Document:

ex_428541.htm

Exhibit 10.1

 

EXCHANGE AGREEMENT

 

dated as of September 27, 2022

 

by and among

 

ABRAXAS PETROLEUM CORPORATION

 

and

 

BIGLARI HOLDINGS, INC.

TABLE OF CONTENTS

 

Page

 

ARTICLE I PURCHASE; CLOSING ........................................................................................................................................................................................................................................................................................................................................................     1

 

Section 1.1         Exchange............................................................................................................................................................................................................................................................................................................................................................      1

.

Section 1.2         Closing...............................................................................................................................................................................................................................................................................................................................................................       1

 

Section 1.3         Closing Conditions ...........................................................................................................................................................................................................................................................................................................................................       2

 

ARTICLE II REPRESENTATIONS AND WARRANTIES......................................................................................................................................................................................................................................................................................................................        3

 

Section 2.1         Representations and Warranties of the Company ............................................................................................................................................................................................................................................................................................        3

 

Section 2.2         Representations and Warranties of Holdings ...................................................................................................................................................................................................................................................................................................        5

 

ARTICLE III COVENANTS ....................................................................................................................................................................................................................................................................................................................................................................        7

 

Section 3.1         Filings; Other Actions .....................................................................................................................................................................................................................................................................................................................................        7

 

Section 3.2         Corporate Actions...........................................................................................................................................................................................................................................................................................................................................         7

 

Section 3.3         State Securities Laws.....................................................................................................................................................................................................................................................................................................................................         7

 

Section 3.4         Takeover Statutes..........................................................................................................................................................................................................................................................................................................................................         7

 

ARTICLE IV MISCELLANEOUS.......................................................................................................................................................................................................................................................................................................................................................         8

 

Section 4.1         Expenses ......................................................................................................................................................................................................................................................................................................................................................        8

 

Section 4.2         Amendment; Waiver......................................................................................................................................................................................................................................................................................................................................       8

 

Section 4.3         Counterparts................................................................................................................................................................................................................................................................................................................................................         8

 

Section 4.4         Governing Law; Submission to Jurisdiction...............................................................................................................................................................................................................................................................................................         8

 

Section 4.5         WAIVER OF JURY TRIAL ........................................................................................................................................................................................................................................................................................................................        8

.

Section 4.6         Notices........................................................................................................................................................................................................................................................................................................................................................         9

 

Section 4.7         Entire Agreement......................................................................................................................................................................................................................................................................................................................................         10

 

Section 4.8         Assignment...............................................................................................................................................................................................................................................................................................................................................         10

 

Section 4.9         Interpretation; Other Definitions..............................................................................................................................................................................................................................................................................................................        10

 

Section 4.10         Severability.............................................................................................................................................................................................................................................................................................................................................        11

 

Section 4.11         No Third Party Beneficiaries.................................................................................................................................................................................................................................................................................................................         12

 

Section 4.12         Termination...........................................................................................................................................................................................................................................................................................................................................         12

 

Section 4.13         Effects of Termination ..........................................................................................................................................................................................................................................................................................................................        12

 

Section 4.14         Non‐Recourse.......................................................................................................................................................................................................................................................................................................................................         12

 

 

 

 

INDEX OF DEFINED TERMS

	
			Term

				
			Location of Definition

			
	
			Affiliate

				
			4.9(j)

			
	
			Agreement

				
			Preamble

			
	
			Amendment

				
			1.3(a)(ii)

			
	
			Approval

				
			2.1(b)

			
	
			Board

				
			Recitals

			
	
			business day

				
			4.9(h)

			
	
			Closing

				
			1.2(a)

			
	
			Closing Date

				
			1.2(a)

			
	
			Common Stock

				
			Recitals

			
	
			Company

				
			Preamble

			
	
			control/controlled by/under common control with

				
			4.9(j)

			
	
			Exchange

				
			1.1

			
	
			extent

				
			4.9(g)

			
	
			from, to, until

				
			4.9(f)

			
	
			Governmental Entity

				
			1.3(a)(i)

			
	
			herein, hereof and hereunder

				
			4.9(c)

			
	
			Holdings

				
			Preamble

			
	
			including, includes, included and include

				
			4.9(b)

			
	
			Law

				
			4.9(k)

			
	
			Non‐Recourse Party

				
			4.14

			
	
			or

				
			4.9(a)

			
	
			Outside Date

				
			4.12(b)

			
	
			Party or Parties

				
			Preamble

			
	
			Person

				
			4.9(i)

			
	
			Preferred Shares

				
			Recitals

			
	
			Representatives

				
			4.9(l)

			
	
			SEC

				
			2.2(b)

			
	
			Securities Act

				
			2.1(e)

			
	
			Stock Consideration

				
			Recitals

			
	
			Takeover Statutes

				
			4.9(m)

			

 

 

 

 

 

THIS EXCHANGE AGREEMENT, dated as of September 27, 2022 (this “Agreement”), is made by and between Abraxas Petroleum Corporation, a Nevada corporation (the “Company”), and Biglari Holdings, Inc., an Indiana corporation (“Holdings” and each of the Company and Holdings referred to herein as a “Party” and together, the “Parties”).

 

RECITALS:

 

WHEREAS, on September 14, 2022, Holdings purchased from AG Energy Funding, LLC, a Delaware limited liability company, 685,505 shares of Series A Preferred Stock of the Company, constituting all of the Series A Preferred Stock of the Company currently outstanding (the “Preferred Shares”); and

 

WHEREAS, Holdings has proposed to the Company an exchange of the outstanding Preferred Shares into shares of common stock of the Company, par value $0.01 per share (“Common Stock”), equal to 90,631,287 shares of Common Stock (the “Stock Consideration”); and

 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and the holders of the Common Stock to accept and approve the proposed exchange offer; and

 

WHEREAS, subject the approval of the Company’s stockholders, the Company desires to authorize additional shares of Common Stock by filing an Amendment to the Company’s Articles of Incorporation, as amended, to permit the conversion of the Preferred Shares to Common Stock as set forth above and to provide additional authorized shares of Common Stock for future issuance, if and as deemed appropriate by the Board.

 

NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, the Parties agree as follows:

 

ARTICLE I

PURCHASE; CLOSING

 

Section 1.1    Exchange. Upon the terms and conditions set forth herein, at the Closing, Holdings shall transfer to the Company, and the Company shall acquire from Holdings, the Preferred Shares in exchange for the issuance of the fully paid and non-assessable Stock Consideration to Holdings (the “Exchange”).

 

Section 1.2    Closing

 

.(a)    Subject to the terms and conditions hereof, the closing of the Exchange (the “Closing”) shall be held at the offices of Dykema Gossett PLLC, 112 E. Pecan Street, Suite 1800, San Antonio, Texas, 78205, at 8:00 a.m. San Antonio time as soon as reasonably practicable after the conclusion of the meeting of the Company’s stockholders at which the authorization of additional shares of Common Stock referred to in Section 1.3(a)(ii) has been approved, or at such other time and place as the Company and Holdings agree (the “Closing Date”).

 

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(b)    In addition and subject to the satisfaction or waiver on the Closing Date of the conditions to the Closing in Section 1.3, at the Closing:

 

(i)    the Company will (A) cause the number of shares of Stock Consideration to be registered in the name of Holdings with the transfer agent of the Company in book‐entry form, and (B) deliver to Holdings all other documents, instruments and writings required to be delivered by the Company to Holdings pursuant to this Agreement or otherwise required in connection herewith; and

 

(ii)    Holdings will deliver to the Company a Stock Power and Assignment in the form attached hereto as Exhibit A, duly executed by Holdings, pursuant to which Holdings will assign and transfer all of the Preferred Shares to the Company and deliver to the Company all other documents, instruments and writings required to be delivered by Holdings to the Company pursuant to this Agreement.

 

Section 1.3    Closing Conditions

.

(a)    The obligations of Holdings, on the one hand, and the Company, on the other hand, to effect the Closing, are subject to the satisfaction or, to the extent permitted by applicable Law, waiver by Holdings and the Company (acting at the direction of the Board) at or prior to the Closing of the following conditions:

 

(i)    no temporary restraining order, preliminary or permanent injunction or other judgment or order issued by any federal, state, local or foreign governmental entity (“Governmental Entity”) and no Law shall be in effect restraining, enjoining, making illegal or otherwise prohibiting the consummation of the transactions contemplated by this Agreement; and

 

(ii)    the Company shall have filed with the Nevada Secretary of State an amendment to its Articles of Incorporation, as amended, increasing its duly authorized shares of Common Stock from 20,000,000 to 150,000,000 shares (the “Amendment”).

 

(b)    The obligations of Holdings to effect the Closing are also subject to the satisfaction or, to the extent permitted by applicable Law, waiver by Holdings at or prior to the Closing of the following conditions:

 

(i)    the representations and warranties of the Company set forth in Sections 2.1(a), 2.1(b), 2.1(c) and 2.1(f), shall be true in all respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date (except to the extent that such representation or warranty speaks to an earlier date, in which case as of such earlier date);

 

(ii)    the Company shall have performed in all material respects its obligations required to be performed by it pursuant to this Agreement at or prior to the Closing; and

 

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(iii)    Holdings shall have received a certificate signed on behalf of the Company by a senior executive officer certifying to the effect that the conditions set forth in Section 1.3(b)(i) and (ii) have been satisfied.

 

(c)    The obligation of the Company to effect the Closing is also subject to the satisfaction or, to the extent permitted by applicable Law, waiver by the Company (acting at the direction of the Board) at or prior to the Closing of the following conditions:

 

(i)    the representations and warranties of Holdings set forth in Section 2.2 hereof shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date (except to the extent that such representation or warranty speaks of an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such date);

 

(ii)    Holdings shall have performed in all material respects its obligations required to be performed by it pursuant to this Agreement at or prior to the Closing; and

 

(iii)    the Company shall have received a certificate signed on behalf of Holdings by a senior executive officer (or equivalent) thereof certifying to the effect that the conditions set forth in Section 1.3(c)(i) and (ii) have been satisfied by Holdings.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1    Representations and Warranties of the Company

 

. Company hereby represents and warrants to Holdings as follows:

 

(a)    Company is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada and has all requisite power and authority and all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.

 

(b)    None of the execution, delivery and performance of this Agreement by Company, the issuance of the Stock Consideration or the consummation of the transactions contemplated hereby (i) subject to the approval of the Company’s stockholders of the Company’s increasing its duly authorized shares of Common Stock from 20,000,000 to 150,000,000 shares (the “Approval”) and the filing of the Amendment, constitutes or will constitute a violation of the organizational documents of Company, (ii) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which Company is a party or by which Company or any of its properties may be bound, (iii) violates or will violate any Law applicable to Company or any of its properties in an any judgment, ruling, order, writ, injunction or decree to which its property is or was a party, or (iv) results or will result in the creation or imposition of any lien, charge or encumbrance upon the Stock Consideration. Company has 10,070,143 shares of Common Stock outstanding and no additional shares of Common Stock are contemplated to be issued other than in connection with the transactions contemplated by this Agreement.

 

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(c)    This Agreement has been duly authorized, executed and delivered by Company, and Company has all requisite power and authority to consummate the transactions set forth in this Agreement in accordance with and upon the terms and conditions set forth in this Agreement. This Agreement is a valid and legally binding agreement of Company, enforceable against Company in accordance with its terms; provided that the enforceability hereof may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies generally.

 

(d)    Other than the securities or “Blue Sky” Laws of the various states, the filing with and acceptance by the Nevada Secretary of State of the Amendment, no consent or approval of or with any court or Governmental Entity having jurisdiction over Company is required in connection with the execution, delivery and performance of this Agreement, or the consummation by Company of the transactions contemplated by this Agreement.

 

(e)    Assuming the accuracy of the representations and warranties of Holdings contained in Section 2.2, the issuance and sale of the Stock Consideration to Holdings pursuant to this Agreement is exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the “Securities Act”).

 

(f)    The shares of Stock Consideration have been duly authorized by all necessary corporate action. When issued against receipt of the consideration therefor as provided in this Agreement, such Stock Consideration will be validly issued, fully paid and nonassessable, will not subject the holders thereof to personal liability, will not be subject to preemptive rights of any other stockholder of the Company, and will effectively vest in Holdings good and marketable title to all such securities, be free and clear of all liens, except restrictions imposed by the Securities Act, and any applicable state or foreign securities Laws.

 

(g)    Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(h)    No fees or commissions are or will be payable by Company or its Affiliates to brokers, finders, or investment bankers with respect to the consummation of the transactions contemplated by this Agreement.

 

(i)    EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES MADE BY THE COMPANY IN THIS ARTICLE II, NEITHER THE COMPANY NOR ANY OTHER PERSON MAKES (AND HOLDINGS HEREBY ACKNOWLEDGES AND AGREES ON BEHALF OF ITSELF AND ITS AFFILIATES AND REPRESENTATIVES THAT IT HAS NOT RELIED UPON) ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY WITH RESPECT TO THE STOCK CONSIDERATION OR THE COMPANY OR ANY OF THE COMPANY’S SUBSIDIARIES OR THEIR RESPECTIVE BUSINESSES, OPERATIONS, ASSETS, LIABILITIES, CONDITION OR PROSPECTS, AND THE COMPANY HEREBY DISCLAIMS ANY SUCH OTHER REPRESENTATIONS OR WARRANTIES. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, NOTHING IN THIS AGREEMENT SHALL LIMIT THE RIGHT OF HOLDINGS TO RELY ON THE REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY CERTIFICATE DELIVERED HEREUNDER, NOR WILL ANYTHING IN THIS AGREEMENT OPERATE TO LIMIT ANY CLAIM BY HOLDINGS FOR FRAUD.

 

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Section 2.2    Representations and Warranties of Holdings

 

. Holdings hereby represents and warrants to Company as follows:

 

(a)    Holdings (i) is a corporation duly organized, validly existing and in good standing under the laws of the State of Indiana, and (ii) has all requisite power and authority and all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.

 

(b)    The Stock Consideration is being acquired as an investment for Holdings’ own account and not as a nominee or agent. Holdings is purchasing the Stock Consideration in the ordinary course of its business and has not entered into any arrangement with any person to resell the Stock Consideration or to participate in a distribution of the Stock Consideration. Holdings is an “accredited investor” within the meaning of Securities and Exchange Commission (“SEC”) Rule 501 of Regulation D, as presently in effect and is knowledgeable and experienced in finance, securities and investments and has had sufficient experience analyzing and investing in securities similar to the Stock Consideration so as to be capable of evaluating the merits and risks of an investment in the same. Holdings is able to bear the economic risk of an investment in the Stock Consideration. Holdings understands that the Stock Consideration has not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act that depends upon, among other things, the bona fide nature of the investment intent and the accuracy of Holdings’ representations as expressed herein. Holdings understands that the shares of Stock Consideration are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, Holdings must hold the Stock Consideration indefinitely unless it is registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Holdings acknowledges that Company has no obligation to register or qualify the Stock Consideration for resale. Holdings further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Stock Consideration, and on requirements relating to Company that are outside of Holdings’ control, and that Company is under no obligation, and may not be able, to satisfy.

 

(c)    None of the execution, delivery and performance of this Agreement by Holdings, the purchase of the Stock Consideration, or the consummation of the transactions contemplated hereby (i) constitutes or will constitute a violation of the organizational documents of Holdings, (ii) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which Holdings is a party or by which Holdings or any of its properties may be bound or (iii) violates or will violate Law applicable to Holdings or any of its properties in any judgment, ruling, order, writ, injunction or decree to which its property is or was a party.

 

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(d)    No fees or commissions will be payable by Holdings or its Affiliates to brokers, finders, or investment bankers with respect to the purchase of the Stock Consideration or the consummation of the transaction contemplated by this Agreement.

 

(e)    This Agreement has been duly authorized, executed and delivered by Holdings, and Holdings has all requisite power and authority to purchase and acquire the Stock Consideration in accordance with and upon the terms and conditions set forth in this Agreement. All actions required to be taken by Holdings for the purchase and acquisition of the Stock Consideration and the consummation of the transactions contemplated by this Agreement have been validly taken. This Agreement is a valid and legally binding agreement of Holdings, enforceable against Holdings in accordance with its terms; provided that the enforceability hereof may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies generally.

 

(f)    No consent or approval of or with any court or Governmental Entity having jurisdiction over Holdings is required in connection with the execution, delivery and performance of this Agreement, or the consummation by Holdings of the transactions contemplated by this Agreement.

 

(g)    Neither Holdings nor any Person controlling or controlled by Holdings is a country, territory, individual or Person listed on, included within or associated with any of the countries, territories, individuals or entities referred to on the U.S. Department of Treasury’s Office of Foreign Assets Control’s List of Specially Designated Nationals and Blocked Persons and any other prohibited person lists maintained by Governmental Authorities.

 

(h)    Except for the Preferred Shares and shares owned by the Lion Fund, as of the date of this Agreement, neither Holdings nor any of its Affiliates (other than any portfolio company with respect to which Holdings is not the Party exercising control over investment decisions) are the owners of record of shares of Common Stock or securities convertible into or exchangeable for Common Stock.

 

(i)    EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES MADE BY THE COMPANY IN SECTION 2.1, HOLDINGS HEREBY ACKNOWLEDGES AND AGREES ON BEHALF OF ITSELF AND ITS AFFILIATES AND REPRESENTATIVES THAT IT HAS NOT RELIED UPON ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY WITH RESPECT TO THE STOCK CONSIDERATION OR THE COMPANY OR ANY OF THE COMPANY’S SUBSIDIARIES OR THEIR RESPECTIVE BUSINESSES, OPERATIONS, ASSETS, LIABILITIES, CONDITION OR PROSPECTS, INCLUDING WITH RESPECT TO (I) ANY FINANCIAL PROJECTION, FORECAST, ESTIMATE, BUDGET OR PROSPECT INFORMATION RELATING TO THE COMPANY OR ANY OF THE COMPANY’S SUBSIDIARIES OR THEIR RESPECTIVE BUSINESS, OR (II) ANY ORAL OR WRITTEN INFORMATION PRESENTED TO HOLDINGS OR ANY OF ITS AFFILIATES OR REPRESENTATIVES IN THE COURSE OF ITS DUE DILIGENCE INVESTIGATION OF THE COMPANY, THE NEGOTIATION OF THIS AGREEMENT OR IN THE COURSE OF THE TRANSACTIONS CONTEMPLATED HEREBY. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, NOTHING IN THIS AGREEMENT SHALL LIMIT THE RIGHT OF HOLDINGS TO RELY ON THE REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY CERTIFICATE DELIVERED HEREUNDER, NOR WILL ANYTHING IN THIS AGREEMENT OPERATE TO LIMIT ANY CLAIM BY HOLDINGS FOR FRAUD.

 

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ARTICLE III

COVENANTS

 

Section 3.1    Filings; Other Actions

 

(a)    Further Assurances. From the date hereof until the Closing, Holdings, on the one hand, and the Company, on the other hand, will cooperate and consult with the other and use commercially reasonable efforts to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, and to obtain all necessary permits, consents, orders, approvals and authorizations of, or any exemption by, all third parties and Governmental Entities, and the expiration or termination of any applicable waiting period, required, necessary or advisable to consummate the transactions contemplated by this Agreement. Each of the Company and Holdings shall execute and deliver both before and after the Closing such further certificates, agreements and other documents and take such other actions as the other Party may reasonably request to consummate or implement such transactions or to evidence such events or matters. The Company and Holdings hereby acknowledge and agree that no approvals or authorizations of, filings or registrations with, or notifications to, or expiration or termination of any applicable waiting period, under the Hart‐Scott‐Rodino Antitrust Improvements Act of 1976, as amended is required prior to Closing to consummate the Exchange.

 

(b)    Public Announcements. Any press release with respect to this Agreement and the transactions contemplated hereby shall be mutually agreed upon by the Company and Holdings.

 

Section 3.2    Corporate Actions

 

. Prior to the Closing, the Company shall file in the office of the Secretary of State of the State of Nevada the Amendment in the form attached to this Agreement as Exhibit B, with such changes thereto as may be agreed to by Holdings and approved by the Board.

 

Section 3.3    State Securities Laws

 

. Prior to the Closing, the Company shall use commercially reasonable efforts to (a) obtain all necessary permits and qualifications, if any, or secure an exemption therefrom, required by any state prior to the offer and exchange of the Stock Consideration, and (b) cause such authorization, approval, Permit or qualification to be effective as of the Closing.

 

Section 3.4    Takeover Statutes

 

. The Company shall (a) take all actions necessary so that no Takeover Statute is or becomes applicable to the transactions contemplated by this Agreement, and (b) if any such Takeover Statute is or becomes applicable to the transactions contemplated by this Agreement, take all action necessary so that the transactions contemplated by this Agreement may be consummated as promptly as practicable on the terms contemplated hereby and thereby and otherwise to eliminate or minimize the effect of such Takeover Statute on the transactions contemplated by this Agreement.

 

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ARTICLE IV

MISCELLANEOUS

 

Section 4.1    Expenses

 

. Each of the Parties will bear and pay all costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Agreement.

 

Section 4.2    Amendment; Waiver

 

. This Agreement may be amended, supplemented or modified only by a written instrument duly executed by each Party. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The conditions to each Party’s obligation to consummate the Closing are for the sole benefit of such Party and may be waived by such Party in whole or in part to the extent permitted by applicable Law. No waiver of any Party to this Agreement, as the case may be, will be effective unless it is in a writing (electronic mail to suffice) signed by a duly authorized officer of the waiving Party that makes express reference to the provision or provisions subject to such waiver. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law.

 

Section 4.3    Counterparts

 

. For the convenience of the Parties, this Agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this Agreement may be delivered by facsimile or other means of electronic transmission and such facsimiles or other means of electronic transmission will be deemed as sufficient as if actual signature pages had been delivered.

 

Section 4.4    Governing Law; Submission to Jurisdiction

 

. This Agreement will be governed by and construed in accordance with the Laws of the State of Nevada, without giving effect to any choice or conflict of law provision or rule (whether in the State of Nevada or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Nevada. The Parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the district courts located in the State of Texas, or in the event (but only in the event) that such court shall not have subject matter jurisdiction, any federal court of the United States or other state court located in the State of Texas, for any actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated hereby. Each Party to this Agreement hereby irrevocably waives any defense in any such action, suit or proceeding that it is not personally subject to the jurisdiction of the above named courts and to the fullest extent permitted by applicable Law, that the action, suit or proceeding in any such court is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.

 

Section 4.5    WAIVER OF JURY TRIAL

 

. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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Section 4.6    Notices

 

. Any notice, request, instruction or other document to be given hereunder by any Party to the other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally or by telecopy, electronic mail or facsimile, upon confirmation of receipt (it being understood that the Parties agree to provide confirmation of receipt immediately upon the receipt of any notice by telecopy, electronic mail or facsimile), (b) on the first business day following the date of dispatch if delivered by a recognized next‐day courier service, or (c) on the third business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. Holdings agrees that any notice required or permitted by this Agreement or under the Company’s Articles of Incorporation, as amended, or Bylaws, Chapter 78 of the Nevada Revised Statutes, amended, or other applicable Law may be given to Holdings at the address or by means of electronic transmission as set forth below. Holdings further agrees to notify the Company of any change to Holdings’ electronic mail address, and further agrees that the provision of such notice to the Company shall constitute the consent of Holdings to receive notice at such electronic mail address. In the event that the Company is unable to deliver notice to Holdings at the electronic mail address so provided by Holdings, Holdings shall, within two (2) business days after a request by the Company, provide the Company with a valid electronic mail address to which Holdings consents to receive notice at such electronic mail address. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the Party to receive such notice.

 

If to Holdings:

 

Biglari Holdings, Inc.

17802 IH-10 West, Suite 400

San Antonio, Texas 78257

Attn: Sardar Biglari; Philip L. Cooley; Kenneth R. Cooper

 

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

 

Latham & Watkins

1271 Avenue of the Americas

New York, New York 10020

 

Attn: Charles E. Carpenter

E-mail: charlie.carpenter@lw.com

 

If to the Company:

 

Abraxas Petroleum Corporation

18803 Meisner Drive

San Antonio, TX 78258

Attn: Robert L.G. Watson

E‐mail: bwatson@abraxaspetroleum.com

 

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

 

Dykema Gossett PLLC

112 East Pecan Street, Suite 1800

San Antonio, TX 78205

Attn: James B. Smith, Jr.

E‐mail: jsmith@dykema.com

 

Section 4.7    Entire Agreement

 

. This Agreement (including the Exhibits and schedules hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the Parties, with respect to the subject matter hereof.

 

Section 4.8    Assignment

 

. Neither this Agreement, nor any of the rights, interests or obligations hereunder shall be assigned by either of the Parties (whether by operation of law or otherwise) without the prior written consent of the other Party.

 

Section 4.9    Interpretation; Other Definitions

 

. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neutral genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. All article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. In addition, the following terms are ascribed the following meanings:

 

(a)    the word “or” is not exclusive;

 

(b)    the words “including,” “includes,” “included” and “include” are deemed to be followed by the words “without limitation”;

 

(c)    the terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision;

 

(d)    references herein to any Person shall include such Person’s heirs, executors, personal representatives, administrators, successors and assigns; provided, however, that nothing contained in this clause (e) is intended to authorize any assignment or transfer not otherwise permitted by this Agreement;

 

(e)    references herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity;

 

(f)    with respect to the determination of any period of time, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”;

 

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(g)“    extent” in the phrase “to the extent” means the degree to which a subject or other thing extends, and such phrase does not mean simply “if”;

 

(h)    the term “business day” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of Texas generally are authorized or required by Law or other governmental action to close; and

 

(i)    the term “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

 

(j)“    Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is Com, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing, for purposes of this Agreement, (i) the Company and the Company’s subsidiaries, on the one hand, and Holdings, on the other, shall not be considered Affiliates, (ii) with respect to Holdings, any other investment fund, investment account or investment company that is managed, advised or sub‐advised by the same investment advisor as Holdings or by an Affiliate of such investment advisor, shall be considered controlled by, and an Affiliate of, Holdings and (iii) no portfolio company (as such term is customarily used in the private equity industry) of Holdings or any of its Affiliates shall be considered or otherwise deemed to be an Affiliate thereof (other than for purposes of Section 2.1(a) and Section 3.1(c)).

 

(k)“    Law” means any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law, resolution, ordinance, code, order, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity, including any international, foreign, national, state, provincial, regional, or local authority, relating to pollution, the protection of occupational health and workplace safety, the environment, or natural resources, or to use, handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants applicable to such entity, which compliance includes, without limitation, obtaining, maintaining and complying with all permits and authorizations and approvals required by such to conduct its business.

 

(l)“    Representatives” means, with respect to any Person, such Person’s directors, officers, employees, agents, consultants and advisors.

 

(m)“    Takeover Statutes” means any “business combination,” “control share acquisition,” “fair price,” “moratorium” or other takeover or anti-takeover statute or similar Law.

 

Section 4.10    Severability

 

. If any provision of this Agreement or the application thereof to any Person (including the officers and directors the Parties hereto) or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances other than those as to which it has been held invalid or unenforceable, will remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the Parties.

 

11

 

 

Section 4.11    No Third Party Beneficiaries

 

. Nothing contained in this Agreement, expressed or implied, is intended to confer upon any Person other than (a) the Parties (and their permitted assigns) and (b) each Non-Recourse Party pursuant to this Section 4.11 and Section 4.14, any benefit right or remedies.

 

Section 4.12    Termination

 

. Prior to the Closing, this Agreement may only be terminated:

 

(a)    by mutual written agreement of the Company and Holdings;

 

(b)    by either Party, upon written notice to the other Party in the event that the Closing shall not have occurred on or before December 31, 2022 (the “Outside Date”); provided, however that the right to terminate this Agreement pursuant to this Section 4.12(b) shall not be available to any Party whose failure to fulfill any obligations under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date; or

 

(c)    by either the Company or Holdings as to itself if a United States court of competent jurisdiction shall permanently enjoin the consummation of the Exchange and such injunction shall be final and non-appealable.

 

Section 4.13    Effects of Termination

 

. Subject to Sections 3.2 and 4.1, in the event of any termination of this Agreement in accordance with Section 4.12, no Party (or any of its Affiliates) shall have any liability or obligation to the other Party (or any of its Affiliates) under or in respect of this Agreement, except to the extent of (a) any liability arising from any breach by such Party of its obligations of this Agreement arising prior to such termination and (b) any fraud or intentional or willful breach of this Agreement. In the event of any such termination, this Agreement shall become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the Parties, in each case, except (x) as set forth in the preceding sentence and (y) that the provisions of Section 3.2 and this Article IV shall remain in full force and effect and shall survive any termination of this Agreement. None of the Parties or any of their respective Affiliates shall have any liability with respect to any representation, warranty, covenant or agreement from and after the time that such representation or warranty ceases to survive hereunder.

 

Section 4.14    Non‐Recourse

 

. This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as Parties, including entities that become a Party after the date hereof or that agree in writing for the benefit of the Company to be bound by the terms of this Agreement applicable to Holdings, and then only with respect to the specific obligations set forth in this Agreement applicable to such Party, and no former, current or future equity holders, controlling Persons, directors, officers, employees, agents or Affiliates of any Party hereto or any former, current or future equityholder,

 

12

 

 

controlling Person, director, officer, employee, general or limited partner, member, manager, agent or Affiliate of any of the foregoing (each, a “Non‐Recourse Party”) shall have any liability for any obligations or liabilities of the Parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in connection herewith. Without limiting the rights of any Party against the other Party, in no event shall any Party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Non‐Recourse Party. To the extent permitted by Law, each Party hereby (a) waives and releases all such claims, causes of action, liabilities and other obligations against any such Non-Recourse Parties, (b) waives and releases any and all claims, causes of action, rights, remedies, demands or actions that may otherwise be available to avoid or disregard the entity form of a Party or otherwise impose the liability of a Party on any Non-Recourse Party, whether granted by law or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization or otherwise, and (c) disclaims any reliance upon any Non-Recourse Parties with respect to the performance of this Agreement, and any representation or warranty made in, in connection with or as an inducement hereto.

 

[Signature Page Follows.]

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the Parties as of the date first herein above written.

	 	
			ABRAXAS PETROLEUM CORPORATION

			By:         _____________________________________ 

			Name:         Robert L.G. Watson

			Title:           Chief Executive Officer

			

 

 

 

 

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the Parties as of the date first herein above written.

	 	
			BIGLARI HOLDINGS, INC.

			By:         _____________________________________

			Name:         Sardar Biglari

			Title:           Authorized Signatory

			

 

 

 

 

EXHIBIT A

 

FORM OF STOCK POWER AND ASSIGNMENT

 

See attached.

 

 

 

 

 

IRREVOCABLE STOCK POWER

 

FOR VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, BIGLARI HOLDINGS, INC., an Indiana corporation (“Assignor”), hereby assigns, transfers, and conveys to ABRAXAS PETROLEUM CORPORATION., a Nevada corporation, all of Assignor’s right, title, and interest in and to 685,505 shares of Series A Preferred Stock, par value $0.01 per share (the “Shares”), of ABRAXAS PETROLEUM CORPORATION, a Nevada corporation (the “Company”), plus any Accreted Preference Amount (as defined in that certain Certificate of Designation of Series A Preferred Stock of the Company, dated as of January 3, 2022) with respect thereto, which Shares and Accreted Preference Amount are uncertificated and held in book entry form, and hereby irrevocably appoints ______________________________, as Assignor’s attorney-in-fact, to transfer (or cause the transfer agent to transfer) said Shares and Accreted Preference Amount on the books of the Company maintained for that purpose, with full power of substitution in the premises.

 

ASSIGNOR:

 

BIGLARI HOLDINGS, INC.

 

By:                                             

Name: Sardar Biglari

Title: Authorized Signatory

 

Date:                            , 2022

 

 

 

 

 

EXHIBIT B

 

FORM OF AMENDMENT TO ARTICLES OF INCORPORATION

 

See attached.EX-4.1.1

 Exhibit 4.1.1 

EXECUTION VERSION 
 OMNIBUS
SECURITIZATION AGREEMENTS ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of October 1, 2022 (this “Agreement”), among Capital One Bank (USA), National Association, a national banking association (“COBNA”),
in its capacity as original seller, servicer and administrator (collectively, the “Original Seller, Servicer, and Administrator,” and, individually, the “Original Seller,” “Original Servicer,” or
“Original Administrator”) and in its individual capacity, Capital One Funding, LLC, a Virginia limited liability company (“Funding”), as transferor (the “Transferor”) and in its individual capacity,
Capital One, National Association, a national banking association (“CONA”), in its capacity as new seller, servicer and administrator (collectively, the “New Seller, Servicer, and Administrator,” and, individually,
the “New Seller,” “New Servicer,” or “New Administrator”) and in its individual capacity, The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”) for
the Capital One Master Trust (the “Master Trust”) and as indenture trustee (the “Indenture Trustee”) for the Capital One Multi-asset Execution Trust, a statutory trust organized under the laws of the State of
Delaware (the “Issuer”), the Issuer, the Independent Director of Funding, Clayton Fixed Income Services LLC, a Delaware limited liability company, as asset representations reviewer (the “Asset Representations
Reviewer”), and Capital One Services, LLC, a Delaware limited liability company (“Capital One Services”), as subservicer and in its individual capacity. 

RECITALS 
 WHEREAS, COBNA
and Funding are parties to the Amended and Restated Receivables Purchase Agreement, dated as of July 1, 2007, as amended by the First Amendment thereto, dated as of March 1, 2008, and as further amended by the Second Amendment thereto,
dated as of March 17, 2016 (as so amended, and as further amended, restated, supplemented, or otherwise modified from time to time, the “Receivables Purchase Agreement”); 

WHEREAS, the Transferor, the Original Servicer, and the Trustee are parties to the Amended and Restated Pooling and Servicing Agreement, dated
as of September 30, 1993, as amended and restated as of August 1, 2002, January 13, 2006, July 1, 2007 and March 17, 2016, and as amended by the First Amendment thereto, dated as of January 27, 2017 (as so amended and
restated and as further amended, restated, supplemented, or otherwise modified from time to time, the “PSA”), and as supplemented by the Amended and Restated Series 2002-CC Supplement thereto,
dated as of October 9, 2002, as amended and restated as of March 17, 2016 (as so amended and restated and as further amended, restated, supplemented, or otherwise modified from time to time, the “Series Supplement” and,
together with the PSA, the “Pooling and Servicing Agreement”); 
 WHEREAS, the Original Servicer and the Transferor are
parties to the Defaulted Receivables Supplemental Servicing Agreement, dated as of July 15, 2010 (as amended, restated, supplemented, or otherwise modified from time to time, the “Supplemental Servicing Agreement”); 

WHEREAS, COBNA and the Independent Director appointed in accordance therein are parties to the Amended and Restated Limited Liability Company
Agreement of Capital One Funding, LLC, dated as of July 31, 2002, as amended by the First Amendment thereto, dated as 

 
of March 1, 2008 (as so amended and as further amended, restated, supplemented, or otherwise modified from time to time, the “LLC Agreement”); 

WHEREAS, the Issuer and the Indenture Trustee are parties to the Indenture, dated as of October 9, 2002, as amended and restated as of
January 13, 2006 and March 17, 2016 (as so amended and restated and as further amended, restated, supplemented, or otherwise modified from time to time, the “Base Indenture”), as supplemented by the Asset Pool 1
Supplement, dated as of October 9, 2002, as amended by the First Amendment thereto, dated as of March 1, 2008 (as so amended and as further amended, restated, supplemented, or otherwise modified from time to time, the “Asset Pool 1
Supplement”), as further supplemented by the Card Series Indenture Supplement, dated as of October 9, 2002, as amended and restated as of March 17, 2016, and, in each case, as supplemented by the Terms Documents listed on
Schedule A hereto (as so amended, restated, and supplemented, and as further amended, restated, supplemented, or otherwise modified from time to time, the “Indenture Supplement” and, together with the Base Indenture and the
Asset Pool 1 Supplement, the “Indenture”); 
 WHEREAS, the Issuer, the Transferor, the Original Administrator, and the
Indenture Trustee are parties to the Transfer and Administration Agreement, dated as of October 9, 2002, as amended by the First Amendment thereto, dated as of March 1, 2008 (as so amended and as further amended, restated, supplemented, or
otherwise modified from time to time, the “Transfer and Administration Agreement”); 
 WHEREAS, Funding, COBNA, and the
Trustee are parties to the Dispute Resolution Agreement, dated as of March 17, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “Dispute Resolution Agreement”); 

WHEREAS, the Transferor, the Original Servicer, COBNA, and the Asset Representations Reviewer are parties to the Asset Representations Review
Agreement, dated as of March 17, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “Asset Representations Review Agreement”); 

WHEREAS, COBNA (as successor to Capital One Bank, a then Virginia banking corporation), as Original Servicer, and Capital One Services, as
subservicer, are parties to the Subservicing Agreement, dated as of January 1, 2006 (as amended, restated, supplemented, or otherwise modified from time to time, the “Subservicing Agreement”); 

WHEREAS, Schedule A hereto lists all agreements relating to the securitization program contemplated by the Pooling
and Servicing Agreement and the Indenture, including the Receivables Purchase Agreement, the Pooling and Servicing Agreement, the Supplemental Servicing Agreement, the LLC Agreement, the Indenture, the Transfer and Administration Agreement, the
Dispute Resolution Agreement, the Asset Representations Review Agreement, and the Subservicing Agreement, and all amendments or supplements thereto (each, a “Securitization Agreement” and, collectively, the “Securitization
Agreements”); 
 WHEREAS, COBNA owns the sole membership interest in Funding; 

WHEREAS, effective October 1, 2022, COBNA shall merge with and into CONA (said transaction, the “Merger”); 

  
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 WHEREAS, by virtue of the Merger, all property of every type and interests therein, all
rights, franchises, and choses in action, and all of the liabilities and obligations of every kind and description of COBNA as they exist at the time of the Merger shall become the property, rights, franchises, and choses in action, and liabilities
and obligations of CONA without any other transfer, and, upon the Merger, and without any order or other action, CONA shall hold and enjoy all rights of property, franchises, and interests in the same manner and to the same extent as such rights,
franchises, and interests were held or enjoyed by COBNA at the time of the Merger, subject to applicable law; and 
 WHEREAS, for the
avoidance of doubt, in connection with the Merger, COBNA, in its capacity as the Original Seller, Servicer, and Administrator or in its individual capacity, as applicable, seeks to assign all of its right, title, and interest, and delegate all of
its duties, obligations, and liabilities, in, to, and under the Receivables Purchase Agreement, the Pooling and Servicing Agreement, the Supplemental Servicing Agreement, the LLC Agreement, the Indenture, the Transfer and Administration Agreement,
the Dispute Resolution Agreement, the Asset Representations Review Agreement, and the Subservicing Agreement as they exist at the time of the Merger, to CONA, in its capacity as the New Seller, Servicer, and Administrator or in its individual
capacity, as applicable; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, do covenant and agree as follows: 

ARTICLE I 

ASSIGNMENT AND ASSUMPTION; 

INTENTION OF ASSIGNMENT 

SECTION 1.1. Definitions. Unless otherwise defined in this Agreement, all defined terms used herein, including the Recitals
hereto, shall have the meanings ascribed to such terms in the Pooling and Servicing Agreement and, if not defined therein, in the Indenture and, if not defined therein, in any other Securitization Agreement, as the context requires. 

SECTION 1.2. Assignment, Assumption, and Acceptance; Consent. 

(a)      For good and valuable consideration, receipt of which is hereby acknowledged, effective as of the date
hereof, COBNA, in its capacity as the Original Seller, Servicer, and Administrator or in its individual capacity, as applicable, does hereby assign all of its right, title, and interest, and delegate all of its duties, obligations, and liabilities,
in, to, and under the Receivables Purchase Agreement, the Pooling and Servicing Agreement, the Supplemental Servicing Agreement, the LLC Agreement, the Indenture, the Transfer and Administration Agreement, the Dispute Resolution Agreement, the Asset
Representations Review Agreement, and the Subservicing Agreement as they exist at the time of the Merger, to CONA, in its capacity as the New Seller, Servicer, and Administrator or in its individual capacity, as applicable. 

(b)      For good and valuable consideration, receipt of which is hereby acknowledged, effective as of the date
hereof, CONA, in its capacity as the New Seller, Servicer, and 

  
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Administrator or in its individual capacity, as applicable, does hereby accept all such assigned right, title, and interest, and assume all such duties, obligations, and liabilities and the
performance of every covenant under the Securitization Agreements as they exist at the time of the Merger, and agrees that it shall be substituted for COBNA, in its capacity as the Original Seller, Servicer, and Administrator or in its individual
capacity, as applicable, under each of the Receivables Purchase Agreement, the Pooling and Servicing Agreement, the Supplemental Servicing Agreement, the LLC Agreement, the Indenture, the Transfer and Administration Agreement, the Dispute Resolution
Agreement, the Asset Representations Review Agreement, and the Subservicing Agreement. 
 (c)      Each of the
Trustee, the Indenture Trustee, the Transferor, the Issuer, the Independent Director of Funding, the Asset Representations Reviewer, and Capital One Services hereby severally (i) acknowledges and consents to the assignment and delegation
described above and (ii) acknowledges and agrees that as of the date hereof, CONA, in its capacity as the New Seller, Servicer, and Administrator or in its individual capacity, as applicable, has been substituted for COBNA, in its capacity as
the Original Seller, Servicer, and Administrator or in its individual capacity, as applicable, under each of the Receivables Purchase Agreement, the Pooling and Servicing Agreement, the Supplemental Servicing Agreement, the LLC Agreement, the
Indenture, the Transfer and Administration Agreement, the Dispute Resolution Agreement, the Asset Representations Review Agreement, and the Subservicing Agreement. 

SECTION 1.3. Intention of Parties Relating to Succession and the Securitization Agreements. 

(a)      Receivables Purchase Agreement. 

(i)      The parties hereto that are also parties to the Receivables Purchase Agreement agree
that, on and after the date hereof, CONA shall be the successor by merger to COBNA under the Receivables Purchase Agreement. 

(ii)     The parties hereto that are also parties to the Receivables Purchase Agreement agree that,
on and after the date hereof, references to “Capital One Bank (USA), National Association” and “Capital One” in the Receivables Purchase Agreement, including all obligations, benefits, and requirements thereof, shall relate to
CONA, as successor by merger to COBNA, in each case unless otherwise specified herein. 

(iii)    CONA, as successor by merger to COBNA, confirms and agrees to be bound by the terms of the
Receivables Purchase Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

(b)      Pooling and Servicing Agreement. 

(i)      The parties hereto that are also parties to the Pooling and Servicing Agreement agree
that, on and after the date hereof, CONA, in its capacity as the New Servicer, shall be the successor by merger to COBNA, in its capacity as the Original Servicer, under the Pooling and Servicing Agreement. 

  
 4 

 (ii)     The parties hereto that are also parties
to the Pooling and Servicing Agreement agree that, on and after the date hereof, references to “Capital One Bank (USA), National Association,” “Capital One,” and the “Bank” in the Pooling and Servicing Agreement,
including all obligations, benefits, and requirements thereof, shall relate to CONA, as successor by merger to COBNA, in each case unless otherwise specified herein. 

(iii)    CONA, as successor by merger to COBNA, confirms and agrees to be bound by the terms of the
Pooling and Servicing Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

(c)      Supplemental Servicing Agreement. 

(i)      The parties hereto that are also parties to the Supplemental Servicing Agreement agree
that, on and after the date hereof, CONA, in its capacity as the New Servicer, shall be the successor by merger to COBNA, in its capacity as the Original Servicer, under the Supplemental Servicing Agreement. 

(ii)     The parties hereto that are also parties to the Supplemental Servicing Agreement agree
that, on and after the date hereof, references to “Capital One Bank (USA), National Association” in the Supplemental Servicing Agreement, including all obligations, benefits, and requirements thereof, shall relate to CONA, as successor by
merger to COBNA, in each case unless otherwise specified herein. 
 (iii)    CONA, as successor by
merger to COBNA, confirms and agrees to be bound by the terms of the Supplemental Servicing Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

(d)      LLC Agreement. 

(i)      The parties hereto that are also parties to the LLC Agreement agree that, on and after
the date hereof, (A) CONA, in its individual capacity, shall be the successor by merger to COBNA, in its individual capacity, under the LLC Agreement and (B) as such merger was effected in compliance with the Basic Documents (as defined in
the LLC Agreement), in accordance with Section 21 of the LLC Agreement, without further act, CONA shall be the Member thereunder, and such merger shall not constitute an assignment for purposes of the LLC Agreement and Funding shall continue
without dissolution. 
 (ii)     The parties hereto that are also parties to the LLC Agreement
agree that, on and after the date hereof, references to “Capital One Bank (USA), National Association,” the “Bank,” and the “Member” in the LLC Agreement, including all obligations, benefits, and requirements thereof,
shall relate to CONA, as successor by merger to COBNA, in each case unless otherwise specified herein. 

(iii)    CONA, as successor by merger to COBNA, confirms and agrees to be bound by the terms of the LLC
Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

  
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 (e)      Indenture. 

(i)      The parties hereto that are also parties to the Indenture agree that, on and after the
date hereof, CONA, in its capacity as the New Administrator, shall be the successor by merger to COBNA, in its capacity as the Original Administrator, for purposes of the Indenture. 

(ii)     The parties hereto that are also parties to the Indenture agree that, on and after the date
hereof, references to “Capital One Bank (USA), National Association” and “Capital One” in the Indenture, including all obligations, benefits, and requirements thereof, shall relate to CONA, as successor by merger to COBNA, in
each case unless otherwise specified herein. 
 (iii)    CONA, as successor by merger to COBNA,
confirms and agrees to be bound by the terms of the Indenture on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

(f)      Transfer and Administration Agreement. 

(i)      The parties hereto that are also parties to the Transfer and Administration Agreement
agree that, on and after the date hereof, CONA, in its capacity as the New Administrator, shall be the successor by merger to COBNA, in its capacity as the Original Administrator, under the Transfer and Administration Agreement. 

(ii)     The parties hereto that are also parties to the Transfer and Administration Agreement agree
that, on and after the date hereof, references to “Capital One Bank (USA), National Association” and “Capital One Bank” in the Transfer and Administration Agreement, including all obligations, benefits, and requirements thereof,
shall relate to CONA, as successor by merger to COBNA, in each case unless otherwise specified herein. 

(iii)    CONA, as successor by merger to COBNA, confirms and agrees to be bound by the terms of the
Transfer and Administration Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

(g)      Dispute Resolution Agreement. 

(i)      The parties hereto that are also parties to the Dispute Resolution Agreement agree
that, on and after the date hereof, CONA, in its individual capacity, shall be the successor by merger to COBNA, in its individual capacity, under the Dispute Resolution Agreement. 

(ii)     The parties hereto that are also parties to the Dispute Resolution Agreement agree that, on
and after the date hereof, references to “Capital One Bank (USA), National Association” and the “Bank” in the Dispute Resolution Agreement, including all obligations, benefits, and requirements thereof, shall relate to CONA, as
successor by merger to COBNA, in each case unless otherwise specified herein. 

  
 6 

 (iii)    CONA, as successor by merger to COBNA,
confirms and agrees to be bound by the terms of the Dispute Resolution Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

(h)      Asset Representations Review Agreement. 

(i)      The parties hereto that are also parties to the Asset Representations Review Agreement
agree that, on and after the date hereof, CONA, in its capacity as the New Servicer and in its individual capacity, shall be the successor by merger to COBNA, in its capacity as the Original Servicer and in its individual capacity, under the Asset
Representations Review Agreement. 
 (ii)     The parties hereto that are also parties to the
Asset Representations Review Agreement agree that, on and after the date hereof, references to “Capital One Bank (USA), National Association” and “Capital One” in the Asset Representations Review Agreement, including all
obligations, benefits, and requirements thereof, shall relate to CONA, as successor by merger to COBNA, in each case unless otherwise specified herein. 

(iii)    CONA, as successor by merger to COBNA, confirms and agrees to be bound by the terms of the Asset
Representations Review Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

(i)      Subservicing Agreement. 

(i)      The parties hereto that are also parties to the Subservicing Agreement agree that, on
and after the date hereof, CONA, in its capacity as the New Servicer and in its individual capacity, shall be the successor by merger to COBNA, in its capacity as the Original Servicer and in its individual capacity, under the Subservicing
Agreement. 
 (ii)     The parties hereto that are also parties to the Subservicing Agreement
agree that, on and after the date hereof, references to “Capital One Bank,” “Capital One Bank (USA), National Association,” and “COB” in the Subservicing Agreement, including all obligations, benefits, and requirements
thereof, shall relate to CONA, as successor by merger to COBNA, in each case unless otherwise specified herein. 

(iii)    CONA, as successor by merger to COBNA, confirms and agrees to be bound by the terms of the
Subservicing Agreement on and after the date hereof in the same manner as COBNA was bound thereunder prior to the date hereof. 

  
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 ARTICLE II 

MISCELLANEOUS 

SECTION 2.1. Conditions to Effectiveness. The assignments and assumptions provided for by this Agreement shall become effective
upon satisfaction of the following conditions: 
 (a)      Receivables Purchase Agreement. 

(i)      delivery of an Opinion of Counsel, to Funding from COBNA, to the effect that all
actions have been taken, and all filings have been made, as are necessary to continue and maintain the first-priority perfected ownership interest of Funding in the Purchased Assets, delivered pursuant to Subsection 5.01(k) of the Receivables
Purchase Agreement; 
 (ii)     ten (10) days’ prior notice from COBNA to Funding, the
Trustee and each Rating Agency of this Agreement, delivered pursuant to Section 9.05 of the Receivables Purchase Agreement; 

(iii)    delivery of written confirmation to Funding and the Trustee from each Rating Agency that the
assignments and assumption will not result in the reduction or withdrawal of the respective ratings of such Rating Agency for any securities issued by the Capital One Master Trust, delivered pursuant to Section 9.05 of the Receivables Purchase
Agreement; 
 (iv)    delivery of counterparts of this Agreement, duly executed by the parties hereto;
and 
 (v)     COBNA has been merged with and into CONA. 

(b)      Pooling and Servicing Agreement. 

(i)      delivery of an Opinion of Counsel, pursuant to Subsection 8.02(a)(ii) of the Pooling
and Servicing Agreement, stating that this Agreement complies with Section 8.02 of the Pooling and Servicing Agreement, and that this Agreement is a valid and binding obligation of CONA enforceable against CONA in accordance with its terms,
except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity, and that all conditions precedent therein provided for relating to such transaction have
been complied with; 
 (ii)     notice from COBNA to each Rating Agency of this Agreement,
delivered pursuant to Subsection 8.02(b) of the Pooling and Servicing Agreement 
 (iii)    delivery of
an Officer’s Certificate, pursuant to Subsection 8.02(a)(ii) of the Pooling and Servicing Agreement, from COBNA to Funding and the Trustee, stating that this Agreement complies with Section 8.02 of the Pooling and Servicing Agreement, and
that this Agreement is a valid and binding obligation of CONA enforceable against CONA in accordance with its terms, except as such enforceability 

  
 8 

 
may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity, and that all conditions precedent therein provided for relating
to such transaction have been complied with; 
 (iv)    delivery of counterparts of this Agreement,
duly executed by the parties hereto; and 
 (v)     COBNA has been merged with and into CONA. 

(c)      Supplemental Servicing Agreement. 

(i)      delivery of counterparts of this Agreement, duly executed by the parties hereto; and

 (ii)     COBNA has been merged with and into CONA. 

(d)      LLC Agreement. 

(i)      delivery of counterparts of this Agreement, duly executed by the parties hereto; and

 (ii)     COBNA has been merged with and into CONA. 

(e)      Indenture. 

(i)      delivery of an Officer’s Certificate, pursuant to Section 102 of the
Indenture, from the Issuer to the Indenture Trustee, to the effect that all conditions precedent to the execution of this Agreement have been complied with; 

(ii)     delivery of an Opinion of Counsel, pursuant to Section 102 of the Indenture, from the
Issuer to the Indenture Trustee, to the effect that all conditions precedent to the execution of this Agreement have been complied with; 

(iii)    delivery of counterparts of this Agreement, duly executed by the parties hereto; and 

(iv)    COBNA has been merged with and into CONA. 

(f)      Transfer and Administration Agreement. 

(i)      delivery of counterparts of this Agreement duly executed by the parties hereto; and

 (ii)     COBNA has been merged with and into CONA. 

(g)      Dispute Resolution Agreement. 

(i)      delivery of counterparts of this Agreement duly executed by the parties hereto; and

  
 9 

 (ii)     COBNA has been merged with and into CONA.

 (h)      Asset Representations Review Agreement. 

(i)      delivery of counterparts of this Agreement duly executed by the parties hereto; and

 (ii)     COBNA has been merged with and into CONA. 

(i)      Subservicing Agreement. 

(i)      delivery of counterparts of this Agreement duly executed by the parties hereto; and

 (ii)     COBNA has been merged with and into CONA. 

SECTION 2.2. Filing of Financing Statements. In connection herewith, each of COBNA and the Transferor agrees to prepare for
filing, and CONA agrees to record and file, any financing statements (or if a financing statement is already on record, an assignment of such financing statement) and continuation statements with respect to such financing statements, when
applicable, meeting the requirements of applicable state law, in such jurisdictions as are necessary to perfect and maintain perfection of the transfers and other assignments contemplated hereby. 

SECTION 2.3. Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed, shall be
deemed to be an original, and all of which, when taken together, shall constitute one and the same instrument. The words “executed,” “signed,” “signature,” and words of like import in this Agreement or in any other
certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including, without
limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and
executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by
electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform
Commercial Code. 
 SECTION 2.4. Governing Law. This Agreement shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions (other than Section 5-1401 of the General Obligations Law), and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws. 

  
 10 

 SECTION 2.5. Indenture Trustee and Trustee. Neither the Indenture Trustee nor
the Trustee shall be responsible for the validity or sufficiency of this Agreement nor for the recitals herein. The parties hereto agree that the Indenture Trustee and the Trustee shall be afforded all the rights, privileges, protections, immunities
and indemnities provided to each of them under the Securitization Agreements to which the Indenture Trustee or the Trustee is a party. 

SECTION 2.6. Schedule. The schedule attached hereto and referenced herein shall constitute a part of this Agreement and is
incorporated into this Agreement for all purposes. 
 SECTION 2.7. Limitation of Liability of the Owner Trustee. It is expressly
understood and agreed by the parties hereto that (i) this Agreement is executed and delivered on behalf of the Issuer by Deutsche Bank Trust Company Delaware, not individually or personally but solely as Owner Trustee (the “Owner
Trustee”) of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal
representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only, and is binding only on, the Issuer, (iii) nothing herein contained will be construed as creating any liability on Deutsche
Bank Trust Company Delaware, individually or personally or as Owner Trustee, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Agreement and
by any Person claiming by, through or under them, (iv) Deutsche Bank Trust Company Delaware has made no investigation and will make no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in
this Agreement or any related document and (v) under no circumstances will Deutsche Bank Trust Company Delaware be personally liable for the payment of any indebtedness, indemnities or expenses of the Issuer or be liable for the performance,
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any related documents, as to all of which recourse shall be had solely to the assets of the Issuer. 

[Signature pages follow] 

  
 11 

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

					
	CAPITAL ONE BANK (USA), NATIONAL
	ASSOCIATION,
	as Original Seller, Servicer and Administrator and in its individual capacity
		
	By:	 	 /s/ Thomas A. Feil

		 	Name:	 	Thomas A. Feil
		 	Title:	 	Treasurer
	
	CAPITAL ONE FUNDING, LLC,
	as Transferor and in its individual capacity
		
	By:	 	 /s/ Eric D. Bauder

		 	Name:	 	Eric D. Bauder
		 	Title:	 	Assistant Vice President
	
	CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
	as Issuer
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee on behalf of the Issuer
		
	By:	 	 /s/ Ronaldo R. Reyes

		 	Name:	 	Ronaldo R. Reyes
		 	Title:	 	Attorney-In-Fact
		
	By:	 	 /s/ Timothy Johnson

		 	Name:	 	Timothy Johnson
		 	Title:	 	Attorney-In-Fact

 [Signature page to Omnibus Securitization Agreements Assignment and Assumption Agreement] 

 
					
	CAPITAL ONE, NATIONAL ASSOCIATION,
	as New Seller, Servicer and Administrator and in its individual capacity
		
	By:	 	 /s/ Franco E. Harris

		 	Name:	 	Franco E. Harris
		 	Title:	 	Managing Vice President, Treasury Capital Markets
	
	THE BANK OF NEW YORK MELLON,
	not in its individual capacity but solely as Trustee and Indenture Trustee
		
	By:	 	 /s/ Leslie Morales

		 	Name:	 	Leslie Morales
		 	Title:	 	Vice President
	
	INDEPENDENT DIRECTOR OF CAPITAL ONE FUNDING, LLC
		
	By:	 	 /s/ Karla Boyd

		 	Name:	 	Karla Boyd
	
	CLAYTON FIXED INCOME SERVICES LLC,
	as Asset Representations Reviewer
		
	By:	 	 /s/ Anthony Neske

		 	Name:	 	Anthony Neske
		 	Title:	 	Senior Vice President
	
	CAPITAL ONE SERVICES, LLC,
	as subservicer and in its individual capacity
		
	By:	 	 /s/ Sean J. Flanagan

		 	Name:	 	Sean J. Flanagan
		 	Title:	 	Managing Vice President, Treasury Capital Markets

 [Signature page to Omnibus Securitization Agreements Assignment and Assumption Agreement] 

 Schedule A 

Securitization Agreements 
  

	A.	 The Amended and Restated Receivables Purchase Agreement, dated as of July 1, 2007, as amended by the First
Amendment thereto, dated as of March 1, 2008, and as further amended by the Second Amendment thereto, dated as of March 17, 2016, between COBNA and Funding; 

 

	B.	 The Amended and Restated Pooling and Servicing Agreement, dated as of September 30, 1993, as amended and
restated as of August 1, 2002, January 13, 2006, July 1, 2007 and March 17, 2016, and as amended by the First Amendment thereto, dated as of January 27, 2017, among Funding, as Transferor, COBNA, as Servicer, and The Bank of
New York Mellon, as Trustee; 

  

	C.	 The Amended and Restated Series 2002-CC Supplement, dated as of
October 9, 2002, as amended and restated as of March 17, 2016, among the Transferor, the Servicer, and the Trustee; 

  

	D.	 The Amended and Restated Limited Liability Company Agreement of Capital One Funding, LLC, dated as of
July 31, 2002,as amended by the First Amendment thereto, dated as of March 1, 2008, between COBNA, as the sole equity member, and the Independent Director of Funding; 

 

	E.	 The Indenture, dated as of October 9, 2002, as amended and restated as of January 13, 2006 and
March 17, 2016, between the Issuer and The Bank of New York Mellon, as Indenture Trustee; 

  

	F.	 The Asset Pool 1 Supplement, dated as of October 9, 2002, as amended by the First Amendment thereto, dated
as of March 1, 2008, between the Issuer and the Indenture Trustee; 

  

	G.	 The Card Series Indenture Supplement, dated as of October 9, 2002, as amended and restated as of
March 17, 2016, between the Issuer and the Indenture Trustee, in each case, together with the following Terms Document relating to specified Classes and Tranches of Notes belonging to the Card Series, each between the Issuer and the Indenture
Trustee (each, as amended, restated, supplemented or otherwise modified through the date hereof): 

 Class A(2017-5) Terms Document dated as of October 10, 2017 

Class A(2018-2) Terms Document dated as of May 16, 2018 

Class A(2019-3) Terms Document dated as of September 5, 2019 

Class A(2021-1) Terms Document dated as of July 22, 2021 

Class A(2021-2) Terms Document dated as of July 22, 2021 

Class A(2021-3) Terms Document dated as of November 30, 2021 

Class A(2022-1) Terms Document dated as of March 30, 2022 

Class A(2022-2) Terms Document dated as of June 14, 2022 

Class B(2005-3) Terms Document dated as of August 4, 2005 

Class B(2009-C) Terms Document dated as of October 9, 2009 

Class C(2009-A) Terms Document dated as of October 9, 2009 

 

	H.	 The Transfer and Administration Agreement, dated as of October 9, 2002, as amended by the First Amendment
thereto, dated as of March 1, 2008, among the Issuer, the Transferor, COBNA, as Administrator, and the Indenture Trustee; 

  

	I.	 The Defaulted Receivables Supplemental Servicing Agreement, dated as of July 15, 2010, by and between
COBNA, as Servicer, and the Transferor. 

  

	J.	 The Dispute Resolution Agreement, dated as of March 17, 2016, among COBNA, Funding, and the Trustee;

  

	K.	 The Asset Representations Review Agreement, dated as of March 17, 2016, among COBNA, as Servicer and in
its individual capacity, the Transferor, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer; and 

	L.	 The Subservicing Agreement, dated as of January 1, 2006, by and between COBNA, as successor to Capital One
Bank, a then Virginia banking corporation, as Servicer and in its individual capacity, and Capital One Services, as subservicer and in its individual capacity.

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