SEC Contract Filing

Filing Date: 2018-03-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>d473384dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MEMBERSHIP INTEREST (ERPA) TRANSFER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS MEMBERSHIP INTEREST (ERPA) TRANSFER AGREEMENT </B>(this &#147;<U>Agreement</U>&#148;) is entered into as of the Closing Date (as defined below), but
is effective for all purposes as of 11:57 p.m. on November&nbsp;30, 2017 (the &#147;<U>Effective Time</U>&#148;), by and among BG US Production Company, LLC, a Delaware limited liability company (&#147;<U>Seller</U>&#148;), EXCO Resources (PA), LLC,
a Delaware limited liability company (&#147;<U>Company</U>&#148;), and EXCO Holding (PA), Inc., a Delaware corporation (&#147;<U>Purchaser</U>&#148;). Each of Seller, Company and Purchaser may be referred to as a &#147;<U>Party</U>&#148; or
together, as the &#147;<U>Parties</U>.&#148; Capitalized terms not otherwise defined herein, including in <U>Section</U><U></U><U>&nbsp;14</U>, shall have the meanings attributed to them in the Second Amended and Restated Limited Liability Company
Agreement, dated June&nbsp;1, 2010, of Company (as amended from time to time, including an amendment on October&nbsp;14, 2014, the &#147;<U>Operating Agreement</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>,
Seller is a member in Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the business and affairs of Company are governed by the Operating Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Seller owns 50% of the issued and outstanding membership interest in Company (the &#147;<U>Membership Interests</U>&#148;);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Purchaser, certain Affiliates of Purchaser, Company, and certain Affiliates of Seller are entering or have entered into
that certain Settlement Agreement and Mutual Release, dated as of the Closing Date (the &#147;<U>Settlement Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in accordance with the Settlement Agreement, Seller will sell and Purchaser will purchase all of Seller&#146;s right, title,
and interest in and to all of the Membership Interests upon the terms and subject to the conditions set forth herein in return for the consideration specified herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the mutual representations, covenants and agreements contained herein and in the Settlement
Agreement and other good and valuable consideration set forth herein and in the Settlement Agreement, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties to this Agreement hereby agree
as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Transfer and Assignment</U>. Subject to all of the terms of this Agreement, Seller shall transfer the Membership Interests in Company
to Purchaser effective as of the Effective Time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Assignment and Assumption; Agreement to be Bound; No Longer Member</U>. For and in consideration
of agreed value, the receipt and sufficiency of which is hereby acknowledged, Seller hereby sells, conveys, assigns, transfers and delivers to Purchaser, free and clear of all Encumbrances, all of its right, title and interest in and to the
Membership Interests, and Purchaser hereby takes and accepts such assignment and transfer, in each case, effective as of the Effective Time (the &#147;<U>Transfer</U>&#148;). PURCHASER HEREBY AGREES TO ASSUME, ACCEPT AND TIMELY PERFORM AND DISCHARGE
ANY AND ALL OF THE DUTIES, </P>

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COVENANTS, LIABILITIES AND OTHER OBLIGATIONS OF SELLER UNDER THE OPERATING AGREEMENT, WHETHER ARISING BEFORE OR AFTER THE EFFECTIVE TIME. SELLER AND ITS AFFILIATES SHALL BE RELEASED FROM ALL OF
ITS RESPECTIVE OBLIGATIONS UNDER THE OPERATING AGREEMENT WHETHER ARISING BEFORE OR AFTER THE EFFECTIVE TIME, AND AS A RESULT OF SUCH RELEASE OF SELLER BY PURCHASER AND THE TRANSFER, IT IS UNDERSTOOD AND AGREED THAT AS OF THE EFFECTIVE TIME, SELLER
SHALL NO LONGER BE A MEMBER OF, NOR HAVE ANY INTEREST OR RIGHTS TO PARTICIPATE IN, COMPANY. FOR THE AVOIDANCE OF DOUBT, THE FOREGOING ASSUMPTION AND RELEASE SHALL NOT PRECLUDE PURCHASER FROM HAVING THE RIGHT TO SUE FOR ANY BREACH BY SELLER OF ITS
REPRESENTATIONS, WARRANTIES OR COVENANTS CONTAINED HEREIN. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Recognition of Transfer by Company</U>. Company hereby consents to and recognizes the
Transfer. Company shall file this Agreement with the records