Document:

Guaranty Agreement.

 Exhibit 10.1 
 Execution Version 
  
  

GUARANTY AGREEMENT 
 DATED AS OF FEBRUARY 21, 2012 
 OF 

ZAZA HOLDINGS, INC., 
 ZAZA ENERGY, LLC, AND 
 TOREADOR RESOURCES CORPORATION 

 
  

  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 SECTION 1         GUARANTY
	  	 	1	  
		
	 SECTION 2        OBLIGATIONS ABSOLUTE
	  	 	2	  
		
	 SECTION 3        WAIVER
	  	 	3	  
		
	 SECTION 4        OBLIGATIONS UNIMPAIRED
	  	 	3	  
		
	 SECTION 5        SUBROGATION AND SUBORDINATION
	  	 	4	  
		
	 SECTION 6        REINSTATEMENT OF GUARANTY
	  	 	5	  
		
	 SECTION 7        REPRESENTATIONS AND WARRANTIES OF EACH
GUARANTOR
	  	 	6	  
			
	 Section 7.1
	  	Organization; Power and Authority	  	 	6	  
			
	 Section 7.2
	  	Authorization, Etc.	  	 	6	  
			
	 Section 7.3
	  	Compliance with Laws, Other Instruments, Etc.	  	 	6	  
			
	 Section 7.4
	  	Governmental Authorizations, Etc.	  	 	6	  
			
	 Section 7.5
	  	Information Regarding the Company	  	 	6	  
			
	 Section 7.6
	  	Solvency	  	 	7	  
		
	 SECTION 8        TERM OF GUARANTY AGREEMENT
	  	 	7	  
		
	 SECTION 9        SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE
AGREEMENT
	  	 	7	  
		
	 SECTION 10      AMENDMENT AND WAIVER
	  	 	7	  
			
	 Section 10.1
	  	Requirements	  	 	7	  
			
	 Section 10.2
	  	Solicitation of Holders of Notes	  	 	7	  
			
	 Section 10.3
	  	Binding Effect	  	 	8	  
			
	 Section 10.4
	  	Notes Held By Company, Etc.	  	 	8	  
		
	 SECTION 11      NOTICES
	  	 	8	  
		
	 SECTION 12      MISCELLANEOUS
	  	 	9	  
			
	 Section 12.1
	  	Successors and Assigns; Joinder	  	 	9	  
			
	 Section 12.2
	  	Severability	  	 	9	  
			
	 Section 12.3
	  	Construction	  	 	9	  
			
	 Section 12.4
	  	Further Assurances	  	 	9	  
			
	 Section 12.5
	  	Governing Law	  	 	9	  
			
	 Section 12.6
	  	Jurisdiction and Process; Waiver of Jury Trial	  	 	9	  
			
	 Section 12.7
	  	Reproduction of Documents; Execution	  	 	10	  

  
 i 

 GUARANTY AGREEMENT 

This GUARANTY AGREEMENT, dated as of February 21, 2012 (this “Guaranty Agreement”), is made by each of the
undersigned (each a “Guarantor” and, together with each of the other signatories hereto and any other entities from time to time parties hereto pursuant to Section 12.1 hereof, the “Guarantors”) in favor of the
Purchasers (as defined below) and U.S. Bank National Association, in its capacity as collateral agent (together with its successors and assigns, the “Collateral Agent”) for itself and the Purchasers. The Purchasers and the
Collateral Agent are herein collectively called the “holders” and individually a “holder”. 

PRELIMINARY STATEMENTS: 
 WHEREAS, ZaZa Energy Corporation, a Delaware corporation (the “Company”), is entering into a Securities Purchase Agreement, dated as of February 21, 2012 (as amended, modified,
supplemented or restated from time to time, the “Securities Purchase Agreement”), with the Persons listed on the signature pages thereto (together with their respective successors and assigns, the “Purchasers”)
simultaneously with the delivery of this Guaranty Agreement. Capitalized terms used herein have the meanings specified in the Securities Purchase Agreement unless otherwise defined herein; 

WHEREAS, the Company has authorized the issuance, pursuant to the Securities Purchase Agreement, of 8.00% Senior Secured Notes due
February 21, 2017 in the aggregate principal amount of $100,000,000 (as amended, restated, or otherwise modified from time to time, the “Initial Notes”). The Initial Notes and any other Notes that may from time to time be
issued pursuant to the Securities Purchase Agreement (including any notes issued in substitution for any of the Notes), as the same may be amended, modified, supplemented or restated from time to time, are herein collectively called the
“Notes” and individually a “Note”; 
 WHEREAS, it is a condition to the agreement of the
Purchasers to purchase the Notes that this Guaranty Agreement shall have been executed and delivered by each Guarantor and shall be in full force and effect; and 
 WHEREAS, each Guarantor will receive direct and indirect benefits from the financing arrangements contemplated by the Securities Purchase Agreement and the board of directors (or similar governing body)
of each Guarantor has determined that the incurrence of such obligations is in the best interests of such Guarantor. 
 NOW,
THEREFORE, in order to induce, and in consideration of, the execution and delivery of the Securities Purchase Agreement and the purchase of the Notes by each of the Purchasers, each Guarantor hereby covenants and agrees with, and represents and
warrants to each of the holders as follows: 
 SECTION 1 GUARANTY. 

Each Guarantor hereby irrevocably, unconditionally and jointly and severally with the other Guarantors guarantees to each holder, the due
and punctual payment in full of (a) the principal of, Premium on and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or

  

 
like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and any other amounts due under, the Notes when and as the same shall become due
and payable (whether at stated maturity or by required or optional prepayment or by acceleration or otherwise) and (b) any other sums which may become due under the terms and provisions of the Notes, the Securities Purchase Agreement, any other
Transaction Document or any other instrument referred to therein (all such obligations described in clauses (a) and (b) above are herein called the “Guaranteed Obligations”). The guaranty in the preceding sentence is an
absolute, present and continuing guaranty of payment and not of collectibility and is in no way conditional or contingent upon any attempt to collect from the Company or any other guarantor of the Guaranteed Obligations (including, without
limitation, any other Guarantor hereunder) or upon any other action, occurrence or circumstance whatsoever. In the event that the Company shall fail so to pay any of such Guaranteed Obligations, each Guarantor agrees to pay the same when due to the
holders entitled thereto, without demand, presentment, protest or notice of any kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes, the Securities Purchase Agreement or the other
Transaction Documents, as applicable. Each default in payment of any of the Guaranteed Obligations shall give rise to a separate cause of action hereunder and separate suits may be brought hereunder as each cause of action arises. Each Guarantor
agrees that the Notes issued in connection with the Securities Purchase Agreement may (but need not) make reference to this Guaranty Agreement. 
 Each Guarantor agrees to pay and to indemnify and save each holder harmless from and against any damage, loss, cost or expense (including reasonable attorneys’ fees) which such holder may incur or be
subject to as a consequence, direct or indirect, of (x) any breach by such Guarantor, by any other Guarantor or by the Company of any warranty, covenant, term or condition in, or the occurrence of any default under, this Guaranty Agreement, the
Notes, the Securities Purchase Agreement or any other instrument referred to therein, together with all expenses resulting from the compromise or defense of any claims or liabilities arising as a result of any such breach or default, (y) any
legal action commenced to challenge the validity or enforceability of this Guaranty Agreement, the Notes, the Securities Purchase Agreement or any other instrument referred to therein and (z) enforcing or defending the provisions of this
Guaranty Agreement. 
 Each Guarantor hereby acknowledges and agrees that such Guarantor’s liability hereunder is joint and
several with the other Guarantors and any other Person(s) who may guarantee the obligations and Debt under and in respect of the Notes, the Securities Purchase Agreement and any other Transaction Document. 

SECTION 2 OBLIGATIONS ABSOLUTE. 
 The obligations of each Guarantor hereunder shall be primary, absolute, irrevocable and unconditional, irrespective of the validity or enforceability of the Notes, the Securities Purchase Agreement or any
other instrument referred to therein, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim such Guarantor may have against the Company or any holder or otherwise, and shall remain in full force and effect
without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not such Guarantor shall have any knowledge or notice thereof),

  
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including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes, the Securities Purchase Agreement or any other instrument referred to therein
(it being agreed that the obligations of each Guarantor hereunder shall apply to the Notes, the Securities Purchase Agreement or any such other instrument as so amended, modified, supplemented or restated) or any assignment or transfer of any
thereof or of any interest therein, or any furnishing, acceptance or release of any security for the Notes or the addition, substitution or release of any other Guarantor or any other entity or other Person primarily or secondarily liable in respect
of the Guaranteed Obligations; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Notes, the Securities Purchase Agreement or any other instrument referred to therein; (c) any bankruptcy,
insolvency, arrangement, reorganization, readjustment, composition, liquidation or similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of any Guarantor or of the Company into or with any
other Person or any sale, lease or transfer of any or all of the assets of any Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with or perform any of the terms of any other
agreement with any Guarantor; (f) any failure on the part of any holder to obtain, maintain, register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise constitute a legal or equitable discharge
or defense of a guarantor, and in any event however material or prejudicial it may be to any Guarantor or to any subrogation, contribution or reimbursement rights any Guarantor may otherwise have. Each Guarantor covenants that its obligations
hereunder will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other obligations hereunder. 
 SECTION 3 WAIVER. 
 Each Guarantor unconditionally waives to the
fullest extent permitted by law, (a) notice of acceptance hereof, of any action taken or omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes, the Securities Purchase Agreement or any
other instrument referred to therein, and of any of the matters referred to in Section 2 hereof, (b) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of any holder against such Guarantor,
including, without limitation, presentment to or demand for payment from the Company or any Guarantor with respect to any Note, notice to the Company or to any Guarantor of default or protest for nonpayment or dishonor and the filing of claims with
a court in the event of the bankruptcy of the Company, (c) any right to require any holder to enforce, assert or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Securities Purchase
Agreement, the Notes or any other Transaction Document, (d) any requirement for diligence on the part of any holder and (e) any other act or omission or thing or delay in doing any other act or thing which might in any manner or to any
extent vary the risk of such Guarantor or otherwise operate as a discharge of such Guarantor or in any manner lessen the obligations of such Guarantor hereunder. 
 SECTION 4 OBLIGATIONS UNIMPAIRED. 
 Each Guarantor authorizes the
holders, without notice or demand to such Guarantor or any other Guarantor and without affecting its obligations hereunder, from time to time: (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any

  
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part of the Notes, or any obligations under the Securities Purchase Agreement or any other instrument referred to therein; (b) to change any of the representations, covenants, events of
default or any other terms or conditions of or pertaining to the Notes, the Securities Purchase Agreement or any other instrument referred to therein, including, without limitation, decreases or increases in amounts of principal, rates of interest,
Premium or any other obligation; (c) to take and hold security for the payment of the Notes, the Securities Purchase Agreement or any other instrument referred to therein, for the performance of this Guaranty Agreement or otherwise for the Debt
guaranteed hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale thereof as the holders in their sole discretion may determine; (e) to
obtain additional or substitute endorsers or guarantors or release any other Guarantor or any other Person or entity primarily or secondarily liable in respect of the Guaranteed Obligations; (f) to exercise or refrain from exercising any rights
against the Company, any Guarantor or any other Person; and (g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed Obligations and all other obligations owed hereunder. The holders shall have no
obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any security provided by the Company, such Guarantor or any other Guarantor or any other Person or to pursue any other remedy available to the
holders. 
 If an event permitting the acceleration of the maturity of the principal amount of any Notes shall exist and such
acceleration shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at such time be delayed or otherwise affected by reason of the pendency against the Company, any Guarantor
or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, such Guarantor agrees that, for purposes of this Guaranty Agreement and its obligations hereunder, the maturity of such principal amount shall be deemed to have
been accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Securities Purchase Agreement, and such Guarantor shall forthwith pay such accelerated Guaranteed Obligations. 

SECTION 5 SUBROGATION AND SUBORDINATION. 
 (a) Each Guarantor will not exercise any rights which it may have acquired by way of subrogation under this Guaranty Agreement, by any payment made hereunder or otherwise, or accept any payment on account
of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Notes or this Guaranty Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly
paid in full in cash. 
 (b) Each Guarantor hereby subordinates the payment of all Debt and other obligations of the Company or
any other guarantor of the Guaranteed Obligations owing to such Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in clause (a) of this Section 5, to the indefeasible
payment in full in cash of all of the Guaranteed Obligations. If the Collateral Agent so requests, any such Debt or other obligations shall be enforced and performance received by such Guarantor as trustee for the holders and the proceeds thereof
shall be paid over to the Collateral Agent promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Collateral Agent, but without
reducing or affecting in any manner the liability of any Guarantor under this Guaranty Agreement. 

  
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 (c) If any amount or other payment is made to or accepted by any Guarantor in violation of
any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the holders and shall be paid over to the Collateral
Agent promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Collateral Agent, but without reducing or affecting in any manner
the liability of such Guarantor under this Guaranty Agreement. 
 (d) Each Guarantor acknowledges that it will receive direct
and indirect benefits from the financing arrangements contemplated by the Securities Purchase Agreement and that its agreements set forth in this Guaranty Agreement (including this Section 5) are knowingly made in contemplation of such
benefits. 
 (e) Each Guarantor hereby agrees that, to the extent that a Guarantor shall have paid an amount hereunder to the
Collateral Agent that is greater than the net value of the benefits received, directly or indirectly, by such paying Guarantor as a result of the issuance and sale of the Notes (such net value, its “Proportionate Share”), such
paying Guarantor shall, subject to Section 5(a) and 5(b), be entitled to contribution from any Guarantor that has not paid its Proportionate Share of the Guaranteed Obligations. Any amount payable as a contribution under this Section 5(e)
shall be determined as of the date on which the related payment is made by such Guarantor seeking contribution and each Guarantor acknowledges that the right to contribution hereunder shall constitute an asset of such Guarantor to which such
contribution is owed. Notwithstanding the foregoing, the provisions of this Section 5(e) shall in no respect limit the obligations and liabilities of any Guarantor to the holders hereunder or under the Notes, the Securities Purchase Agreement
or any other document, instrument or agreement executed in connection therewith, and each Guarantor shall remain jointly and severally liable for the full payment and performance of the Guaranteed Obligations. 

SECTION 6 REINSTATEMENT OF GUARANTY. 
 This Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time payment, in whole or in part, of any of the sums due to any holder on account
of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any other guarantors, or upon or as a result of the
appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other guarantors or any part of its or their property, or otherwise, all as though such payments had not been made. 

  
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 SECTION 7 REPRESENTATIONS AND WARRANTIES OF EACH GUARANTOR. 

Each Guarantor represents and warrants to each holder as follows: 

Section 7.1 Organization; Power and Authority. Such Guarantor is a corporation or limited liability company, as
applicable, duly organized, validly existing and in good standing under the laws of its jurisdiction of Delaware or Texas, as applicable, and is duly qualified as a foreign corporation or limited liability company, as applicable, and is in good
standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. Such Guarantor has the corporate or limited liability company power and authority, as applicable, to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and
proposes to transact, to execute and deliver this Guaranty Agreement and to perform the provisions hereof. 

Section 7.2 Authorization, Etc. This Guaranty Agreement has been duly authorized by all necessary corporate or limited
liability company action, as applicable, on the part of such Guarantor, and this Guaranty Agreement constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such
enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 
 Section 7.3 Compliance with
Laws, Other Instruments, Etc. The execution, delivery and performance by such Guarantor of this Guaranty Agreement will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in
respect of any property of such Guarantor or any of its Subsidiaries under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational documents, or any other agreement or instrument to which such Guarantor or
any of its Subsidiaries is bound or by which such Guarantor or any of its Subsidiaries or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any
order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to such Guarantor or any of its Subsidiaries or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority
applicable to such Guarantor or any of its Subsidiaries. “Governmental Authority” means (x) the government of (i) the United States of America or any State or other political subdivision thereof, or (ii) any other
jurisdiction in which such Guarantor or any of its Subsidiaries conducts all or any part of its business, or which asserts jurisdiction over any properties of such Guarantor or any of its Subsidiaries, or (y) any entity exercising executive,
legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 

Section 7.4 Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or
declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by such Guarantor of this Guaranty Agreement. 
 Section 7.5 Information Regarding the Company. Such Guarantor now has and will continue to have independent means of obtaining information concerning the affairs, financial condition
and business of the Company. No holder shall have any duty or responsibility to provide such Guarantor with any credit or other information concerning the affairs, financial condition or business of the Company which may come into possession of the
holders. Such 

  
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Guarantor has executed and delivered this Guaranty Agreement without reliance upon any representation by the holders including, without limitation, with respect to (a) the due execution,
validity, effectiveness or enforceability of any instrument, document or agreement evidencing or relating to any of the Guaranteed Obligations or any loan or other financial accommodation made or granted to the Company, (b) the validity,
genuineness, enforceability, existence, value or sufficiency of any property securing any of the Guaranteed Obligations or the creation, perfection or priority of any lien or security interest in such property or (c) the existence, number,
financial condition or creditworthiness of other guarantors or sureties, if any, with respect to any of the Guaranteed Obligations. 
 Section 7.6 Solvency. Upon the execution and delivery hereof, such Guarantor will be solvent, will be able to pay its debts as they mature, and will have capital sufficient to carry on
its business. 
 SECTION 8 TERM OF GUARANTY AGREEMENT. 
 This Guaranty Agreement and all guarantees, covenants and agreements of the Guarantors contained herein shall continue in full force and effect and shall not be discharged until such time as all of the
Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to Section 6. 
 SECTION 9 SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

All representations and warranties contained herein shall survive the execution and delivery of this Guaranty Agreement and may be relied
upon by any subsequent holder, regardless of any investigation made at any time by or on behalf of the Collateral Agent, any Purchaser or any other holder. All statements contained in any certificate or other instrument delivered by or on behalf of
a Guarantor pursuant to this Guaranty Agreement shall be deemed representations and warranties of such Guarantor under this Guaranty Agreement. Subject to the preceding sentence, this Guaranty Agreement embodies the entire agreement and
understanding between each holder and the Guarantors and supersedes all prior agreements and understandings relating to the subject matter hereof. 
 SECTION 10 AMENDMENT AND WAIVER. 
 Section 10.1
Requirements. This Guaranty Agreement may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Required Noteholders, except
that no amendment or waiver (a) of any of the provisions of Section 1, 2, 3, 4, 5, 6, 7, 8, or 10 hereof, or any defined term (as it is used therein), or (b) which results in the limitation of the liability of any Guarantor hereunder
will be effective as to any holder unless consented to by such holder in writing. 
 Section 10.2 Solicitation of
Holders. 
 (a) Solicitation. Each Guarantor will provide each holder with sufficient information, sufficiently far
in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof. 

  
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 (b) Payment. The Guarantors will not directly or indirectly pay or cause to be
paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder as consideration for or as an inducement to the entering into by any holder of any
waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder even if such
holder did not consent to such waiver or amendment. 
 Section 10.3 Binding Effect. Any amendment or waiver
consented to as provided in this Section 10 applies equally to all holders and is binding upon them and upon each future holder and upon each Guarantor without regard to whether any Transaction Document has been marked to indicate such
amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon. No course of dealing between a Guarantor and the holder nor any
delay in exercising any rights hereunder or under any Transaction Document shall operate as a waiver of any rights of any holder. As used herein, the term “this Guaranty Agreement” and references thereto shall mean this Guaranty
Agreement as it may be amended, modified, supplemented or restated from time to time. 
 Section 10.4
Notes Held By Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be
given under this Guaranty Agreement, or have directed the taking of any action provided herein to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or
indirectly owned by any Guarantor, the Company or any of their respective Affiliates shall be deemed not to be outstanding. 

SECTION 11 NOTICES. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day
sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service
(with charges prepaid). Any such notice must be sent: 
 (x) if to any Guarantor, to the address listed below such
Guarantor’s signature hereto, or such other address as such Guarantor shall have specified to the holders in writing, 

(y) if to any Purchaser, to such Purchaser at the addresses specified for such communications set forth in the Purchaser Schedule to the
Securities Purchase Agreement, or such other address as such holder shall have specified to the Guarantors in writing, or 
 (z)
if to the Collateral Agent, to 5555 San Felipe Street, Suite 1150, Houston, Texas 77056, Attention: Mauri Cowen, Vice President, Facsimile: 713-235-9213 or such other address as the Collateral Agent shall have specified to the Guarantors in writing.

  
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 SECTION 12 MISCELLANEOUS. 

Section 12.1 Successors and Assigns; Joinder. All covenants and other agreements contained in this Guaranty Agreement
by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not. It is agreed and understood that any Person may become a Guarantor hereunder by executing a Guarantor
Supplement substantially in the form of Exhibit A attached hereto and delivering the same to the Holders. Any such Person shall thereafter be a “Guarantor” for all purposes under this Guaranty Agreement. 

Section 12.2 Severability. Any provision of this Guaranty Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 12.3 Construction. Each covenant contained herein shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse compliance with any other covenant. Whether any provision herein
refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

The section and subsection headings in this Guaranty Agreement are for convenience of reference only and shall neither be deemed to be a
part of this Guaranty Agreement nor modify, define, expand or limit any of the terms or provisions hereof. All references herein to numbered sections, unless otherwise indicated, are to sections of this Guaranty Agreement. Words and definitions in
the singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so requires.

 Section 12.4 Further Assurances. Each Guarantor agrees to execute and deliver all such instruments and
take all such action as the holders may from time to time reasonably request in order to effectuate fully the purposes of this Guaranty Agreement. 
 Section 12.5 Governing Law. THIS GUARANTY AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE INTERNAL LAW OF THE STATE
OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
 Section 12.6 Jurisdiction and Process; Waiver of Jury Trial. 
 (a)
Each Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Guaranty
Agreement or any of the agreements, documents or instruments delivered in connection herewith or therewith. To the 

  
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fullest extent permitted by applicable law, each Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the
jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. 
 (b) Nothing in this Section 12.6 shall affect the right of any holder
to serve process in any manner permitted by law, or limit any right that the holders may have to bring proceedings against any Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one
jurisdiction in any other jurisdiction. 
 (c) THE GUARANTORS HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR ANY OTHER AGREEMENT, DOCUMENT OR INSTRUMENT DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR THE ACTIONS OF THE
HOLDERS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. 
 Section 12.7
Reproduction of Documents; Execution. This Guaranty Agreement may be reproduced by any holder by any photographic, photostatic, electronic, digital, or other similar process and such holder may destroy any original document so reproduced.
Each Guarantor agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by such holder in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 12.7
shall not prohibit any Guarantor or any other holder from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. Delivery of an
executed counterpart of a signature page to this Guaranty Agreement by telecopier or pdf shall be effective as delivery of a manually executed counterpart of this Guaranty Agreement. 

  
 -10-

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty Agreement to be duly executed
and delivered as of the date and year first above written. 
  

					
	ZAZA HOLDINGS, INC.
		
	By:	 	/s/ John E. Hearn, Jr.
		 	Name:	 	John E. Hearn, Jr.
		 	Title:	 	President

  

					
	ZAZA ENERGY, LLC
		
	By:	 	/s/ Todd Alan Brooks
		 	Name:	 	Todd Alan Brooks
		 	Title:	 	Manager

  

					
	TOREADOR RESOURCES CORPORATION
		
	By:	 	 /s/ Craig M. McKenzie

		 	Name:	 	Craig M. McKenzie
		 	Title:	 	President and Chief Executive Officer

  

			
	Notice Address for each Guarantor:
	
	
	 c/o ZaZa Energy Corporation
 1301 McKinney Street, Suite 2850
 Houston, TX 77010

Attn: Charles Campise
 Tel:
713-595-1900
 Fax: 713-595-1919

  
 -11-Form of Collateral Agency Agreement.

 Exihbit 10.2 

 
 COLLATERAL AGENCY AGREEMENT 

among 

U.S. BANK NATIONAL ASSOCIATION, 
 as Collateral Agent 
 and 

EACH OF THE HOLDERS OF NOTES OF ZAZA ENERGY 
 CORPORATION 
 DATED AS OF
FEBRUARY 21, 2012 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	1.	  	DEFINED TERMS	  	 	2	  
			
	2.	  	APPOINTMENT	  	 	4	  
			
	3.	  	LIMITATIONS ON DUTIES AND ACTIONS OF COLLATERAL AGENT	  	 	4	  
			
	4.	  	RECOURSE THROUGH COLLATERAL AGENT; CERTAIN RIGHTS OF SECURED PARTIES AGAINST OBLIGORS; SHARING OF COLLATERAL	  	 	5	  
			
	5.	  	CO-AGENTS; COLLATERAL AGENT’S USE OF PROFESSIONALS	  	 	5	  
			
	6.	  	INSTRUCTIONS FROM NOTEHOLDERS; ENFORCEMENT NOTICE	  	 	6	  
			
	7.	  	NO RESPONSIBILITY OF COLLATERAL AGENT FOR CERTAIN MATTERS	  	 	7	  
			
	8.	  	LIMITED DUTIES OF COLLATERAL AGENT REGARDING COLLATERAL; OPINION OF COUNSEL AND FURTHER ACTS WITH RESPECT TO COLLATERAL	  	 	8	  
			
	9.	  	RELIANCE ON WRITINGS	  	 	8	  
			
	10.	  	RESIGNATION AND REMOVAL OF COLLATERAL AGENT	  	 	9	  
			
	11.	  	FEES; INDEMNITY	  	 	10	  
			
	12.	  	COLLATERAL AGENT’S FUNDS NOT AT RISK	  	 	11	  
			
	13.	  	INDEPENDENT CREDIT DECISIONS	  	 	11	  
			
	14.	  	DETERMINATION OF NOTEHOLDERS; SUBSEQUENT NOTEHOLDERS BOUND	  	 	11	  
			
	15.	  	MISCELLANEOUS	  	 	12	  
			
	16.	  	THIRD PARTY AGREEMENTS	  	 	16	  

 Schedule I - Addresses of Obligors 

  
 i 

 COLLATERAL AGENCY AGREEMENT 

This COLLATERAL AGENCY AGREEMENT (as amended, supplemented or otherwise modified from time to time, this
“Agreement”) is made as of February 21, 2012, among (i) U.S. Bank National Association, a national banking association (in its individual capacity, “U.S. Bank” and in its capacity as collateral agent for
the Noteholders or the Secured Parties (each as defined below), the “Collateral Agent”), and (ii) each of the Purchasers party hereto and each Additional Purchaser that becomes a party hereto in accordance with
Section 15(d) hereof (together with their respective successors and assigns as holders of Notes, the “Noteholders” and, together with the Collateral Agent, collectively, the “Secured Parties”), and is
acknowledged and consented to by ZaZa Energy Corporation, a Delaware corporation (the “Company”) and the subsidiaries of the Company listed on the signature pages to the Acknowledgment of and Consent and Agreement to Collateral
Agency Agreement (the “Acknowledgment”) appended to this Agreement (each, a “Guarantor” and collectively, the “Guarantors” and together with the Company, collectively, the
“Obligors” and individually, each an “Obligor”). 
 RECITALS 

A. Reference is made to that certain Securities Purchase Agreement, dated as of February 21, 2012 (as the same from time to
time hereafter may be amended, restated, supplemented or otherwise modified, the “Securities Purchase Agreement”), by and among the Company and the Purchasers named therein, pursuant to which, subject to the terms and conditions set
forth therein, the Company is issuing the Notes (as defined below) to such Purchasers. 
 B. Reference is also made to
that certain Guaranty Agreement, dated as of February 21, 2012 (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified, the “Guaranty Agreement”) by each Guarantor, and each
additional Person that hereinafter executes a joinder thereto, in favor of the Purchasers, pursuant to which such Persons are, among other things, agreeing to guarantee the full, complete and final payment and performance of the “Guaranteed
Obligations” (as defined in the Guaranty Agreement). 
 D. The Purchasers have agreed to purchase the Notes as
provided in the Securities Purchase Agreement, the Notes, the Guaranty Agreement, but only upon the condition, among others, that the Obligors grant to the Collateral Agent, for the benefit of the Noteholders, as security for the Obligors’
obligations to the Noteholders and the Collateral Agent under or in respect of the Securities Purchase Agreement, the Notes, the Guaranty Agreement and the other Transaction Documents, a perfected lien on, and security interest in, all of the
Obligors real and personal property, including, without limitation, the Collateral (as defined below). 
 G.
Pursuant to the Collateral Documents (as defined in the Securities Purchase Agreement), the Obligors will grant valid liens on and security interests in the Collateral to the Collateral Agent, for the benefit of the Secured Parties. 

 H. The Noteholders desire that U.S. Bank act as the collateral agent for and on
behalf of all of the Secured Parties regarding the Collateral, all as more fully provided herein; and the Collateral Agent and the Noteholders have entered into this Agreement to, among other things, further define the rights, duties, authority and
responsibilities of the Collateral Agent and the relationship among the Noteholders regarding their pari passu interests in the Collateral. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing
premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Collateral Agent and the Noteholders agree as follows: 

 

	1.	DEFINED TERMS. 

 All
capitalized terms used herein and in the Acknowledgment and not defined herein or therein have the respective meanings ascribed thereto in the Securities Purchase Agreement. As used in this Agreement, and unless the context requires a different
meaning, the following terms have the respective meanings indicated below, all such definitions to be equally applicable to the singular and plural forms of the terms defined. 
 Acknowledgment – has the meaning specified for such term in the Preamble hereto. 
 Actionable Default – the existence and continuance of any Event of Default (as such term is defined in the Securities Purchase Agreement) beyond any grace period in respect thereof
provided in the Securities Purchase Agreement or the acceleration of the maturity of the Notes. 
 Additional Purchasers
– means, collectively, O-CAP Offshore Master Fund, L.P., O-CAP Partners, L.P., Capital Ventures International, Talara Master Fund, Ltd., Blackwell Partners, LLC, Permal Talara Ltd., Winmill Investments LLC and any other permitted
transferee of any Notes. 
 Agent Professionals – means attorneys, legal counsel, accountants, appraisers,
business valuation experts, environmental engineers, turnaround consultants, or other professionals or experts at any time retained by the Collateral Agent in the discharge of its duties hereunder or under any of the Collateral Documents.

 Agent-Related Persons – means U.S. Bank, in its capacity as Collateral Agent, and any successor Collateral
Agent, and any co-agents or separate agents appointed by the Collateral Agent pursuant to Section 5, together with their respective Affiliates, and the officers, directors, employees, representatives, agents and Agent Professionals of such
Persons and Affiliates. 
 Agreement – has the meaning specified for such term in the Preamble hereto.

 Collateral Agent – has the meaning specified for such term in the Preamble hereto. 

Company – has the meaning specified for such term in the Preamble hereto. 

Enforcement Notice – means a written notice given by the Required Noteholders to the Collateral Agent (a) stating
that an Actionable Default exists and (b) setting forth instructions from such Required Noteholders to the Collateral Agent to exercise all or any such rights, powers and remedies as are available to the Collateral Agent and the Noteholders
under the Collateral Documents. 

  
 2 

 Guarantors – has the meaning specified for such term in the Preamble
hereto. 
 Guaranty Agreement – has the meaning specified for such term in Recital B hereto. 

Noteholder Obligations – means and includes all present and future indebtedness, obligations and liabilities of every
kind and nature of any Obligor from time to time owed to any holder of Notes (in its capacity as such) arising from, evidenced by or relating to the Securities Purchase Agreement, the Notes, the Guaranty Agreement or any other Transaction Document.

 Noteholders – has the meaning specified for such term in the Preamble hereto. 

Notes – has the meaning specified for such term in the Securities Purchase Agreement. 

Obligors – has the meaning specified for such term in the Preamble hereto. 

Opinion of Counsel – an opinion of counsel (which may from time to time serve as counsel for any or all of the
Obligors, for the Collateral Agent or for any Noteholder and which shall not be an employee of any Obligor), which opinion is in form, scope and content reasonably satisfactory to the Collateral Agent. 

Permitted Investments – means, as to any Person, (a) securities issued by or directly and fully guaranteed or
insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than thirteen months from the date of acquisition,
(b) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within thirteen months from the date of acquisition thereof and, at the
time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s, (c) dollar denominated time deposits, certificates of deposit and bankers acceptances of any commercial bank having, or which is the
principal banking subsidiary of a bank holding company having, a long-term unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s with maturities of not
more than thirteen months from the date of acquisition by such Person, (d) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (a) above entered into with any bank
meeting the qualifications specified in clause (c) above, (e) commercial paper issued by any Person incorporated in the United States rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by
Moody’s and in each case maturing not more than thirteen months after the date of acquisition by such Person, and (f) investments in money market funds substantially all of whose assets are comprised of securities of the types described in
clauses (a) through (e) above. 
 Purchasers – means MSDC ZEC Investments, LLC and Senator Sidecar
Master Fund LP. 
 Required Noteholders – has the meaning specified for such term in the Securities Purchase
Agreement. 

  
 3 

 Secured Parties – has the meaning specified for such term in the
Preamble hereto. 
 Securities Purchase Agreement – has the meaning specified for such term in Recital A
hereto. 
 US Bank– has the meaning specified for such term in the Preamble hereto. 

 

	2.	APPOINTMENT. 

 The
Noteholders hereby appoint and designate U.S. Bank as collateral agent on their behalf hereunder and under the Collateral Documents. U.S. Bank hereby accepts such appointment on the terms and conditions set forth herein and acknowledges that it
holds the Collateral and acts under the Collateral Documents as agent for and on behalf of the Noteholders. The Noteholders hereby authorize and direct the Collateral Agent to (a) enter into all of the Collateral Documents for and on behalf of
and for the benefit of the Secured Parties in accordance with the terms hereof and thereof, (b) exercise such rights and powers under this Agreement or the Collateral Documents, as the case may be, as are specifically granted or delegated to
the Collateral Agent by the terms hereof and thereof, together with such other rights and powers as are reasonably incidental thereto or as are customarily and typically exercised by agents performing duties similar to the duties of the Collateral
Agent hereunder and under the Collateral Documents, subject, however, to any express limitations set forth herein or in the Collateral Documents, and (c) perform the obligations of the Collateral Agent thereunder. The Noteholders hereby agree
to be bound by the provisions of the Collateral Documents. The duties of the Collateral Agent shall be deemed ministerial and administrative in nature, and the Collateral Agent shall not have, by reason of this Agreement or any of the Collateral
Documents, a fiduciary relationship with any Noteholder, Obligor or their respective Affiliates. In addition to the foregoing, the Collateral Agent is authorized to open and maintain a deposit account and to make deposits and disbursements as
provided by the Collateral Documents. Funds on deposit may be invested in Permitted Investments but only pursuant to written instructions of the Company. 
  

	3.	LIMITATIONS ON DUTIES AND ACTIONS OF COLLATERAL AGENT. 

 The Collateral Agent shall not have any duties or responsibilities except those expressly set forth in this Agreement and the Collateral Documents to which it is a party. The Collateral Agent shall not be
liable for any action taken or omitted by it, or any action suffered by it to be taken or omitted, excepting only its own gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction. IN THE ABSENCE OF WRITTEN
INSTRUCTIONS FROM THE REQUIRED NOTEHOLDERS OR ALL OF THE NOTEHOLDERS, AS THE CASE MAY BE, THE COLLATERAL AGENT SHALL NOT FORECLOSE UPON ANY LIEN WITH RESPECT TO ANY OF THE COLLATERAL OR TAKE ANY OTHER ACTION WITH RESPECT TO THE COLLATERAL OR ANY
PART THEREOF. 

  
 4 

	4.	RECOURSE THROUGH COLLATERAL AGENT; CERTAIN RIGHTS OF SECURED PARTIES AGAINST OBLIGORS; SHARING OF COLLATERAL. 

 

	 	(a)	Recourse Through Collateral Agent. 

 Each of the Secured Parties acknowledges and agrees that (i) it shall only have recourse to the Collateral through the Collateral Agent and that it shall have no independent recourse to the
Collateral and (ii) the Collateral Agent shall have no obligation to, and shall not, take any action hereunder or under any Collateral Document to which it is a party except upon written instructions from the Required Noteholders or all of the
Noteholders, as the case may be in accordance with Section 6(a). 
  

	 	(b)	Certain Rights of Secured Parties. 

 Nothing contained herein shall restrict (i) the rights of any Noteholder to pursue remedies, by proceedings in law and equity, or to enforce its rights in accordance with the provisions of the
Securities Purchase Agreement, to the extent that pursuit of such remedies or enforcement does not relate to the Collateral or interfere with the Collateral Agent’s ability to take action hereunder or under the Collateral Documents or
(ii) the rights of any Noteholder to initiate an action or actions in any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar proceeding in its individual capacity and to
appear or be heard on any matter before the bankruptcy or other applicable court in any such proceeding, including, without limitation, with respect to any question concerning the post-petition usage of Collateral and post-petition financing
arrangements. 
  

	 	(c)	Sharing of Collateral. 

No Secured Party shall contest the validity, perfection, priority or enforceability of, or seek to avoid, any Lien securing any Noteholder
Obligation, and each party hereby agrees to cooperate, at no cost to the Collateral Agent, in the defense of any action contesting the validity, perfection, priority or enforceability of any such Lien. No Noteholder shall have the right to obtain
any of the Collateral or the benefit of any Lien on any property of any Obligor solely in respect of Noteholder Obligations owing to such Noteholder or any group of Noteholders comprised of less than all the Noteholders. 

 

	5.	CO-AGENTS; COLLATERAL AGENT’S USE OF PROFESSIONALS. 

  

	 	(a)	Co-Agents. 

 The
Collateral Agent shall have power to appoint one or more Persons to act as a co-agent or co-agents, jointly with the Collateral Agent, or to act as a separate agent or separate agents, with respect to all or any part of the Collateral, and to vest
in such Person or Persons, in such capacity, such rights, powers, duties and obligations of the Collateral Agent, with the consent of the Required Noteholders (such consent not to be unreasonably withheld or delayed), in any case only as may be
necessary or desirable for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Collateral may at the time be located. Absent any specific agreement to the contrary, any co-agent or co-agents or separate agent
or separate agents so appointed shall, to the extent applicable, have the rights, powers, obligations 

  
 5 

 
and duties of the Collateral Agent hereunder. The Collateral Agent shall not be responsible for the negligence, default or misconduct of any such co-agent or separate agent selected by it with
reasonable care nor for any fees or expenses of such co-agent or separate agent. 
  

	 	(b)	Agent Professionals. 

 The
Collateral Agent may employ one or more Agent Professionals to advise or assist it from time to time, but shall not be responsible for the negligence, default or misconduct of any such Agent Professionals selected by it with reasonable care. The
Collateral Agent shall be entitled to rely on the advice and statements of Agent Professionals so selected. The Obligors shall pay reasonable remuneration for all services performed by Agent Professionals for the Collateral Agent in the discharge of
its duties hereunder and under the Collateral Documents in accordance with Section 11(b) hereof. 
  

	6.	INSTRUCTIONS FROM NOTEHOLDERS; ENFORCEMENT NOTICE. 

  

	 	(a)	Instructions from Noteholders. 

 Unless otherwise excused as provided herein, the Collateral Agent shall act on all written instructions received from the Required Noteholders, with respect to any action to be taken or not to be taken in
connection with this Agreement or the Collateral Documents, including, without limitation, actions to be taken in connection with an insolvency proceeding in respect of any Obligor; provided, however, that the Collateral Agent shall act only
on written instructions from all Noteholders with respect to the amendment or termination of any Collateral Document or, except as provided in any Collateral Document, any Lien on property of the Obligors granted under any Collateral Document. If
the Collateral Agent shall request instructions from the Noteholders with respect to taking any particular action in connection with this Agreement, any of the Collateral Documents or any such Lien, the Collateral Agent shall be entitled to refrain
from taking such particular action unless and until it shall have received written instructions from the Required Noteholders or all Noteholders, as the case may be (in which event it shall be required to act in accordance with such written
instructions unless otherwise excused as provided herein), and the Collateral Agent shall not incur any liability to any Person for so refraining. Without limiting the foregoing, no Noteholder shall have any right of action whatsoever against the
Collateral Agent as a result of the Collateral Agent taking or not taking any action hereunder or pursuant to or in accordance with the written instructions of such required Noteholders, except for the Collateral Agent’s own gross negligence or
wilful misconduct in connection with any action taken or not taken by it, as finally determined by a court of competent jurisdiction. Notwithstanding anything to the contrary contained in this Agreement or any of the Collateral Documents,
(i) the failure of the Collateral Agent to take any action shall not constitute gross negligence or wilful misconduct by the Collateral Agent hereunder (A) following a request by the Collateral Agent for the Required Noteholders’
consent to such action and the failure of the Required Noteholders to respond to such request or (B) in the absence of written instructions from the Required Noteholders or all of the Noteholders, as the case may be and (ii) the Collateral
Agent shall not be required to take any action that is, in its opinion (which may be, but is not required to be, based on the advice of legal counsel), contrary to applicable law or any of the Collateral Documents or that would, in its reasonable
opinion, subject it or any Agent-Related Persons to liability or that would require it to expend or risk its own funds. 

  
 6 

	 	(b)	Enforcement Notices. 

 The
Collateral Agent shall, as soon as practicable but in any event, if applicable, within ten (10) Business Days following receipt thereof, furnish to each of the Noteholders: 

(i) a copy of each Enforcement Notice received by the Collateral Agent; 

(ii) a copy of each certificate or other written notice received by the Collateral Agent rescinding or withdrawing an
Enforcement Notice; 
 (iii) a copy of any written notice or other written communication given or received by the
Collateral Agent under any Transaction Document; and 
 (iv) such other written notices required by the terms of
this Agreement to be furnished by or to the Collateral Agent. 
 Any Enforcement Notice shall be deemed to have been given when
actually received by the Collateral Agent and to have been rescinded or withdrawn when the Collateral Agent has actually received from the notifying party a written notice rescinding or withdrawing such Enforcement Notice. Any Enforcement Notice
shall be deemed to be outstanding and in effect at all times after such notice has been given until such time, if any, as such notice has been rescinded or withdrawn. 
  

	7.	NO RESPONSIBILITY OF COLLATERAL AGENT FOR CERTAIN MATTERS. 

 The Collateral Agent shall not be responsible in any manner whatsoever for the correctness of any recitals, statements, information, representations or warranties contained herein or in any Collateral
Document or any other Transaction Document except for those made by it herein. The Collateral Agent makes no representation or warranty as to, and is not responsible in any way for: (i) the description, value, location, existence, or condition
of any Collateral; (ii) the financial condition of any Obligor or the title of any of the Obligors to any of the Collateral; (iii) the sufficiency of the security afforded by this Agreement or the Collateral Documents or whether
registration in respect thereof has been properly effected or maintained; (iv) the validity, genuineness, correctness, perfection, or priority of any Lien with respect to the Collateral; (v) other than in respect of itself as to the
Collateral Agent’s representations in Section 15(p) hereof, the validity, proper execution, enforceability, legality, or sufficiency of this Agreement, any Collateral Document or any other Transaction Document or any instrument deposited
with the Collateral Agent; (vi) the identity, authority or right of any Obligor or Noteholder executing any document; or (vii) the filing or renewal of any registration of any Collateral Document or any public filing required under
applicable law to perfect any of the Collateral Agent’s Liens, for the benefit of the Secured Parties, in any of the Collateral. The Collateral Agent shall not be required to ascertain or inquire as to the performance by any Obligor of any of
its covenants or obligations hereunder or under any of the other Transaction Documents. In no event shall the Collateral Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not
limited to, loss of profit) irrespective of whether the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
 7 

	8.	LIMITED DUTIES OF COLLATERAL AGENT REGARDING COLLATERAL; OPINION OF COUNSEL AND FURTHER ACTS WITH RESPECT TO COLLATERAL. 

The Collateral Agent shall not be responsible for insuring any of the Collateral or for the payment of taxes, charges, fines, levies,
assessments or for ensuring or protecting the validity, genuineness, correctness, perfection, or priority of any Lien upon any of the Collateral, and shall be indemnified therefor as provided in Section 11. Furthermore, the Collateral Agent
shall not be responsible for the maintenance or safeguarding of any Collateral, except as provided in the immediately following sentence when the Collateral Agent has actual possession of any Collateral. The Collateral Agent shall not have any duty
to any of the Obligors or the Noteholders with respect to any Collateral, including, without limitation, any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent selected by it with
reasonable care, or any income therefrom or for the preservation of rights against prior parties or any other rights pertaining to the Collateral, except as stated in the next succeeding paragraph. 

Beyond the exercise of reasonable care in the custody thereof and the duty to account for monies actually received by it, the Collateral
Agent shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and
the Collateral Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any
security interest in the Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its
own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Agent with
reasonable care. The Collateral Agent shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by
operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence, bad faith or willful misconduct on the part of the Collateral Agent, or for the validity
or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Company to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the
Collateral or otherwise as to the maintenance of the Collateral. 
  

	9.	RELIANCE ON WRITINGS. 

The Collateral Agent shall be entitled and fully authorized to rely and act, and shall be fully protected in relying and acting, upon any
writing, instruction, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or other document believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or Persons,
and statements of the Obligors (including, without limitation, counsel to the Obligors) or the Noteholders. The Collateral Agent shall not have any duty to verify or confirm the content of any writing, instruction, resolution, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or other document. 

  
 8 

	10.	RESIGNATION AND REMOVAL OF COLLATERAL AGENT. 

  

	 	(a)	Resignation or Removal. 

The Collateral Agent may at any time resign, effective upon 30 days prior written notice (or such shorter period as may be agreed to by
the Required Noteholders and the Collateral Agent) to the Noteholders and the Company, and may be removed for or without cause at any time by the Required Noteholders, effective upon 30 days notice. In the event of any resignation or removal, the
Required Noteholders shall have the right to appoint a successor Collateral Agent (which successor Collateral Agent may be one of the Noteholders or a financial institution that is engaged in the provision of agency services in syndicated commercial
loan transactions or a trust company that is engaged in the provision of trust services in secured private placement transactions, but, if the Required Noteholders have not appointed a successor Collateral Agent within 30 days after the resigning
Collateral Agent’s giving of notice of resignation or its removal, the retiring Collateral Agent shall, at the expense of the Obligors, on behalf of the Noteholders, subject to the above provision regarding the identity and nature of a
permissible successor Collateral Agent, either appoint a successor Collateral Agent or apply to the appropriate court to make such appointment. Upon the acceptance of any appointment as a Collateral Agent hereunder by a successor, to be evidenced by
the successor Collateral Agent’s execution and delivery to the Company, the Noteholders and the retiring Collateral Agent of a counterpart of this Agreement, such successor Collateral Agent shall thereupon succeed to and become vested with all
the rights, powers, privileges, duties and obligations of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from any further duties and obligations as Collateral Agent, as appropriate, under this Agreement and the
Collateral Documents. The payment and indemnity obligations of the Obligors provided for in Section 11 shall survive any such removal or resignation in favor of the retiring Collateral Agent in respect of any matter arising during or after its
tenure as Collateral Agent. 
  

	 	(b)	Vesting. 

 Upon the
request of any successor Collateral Agent, at the expense of the Obligors, the Noteholders, the Obligors and the predecessor Collateral Agent shall promptly execute and deliver such instruments, conveyances, and assurances reflecting terms
consistent with the terms hereof and the Collateral Documents then in effect for the purpose of more fully and certainly vesting and confirming in such successor Collateral Agent its interest in, and Liens upon, the Collateral and all rights,
powers, duties, and obligations of the predecessor Collateral Agent hereunder and under the Collateral Documents, and the predecessor Collateral Agent shall also promptly assign and deliver to the successor Collateral Agent any Collateral subject to
the Liens of the Collateral Documents that may then be in its possession. 

  
 9 

	 	(c)	Successors. 

 Any entity
into which a Collateral Agent may be amalgamated or merged, or with which it may be consolidated, or any entity resulting from any amalgamation, merger or consolidation to which a Collateral Agent shall be a party, or any state or national bank or
trust company in any manner succeeding to the corporate trust business of a Collateral Agent, as a whole or substantially as a whole, shall be the successor of such Collateral Agent hereunder if legally bound hereby as such successor, without the
necessity for execution or filing of any paper or any further act on the part of any of the parties hereto, anything to the contrary contained herein notwithstanding. 
  

	11.	FEES; INDEMNITY. 

  

	 	(a)	Fees. 

 The Obligors shall
pay all fees required to be paid to the Collateral Agent under the Fee Schedule attached hereto with respect to this Agreement at the times and in the amounts set forth therein. 

 

	 	(b)	Payment by Obligors. 

 The
Obligors agree, jointly and severally, that they will pay all of the Collateral Agent’s fees for its services hereunder and will pay or reimburse the Collateral Agent upon its request for all expenses, disbursements and advances incurred or
made by the Collateral Agent in the administration of its duties hereunder and under any of the Collateral Documents (including, without limitation, reasonable legal fees and expenses and the reasonable compensation of all Agent Professionals,
Agent-Related Persons and other advisers, agents or experts employed or retained by the Collateral Agent pursuant to this Agreement). In addition to and without limiting any other protection of the Collateral Agent hereunder or otherwise by law, the
Obligors shall, jointly and severally, indemnify the Agent-Related Persons for any and all liabilities, obligations, losses, damages, penalties, actions, claims, demands, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever that may be suffered by, imposed on, incurred by or asserted against any Agent-Related Person, whether groundless or otherwise, howsoever arising from or out of, or in any way related to the subject matter of, this Agreement, any
Collateral Document or any of the Collateral or the performance or enforcement of any of the terms of any thereof, including fees and expenses of special counsel; provided that no Obligor shall be liable for any such payment to any
Agent-Related Person to the extent the obligation to make such payment has been caused by such Agent-Related Person’s own gross negligence or wilful misconduct, as finally determined by a court of competent jurisdiction. All statements from the
Collateral Agent or any other Person for obligations owing by the Obligors pursuant to the preceding sentence shall be sent to the Company in the first instance but may thereafter be sent to any Obligor if timely payment is not made. Any amount due
under this Section 11(b) and unpaid 10 Business Days after request for such payment will bear interest from the expiration of such 10 Business Days at a rate per annum equal to two percent (2%) above the rate of interest publicly announced
by JPMorgan Chase Bank, N.A. from time to time in New York City as its prime rate, payable on demand. If not timely paid by the Company or any or all of the Obligors, at the Collateral Agent’s election all amounts so payable and the interest
thereon will be payable out of any assets in the possession of the Collateral Agent and any other Collateral in priority to amounts owing to any and all other parties to this Agreement. 

  
 10 

	 	(c)	Survival. 

 The
obligations of the Obligors under this Section 11 shall survive the payment in full of all of the other Noteholder Obligations, the resignation or removal of the Collateral Agent and the termination of this Agreement. 

 

	12.	COLLATERAL AGENT’S FUNDS NOT AT RISK. 

 For purposes of clarity, no provision of this Agreement or the Collateral Documents, and no request of any Noteholder or other Person shall require the Collateral Agent to expend or risk any of its own
funds, or to take any legal or other action under this Agreement or the Collateral Documents which might, in its reasonable judgment, involve any expense or any financial or other liability unless the Collateral Agent shall be furnished with
indemnification acceptable to it, acting reasonably, including the advance of funds sufficient in the judgment of the Collateral Agent to satisfy such liability, costs and expenses. 

 

	13.	INDEPENDENT CREDIT DECISIONS. 

 Each Noteholder acknowledges that it has, independently and without reliance upon the Collateral Agent or any other Noteholder and based upon such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement and the other Transaction Documents to which it is a party. Each Noteholder also acknowledges that it will, independently and without reliance upon either the Collateral Agent or
any other Noteholder and based upon such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Transaction Documents to which it is a party. 

 

	14.	DETERMINATION OF NOTEHOLDERS; SUBSEQUENT NOTEHOLDERS BOUND. 

 The Collateral Agent may deem and treat the payee of any promissory note or other evidence of indebtedness or obligation relating to any Noteholder Obligation as the owner thereof for all purposes hereof
unless and until (i) a written notice of the assignment or transfer thereof signed by such payee and (ii) a written acknowledgment agreeing to be bound by the terms hereof and such other documents required by Section 15(d), each
signed by the assignee or transferee, and in form reasonably satisfactory to the Collateral Agent, shall have been filed with the Collateral Agent. Any request, authority or consent of any Person who at the time of making such request or giving such
authority or consent is the holder of any such note or other evidence of indebtedness or obligation, shall be conclusive and binding on any subsequent holder, transferee or assignee of such note or other evidence of indebtedness or obligation and of
any note or notes or other evidences of indebtedness or obligation issued in exchange therefor. 

  
 11 

	15.	MISCELLANEOUS. 

  

	 	(a)	Notices. 

 All notices,
requests and other communications shall have been duly given and shall be effective (a) when delivered by hand, (b) when transmitted via telecopy or email (or other facsimile device) with receipt confirmed with respect to telecopy,
(c) the Business Day next following the day on which the same has been delivered prepaid to a reputable national overnight air courier service, or (d) the third Business Day next following the day on which the same is sent by certified or
registered mail, postage prepaid, in each case to the respective parties at the address, telecopy number or email address as provided in the immediately succeeding sentence; provided, however, that if any notice is delivered on a day
other than a Business Day, or after 5:00 P.M. (Eastern time) on any Business Day, then such notice shall not be effective until the next Business Day. For purposes hereof, the address of each party hereto and of each Obligor and its facsimile number
or email address (until written notice of a change thereof is delivered to the Collateral Agent, each Noteholder and each Obligor) shall be as set forth in Schedule I hereto, or at such other address as such party may specify by written notice to
the other parties hereto. Notices to any Person that becomes a holder of Noteholder Obligations after the date hereof shall be given to such address or facsimile number or email address of which such Person shall have given written notice to the
Collateral Agent and the Obligors. 
  

	 	(b)	Amendments. 

 No provision
of this Agreement or any Collateral Document may be amended or waived except by a writing signed by the Required Noteholders and the Collateral Agent; provided, however, that any amendment expanding the obligations or liabilities of
any Obligor either hereunder or thereunder shall require such Obligor’s consent. 
  

	 	(c)	Conflicts with Collateral Documents and other Transaction Documents. 

 The Collateral Agent and the Noteholders agree that, if any provision of this Agreement is inconsistent with or contrary to any provisions in any of the Collateral Documents or the other Transaction
Documents, the provisions of this Agreement shall prevail as between and among the Collateral Agent and the Noteholders. 
  

	 	(d)	Additional Purchasers; Successors and Assigns. 

 The parties agree that each Additional Purchaser shall become a party to this Agreement by executing a Joinder Agreement in the form attached hereto as Exhibit A and thereafter shall have all of
the rights and obligations of a Noteholder and Secured Party hereunder. This Agreement shall be binding upon, and inure to the benefit of, the Collateral Agent and the Noteholders and their respective successors and assigns and, with respect to the
Acknowledgment, the Obligors and their respective successors. If any Noteholder shall assign or transfer the Noteholder Obligations owing to it, it shall promptly so notify the Collateral Agent in writing. No Noteholder which assigns or transfers
any Noteholder Obligations owing to it shall assign or transfer its benefits under the Collateral Documents without obtaining from the assignee or transferee and delivering to the Collateral Agent and the Noteholders a joinder agreement and an
executed acknowledgment of the assignee or transferee agreeing to be bound by the terms hereof to the same extent as if it had been a Noteholder on the date hereof. Each assignee or transferee of any Noteholder Obligations shall take such Noteholder
Obligations subject to the provisions of this Agreement and to any request made, waiver or consent given or other action taken or authorized hereunder by each previous holder of such Noteholder Obligations prior to the receipt by the Collateral
Agent of written notice of such assignment or 

  
 12 

 
transfer; and, except as expressly otherwise provided in such notice, the Collateral Agent shall be entitled to assume conclusively that the assignee or transferee named in such notice shall
thereafter be vested with all rights and powers as a Noteholder under this Agreement (and the Collateral Agent may conclusively assume that no Noteholder Obligations have been subject to any assignment or transfer other than transfers of which the
Collateral Agent has received such a notice). Upon the written request of any Noteholder or the Company, the Collateral Agent will provide such Noteholder and the Company with copies of any written notices of transfer received pursuant hereto.

  

	 	(e)	Continuing Effectiveness. 

This Agreement shall continue to be effective among the Collateral Agent and the Noteholders even though a case or proceeding under any
bankruptcy or insolvency law or any proceeding in the nature of a receivership, whether or not under any insolvency law, shall be instituted with respect to any Obligor or any portion of the property or assets of any Obligor, and all actions taken
by the Collateral Agent with respect to the Collateral or by the Collateral Agent and the Noteholders with regard to such proceeding shall be determined by the Required Noteholders; provided, however, that nothing herein shall be
interpreted to preclude any Noteholder from filing a proof of claim with respect to its Noteholder Obligations or from casting its vote, or abstaining from voting, for or against confirmation of a plan of reorganization in a case of bankruptcy,
insolvency or similar law in its sole discretion. 
  

	 	(f)	Further Assurances. 

 Each
party and each Obligor agrees to do such further acts and things and to execute and deliver such additional agreements, powers and instruments as necessary or as any Noteholder or the Collateral Agent may reasonably request to carry into effect the
terms, provisions and purposes of this Agreement or to better assure and confirm unto the Collateral Agent or any of the other Noteholders its respective rights, powers and remedies hereunder. 

 

	 	(g)	Counterparts. 

 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Agreement or the Acknowledgment by signing any such counterpart.
Delivery of an executed counterpart of a signature page to this Agreement or the Acknowledgment by telecopier or pdf shall be effective as delivery of a manually executed counterpart of this Agreement or the Acknowledgment. 

 

	 	(h)	Effectiveness. 

 This
Agreement shall become effective immediately upon execution hereof by the Collateral Agent and the Required Noteholders, and upon execution of the Acknowledgment by the Obligors, and shall continue in full force and effect until 91 days following
the date upon which all Noteholder Obligations are irrevocably paid and satisfied in full; provided that, if the Noteholder Obligations due and owing to a Noteholder have been paid and satisfied in full, then such Noteholder shall be deemed
released from this Agreement without any further action being necessary. Any such released Noteholder shall give the Collateral Agent notice of such release but the failure to give such notice shall not affect such release. 

  
 13 

	 	(i)	Governing Law. 

 THIS
AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE
APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
  

	 	(j)	Jurisdiction. 

 (i) Each party hereto irrevocably submits to the non-exclusive jurisdiction of any New York state or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or
proceeding arising out of or relating to this Agreement or any of the agreements, documents or instruments delivered in connection herewith or therewith. To the fullest extent permitted by applicable law, the parties hereto irrevocably waive and
agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or
proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (ii) Nothing in this Section 15(j) shall affect the right that the Collateral Agent or any of the Noteholders to serve process in any manner permitted by law, or limit any right that any party hereto
may have to bring proceedings against any Obligor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

(iii) THE PARTIES HERETO IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER AGREEMENT, DOCUMENT OR INSTRUMENT DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR THE ACTIONS OF THE HOLDERS OF THE NOTES OR THE COLLATERAL AGENT IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. 
  

	 	(k)	Headings; Sections. 

Headings of Sections of this Agreement have been included herein for convenience only and should not be considered in interpreting this
Agreement. Unless stated otherwise in this Agreement, references in this Agreement to Sections are references to Sections of this Agreement. 

  
 14 

	 	(l)	No Implied Beneficiaries. 

Nothing in this Agreement (except Section 15(b)), expressed or implied, is intended or shall be construed to confer upon or give to
any Person, other than the Noteholders and the Collateral Agent, any right, remedy or claim under or by reason of this Agreement or any covenant, condition or stipulation herein contained. 

 

	 	(m)	Severability. 

 If any
provision of this Agreement shall be held or deemed to be, or shall in fact be, inoperative or unenforceable as applied in any particular case in any jurisdiction, or because it conflicts with any other provision or provisions hereof or with any
constitution or statute or rule of public policy, or for any other reason, such circumstance shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or rendering any other
provision herein contained invalid, inoperative or unenforceable to any extent whatsoever. Upon the determination that any term or other provision of this Agreement is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to give effect to their original intention as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the maximum extent possible.

  

	 	(n)	Obligations Individual. 

The obligations and representations and warranties of the Collateral Agent and each of the Noteholders herein are made by each of them
individually. Nothing herein contained shall be construed as creating among the Noteholders, or among the Collateral Agent and the Noteholders, a partnership, joint venture or other joint association. 

 

	 	(o)	No Obligation to Extend Credit. 

 No provision of this Agreement shall be construed as obligating the Collateral Agent or any Noteholder to advance any monies or otherwise extend credit to any Obligor at any time. 

 

	 	(p)	Representations of Parties. 

 Each of the Noteholders and the Collateral Agent, severally and not jointly, represents and warrants to the other parties hereto that such party has all requisite power and capacity to execute, deliver
and perform this Agreement and that the execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part of such party and that this Agreement constitutes the legal, valid and binding obligation of
such party, enforceable against such party in accordance with its terms except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law). 
  

	 	(q)	Limitation of Liability Due to Forces Beyond Collateral Agent’s Control. 

In no event shall the Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts 

  
 15 

 
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

 

	16.	THIRD PARTY AGREEMENTS. 

  

	 	(a)	Third Party Agreement Agent. 

 In the event that U.S. Bank ceases, for any reason, to act as the Collateral Agent for the Noteholders hereunder and under the Collateral Documents, U.S. Bank agrees 

(i) to continue in force (A) all agreements of the type referred to in Section 5(b)(vii) of the Security
Agreement to which it is a party in respect of real property Collateral (the “Collateral Access Agreements”) and (B) all agreements of the type referred to in Sections 3(c) and 5(b) of the Security Agreement which it is a party
in respect of each deposit account, securities account or commodities account of any Obligor (the “Control Agreements”, and together with the Collateral Access Agreements, collectively, the “Third Party Agreements”;
U.S. Bank, in its capacity as agent solely for purposes of the Third Party Agreements, is referred to herein as the “Third Party Agreement Agent”), and 

(ii) while it is acting as the Third Party Agreement Agent, to take such actions under any one or more Third Party
Agreements as may be requested in writing by the Required Noteholders, provided that the Third Party Agreement Agent shall be excused from complying with any such request for the same reasons that the Collateral Agent would be excused from taking
action in such capacity, as set forth in this Agreement, 
 until the earlier of, (x) the expiration of 180 days after the date U.S. Bank
ceases to so act as Collateral Agent for the Noteholders, (y) the payment in full of all Noteholder Obligations and the release of all Liens in favor of the Noteholders or (z) the assignment of U.S. Bank’s rights under each of the
Third Party Agreements to a successor Collateral Agent (or other Person acceptable to the Required Noteholders) so that such successor Collateral Agent (or other Person) becomes effectively vested with all rights and remedies held by U.S. Bank under
each of the Third Party Agreements. 
  

	 	(b)	Indemnification of Third Party Agreement Agent. 

 The Third Party Agreement Agent shall be indemnified with respect to the Third Party Agreements to the same extent as the Collateral Agent is indemnified hereunder pursuant to Section 11 with respect
to this Agreement. 

  
 16 

	17.	PARALLEL DEBT. 

(a) Notwithstanding any other provision of this Agreement, each Obligor hereby irrevocably and unconditionally undertakes to pay to
the Collateral Agent, as creditor in its own right and not as representative of the Noteholders, sums equal to and in the currency of each amount payable by it to each Noteholder under the Transaction Documents as and when that amount falls due for
payment under the relevant Transaction Document, or would have fallen due but for any discharge resulting from failure of any Noteholder to take appropriate steps, in insolvency proceedings affecting it, to preserve its entitlement to be paid that
amount. 
 (b) The Collateral Agent shall have its own independent right to demand payment of the amounts payable by the
Obligors under this Section 17, irrespective of any discharge of the obligation of any Obligor to pay those amounts to any Noteholder resulting from failure by them to take appropriate steps, in insolvency proceedings affecting such Noteholder,
to preserve their entitlement to be paid those amounts. 
 (c) Any amount due and payable by the Obligors to the
Collateral Agent under this Section 17 shall be decreased to the extent that the Noteholders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Transaction Documents and any
amount due and payable by the Obligors to the Noteholders under those provisions shall be decreased to the extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under this Section 17.

 (d) The rights of the Noteholders to receive payment of amounts payable by the Obligors under the Transaction
Documents are several and are separate and independent from, and without prejudice to, the rights of the Collateral Agent to receive payment under this Section 17. The Company’s obligation under this Section 17 towards the Collateral
Agent constitutes a single and separate obligation from any other Debt of the Obligors under the Transaction Documents. 

[Remainder of page intentionally left blank; next page is signature page.] 

  
 17 

 IN WITNESS WHEREOF, the Collateral Agent and the Noteholders have executed or caused
this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized, all as of the date first above written. 
  

			
	COLLATERAL AGENT:
	
	U.S BANK NATIONAL ASSOCIATION, as Collateral Agent
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Collateral Agency Agreement] 

  

			
	NOTEHOLDERS:
	
	MSDC ZEC INVESTMENTS, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	SENATOR SIDECAR MASTER FUND LP
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Collateral Agency Agreement] 

 ACKNOWLEDGMENT OF AND CONSENT AND AGREEMENT TO 

COLLATERAL AGENCY AGREEMENT 
 Each of the undersigned Obligors, for good and valuable consideration (the sufficiency and receipt of which are hereby acknowledged): 

 

	 	(a)	acknowledges and consents to the terms and conditions of the Collateral Agency Agreement, dated as of February 21, 2012 (as amended, supplemented or otherwise
modified from time to time, the “Collateral Agency Agreement,” capitalized terms used in this Acknowledgment of and Consent and Agreement to Collateral Agency Agreement having the respective meanings assigned to those terms,
directly or by reference, in the Collateral Agency Agreement), among U.S. Bank National Association, in its capacity as Collateral Agent, and the noteholders parties thereto, and specifically: 

 

	 	(i)	consents and agrees to be bound by and to perform all of the obligations and agreements of such Obligor set forth in the Collateral Agency Agreement as if it were a
party thereto, including, without limitation, the terms set forth in Section 17 thereof; and 

  

	 	(ii)	acknowledges and agrees that it is not a third-party beneficiary of, and has no rights under, the Collateral Agency Agreement; and 

 

	 	(iii)	agrees that all notices and other communications to such Obligor in connection with the Collateral Agency Agreement shall be delivered pursuant to the terms of
Section 15(a) of the Collateral Agency Agreement to such Obligor at the address set forth under its name on Schedule I hereto; and 

  

	 	(b)	acknowledges and agrees that additional Obligors may become parties to this Acknowledgment of and Consent and Agreement to Collateral Agency Agreement from time to time
by executing a counterpart hereof and delivering the same to the Collateral Agent. 

 The Company also agrees for
good and valuable consideration (the sufficiency and receipt of which are hereby acknowledged) to cause each Obligor so to execute and deliver a counterpart of this Acknowledgment of and Consent and Agreement to Collateral Agency Agreement upon such
Person becoming an Obligor. 
 THIS ACKNOWLEDGMENT OF AND CONSENT AND AGREEMENT TO COLLATERAL AGENCY AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

 IN WITNESS WHEREOF, each of the undersigned has caused this Acknowledgment of and
Consent and Agreement to Collateral Agency Agreement to be executed by its duly authorized officer. 
  

			
	COMPANY:
	
	ZAZA ENERGY CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Collateral Agency Agreement] 

  

			
	SUBSIDIARY GUARANTORS:
	
	TOREADOR RESOURCES CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	ZAZA ENERGY, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	ZAZA HOLDINGS INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Collateral Agency Agreement]

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