Common Contracts

DIP Term Sheet

August 4th, 2020

• Filed
  August 4th, 2020

This term sheet (the “DIP Facility Term Sheet”) sets forth the principal terms of a secured debtor-in- possession credit facility (the “DIP Facility”) and consent to use of the Prepetition Collateral (as defined below). The DIP Credit Agreement (as defined below) evidencing the DIP Facility shall be entered into with the DIP Facility Borrower (as defined below), certain of its subsidiaries, and Fieldwood Energy Inc. in connection with their respective cases under chapter 11 (the “Chapter 11 Cases”; the debtors and debtors-in-possession thereunder, the “Debtors” and each a “Debtor”) of title 11 of the United States Code (the “Bankruptcy Code”). The DIP Facility and the Debtors’ use of Prepetition Collateral will be subject to the approval of the Bankruptcy Court (as defined below) and consummated in the Chapter 11 Cases in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) in accordance with (i) the Interim DIP Order (as defined below) of the