encumbrances or adverse claims, except for (i) the security
interest created by this Agreement and (ii) those provided in Section 3.1(d)(iv). Pledgor will cause to be terminated any financing statement or other registration with respect to the Collateral, except such as may exist or as may
have been filed in favor of Pledgee or the holder of a Permitted Lien. Pledgor will defend Pledgee’s security interest in and to the Collateral against the claims of any Person. 

(b) Further Assurances. Pledgor will at any time and from time to time promptly execute and deliver all further instruments
and documents and take all further action that may be necessary or desirable or that Pledgee may request in order (i) to perfect and protect the security interest created or purported to be created hereby and the priority required by
Section 3.1(d)(iv) of such security interest; (ii) to enable Pledgee to exercise and enforce its rights and remedies hereunder in respect of the Collateral; or (iii) to otherwise effect the purposes of this Agreement,
including: (A) executing and filing such financing or continuation statements, or amendments thereto, as may be necessary or desirable or that Pledgee may request in order to perfect and preserve the security interest created or purported to be
created hereby, and (B) furnishing to Pledgee from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Pledgee may reasonably request, all in
reasonable detail. 
 (c) Delivery of Pledged Equity. All certificates, instruments and writings evidencing the
Pledged Equity shall be delivered to Pledgee or, prior to the payment in full of the JV Company Credit Facility Obligations, to the JV Company Credit Facility Agent (as agent for 

  
 4 

 Execution Version 

 

 
perfection for the Pledgee), on or prior to the execution and delivery of this Agreement. All certificates, instruments and writings hereafter evidencing or constituting Pledged Equity shall be
delivered to Pledgee or, prior to the payment in full of the JV Company Credit Facility Obligations, to the JV Company Credit Facility Agent (as agent for perfection for the Pledgee), promptly upon the receipt thereof by or on behalf of Pledgor. All
Pledged Equity shall be held by or on behalf of Pledgee pursuant hereto and shall be delivered in the same manner and with the same effect as described in Section 2.1 hereof and Section 3.1 hereof. Upon delivery, such Equity
shall thereupon constitute “Pledged Equity” and shall be subject to the Liens herein created, for the purposes and upon the terms and conditions set forth in this Agreement and the other Loan Documents. 

(d) Proceeds of Pledged Equity. If Pledgor shall receive, by virtue of its being or having been an owner of any Pledged
Equity, any (i) Equity Interests (including any certificate representing any Equity Interest or distribution in connection with any increase or reduction of capital, reorganization, reclassification, merger, consolidation, sale of assets, or
spinoff or split-off), promissory note or other instrument or writing; (ii) option or right, whether as an addition to, substitution for, or in exchange for, any Pledged Equity or otherwise; (iii) dividends or other distributions payable
in cash (except such dividends or other distributions permitted to be retained by Pledgor pursuant to Section 4.7 hereof) or in securities or other property; or (iv) dividends or other distributions in connection with (A) a
partial or total liquidation or dissolution or (B) a reduction of capital, capital surplus or paid-in surplus, Pledgor shall receive the same in trust for the benefit of Pledgee, shall segregate it from Pledgor’s other property, and shall
promptly deliver it to Pledgee or, prior to the payment in full of the JV Company Credit Facility Obligations, to the JV Company Credit Facility Agent (as agent for perfection for the Pledgee under the Intercreditor Agreement), in the exact form
received, with any necessary endorsement or appropriate stock powers duly executed in blank, to be held by or, prior to the payment in full of the JV Company Credit Facility Obligations, to the JV Company Credit Facility Agent (as agent for
perfection for the Pledgee under the Intercreditor Agreement), Pledgee as Collateral. 
 (e) Status of Pledged
Equity. The certificates evidencing the Pledged Equity (as applicable) shall at all times be valid and genuine and shall not be altered. The Pledged Equity at all times shall be duly authorized, validly issued, fully paid, and non-assessable
(as applicable), shall not be issued in violation of the pre-emptive rights of any Person or of any agreement by which Pledgor or the JV Company is bound, and, except for the bylaws or other organizational documents of the JV Company, shall not be
subject to any restrictions or conditions with respect to the transfer, voting or capital of any Pledged Equity. 

Section 3.3 Negative Covenants. Unless Pledgee shall otherwise consent in writing, Pledgor will at all times comply
with the covenants contained in this Section 3.3 from the date hereof and so long as any part of the Obligations remain outstanding. 
 (a) Transfer or Encumbrance. Pledgor will not sell, assign (by operation of law or otherwise), transfer, exchange, lease or otherwise dispose of any of the Collateral, nor will Pledgor grant
a Lien upon or execute, file or record any financing statement or other registration with respect to the Collateral (other than the security interests created by this Agreement or in connection with Permitted Liens), nor will Pledgor allow any such
Lien, financing statement, or 

  
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other registration to exist or deliver actual or constructive possession of the Collateral to any other Person other than Liens in favor of Pledgee and those provided in
Section 3.1(d)(iv). Notwithstanding the foregoing, so long as no Default or Event of Default exists, Pledgor may transfer, exchange or otherwise dispose of Pledged Equity in connection with a merger or consolidation permitted by
Section 9.4 of the JV Credit Agreement. Upon any such merger or consolidation, Pledgee will, upon Pledgor’s request and at Pledgor’s expense, promptly (i) release its security interest in the Collateral that is being transferred,
exchanged or disposed of in connection with such merger or consolidation, (ii) return to Pledgor such of the Collateral that is being transferred, exchanged or disposed of in connection with such merger or consolidation, and (iii) execute
and deliver to Pledgor such documents as Pledgor may reasonably request to evidence Pledgee’s release of its security interest in such Collateral. 
 (b) Financing Statement Filings. Pledgor recognizes that financing statements pertaining to the Collateral have been or may be filed in the jurisdiction of Pledgor’s organization, where
Pledgor maintains any Collateral, has its records concerning any Collateral, has its chief executive office or chief place of business, or has its principal place of residence. Without limitation of any other covenant herein, Pledgor will not cause
or permit any change to be made in its name, identity, corporate structure or jurisdiction of organization, or any change to be made to a jurisdiction in (i) the location of any records concerning any Collateral, or (ii) the location of
its chief executive office, chief place of business or principal place of residence, unless Pledgor shall have notified Pledgee of such change at least fifteen (15) days prior to the effective date of such change, and shall have first taken all
action reasonably required by Pledgee for the purpose of further perfecting or protecting the security interest in favor of Pledgee in the Collateral. In any notice furnished pursuant to this subsection, Pledgor will expressly state that the notice
is required by this Agreement and contains facts that may require additional filings of financing statements or other notices for the purposes of continuing perfection of Pledgee’s security interest in the Collateral. 

(c) Impairment of Security Interest. Pledgor will not take or fail to take any action which would in any manner impair the
enforceability of Pledgee’s security interest in any Collateral. 
 (d) Restrictions on Pledged Equity.
Except for the bylaws or other charter or organizational documents of the JV Company, Pledgor will not enter into any agreement creating, or otherwise permit to exist, any restriction or condition upon the transfer, voting or control of any Pledged
Equity. Pledgor will not vote to enable, or take any other action to permit, the JV Company to issue any Equity Interests of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any Equity
Interests of any nature of the JV Company unless such Equity Interests or securities shall have been pledged to the Pledgee to secure the Obligations pursuant to the terms hereof to the extent owned by the Pledgor. 

  
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 ARTICLE IV 
 REMEDIES, POWERS AND AUTHORIZATIONS 
 Section 4.1
Provisions Concerning the Collateral. 
 (a) Additional Financing Statement Filings. Pledgor hereby
authorizes Pledgee to file, without the signature of Pledgor where permitted by law, one (1) or more financing or continuation statements, and amendments thereto, relating to the Collateral. 

(b) Power of Attorney. Pledgor hereby irrevocably appoints Pledgee as Pledgor’s attorney-in-fact and proxy, with full
authority in the place and stead of Pledgor and in the name of Pledgor or otherwise, from time to time if an Event of Default shall have occurred and be continuing, in Pledgee’s discretion but subject to the Subordination Agreement, to take any
action (except for the exercise of any voting rights pertaining to the Pledged Equity or any part thereof) and to execute any instrument, certificate or notice which Pledgee may deem necessary or advisable to accomplish the purposes of this
Agreement including: (i) to request or instruct Pledgor or the JV Company (and each registrar, transfer agent, or similar Person acting on behalf of Pledgor or the JV Company) to register the Pledged Equity or transfer the Collateral to
Pledgee; (ii) to otherwise give notification to Pledgor, the JV Company, registrar, transfer agent, financial intermediary, or other Person of Pledgee’s security interests hereunder; (iii) to ask, demand, collect, sue for, recover,
compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; (iv) to receive, indorse and collect any drafts or other instruments, documents and chattel paper; (v) to
file any claims or take any action or institute any proceedings which Pledgee may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Pledgee with respect to any of the Collateral, and
(vi) to act as its proxy and attorney-in-fact with respect to the Pledged Equity, including, subject to Section 4.7 hereof, the right to vote such Pledged Equity, with full power of substitution to do so, and to exercise all other rights,
powers, privileges, and remedies to which a holder of such Pledged Equity would be entitled, which proxy shall be effective automatically, and without the necessity of any action (including any transfer of any such Pledged Equity on the record books
of the JV Company) by any person, in each case, only upon the occurrence and during the continuance of an Event of Default. 

(c) Performance by Pledgee. If Pledgor fails to perform any agreement or obligation contained herein, Pledgee may, at the
direction of the Requisite Lenders, itself perform, or cause performance of, such agreement or obligation, and the expenses of Pledgee incurred in connection therewith shall be payable by Pledgor under Section 4.4 hereof. 

(d) Collection Rights. Pledgee shall have the right at any time, if an Event of Default shall have occurred and be
continuing, subject to the terms of the Subordination Agreement (with respect to the Collateral Pledged hereunder) to notify any or all obligors (including any and all Credit Parties) under any accounts or general intangibles included among the
Collateral of the assignment thereof to Pledgee and to direct such obligors to make payment of all amounts due or to become due to Pledgor thereunder directly to Pledgee and, upon such notification and at the expense of Pledgor or the JV Company and
to the extent permitted by law, to enforce collection thereof and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as Pledgor could have done. After Pledgor receives

  
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notice that Pledgee has given any notice referred to above in this subsection, (i) all amounts and proceeds (including instruments and writings) received by Pledgor in respect of such
accounts or general intangibles shall be received in trust for the benefit of Pledgee hereunder, shall be segregated from other funds of Pledgor and shall be forthwith paid over to Pledgee or, prior to the payment in full of the JV Company Credit
Facility Obligations, to the JV Company Credit Facility Agent (as agent for perfection for the Pledgee) in the same form as so received (with any necessary indorsement) to be held as cash collateral and (A) released to Pledgor upon the remedy
of all Events of Default, or (B) if any Event of Default shall have occurred and be continuing, applied as specified in Section 4.3 hereof; and (ii) Pledgor will not adjust, settle or compromise the amount or payment of any
such account or general intangible or release wholly or partly any account debtor or obligor thereof (including the JV Company) or allow any credit or discount thereon. 
 Section 4.2 Event of Default Remedies. If an Event of Default shall have occurred and be continuing, Pledgee may from time to time in its discretion and subject to the Subordination
Agreement, without limitation and without notice except as expressly provided below: 
 (a) exercise in respect of the
Collateral, in addition to other rights and remedies provided for herein, under the other Loan Documents or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the
affected Collateral); 
 (b) require Pledgor to, and Pledgor hereby agrees that it will upon request of Pledgee forthwith,
assemble all or part of the Collateral as directed by Pledgee and make it available to Pledgee at a place to be designated by Pledgee which is reasonably convenient to both parties; 

(c) reduce its claim to judgment against Pledgor or foreclose or otherwise enforce, in whole or in part, the security interest created
hereby by any available judicial procedure; 
 (d) dispose of, at its office, on the premises of Pledgor or elsewhere, all or
any part of the Collateral, as a unit or in parcels, by public or private proceedings, and by way of one or more contracts (it being agreed that the sale of any part of the Collateral shall not exhaust Pledgee’s power of sale, but sales may be
made from time to time, and at any time, until all of the Collateral has been sold or until the Obligations have been paid and performed in full), and at any such sale it shall not be necessary to exhibit any of the Collateral; 

(e) buy (or allow any Secured Party to buy) the Collateral, or any part thereof, at any public sale; 

(f) buy (or allow any Secured Party to buy) the Collateral, or any part thereof, at any private sale if the Collateral is of a type
customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations; and 
 (g) apply by appropriate judicial proceedings for appointment of a receiver for the Collateral, or any part thereof, and Pledgor hereby consents to any such appointment. 

  
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 Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten
(10) days’ notice to Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. Pledgee shall not be obligated to make any sale of Collateral regardless
of notice of sale having been given. Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so
adjourned. 
 Section 4.3 Application of Proceeds. If any Event of Default shall have occurred and be
continuing, Pledgee may in its discretion and subject to the Subordination Agreement apply any cash held by Pledgee as Collateral, and any cash proceeds received by Pledgee in respect of any sale of, collection from, or other realization upon all or
any part of the Collateral, in the order and manner contemplated by Section 7.6 of the Credit Agreement. 

Section 4.4 Release and Expenses. In addition to, and not in qualification of, any similar obligations under other
Loan Documents: 
 (a) Pledgor agrees to pay or reimburse the Pledgee or any Lender for all its reasonable out-of-pocket costs
and expenses incurred in enforcing or preserving any rights under this Agreement, including, without limitation, the reasonable fees and disbursements of counsel to the Pledgee to the same extent the Borrower would be required to do so pursuant to
Section 10.4 of the Credit Agreement. 
 (b) Pledgor agrees to pay, and to indemnify and save the Pledgee and the other
Secured Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or
in connection with any of the transactions contemplated by this Agreement 
 (c) Pledgor agrees to pay, and to indemnify and
save the Pledgee and the other Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the
execution, delivery, enforcement, performance and administration of this Agreement to the same extent the Borrower would be required to do so pursuant to Section 10.7 of the Credit Agreement. 

Section 4.5 Non-Judicial Remedies. In granting to Pledgee the power to enforce its rights hereunder without prior
judicial process or judicial hearing, Pledgor expressly waives, renounces and knowingly relinquishes any legal right which might otherwise require Pledgee to enforce its rights by judicial process. In so providing for non-judicial remedies, Pledgor
recognizes and concedes that such remedies are consistent with the usage of trade, are responsive to commercial necessity, and are the result of a bargain at arm’s length. Nothing herein is intended to prevent Pledgee or Pledgor from resorting
to judicial process at either party’s option. 
 Section 4.6 Other Recourse. Pledgor waives any right to
require Pledgee or the other Secured Parties to proceed against any other Person, exhaust any Collateral or other security for the Obligations, or to have any Other Liable Party joined with Pledgor in any suit arising out of

  
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the Obligations or this Agreement, or pursue any other remedy in Pledgee’s power. Pledgor further waives any and all notice of acceptance of this Agreement and of the creation, modification,
rearrangement, renewal or extension for any period of any of the Obligations from time to time. Pledgor further waives any defense arising by reason of any disability or other defense of any Other Liable Party or by reason of the cessation from any
cause whatsoever of the liability of any Other Liable Party. Until all of the Obligations shall have been paid in full, Pledgor shall have no right to subrogation and Pledgor waives the right to enforce any remedy which Pledgee or any other Secured
Party has or may hereafter have against any Other Liable Party, and waives any benefit of and any right to participate in any other security whatsoever now or hereafter held by Pledgee. Pledgor authorizes Pledgee and each other Secured Party,
without notice or demand and without any reservation of rights against Pledgor and without affecting Pledgor’s liability hereunder or on the Obligations, from time to time to (a) take or hold any other property of any type from any other
Person as security for the Obligations, and exchange, enforce, waive and release any or all of such other property; (b) renew, extend for any period, accelerate, modify, compromise, settle or release any of the obligations of any Other Liable
Party in respect to any or all of the Obligations or other security for the Obligations; (c) waive, enforce, modify, amend or supplement any of the provisions of any Loan Document with any Person other than Pledgor; and (d) release or
substitute any Other Liable Party. 
 Section 4.7 Voting Rights, Dividends Etc. in Respect of Pledged Equity.

 (a) So long as no Event of Default shall have occurred and be continuing and the JV Company is not otherwise prohibited from
making such dividends, distributions or payments pursuant to the JV Credit Agreement, including, without limitation, any “Permitted Tax Distributions” and “Economic Interest Agreement Payments” (each as defined in the JV Credit
Agreement), Pledgor may receive and retain any and all dividends, distributions or interest paid in respect of the Pledged Equity; provided, however, that any and all dividends, distributions and interest paid or payable other than in
cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of or in exchange for, any Pledged Equity, shall be, and shall forthwith be delivered to Pledgee (or to the JV Company Credit Facility
Agent, as bailee for perfection under the Intercreditor Agreement) to hold as, Pledged Equity and shall, if received by Pledgor, be received in trust for the benefit of Pledgee, be segregated from the other property or funds of Pledgor, and be
forthwith delivered to Pledgee in the exact form received with any necessary indorsement or appropriate stock powers duly executed in blank, to be held by Pledgee as Collateral. 

(b) If an Event of Default shall have occurred and be continuing, subject to the terms of the Intercreditor Agreement: 

(i) all rights of Pledgor to receive and retain the dividends, distributions and interest payments which Pledgor would
otherwise be authorized to receive and retain pursuant to subsection (a) of this Section 4.7 shall automatically cease, and all such rights shall thereupon become vested in Pledgee which shall thereupon have the right to receive and
hold as Pledged Equity such dividends, distributions and interest payments; 

  
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 (ii) without limiting the generality of the foregoing, concurrently with
notice to the Pledgor of its intent to exercise such rights, any or all of the Pledged Equity shall be registered in the name of the Pledgee or its nominee, and the Pledgee or its nominee may thereafter exercise (x) all voting, corporate and
other rights pertaining to such Pledged Equity at any meeting of shareholders of the JV Company or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such
Pledged Equity, as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Equity upon the merger, consolidation, reorganization, recapitalization or other fundamental
change in the corporate or other organizational structure of the JV Company, or upon the exercise by the Pledgor or the Pledgee of any right, privilege or option pertaining to such Pledged Equity, and in connection therewith, the right to deposit
and deliver any and all of the Pledged Equity with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Pledgee may determine), all without liability except to account for property
actually received by it, but the Pledgee shall have no duty to the Pledgor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing; and 

(iii) all dividends and interest payments which are received by Pledgor contrary to the provisions of
subsection (b)(i) of this Section 4.7 shall be received in trust for the benefit of Pledgee, shall be segregated from other funds of Pledgor, and shall be forthwith paid over to Pledgee as Pledged Equity in the exact form received,
to be held by Pledgee as Collateral. 
 Section 4.8 Registration Rights; Private Sale of Pledged Equity;
Notice. 
 (a) If the Pledgee shall determine to exercise its right to sell any or all of the Pledged Equity pursuant to
this Agreement, and if in the opinion of the Pledgee it is necessary or advisable to have the Pledged Equity, or that portion thereof to be sold, registered under the provisions of the Securities Act, Pledgor will cause the JV Company to
(i) execute and deliver, and cause its directors and officers to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of the Pledgee, necessary or advisable to
register the Pledged Equity, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts to cause the registration statement relating thereto to become effective and to remain effective for a period
of one (1) year from the date of the first public offering of the Pledged Equity, or that portion thereof to be sold, and (iii) make all amendments thereto and/or to the related prospectus which, in the opinion of the Pledgee, are
necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto. The Pledgor agrees to cause the JV Company to comply with the
provisions of the securities or “Blue Sky” laws of any and all jurisdictions which the Pledgee shall designate and to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which
will satisfy the provisions of Section 11(a) of the Securities Act. 
 (b) Pledgor recognizes that Pledgee may deem it
impracticable to effect a public sale of all or any part of the Pledged Equity and that Pledgee may, therefore, determine to 

  
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make one or more private sales of any such securities to a restricted group of purchasers who will be obligated to agree, among other things, to acquire such securities for their own account, for
investment and not with a view to the distribution or resale thereof. Pledgor acknowledges that any such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a
public sale and, notwithstanding the foregoing, agrees that such private sales shall be deemed to have been made in a commercially reasonable manner and that Pledgee shall have no obligation to delay the sale of any such securities for the period of
time necessary to permit Pledgor or the JV Company to register such securities (with no obligation of either Pledgor or any Subsidiary to accomplish such registration) for public sale under the Securities Act. 

(c) To the extent permitted under applicable law, the Pledgor hereby waives notice of the time and place of any public sale or the time
after which any private sale or other disposition of all or any part of the Collateral may be made. If any notice of a proposed sale or other disposition of Collateral shall be required by law, which is not waived hereunder, such notice shall be
deemed reasonable and proper in every case if given at least ten (10) days prior (or such shorter period as may be commercially reasonable) to (i) the date of any such public sale or (ii) the time after which any such private sale or
other disposition may be made. 
 Section 4.9 Limitation on Rights and Waivers. All rights, powers and
remedies herein conferred shall be exercisable by Pledgee only to the extent not prohibited by applicable law; and all waivers and relinquishments of rights and similar matters shall only be effective to the extent such waivers or relinquishments
are not prohibited by applicable law. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1 Notices. All notices,
requests and demands to or upon the Pledgee or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement. 
 Section 5.2 Amendments. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 10.1 of the
Credit Agreement. 
 Section 5.3 Preservation of Rights. Neither the Pledgee nor any other Secured Party
shall by any act (except by a written instrument pursuant to Section 5.2 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No
failure to exercise, nor any delay in exercising, on the part of the Pledgee or any other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Pledgee or any other Secured Party of any right or remedy hereunder on any one occasion shall not be construed as
a bar to any right or remedy which the Pledgee or such other Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any
other rights or remedies provided by law. 

  
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 Section 5.4 Unenforceability. Any provision of this Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or invalidity without invalidating the remaining portions hereof or thereof and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 5.5 Survival of Agreements. All representations and warranties of Pledgor herein, and all covenants and
agreements herein shall survive the execution and delivery of this Agreement, the execution and delivery of any other Loan Documents and the creation of the Obligations. 
 Section 5.6 Other Liable Party. Neither this Agreement nor the exercise by Pledgee or any other Secured Party or the failure of Pledgee or any other Secured Party to exercise any right,
power or remedy conferred herein or by law shall be construed as relieving any Other Liable Party from liability on the Obligations or any deficiency thereon. This Agreement shall continue irrespective of the fact that the liability of any Other
Liable Party may have ceased or irrespective of the validity or enforceability of any other Loan Document to which Pledgor or any Other Liable Party may be a party, and notwithstanding the reorganization, death, incapacity or bankruptcy of any Other
Liable Party, and notwithstanding the reorganization or bankruptcy or other event or proceeding affecting any Other Liable Party. 
 Section 5.7 Binding Effect and Assignment. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the Pledgee and the other
Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Pledgee. 

Section 5.8 Termination. It is contemplated by the parties hereto that there may be times when no Obligations are
outstanding, but notwithstanding such occurrences, this Agreement shall remain valid and shall be in full force and effect as to subsequent outstanding Obligations for so long as the Credit Agreement shall remain effective. Collateral shall be
released from the Lien created by this Agreement to the extent provided in Section 8.10(c) of the Credit Agreement. 

Section 5.9 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED
IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 Section 5.10 Counterparts. This
Agreement may be separately executed in any number of counterparts, all of which when so executed shall be deemed to constitute one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or
other electronic transmission (e.g., .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 Section 5.11 Loan Document. This Agreement is a “Loan
Document”, as defined in the Credit Agreement, and, except as expressly provided herein to the contrary, this Agreement is subject to all provisions of the Credit Agreement governing the Loan Documents. 

Section 5.12 Specific Performance of Certain Covenants. Pledgor acknowledges and agrees that a breach of any of the
covenants contained in Sections 3.2, 3.3, 4.7 and 4.8 hereof will cause irreparable injury to the Pledgee and the other Secured Parties, that the Pledgee and the other Secured Parties have no adequate remedy at law in respect of such breaches and
therefore agrees, without limiting the right of the Pledgee or the Secured Parties to seek and obtain specific performance of other obligations of Pledgor contained in this Agreement, that the covenants of the Pledgor contained in the Sections
referred to in this Section 5.12 shall, to the extent permitted under applicable law, be specifically enforceable against the Pledgor. 
 Section 5.13 WAIVER OF JURY TRIAL. EACH OF THE PLEDGOR AND THE PLEDGEE HEREBY ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED BY AND HAS CONSULTED WITH COUNSEL OF ITS CHOICE, AND HEREBY
KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENTOR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY) EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) 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 5.14 Submission To Jurisdiction; Waivers. Pledgor hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement
of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;

 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to the Pledgor at its address referred to in Section 5.1 hereof; 

  
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 (d) agrees that nothing herein shall affect the right to effect service of process in
any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum
extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

Section 5.15 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should
any petition be filed by or against the Pledgor for liquidation or reorganization, should the Pledgor become insolvent or make an assignment for the benefit of any creditor or creditors, should a receiver or trustee be appointed for all or any
significant part of any the Pledgor’s assets, or any similar proceeding is initiated or undertaken and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part
thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all
as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned. 
 Section 5.16 Intercreditor Agreement. The security
interests created by this Agreement are junior and subordinate to the security interests on any Collateral created by any pledge or security agreement or similar instrument now or hereafter granted to the JV Company Credit Facility Agent, and its
successors and assigns, in such Collateral, in accordance with the provisions of the Intercreditor Agreement dated as of August 31, 2012 among JPMorgan Chase Bank, N.A., as Administrative Agent, the Pledgee, JV Holding Sub and Borrower, as
amended from time to time. Accordingly, notwithstanding any other provision of this Agreement, all covenants, representations, warranties, remedies and other provisions of this Agreement are subject to the provisions of the Intercreditor Agreement
and, to the extent provided therein, the JV Company Credit Facility Documents, and including without limitation any such provisions thereunder pertaining to any pledges, liens or security interests in the Collateral or any remedies or enforcement
rights pertaining to such Collateral. 
 [Signature Pages to Follow] 

  
 15 

 IN WITNESS WHEREOF, Pledgor has executed and delivered this Agreement, as of the date first
above written. 
  

			
	PAR PICEANCE ENERGY EQUITY LLC
		
	By:	 	 /s/ John T. Young, Jr.

	Name:	 	John T. Young, Jr.
	Title:	 	Chief Executive Officer

  
 [SIGNATURE
PAGE TO PAR PICEANCE ENERGY EQUITY LLC PLEDGE AGREEMENT] 

 The JV Company hereby acknowledges and consents to the pledge of the Collateral and hereby
agrees to observe and perform each and every provision of this Agreement applicable to the JV Company. 
  

			
	PICEANCE ENERGY, LLC
		
	By:	 	 /s/ Bruce L. Payne

		 	Bruce L. Payne,
		 	President and
		 	Chief Financial Officer

  
 [SIGNATURE
PAGE TO PAR PICEANCE ENERGY EQUITY LLC PLEDGE AGREEMENT] 

			
	JEFFERIES FINANCE LLC
	as Administrative Agent
		
	By:	 	 /s/ E. Joseph Hess

	Name:	 	E. Joseph Hess
	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO PAR PICEANCE ENERGY EQUITY LLC PLEDGE AGREEMENT]

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