Item 1.01 Entry into a Material Definitive Agreement. OnJuly 7, 2020 ,California Resources Corporation (the "Company") and certain of its subsidiaries further amended the forbearance agreements, datedJune 2, 2020 (collectively, as amended, the "Forbearance Agreements"), with: • certain lenders (collectively, the "2014 Lenders") representing a majority of the outstanding principal amount of the loans under its Credit Agreement, dated as ofSeptember 24, 2014 (as amended, the "2014 Credit Agreement"), by and among the Company, as the Borrower, the subsidiary guarantors party thereto, the various Lenders identified therein,JPMorgan Chase Bank, N.A ., as Administrative Agent, a Lender and a Letter of Credit Issuer, andBank of America, N.A ., as a Lender and a Letter of Credit Issuer; • certain lenders (collectively, the "2016 Lenders") representing a majority of the outstanding principal amount of the term loans under its Credit Agreement, datedAugust 12, 2016 (the "2016 Credit Agreement"), by and among the Company, as the Borrower, the various Lenders identified therein andThe Bank of New York Mellon Trust Company, N.A. , as Administrative Agent; and • certain lenders (collectively, the "2017 Lenders", and together with the 2014 Lenders and the 2016 Lenders, the "Forbearing Parties") representing a majority of the outstanding principal amount of the term loans under its Credit Agreement, dated as ofNovember 17, 2017 (as amended, the "2017 Credit Agreement", and together with the 2014 Credit Agreement and the 2016 Credit Agreement, the "Credit Agreements"), by and among the Company, as the Borrower, the subsidiary guarantors party thereto, the various Lenders identified therein andThe Bank of New York Mellon Trust, N.A. , as Administrative Agent.
The Forbearing Parties agreed to extend the period in which they will forbear
from exercising any remedies under the Credit Agreements with respect to certain
specified events of default until the earlier of (a)
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