BACKSTOP COMMITMENT AGREEMENTBackstop Commitment Agreement • July 17th, 2020 • California Resources Corp • Crude petroleum & natural gas • New York
This BACKSTOP COMMITMENT AGREEMENT (including exhibits and schedules attached hereto and incorporated herein, this “Agreement”), dated as of July 15, 2020 is made by and among California Resources Corporation, a Delaware corporation (the “Company”), on behalf of itself and each of its affiliates listed on Schedule 1 hereto (collectively, together with the Company, the “Debtors”), on the one hand, and the Backstop Parties set forth on Schedule 2 hereto (as such list may be amended, supplemented or modified from time to time in accordance with this Agreement, including Sections 3 and 4 hereof) (each referred to herein, individually, as a “Backstop Party” and, collectively, as the “Backstop Parties”), on the other hand. The Company and each Backstop Party is referred to herein, individually, as a “Party” and, collectively, as the “Parties”. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the RSA (as defined below).
