Exhibit 4.1 


 


Execution
Version


 


 


BONANZA CREEK ENERGY, INC.


 


AND EACH OF THE GUARANTORS PARTY HERETO


 


5.000% SENIOR NOTES DUE 2026


 





 






 


INDENTURE


 


Dated as of October 13, 2021


 





 






 


WELLS FARGO BANK, NATIONAL ASSOCIATION


 


Trustee


 






     


     


    

 


TABLE OF CONTENTS


 


Page



 


	Article 1
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	36
	Section 1.03	Trust Indenture Act	36
	Section 1.04	Rules of Construction	37
	Section 1.05	Limited Condition Transactions; Measuring Compliance	37
	 	 	 
	Article 2
	THE NOTES
	 
	Section 2.01	Form and Dating	39
	Section 2.02	Execution and Authentication	40
	Section 2.03	Registrar and Paying Agent	41
	Section 2.04	Paying Agent to Hold Money in Trust	41
	Section 2.05	Holder Lists	42
	Section 2.06	Transfer and Exchange	42
	Section 2.07	Replacement Notes	55
	Section 2.08	Outstanding Notes	55
	Section 2.09	Treasury Notes	56
	Section 2.10	Temporary Notes	56
	Section 2.11	Cancellation	56
	Section 2.12	Defaulted Interest	56
	Section 2.13	Computation of Interest	57
	Section 2.14	CUSIP Numbers	57
	 	 	 
	Article 3
	REDEMPTION AND PREPAYMENT
	 
	Section 3.01	Notices to Trustee	57
	Section 3.02	Selection of Notes to Be Redeemed	57
	Section 3.03	Notice of Redemption	58
	Section 3.04	Effect of Notice of Redemption	59
	Section 3.05	Deposit of Redemption Price	59
	Section 3.06	Notes Redeemed in Part	60
	Section 3.07	Optional Redemption	60
	Section 3.08	Mandatory Redemption	61
	Section 3.09	Offer to Purchase by Application of Excess Proceeds	61
	Section 3.10	Special Mandatory Redemption	63
	 	 	 
	Article 4
	COVENANTS
	 
	Section 4.01	Payment of Notes	63
	Section 4.02	Maintenance of Office or Agency	64


 






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	Section 4.03	Reports	65
	Section 4.04	Compliance Certificate	66
	Section 4.05	Taxes	67
	Section 4.06	Stay, Extension and Usury Laws	67
	Section 4.07	Restricted Payments	67
	Section 4.08	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	72
	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Stock	75
	Section 4.10	Asset Sales	80
	Section 4.11	Transactions with Affiliates	83
	Section 4.12	Liens	85
	Section 4.13	[Reserved]	86
	Section 4.14	Organizational Existence	86
	Section 4.15	Offer to Repurchase Upon Change of Control	86
	Section 4.16	Additional Note Guarantees	88
	Section 4.17	Designation of Restricted and Unrestricted Subsidiaries	89
	Section 4.18	Covenant Termination	89
	 	 	 
	Article 5
	SUCCESSORS
	 
	Section 5.01	Merger, Consolidation or Sale of Assets	90
	Section 5.02	Successor Company Substituted	91
	 	 	 
	Article 6
	DEFAULTS AND REMEDIES
	 
	Section 6.01	Events of Default	91
	Section 6.02	Acceleration	93
	Section 6.03	Other Remedies	95
	Section 6.04	Waiver of Past Defaults	96
	Section 6.05	Control by Majority	96
	Section 6.06	Limitation on Suits	96
	Section 6.07	Rights of Holders of Notes to Receive Payment	97
	Section 6.08	Collection Suit by Trustee	97
	Section 6.09	Trustee May File Proofs of Claim	97
	Section 6.10	Priorities	98
	Section 6.11	Undertaking for Costs	98
	 	 	 
	Article 7
	TRUSTEE
	 
	Section 7.01	Duties of Trustee	98
	Section 7.02	Rights of Trustee	99
	Section 7.03	Individual Rights of Trustee	100
	Section 7.04	Trustee’s Disclaimer	100
	Section 7.05	Notice of Defaults	101
	Section 7.06	[Reserved]	101
	Section 7.07	Compensation and Indemnity	101
	Section 7.08	Replacement of Trustee	102


 






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	Section 7.09	Successor Trustee by Merger, etc.	103
	Section 7.10	Eligibility; Disqualification	103
	 	 	 
	Article 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	103
	Section 8.02	Legal Defeasance and Discharge	103
	Section 8.03	Covenant Defeasance	104
	Section 8.04	Conditions to Legal or Covenant Defeasance	104
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	106
	Section 8.06	Repayment to Company	106
	Section 8.07	Reinstatement	107
	 	 	 
	Article 9
	AMENDMENT, SUPPLEMENT AND WAIVER
	 
	Section 9.01	Without Consent of Holders of Notes	107
	Section 9.02	With Consent of Holders of Notes	108
	Section 9.03	Revocation and Effect of Consents	109
	Section 9.04	Notation on or Exchange of Notes	110
	Section 9.05	Trustee to Sign Amendments, etc.	110
	Section 9.06	Effect of Supplemental Indentures	110
	 	 	 
	Article 10
	NOTE GUARANTEES
	 
	Section 10.01	Guarantee	110
	Section 10.02	Limitation on Guarantor Liability	112
	Section 10.03	Execution and Delivery of Note Guarantee	112
	Section 10.04	Guarantors May Consolidate, etc., on Certain Terms	112
	Section 10.05	Releases	113
	 	 	 
	Article 11
	SATISFACTION AND DISCHARGE
	 
	Section 11.01	Satisfaction and Discharge	114
	Section 11.02	Application of Trust Money	115
	 	 	 
	Article 12
	MISCELLANEOUS
	 
	Section 12.01	[Reserved]	116
	Section 12.02	Notices	116
	Section 12.03	[Reserved]	117
	Section 12.04	Certificate and Opinion as to Conditions Precedent	117
	Section 12.05	Statements Required in Certificate or Opinion	117
	Section 12.06	Rules by Trustee and Agents	118
	Section 12.07	No Personal Liability of Directors, Managers, Officers, Employees and Members	118


 






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	Section 12.08	Governing Law	119
	Section 12.09	No Adverse Interpretation of Other Agreements	119
	Section 12.10	Successors	119
	Section 12.11	Severability	119
	Section 12.12	Counterpart Originals	119
	Section 12.13	Table of Contents, Headings, etc.	120
	Section 12.14	Payment Date Other Than a Business Day	120
	Section 12.15	Evidence of Action by Holders	120
	Section 12.16	Benefit of Indenture	122
	Section 12.17	Language of Notices, Etc.	122
	Section 12.18	U.S.A. Patriot Act	122
	Section 12.19	Force Majeure	122
	 	 	 
	EXHIBITS
	 
	Exhibit A	FORM OF NOTE	 
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER	 
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE	 
	Exhibit D	FORM OF SUPPLEMENTAL INDENTURE	 


 






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INDENTURE dated as of October 13,
2021, among Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”), the Guarantors party hereto
from time to time (as defined herein) and Wells Fargo Bank, National Association, a national banking association, as Trustee (in such
capacity, the “Trustee”).


 


The Company, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein)
of the 5.000% Senior Notes due 2026 (the “Notes”):


 


Article 1

DEFINITIONS AND INCORPORATION BY REFERENCE


 


Section 1.01     Definitions.


 


“144A Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 144A.


 


“Acquired Debt”
means, with respect to any specified Person:


 


(1)            Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person, whether
or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming
a Restricted Subsidiary of, such specified Person; and


 


(2)            Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.


 


“Additional Notes”
means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof,
as part of the same series as the Initial Notes.


 


“Adjusted Consolidated
Net Tangible Assets” means (without duplication), as of the date of determination,


 


(a)            the
sum of:


 


(i)            the
discounted future net revenues from Proved Reserves of the Company and its Restricted Subsidiaries calculated in accordance with SEC
guidelines before any U.S. state or federal or non-U.S. income taxes, as estimated in the reserve report prepared either as of the end
of the Company’s most recently completed fiscal year, or, at the Company’s option, the most recently completed fiscal quarter,
in each case, for which financial statements are available, which reserve report is prepared or audited by independent petroleum engineers
as to Proved Reserves accounting for at least 80% of all such discounted future net revenues and by the Company’s petroleum engineers
with respect to any other Proved Reserves covered by such report, as increased by, as of the date of determination, the estimated discounted
future net revenues from:


 


(A)            estimated
Proved Reserves of the Company and its Restricted Subsidiaries acquired (including on the date of determination) since the date of such
year-end or quarterly reserve report, as applicable; and


 






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(B)            estimated
Proved Reserves of the Company and its Restricted Subsidiaries attributable to extensions, discoveries and other additions and upward
revisions of estimates of Proved Reserves (including previously estimated development costs incurred during the period and the accretion
of discount since the prior period end) since the date of such year-end or quarterly reserve report, as applicable, due to exploration,
development or exploitation, production or other activities which would, in accordance with standard industry practice, cause such revisions,


 


decreased
by, as of the date of determination, the discounted future net revenue attributable to:


 


(C)            estimated
Proved Reserves of the Company and its Restricted Subsidiaries reflected in such year-end or quarterly reserve report produced or disposed
of (including on the date of determination) since the date of such year-end or quarterly reserve report, as applicable; and


 


(D)            reductions
in estimated Proved Reserves of the Company and its Restricted Subsidiaries reflected in such year-end or quarterly reserve report since
the date of such year-end or quarterly reserve report attributable to downward revisions of estimates of Proved Reserves since the date
of such year-end or quarterly reserve report, as applicable, due to changes in geological conditions or other factors which would, in
accordance with standard industry practice, cause such revisions;


 


in the case of the preceding clauses (A) through
(D), calculated on a pre-tax basis in accordance with SEC guidelines (utilizing the prices utilized in the Company’s year-end or
quarterly reserve report, as applicable) and estimated by the Company’s petroleum engineers or any independent petroleum engineers
engaged by the Company for that purpose;


 


(ii)            the
capitalized costs that are attributable to oil and gas properties of the Company and its Restricted Subsidiaries to which no Proved Reserves
are attributable, based on the Company’s books and records as of a date no earlier than the last day of the Company’s most
recent quarterly or annual period for which internal financial statements are available;


 


(iii)            the
Consolidated Net Working Capital of the Company and its Restricted Subsidiaries as of a date no earlier than the last day of the Company’s
most recent quarterly or annual period for which internal financial statements are available; and


 


(iv)            the
greater of:


 


(A)            the
net book value, and


 






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(B)            the
fair market value,


 


in each case, of other tangible assets
(including Investments in unconsolidated Subsidiaries) of the Company and its Restricted Subsidiaries as of a date no earlier than the
last day of the date of the Company’s most recent quarterly or annual period for which internal financial statements are available;
provided that the Company shall not be required to obtain such an appraisal of any assets,


 


minus,
to the extent not otherwise taken into account in this clause (a),


 


(b)            the
sum of:


 


(i)            any
amount included in clauses (a)(i)(A) through (a)(i)(D) above that is attributable to minority interests;


 


(ii)            any
net gas balancing liabilities of the Company and its Restricted Subsidiaries as of the last day of the Company’s most recent annual
or quarterly period for which internal financial statements are available (to the extent not deducted in calculating Net Working Capital
of the Company in accordance with clause (a)(iii) of this definition);


 


(iii)            to
the extent included in clause (a)(i) above, the discounted future net revenues, calculated on a pre-tax basis in accordance
with SEC guidelines (utilizing the prices and costs utilized in the applicable reserve report described in clause (a)(i)), attributable
to reserves that are required to be delivered to third parties to fully satisfy the obligations of the Company and its Restricted Subsidiaries
with respect to Volumetric Production Payments on the schedules specified with respect thereto; and


 


(iv)            to
the extent included in clause (a)(i) above, the discounted future net revenues, calculated on a pre-tax basis in accordance with
SEC guidelines (utilizing the prices and costs utilized in the applicable reserve report described in clause (a)(i)), attributable to
reserves subject to Dollar-Denominated Production Payments that, based on the estimates of production, price and cost assumptions included
in determining the discounted future net revenues specified in (a)(i) above, would be necessary to fully satisfy the payment obligations
of the Company and its Restricted Subsidiaries with respect to Dollar-Denominated Production Payments on the schedules specified with
respect thereto.


 


Notwithstanding anything
to the contrary in this definition, the Company may, at its option, (x) calculate Adjusted Consolidated Net Tangible Assets using
Strip Prices in lieu of commodity pricing of future net revenues based on SEC guidelines (or any other calculation or adjustment in the
foregoing paragraphs (a) and (b) of this definition that is based on SEC guidelines) or (y) on any date of determination,
calculate the Company’s Adjusted Consolidated Net Tangible Assets as of a date not more than 30 days prior to the date of determination
(the “ACNTA Calculation Date”) on the following basis: (A) in lieu of commodity pricing of future net revenues
based on SEC guidelines (or any other calculation or adjustment in the foregoing paragraphs (a) and (b) of this definition
that is based on SEC guidelines), Strip Prices shall be used after giving effect to commodity derivatives contracts in effect as of the
ACNTA Calculation Date, and (B) such calculation shall be based on then current estimates of costs in light of prevailing market
conditions, in each case as determined in good faith by the Company, and at its option, by applying such adjustments (i) with internal
Company calculations to the previously calculated Adjusted Consolidated Net Tangible Assets amount or (ii) by obtaining a separate
reserve report.


 






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If the Company changes its
method of accounting from the successful efforts method to the full cost method or a similar method of accounting, “Adjusted Consolidated
Net Tangible Assets” will continue to be calculated as if the Company were still using the successful efforts method of accounting.


 


“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
 “controlled by” and “under common control with” have correlative meanings.


 


“Agent”
means any Registrar or Paying Agent.


 


“Applicable Premium”
means, with respect to any Note at the time of computation, the greater of:


 


(1)            1.0%
of the principal amount of the Note; or


 


(2)            the
excess of:


 


(a)            the
present value at such redemption date of (i) the redemption price of the Note at October 15, 2023 (such redemption price
being set forth in the table appearing in Section 3.07(e) hereof) plus (ii) all required interest payments due on the
Note through October 15, 2023 (in each case excluding accrued but unpaid interest to the redemption date), computed using a discount
rate equal to the Treasury Rate as of such redemption date plus 50 basis points discounted to the redemption date on a semi-annual basis
(assuming a 360 day year consisting of twelve 30 day months), over


 


(b)            the
principal amount of the Note.


 


“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of
the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.


 


“Asset Sale”
means:


 


(1)            the
sale, lease, conveyance or other disposition of any assets or rights by the Company or any of the Company’s Restricted Subsidiaries
(including, without limitation, Production Payments and Reserve Sales); provided that the sale, lease, conveyance or other disposition
of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole will be governed by Section 4.15
and/or by Section 5.01 and not by the provisions of Section 4.10; and


 






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(2)            the
issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any of the Company’s
Restricted Subsidiaries of Equity Interests in any of the Company’s Subsidiaries.


 


Notwithstanding the preceding,
none of the following items will be deemed to be an Asset Sale:


 


(1)            any
single transaction or series of related transactions that involves assets having a Fair Market Value of less than $25.0 million;


 


(2)            a
transfer of assets between or among the Company and its Restricted Subsidiaries;


 


(3)            an
issuance or sale of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company;


 


(4)            the
sale, lease or other transfer of products, services or accounts receivable in the ordinary course of business and any sale or other disposition
of damaged, worn-out or obsolete assets in the ordinary course of business (including the abandonment or other disposition of intellectual
property that is, in the reasonable judgment of the Company, no longer economically practicable to maintain or useful in the conduct
of the business of the Company and its Restricted Subsidiaries taken as whole);


 


(5)            licenses
and sublicenses by the Company or any of its Restricted Subsidiaries of software or intellectual property, including seismic data and
interpretations thereof, in the ordinary course of business;


 


(6)            any
surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims in the ordinary
course of business;


 


(7)            the
granting of Liens not prohibited by Section 4.12 and dispositions in connection with Permitted Liens;


 


(8)            the
sale or other disposition of cash, Cash Equivalents or other financial instruments;


 


(9)            a
Restricted Payment (or payment or transfer that would be a Restricted Payment but for an exception to the definition thereof) that does
not violate Section 4.07 or a Permitted Investment;


 


(10)            the
sale or other disposition of Hydrocarbons or other mineral products in the ordinary course of business;


 


(11)            an
Asset Swap;


 






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(12)            dispositions
of crude oil and natural gas properties; provided that at the time of any such disposition such properties do not have associated
with them any proved reserves;


 


(13)            any
Production Payments and Reserve Sales; provided that any such Production Payments and Reserve Sales, other than incentive compensation
programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists and other providers of technical
services to the Company or a Restricted Subsidiary, shall have been created, incurred, issued, assumed or Guaranteed in connection with
the financing of, and within 60 days after the acquisition of, the property that is subject thereto;


 


(14)          the
abandonment, farmout, lease or sublease of developed or undeveloped Oil and Gas Properties in the ordinary course of business or which
are usual and customary in the Oil and Gas Business generally or in the geographic region in which such activities occur, including pursuant
to any agreement or arrangement described in the definition of Permitted Business Investments;


 


(15)            any
sale or other disposition of Equity Interests in or Indebtedness of an Unrestricted Subsidiary;


 


(16)            the
early termination or unwinding of any Hedging Obligations;


 


(17)            any
foreclosure, condemnation, expropriation or any similar action with respect to any property or other assets; and


 


(18)            dispositions
of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy
or similar proceedings.


 


“Asset Swap”
means any substantially contemporaneous (and in any event occurring within 180 days of each other) purchase and sale or exchange of any
assets or properties used or useful in the Oil and Gas Business between the Company or any of its Restricted Subsidiaries and another
Person; provided, that the Fair Market Value of the properties or assets traded or exchanged by the Company or such Restricted
Subsidiary (together with any cash) is reasonably equivalent to the Fair Market Value of the properties or assets (together with any
cash) to be received by the Company or such Restricted Subsidiary, and provided further that any net cash received must be applied
in accordance with Section 4.10 if then in effect.


 


“Bankruptcy Law”
means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.


 


“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the
beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right
to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the
passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have corresponding meanings. For purposes
of this definition, a Person shall be deemed not to Beneficially Own securities that are the subject of a stock purchase agreement, merger
agreement, amalgamation agreement, arrangement agreement or similar agreement until consummation of the transactions or, as applicable,
series of related transactions contemplated thereby.


 






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“Board of Directors”
means:


 


(1)            with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such
board;


 


(2)            with
respect to a partnership, the Board of Directors of the general partner of the partnership;


 


(3)           with
respect to a limited liability company, the board of managers thereof, or if there is no such board, the managing member or members or
any controlling committee of managing members thereof; and


 


(4)            with
respect to any other Person, the board or committee of such Person serving a similar function.


 


“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the applicable Person to have been duly adopted
by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.


 


“Borrowing Base”
means, with respect to borrowings under the Credit Agreement and any amendment to and/or modification or replacement of the foregoing
in the form of a reserve-based borrowing base credit facility, in each case with lenders that include commercial banks, the maximum amount
determined or re-determined by the lenders thereunder as the aggregate lending value to be ascribed to the Oil and Gas Properties and
other assets of the Company and its Restricted Subsidiaries against which such lenders are prepared to provide loans, letters of credit
or other Indebtedness to the credit parties, using customary practices and standards for determining reserve-based borrowing base loans
and which are generally applied to borrowers in the Oil and Gas Business by commercial lenders, as determined annually and/or on such
other occasions as may be required or provided for therein.


 


“Business Day”
means each day that is not a Saturday, Sunday or other day on which banking institutions in Houston, Texas, New York, New York or another
place of payment are authorized or required by law to close.


 


“Capital Stock”
means:


 


(1)            in
the case of a corporation, corporate stock;


 


(2)           in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock;


 


(3)            in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and


 






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(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.


 


“Cash Equivalents”
means:


 


(1)            United
States dollars;


 


(2)            securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States
government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities
of not more than one year from the date of acquisition;


 


(3)          certificates
of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances
with maturities not exceeding one year and overnight bank deposits, in each case, with any lender party to the Credit Agreement or with
any domestic commercial bank or any branch or agency of a non-U.S. bank licensed to conduct business in the United States, in each case
having combined capital and surplus of at least $250.0 million and a Thomson BankWatch rating of “B” or better;


 


(4)            repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (2) and (3) above
entered into with any financial institution meeting the qualifications specified in clause (3) above;


 


(5)            commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year after
the date of acquisition; and


 


(6)            money
market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
(5) of this definition.


 


“Change of Control”
means the occurrence of any of the following:


 


(1)            the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as
a whole to any Person, other than a Parent Entity or a Restricted Subsidiary (including any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act)) is or becomes the “beneficial owner” (as so defined) of more than 50%
of the total voting power of the Voting Stock of the transferee Person in such sale or transfer of assets, as the case may be; provided
that so long as the Company is a Subsidiary of any Parent Entity, no Person shall be deemed to be or become a beneficial owner of
more than 50% of the total voting power of the Voting Stock of the Company unless such Person shall be or become a beneficial owner of
more than 50% of the total voting power of the Voting Stock of such Parent Entity (other than a Parent Entity that is a Subsidiary of
another Parent Entity);


 






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(2)            the
adoption of a plan relating to the liquidation or dissolution of the Company; or


 


(3)            the
consummation of any transaction (including any merger or consolidation), the result of which is that any Person (including any “person”
(as defined above)), other than a Parent Entity, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting
Stock of the Company, measured by voting power rather than number of shares, units or the like; provided that so long as the Company
is a Subsidiary of any Parent Entity, no Person shall be deemed to be or become a beneficial owner of more than 50% of the total voting
power of the Voting Stock of the Company unless such Person shall be or become a beneficial owner of more than 50% of the total voting
power of the Voting Stock of such Parent Entity (other than a Parent Entity that is a Subsidiary of another Parent Entity),


 


and, in the case of clauses
(1) and (3) above, a Rating Decline occurs during the 60-day period commencing on the earlier of the public announcement
of such transaction and the consummation of such transaction, which period shall be extended with respect to a Rating Agency for a period
not longer than 60 days so long as the rating of the notes is under publicly announced consideration for downgrade by the applicable
Rating Agency relating to the Change of Control.


 


Notwithstanding the preceding
or any provision of Section 13d-3 of the Exchange Act, (i) a Person or group shall not be deemed to beneficially own Voting
Stock subject to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or
voting or option or similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection with
the transactions contemplated by such agreement, (ii) a Person or group will not be deemed to beneficially own the Voting Stock
of another Person as a result of its ownership of Voting Stock or other securities of such other Person’s Parent Entity (or related
contractual rights) unless it owns 50% or more of the total voting power of the Voting Stock entitled to vote for the election of directors
of such Parent Entity having a majority of the aggregate votes on the board of directors (or similar body) of such Parent Entity and
(iii) the right to acquire Voting Stock (so long as such Person does not have the right to direct the voting of the Voting Stock
subject to such right) or any veto power in connection with the acquisition or disposition of Voting Stock will not cause a party to
be a beneficial owner. Notwithstanding anything to the contrary, in no event shall a Change of Control be deemed to occur as a result
of or in connection with the Mergers.


 


“Clearstream”
means Clearstream Banking S.A.


 


“Code”
means the U.S. Internal Revenue Code of 1986 and any successor statute thereto, in each case, as amended from time to time.


 


“Commission”
or “SEC” means the Securities and Exchange Commission.


 


“Consolidated Cash
Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period
plus, without duplication:


 






    9 


     


    

 


(1)            provision
for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision
for taxes was deducted in computing such Consolidated Net Income; plus


 


(2)            the
Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted in
computing such Consolidated Net Income; plus


 


(3)            depreciation,
depletion, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in
a prior period), impairment and other non-cash charges and expenses (excluding any such non-cash charge or expense to the extent that
it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of a prepaid cash charge or
expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation,
depletion, amortization, impairment and other non-cash charges or expenses were deducted in computing such Consolidated Net Income; plus


 


(4)            restructuring
costs, charges and reserves to the extent that such costs, charges or reserves were deducted in computing such Consolidated Net Income;
plus


 


(5)            transaction
fees and expenses (including transaction fees or breakup fees paid in connection therewith) incurred in connection with any acquisitions
or underwritten public Equity Offering to the extent that such fees and expenses were deducted in computing such Consolidated Net Income;
plus


 


(6)            if
such Person accounts for its oil and natural gas operations using successful efforts or a similar method of accounting, consolidated
exploration and abandonment expense of such Person and its Restricted Subsidiaries, to the extent such expenses were deducted in computing
such Consolidated Net Income; minus


 


(7)            non-cash
items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business;
and minus


 


(8)            to
the extent increasing such Consolidated Net Income for such period, the sum of (a) the amount of deferred revenues that are amortized
during such period and are attributable to reserves that are subject to Volumetric Production Payments and (b) amounts recorded
in accordance with GAAP as repayments of principal and interest pursuant to Dollar-Denominated Production Payments, in each case, on
a consolidated basis and determined in accordance with GAAP.


 






    10 


     


    

 


“Consolidated Net
Income” means, with respect to any specified Person for any period, the aggregate of the net income (loss) of such Person and
its Restricted Subsidiaries for such period, on a consolidated basis determined in accordance with GAAP and without any reduction in
respect of preferred stock dividends or distributions; provided that:


 


(1)          all
extraordinary gains or losses and all gains or losses realized in connection with the disposition of securities or the early extinguishment
of Indebtedness and all gains or losses realized upon the sale or other disposition of any property, plant or equipment of the Company
or its consolidated subsidiaries which is not sold or otherwise disposed of in the ordinary course of business or any gain or loss upon
the sale or other disposition of any Capital Stock of any Person will be excluded;


 


(2)          the
net income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted
Subsidiary of the Person;


 


(3)          the
net income (but not loss) of any Restricted Subsidiary other than a Guarantor will be excluded to the extent that the declaration or
payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted
without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary
or its stockholders, partners or members;


 


(4)          the
cumulative effect of a change in accounting principles will be excluded;


 


(5)          unrealized
losses and gains under derivative instruments included in the determination of Consolidated Net Income, including those resulting from
the application of FASB ASC 815 will be excluded;


 


(6)          any
asset impairment or write-downs on Oil and Gas Properties or other assets under GAAP or SEC guidelines will be excluded; and


 


(7)          any
non-cash compensation charge or gain arising from any grant of stock, stock options or other equity based awards will be excluded.


 


“Consolidated Net
Working Capital” means (a) all current assets of the Company and its Restricted Subsidiaries except current assets from
Oil and Gas Hedging Contracts, less (b) all current liabilities of the Company and its Restricted Subsidiaries, except (i) current
liabilities included in Indebtedness, (ii) current liabilities associated with asset retirement obligations relating to oil and
gas properties and (iii) any current liabilities from Oil and Gas Hedging Contracts, in each case as set forth in the consolidated
financial statements of the Company prepared in accordance with GAAP (excluding any adjustments made pursuant to FASB ASC 815).


 


“Consolidated Total
Net Debt” means, as of any date of determination, (a) all Indebtedness of the types described in clauses (1) through
(5) of the definition of “Indebtedness”, in each case, other than intercompany Indebtedness owing to the Company or
any Restricted Subsidiary, and actually owing by the Company and its Restricted Subsidiaries on such date and to the extent appearing
on the balance sheet of the Company determined on a consolidated basis in accordance with GAAP (provided that the amount of any Finance
Lease Obligations or any such Indebtedness issued at a discount to its face value shall be determined in accordance with GAAP); minus
(b) the aggregate amount of cash and Cash Equivalents included in the cash and Cash Equivalents accounts listed on the consolidated
balance sheet of the Company and its Restricted Subsidiaries at such date; minus (c) the face amount of letters of credit
to the extent such letters of credit are undrawn.


 






    11 


     


    

 


“Consolidated Total
Net Debt to Consolidated Cash Flow Ratio” means, as of any date of determination, the ratio of (a) the Consolidated Total
Net Debt of the Company as of the last day of the most recent Test Period ended on or prior to such date of determination to (b) the
Consolidated Cash Flow of the Company for such Test Period. Amounts under the foregoing clauses (a) and (b) shall be calculated
with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition
of Fixed Charge Coverage Ratio and as determined in good faith by the Company.


 


“continuing”
means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.


 


“Corporate Trust
Office of the Trustee” will be at the address of the Trustee specified in Section 12.02 hereof.


 


“Credit Agreement”
means the amended and restated credit agreement, dated as of December 7, 2018, by and among the Company, JP Morgan Chase Bank,
N.A., as the administrative agent, and the lenders party thereto (including any letters of credit and reimbursement obligations related
thereto, any Guarantees and security documents), as amended, extended, renewed, restated, refunded, replaced, refinanced, supplemented,
modified or otherwise changed (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions)
from time to time, and any one or more agreements (and related documents) governing Indebtedness, including indentures, incurred to refinance,
substitute, supplement, replace or add to (including increasing the amount available for borrowing or adding or removing any Person as
a borrower, issuer or guarantor thereunder, in whole or in part), the borrowings and commitments then outstanding or permitted to be
outstanding under such Credit Agreement or one or more successors to the Credit Agreement or one or more new credit agreements.


 


“Credit Facilities”
means one or more debt facilities (including, without limitation, the Credit Agreement) or other credit agreements, indentures or commercial
paper facilities, in each case, with banks, accredited investors or other institutional lenders or investors providing for revolving
credit loans, term loans, term debt, debt securities, capital market financings, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of
credit, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after termination or
otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to
time.


 


“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.


 


“Customary Recourse
Exceptions” means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary, exclusions from the exculpation provisions
with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental
claims, waste, willful destruction and other circumstances customarily excluded by lenders from exculpation provisions or included in
separate indemnification agreements in non-recourse financings.


 






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“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.


 


“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially
in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.


 


“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.


 


“Derivative Instrument”
with respect to a Person, means any contract, instrument or other right to receive payment or delivery of cash or other assets to which
such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment
in the Notes (other than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value and/or
cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the
creditworthiness of the Company and/or any one or more of the Guarantors (the “Performance References”).


 


“Designated Non-cash
Consideration” means the Fair Market Value of non-cash consideration received by the Company or a Restricted Subsidiary in
connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate,
setting forth the basis of such valuation and executed by the chief financial officer and one other Officer of the Company, less the
amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration.


 


“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable,
in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part,
on or prior to the date that is 91 days after the date on which the Notes mature, in each case, other than in exchange for Capital Stock
of the Company (other than Disqualified Stock) or of any direct or indirect parent company. Notwithstanding the preceding sentence, any
Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the
Company to repurchase or redeem such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified
Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with Section 4.07. The amount of Disqualified Stock deemed to be outstanding
at any time for purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated
to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.


 






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“Dollar-Denominated
Production Payments” means production payment obligations recorded as liabilities in accordance with GAAP, together with all
undertakings and obligations in connection therewith.


 


“Domestic Subsidiary”
means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any state of the United States
or the District of Columbia.


 


“Equity Interests”
of any Person means (1) any and all Capital Stock of such Person and (2) all rights to purchase, warrants or options (whether
or not currently exercisable), participations or other equivalents of or interests in (however designated) such Capital Stock of such
Person, but excluding from all of the foregoing any debt securities convertible into Equity Interests, regardless of whether such debt
securities include any right of participation with Equity Interests.


 


“Equity Offering”
means any public or private sale by the Company of Equity Interests of the Company (other than Disqualified Stock and other than to a
Subsidiary of the Company) made for cash, or any cash contribution to the equity capital of the Company, in each case made after the
Issue Date.


 


“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.


 


“Exchange Act”
means the Securities Exchange Act of 1934, as amended.


 


“Excluded Contributions”
means the net cash proceeds received by the Company after the Issue Date from contributions to its common equity capital or the sale
(other than to a Subsidiary of the Company) of Capital Stock (other than Disqualified Stock) of the Company, in each case designated
as “Excluded Contributions” pursuant to an Officers’ Certificate; provided that the Company, in its sole
discretion, may subsequently undesignate any previously designated Excluded Contribution (to the extent such proceeds have not been applied
to make Restricted Payments) pursuant to an Officers’ Certificate.


 


“Existing Indebtedness”
means all Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Credit Agreement) in existence on the date
of the indenture or the Issue Date, until such amounts are repaid.


 


“Fair Market Value”
means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity
of either party, determined in good faith by the Board of Directors of the Company or by an officer of the Company.


 


“FASB ASC 815”
means Financial Accounting Standards Board Accounting Standards Codification Topic No. 815, Derivatives and Hedging.


 


“Finance Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a finance lease that would at that time
be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date
of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by
the lessee without payment of a penalty. Notwithstanding the foregoing, any lease (whether entered into before or after the date of this
Indenture) that would have been classified as an operating lease pursuant to GAAP as in effect on the date of this Indenture will be
deemed not to represent a Finance Lease Obligation.


 






    14 


     


    

 


“Fitch”
means Fitch Ratings, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.


 


“Fixed Charge Coverage
Ratio” means with respect to any specified Person for any four-quarter period, the ratio of the Consolidated Cash Flow of such
Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted
Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than
ordinary working capital borrowings under a revolving credit facility) or issues, repurchases or redeems Preferred Stock subsequent to
the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the
event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed
Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption,
defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of Preferred Stock, and the use of the proceeds
therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. For purposes of this definition,
whenever pro forma effect is to be given to any calculation under this definition, the pro forma calculations will be determined either
(i) in accordance with Regulation S-X under the Securities Act or (ii) in good faith by the chief financial or accounting
officer of such Person; provided that such officer may in his or her discretion include any reasonably identifiable and factually
supportable pro forma changes to Consolidated Cash Flow, including any pro forma expenses and cost reductions, that have occurred or
in the judgment of such officer are reasonably expected to occur within 12 months of the date of the applicable transaction (regardless
of whether such expense or cost reduction or any other operating improvements could then be reflected properly in pro forma financial
statements prepared in accordance with Regulation S-X under the Securities Act or any other regulation or policy of the SEC) and that
are set forth in an Officers’ Certificate signed by the chief financial or accounting officer of such Person that states (a) the
amount of each such adjustment, (b) that such adjustments are based on the reasonable good faith belief of the officers executing
such Officers’ Certificate at the time of such execution and (c) the factual basis on which such good faith belief is based.


 


In addition, for purposes
of calculating the Fixed Charge Coverage Ratio:


 


(1)            acquisitions
that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations, or any
Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including all
related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period
or subsequent to such four-quarter reference period and on or prior to the Calculation Date, or that are to be made on the Calculation
Date, will be given pro forma effect (in accordance with Regulation S-X under the Securities Act) as if they had occurred on the first
day of the four-quarter reference period;


 






    15 


     


    

 


(2)            the
Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of on or prior to the Calculation Date, will be excluded;


 


(3)            the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership
interests therein) disposed of on or prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving
rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation
Date;


 


(4)            any
Person that is a Restricted Subsidiary of the specified Person immediately following the Calculation Date will be deemed to have been
a Restricted Subsidiary at all times during such four-quarter reference period;


 


(5)            any
Person that is not to be a Restricted Subsidiary of the specified Person following the Calculation Date will be deemed not to have been
a Restricted Subsidiary at any time during such four-quarter reference period; and


 


(6)            if
any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect
on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to
such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months).


 


“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:


 


(1)            the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued (excluding (i) any
interest attributable to Dollar-Denominated Production Payments, (ii) the write-off of deferred financing costs and (iii) accretion
of interest charges on future plugging and abandonment obligations, future retirement benefits and other obligations that do not constitute
Indebtedness, but including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments,
the interest component of all payments associated with Finance Lease Obligations, commissions, discounts and other fees and charges incurred
in respect of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant
to Hedging Obligations in respect of interest rates; plus


 


(2)            the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus


 


(3)            any
interest on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien
on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus


 






    16 


     


    

 


(4)            all
dividends or distributions, whether paid or accrued and regardless of whether in cash, on any series of Disqualified Stock of such Person
or any series of Preferred Stock of its Restricted Subsidiaries, other than dividends or distributions on Equity Interests payable solely
in Equity Interests of such Person (other than Disqualified Stock) or to such Person or a Restricted Subsidiary of such Person,


 


in each case, on a consolidated basis
and determined in accordance with GAAP.


 


“GAAP”
means generally accepted accounting principles in the United States, which are in effect from time to time.


 


“Global Note Legend”
means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all Global Notes issued under
this Indenture.


 


“Global Notes”
means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf
of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears
the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued
in accordance with Section 2.01, 2.06(b)(4) or 2.06(d)(2) hereof.


 


“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.


 


“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect,
in any manner including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of
all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase
assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). When used as a verb,
 “Guarantee” has a correlative meaning.


 


“Guarantors”
means any Subsidiary of the Company that Guarantees the Notes in accordance with the provisions of this Indenture, and their respective
successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of
this Indenture.


 


“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under any (a) Interest Rate Agreement and (b) Oil
and Gas Hedging Contract.


 


“Holder”
means a Person in whose name a Note is registered.


 


“Hydrocarbons”
means oil, natural gas, casing head gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons
and all constituents, elements or compounds thereof and products refined or processed therefrom.


 






    17 


     


    

 


“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:


 


(1)            in
respect of borrowed money;


 


(2)            (a) evidenced
by bonds, notes, debentures or similar instruments or (b) constituting letters of credit (or reimbursement agreements in respect
thereof); other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1),
(2)(a), (3), (4), (5) or (6) of this definition) entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business
Day following payment on the letter of credit;


 


(3)            in
respect of bankers’ acceptances;


 


(4)            representing
Finance Lease Obligations;


 


(5)            representing
the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired
or such services are completed; or


 


(6)            representing
any Hedging Obligations, if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would
appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes (i) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness
is assumed by the specified Person), provided that the amount of such Indebtedness shall be the lesser of (x) the Fair Market
Value of such asset as such date of determination and (y) the amount of such Indebtedness of such other Person, and (ii) to
the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person (including, with respect
to any Production Payment, any warranties or guarantees of production or payment by such Person with respect to such Production Payment,
but excluding other contractual obligations of such Person with respect to such Production Payment). Subject to the preceding sentence,
neither Dollar-Denominated Production Payments nor Volumetric Production Payments shall be deemed to be Indebtedness.


 


In addition, “Indebtedness”
of any Person shall include Indebtedness described in the preceding paragraph that would not appear as a liability on the balance sheet
of such Person if:


 


(1)            such
Indebtedness is the obligation of a Joint Venture;


 


(2)            such
Person or a Restricted Subsidiary of such Person is a general partner of the Joint Venture (a “Joint Venture General Partner”);
and


 






    18 


     


    

 


(3)            there
is recourse, by contract or operation of law, with respect to the payment of such Indebtedness to property or assets of such Person or
a Restricted Subsidiary of such Person; and then such Indebtedness shall be included in an amount not to exceed:


 


(a)            the
lesser of (i) the net assets of the Joint Venture General Partner and (ii) the amount of such obligations to the extent that
there is recourse, by contract or operation of law, to the property or assets of such Person or a Restricted Subsidiary of such Person;
or


 


(b)            if
less than the amount determined pursuant to clause (a) immediately above, the actual amount of such Indebtedness that is
recourse to such Person or a Restricted Subsidiary of such Person, if the Indebtedness is evidenced by a writing and is for a determinable
amount and the related interest expense shall be included in Fixed Charges to the extent actually paid by such Person or its Restricted
Subsidiaries.


 


Notwithstanding the preceding,
 “Indebtedness” of a Person shall not include:


 


(1)            accrued
expenses, royalties and trade payables;


 


(2)            any
indebtedness that has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Cash Equivalents (in an amount
sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments of interest and premium,
if any) in a trust or account created or pledged for the sole benefit of the holders of such indebtedness, and subject to no other Liens;


 


(3)            any
obligation of such Person in respect of a farm-in agreement or similar arrangement whereby such Person agrees to pay all or a share of
the drilling, completion or other expenses of an exploratory or development well (which agreement may be subject to a maximum payment
obligation, after which expenses are shared in accordance with the working or participation interest therein or in accordance with the
agreement of the parties) or perform the drilling, completion or other operation on such well in exchange for an ownership interest in
an oil or gas property; and


 


(4)            any
repayment or reimbursement obligation of such Person or any of its Restricted Subsidiaries with respect to Customary Recourse Exceptions,
unless and until an event or circumstance occurs that triggers the Person’s or such Restricted Subsidiary’s direct repayment
or reimbursement obligation (as opposed to contingent or performance obligations) to the lender or other Person to whom such obligation
is actually owed, in which case the amount of such direct payment or reimbursement obligation shall constitute Indebtedness.


 


“Indenture”
means this Indenture, as amended or supplemented from time to time.


 


“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant.


 


“Initial Notes”
means the Notes issued under this Indenture on the date hereof.


 


“Initial Purchasers”
means BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., RBC Capital
Markets, LLC, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc., Fifth Third Securities, Inc., U.S. Bancorp Investments, Inc.,
Truist Securities, Inc., PNC Capital Markets LLC, Capital One Securities, Inc., Comerica Securities, Inc., BOK Financial
Securities, Inc., Petrie Partners Securities, LLC and Goldman Sachs & Co. LLC and the other purchasers pursuant to the
purchase agreement relating to the issuance of the Initial Notes.


 






    19 


     


    

 


“Interest Rate Agreement”
means any interest rate swap agreement (whether from fixed to floating or from floating to fixed), interest rate cap agreement, interest
rate collar agreement or other similar agreement or arrangement designed to protect the Company or any of its Restricted Subsidiaries
against or manage exposure to fluctuations in interest rates and is not for speculative purposes.


 


“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances
to officers and employees made in the ordinary course of business and excluding trade payables), purchases or other acquisitions for
consideration of Indebtedness, Equity Interests or other securities (excluding any interest in an oil or natural gas leasehold to the
extent constituting a security under applicable law), together with all items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any
Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition,
such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of
any such sale or disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold
or disposed of in an amount determined as provided in the final paragraph of Section 4.07 hereof. The acquisition by the Company
or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment
by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held
by the acquired Person in such third Person in an amount determined as provided in the final paragraph of the Section 4.07 hereof.
Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and
without giving effect to subsequent changes in value.


 


“Issue Date”
means October 13, 2021.


 


“Joint Venture”
means a partnership or joint venture that is not a Restricted Subsidiary.


 


“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.


 


“Long Derivative
Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the payment or delivery
obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which
generally decreases, and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance
References.


 






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“Merger Agreements”
means each of (i) the Agreement and Plan of Merger dated as of May 9, 2021 by and among the Company, Raptor Eagle Merger
Sub, Inc. and Extraction Oil & Gas, Inc., and (ii) the Agreement and Plan of Merger dated as of June 6,
2021 by and among the Company, Raptor Condor Merger Sub 1, Inc., Raptor Condor Merger Sub 2, LLC, Crestone Peak Resources LP, CPPIB
Crestone Peak Resources America Inc., Crestone Peak Resources Management LP and, solely for purposes of Article VI, Section 7.1,
Section 7.5 through Section 7.9, Section 7.11, Section 7.16, Section 7.22(b), Article VIII and Article X
thereof, Extraction Oil & Gas, Inc.


 


“Mergers”
means the transactions contemplated by the Merger Agreements, in each case on substantially the terms contemplated by the Merger Agreements,
with any such changes that are, in the good faith judgment of the Company, substantially consistent with the overall intended benefits
of the transactions as described in this offering memorandum.


 


“Midstream Assets”
means (i) assets other than cash and Cash Equivalents used primarily for gathering, transmission, compression, storage, processing,
marketing, fractionation, dehydration, stabilization or treatment of Hydrocarbons, carbon dioxide or water, or assets other than cash
and Cash Equivalents used to abate, capture, or sequester greenhouse gas emissions generated from a Midstream Business and (ii) Equity
Interests of any Person whose assets consist, in all material respects, of assets referred to in clause (i).


 


“Midstream Business”
means (i) the gathering, marketing, treating, processing, storage, selling, transporting, transmission, compression, fractionation,
dehydration, stabilization or treatment of Hydrocarbons, carbon dioxide or water, (ii) any business or activity related to the
acquisition or transfer of carbon offset credits or any business or activity related to the abatement, capture or sequester of greenhouse
gas emissions generated from gathering, marketing, treating, processing, storage, selling, transporting, transmission, compression, fractionation,
dehydration, stabilization or treatment of Hydrocarbons, carbon dioxide or water and (iii) any activity that is ancillary to or
necessary or appropriate for the activities described in clauses (i) and (ii) of this definition.


 


“Moody’s”
means Moody’s Investors Service, Inc., and any successor to the ratings business thereof.


 


“Net Proceeds”
means the aggregate cash proceeds and Cash Equivalents received by the Company or any of its Restricted Subsidiaries in respect of any
Asset Sale (including any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration received
in any Asset Sale but excluding any non-cash consideration deemed to be cash for purposes of Section 4.10 hereof), net of the direct
costs relating to such Asset Sale, including legal, accounting and investment banking fees, and sales commissions, distributions and
other payments required to be made to minority interest holders in Subsidiaries or Joint Ventures as a result of such Asset Sale and
any relocation expenses and severance and associated costs, expenses and charges of personnel relating to the assets subject to or incurred
as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available
tax credits or deductions and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, secured
by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment or indemnification obligations
in respect of the sale price of such asset or assets established in accordance with GAAP.


 






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“Net Short”
means, with respect to a holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative
Instruments exceeds the sum of the (x) the value of its Notes and (y) the value of its Long Derivative Instruments as of
such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy
Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Company or any Guarantor
immediately prior to such date of determination.


 


“Non-Recourse Debt”
means Indebtedness:


 


(1)            as
to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise,
except for Customary Recourse Exceptions; and


 


(2)            as
to which the lenders will not have any contractual recourse to the Capital Stock or assets of the Company or any of its Restricted Subsidiaries
(other than the Equity Interests of an Unrestricted Subsidiary), except for Customary Recourse Exceptions.


 


“Non-U.S. Person”
means a Person who is not a U.S. Person.


 


“Note Guarantee”
means any Guarantee by a Guarantor of the Company’s obligations under this Indenture and the Notes, as provided in Article 10
hereof.


 


“Note Payment Default”
means a Default relating to a failure by the Company to make any payment when due on the Notes.


 


“Notes”
has the meaning assigned to it in the preamble to this Indenture. Unless the context otherwise requires, all references to the Notes
shall include the Initial Notes and any Additional Notes that may be issued after the Issue Date in accordance with Section 4.09
hereof.


 


“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.


 


“Offering Memorandum”
means the Offering Memorandum of the Company, dated October 5, 2021, relating to the initial offering of the Notes.


 


“Officer”
means, with respect to any Person, the Chairman of the Board, the Executive Chairman, the Chief Executive Officer, the President, the
Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President
of such Person.


 


“Officers’
Certificate” means a certificate signed on behalf of the Company by two of its Officers that meets the requirements of Section 12.05
hereof.


 






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“Oil and Gas Business”
means (i) the acquisition, exploration, development, production, operation and disposition of interests in oil, gas and other Hydrocarbon
properties, (ii) the gathering, marketing, treating, processing, storage, selling and transporting of any production from such
interests or properties, (iii) any business relating to exploration for or development, production, treatment, processing, storage,
transportation or marketing of oil, gas and other minerals and products produced in association therewith and (iv) any activity
that is ancillary to or necessary or appropriate for the activities described in clauses (i) through (iii) of this
definition.


 


“Oil and Gas Hedging
Contracts” means any puts, cap transactions, floor transactions, collar transactions, forward contract, commodity swap agreement,
commodity option agreement or other similar agreement or arrangement in respect of Hydrocarbons to be used, produced, processed or sold
by the Company or any of its Restricted Subsidiary that are customary in the Oil and Gas Business and designed to protect such Person
against fluctuation in or manage exposure to Hydrocarbon prices and not for speculative purposes.


 


“Oil and Gas Properties”
means all properties, including equity or other ownership interest therein, owned by such Person or any of its Restricted Subsidiaries
which contain or are believed to contain “proved oil and gas reserves” as defined in Rule 4-10 of Regulation S-X of
the Securities Act.


 


“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 12.05 hereof.
Such counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee.


 


“Parent Entity”
means any direct or indirect parent of the Company.


 


“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream,
respectively (and, with respect to DTC, shall include Euroclear and Clearstream).


 


“Permitted Acquisition
Indebtedness” means Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries to the extent such
Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock (a) of any other Person existing at the time such Person
became a Restricted Subsidiary of the Company or such Person was merged or consolidated with or into the Company or any of its Restricted
Subsidiaries, or (b) incurred in connection with the foregoing; provided that on the date such Person became a Restricted
Subsidiary or the date such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, as applicable,
either


 


(1)            immediately
after giving effect to such transaction and any related financing transaction on a pro forma basis as if the same had occurred at the
beginning of the applicable four-quarter period, the Company or such Person (if the Company is not the survivor in the transaction) would
be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof,
or


 


(2)            immediately
after giving effect to such transaction and any related financing transaction on a pro forma basis as if the same had occurred at the
beginning of the applicable four-quarter period, the Fixed Charge Coverage Ratio of the Company or such Person (if the Company is not
the survivor in the transaction) is equal to or greater than the Fixed Charge Coverage Ratio of the Company immediately prior to such
transaction.


 






    23 


     


    

 


“Permitted Business
Investments” means Investments made in the ordinary course of, or of a nature that is or shall have become customary in, the
Oil and Gas Business as a means of actively exploiting, exploring for, acquiring, developing, processing, gathering, marketing or transporting
oil and gas through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory
requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of Oil and Gas Business jointly
with third parties, including (i) ownership interests (including equity or other ownership interests in entities engaged) in oil,
natural gas, other Hydrocarbon properties or any interest therein or gathering, transportation, processing, storage or related systems
or ancillary real property interests, (ii) Investments in the form of or pursuant to operating agreements, working interests, royalty
interests, mineral interests, processing agreements, farm-in agreements, farm-out agreements, developments agreements, area of mutual
interest agreements, unitization agreements, pooling agreements, joint bidding agreements, service contracts, joint venture agreements,
limited liability company agreements, partnership agreements (whether general or limited), subscription agreements, stock purchase agreements
and other similar agreements with third parties, (iii) Investments in direct or indirect ownership interests in drilling rigs,
fracturing units and other equipment used in the Oil and Gas Business or in persons that own or provide such equipment, and (iv) Investments
in (including in equity or other ownership interests in entities engaged in) the development of technology or infrastructure relating
to renewable energy generation, energy storage, advanced fuels, carbon mitigation, hydrogen technologies or fuel cells, in each case
that are consistent with the Company’s environmental, social and governance strategy.


 


“Permitted Investments”
means:


 


(1)            any
Investment in the Company or in a Restricted Subsidiary of the Company;


 


(2)            any
Investment in Cash Equivalents;


 


(3)            any
Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:


 


(a)            such
Person becomes a Restricted Subsidiary of the Company; or


 


(b)            such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its properties or assets to,
or is liquidated into, the Company or a Restricted Subsidiary of the Company;


 


(4)            any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale (or a disposition excluded from the definitions
thereof) that was made pursuant to and in compliance with Section 4.10 hereof, including pursuant to an Asset Swap;


 


(5)            any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Company or a direct or indirect parent of the Company;


 






    24 


     


    

 


(6)            any
Investments received in compromise or resolution of (a) obligations of trade creditors or customers that were incurred in the ordinary
course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b) litigation, arbitration or other disputes;


 


(7)            Investments
represented by Hedging Obligations;


 


(8)            loans
or advances to officers, directors or employees made in the ordinary course of business of the Company or any Restricted Subsidiary;


 


(9)            repurchases
of the Notes;


 


(10)            (a) any
Guarantee of Indebtedness permitted to be incurred by Section 4.09 hereof other than a Guarantee of Indebtedness of an Affiliate
of the Company that is not a Restricted Subsidiary of the Company and (b) the creation of Liens on the assets of the Company or
any Restricted Subsidiary in compliance with Section 4.12 hereof;


 


(11)            any
Investment existing on, or made pursuant to binding commitments existing on, the date of this Indenture and any Investment consisting
of an extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the date
of this Indenture; provided that the amount of any such Investment may be increased (a) as required by the terms of such
Investment as in existence on the date of this Indenture or (b) as otherwise permitted under this Indenture;


 


(12)            Investments
acquired after the Issue Date as a result of the acquisition by the Company or any Restricted Subsidiary of the Company of another Person,
including by way of a merger, amalgamation or consolidation with or into the Company or any of its Restricted Subsidiaries in a transaction
that is not prohibited by Section 5.01 hereof after the Issue Date to the extent that such Investments were not made in contemplation
of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation
or consolidation;


 


(13)            Permitted
Business Investments or Permitted Midstream Investments;


 


(14)            Investments
received as a result of a foreclosure by, or other transfer of title to, the Company or any of its Restricted Subsidiaries with respect
to any secured Investment in default;


 


(15)            receivables
owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade
terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;


 






    25 


     


    

 



 


(16)            endorsements
of negotiable instruments and documents in the ordinary course of business;


  


(17)            such
Investments consisting of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation,
performance and other similar deposits made in the ordinary course of business by the Company or any Restricted Subsidiary;


 


(18)            Investments
consisting of Oil and Gas Hedging Contracts or Interest Rate Agreements permitted to be incurred under Section 4.09;


 


(19)            Guarantees
of performance or other obligations (other than Indebtedness) arising in the ordinary course in the Oil and Gas Business, including obligations
under oil and natural gas exploration, development, joint operating, and related agreements and licenses, concessions or operating leases
related to the Oil and Gas Business;


 


(20)            Investments
in joint ventures, taken together with all other Investments made pursuant to this clause (20) that are at that time outstanding, without
giving effect to the sale of a joint venture to the extent the proceeds of such sale do not consist of, or have not been subsequently
sold or transferred for, Cash Equivalents or marketable securities, not to exceed (as of the date such Investment is made) the sum of
(x) the greater of (a) $75.0 million and (b) 3.5% of Adjusted Consolidated Net Tangible Assets at the time of such
Investment, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits
on sale, repayments, income and similar amounts) actually received in respect of any such Investment;


 


(21)            advances
and prepayments for asset purchases in the ordinary course of business in the Oil and Gas Business of the Company or any Restricted Subsidiary;
and


 


(22)            other
Investments having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent
changes in value), when taken together with all other Investments made pursuant to this clause (22) that are at the time outstanding
that do not exceed the greater of (a) $100.0 million and (b) 5.0% of Adjusted Consolidated Net Tangible Assets determined
at the time such Investment is made; provided, however, that if any Investment pursuant to this clause (22) is made
in any Person that is not a Restricted Subsidiary of the Company at the date of the making of such Investment and such Person becomes
a Restricted Subsidiary of the Company after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above
and shall cease to have been made pursuant to this clause (22) for so long as such Person continues to be a Restricted Subsidiary.


 


“Permitted Liens”
means:


 


(1)            Liens
securing Indebtedness and other Obligations under Credit Facilities that was permitted by the terms of this Indenture to be incurred
pursuant to Section 4.09(b)(1) hereof;


 


(2)            Liens
in favor of the Company or a Restricted Subsidiary;


 






    26 


     


    

 


(3)            Liens
on property of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company or is merged with or into or
consolidated with the Company or any Restricted Subsidiary of the Company; provided that such Liens do not extend to any assets
other than those of the Person that becomes a Restricted Subsidiary of the Company or is merged with or into or consolidated with the
Company or any Restricted Subsidiary of the Company;


 


(4)            Liens
on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary of the Company;
provided that such Liens were in existence prior to such acquisition;


 


(5)            Liens
to secure the performance of statutory obligations, insurance, surety or appeal bonds, workers’ compensation obligations, bid,
plugging and abandonment and performance bonds or other obligations of a like nature incurred in the ordinary course of business (including
Liens to secure letters of credit issued to assure payment of such obligations);


 


(6)            Liens
for the purpose of securing the payment of all or a part of the purchase price of, or Finance Lease Obligations, purchase money obligations
or other payments incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to, assets or property
acquired or constructed by the Company or a Restricted Subsidiary in the ordinary course of business; provided that:


 


(A)            the
aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be incurred under this Indenture and does
not exceed the cost of the assets or property so acquired or constructed; and


 


(B)            such
Liens are created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions
or commencement of full operation of the assets or property subject to such Lien and do not encumber any other assets or property of
the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto;


 


(7)            Liens
existing, or provided for under binding contracts existing, on the date of this Indenture (other than Liens pursuant to any Credit Facility);


 


(8)            Liens
created for the benefit of (or to secure) the Notes (or the Note Guarantees);


 


(9)            Liens
on pipeline facilities that arise by operation of law;


 


(10)            Liens
to secure any Permitted Refinancing Indebtedness permitted to be incurred under Section 4.09(b)(5) that refinances or replaces
Indebtedness that was secured (or any Lien replacing or extending the foregoing Liens); provided, however, that the new
Lien is limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original
Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof);


 






    27 


     


    

 


(11)            Liens
on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;


 


(12)            filing
of Uniform Commercial Code financing statements as a precautionary measure in connection with operating leases;


 


(13)            bankers’
Liens, rights of setoff, rights of revocation, refund or chargeback with respect to money or instruments of the Company or any Restricted
Subsidiary, Liens arising out of judgments or awards not constituting an Event of Default and notices of lis pendens and associated rights
related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;


 


(14)            Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;


 


(15)            Liens
on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations in respect
of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or other goods;


 


(16)            grants
of software and other technology licenses in the ordinary course of business;


 


(17)            Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods;


 


(18)            Liens
in respect of Production Payments and Reserve Sales which are customary in the Oil and Gas Business; provided, that such Liens
are limited to the property that is subject to such Production Payments and Reserve Sales;


 


(19)            Liens
arising in the ordinary course of business under oil and gas leases or subleases, assignments, farm-out agreements, farm-in agreements,
division orders, contracts for the sale, purchase, exchange, transportation, gathering or processing of Hydrocarbons, unitizations and
pooling designations, declarations, orders and agreements, development agreements, joint venture agreements, partnership agreements,
operating agreements, royalties, working interests, net profits interests, joint interest billing arrangements, participation agreements,
production sales contracts, incentive compensation programs for geologists, geophysicists and other providers of technical services to
the Company or a Restricted Subsidiary, area of mutual interest agreements, gas balancing or deferred production agreements, injection,
repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, licenses,
sublicenses and other agreements which are customary in the Oil and Gas Business; provided, however, in all instances that
such Liens are limited to the assets that are the subject of the relevant agreement, program, order or contract;


 






    28 


     


    

 


(20)            Liens
to secure performance of Hedging Obligations of the Company or any of its Restricted Subsidiaries and Liens securing Treasury Management
Obligations;


 


(21)            Liens
arising under this Indenture in favor of the Trustee for its own benefit and similar Liens in favor of other trustees, agents and representatives
rising under instruments governing Indebtedness permitted to be incurred under this Indenture; provided, however, that
such Liens are solely for the benefit of the trustees, agents or representatives in their capacities as such and not for the benefit
of the holders of such Indebtedness;


 


(22)            Liens
incurred with respect to Indebtedness, including all Liens incurred pursuant to clause (10) above that had previously renewed,
refunded, refinanced, replaced, defeased or discharged any Indebtedness secured by Liens pursuant to this clause (22), that does
not exceed in aggregate principal amount at any one time outstanding, the greater of (i) $75.0 million and (ii) 3.5% of the
Company’s Adjusted Consolidated Net Tangible Assets determined as of the date of such incurrence or issuance; and


 


(23)            any
Lien renewing, extending, refinancing or refunding a Lien permitted by clauses (2) through (21) above; provided that
(a) the principal amount of the Indebtedness secured by such Lien is not increased except by an amount equal to a reasonable premium
or other reasonable amount paid, and fees and expenses reasonably incurred, in connection therewith and by an amount equal to any existing
commitments unutilized thereunder and (b) no assets are encumbered by any such Lien other than the assets permitted to be encumbered
immediately prior to such renewal, extension, refinance or refund are encumbered thereby (other than improvements thereon, accessions
thereto and proceeds thereof).


 


If any Liens securing obligations
are incurred to refinance Liens securing obligations initially incurred in reliance on a basket measured by reference to a percentage
of Adjusted Consolidated Net Tangible Assets, and such refinancing would cause the percentage of Adjusted Consolidated Net Tangible Assets
to be exceeded if calculated based on the Adjusted Consolidated Net Tangible Assets on the date of such refinancing, such percentage
of Adjusted Consolidated Net Tangible Assets will not be deemed to be exceeded to the extent the principal amount of such obligations
secured by such newly incurred Lien does not exceed the principal amount of such obligations secured by such Liens being refinanced,
plus any accrued and unpaid interest on the Indebtedness plus the amount of any tender premium or penalty or premium required to be paid
under the terms of the instrument or documents governing such refinanced Indebtedness, and any defeasance costs and any fees and expenses
(including original issue discount, upfront fees or similar fees) incurred in connection with the issuance of such new Indebtedness,
or the extension, replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness.


 


“Permitted Midstream
Investments” means Investments by the Company or any of its Restricted Subsidiaries in any Person (including in any Unrestricted
Subsidiary) consisting of a capital contribution, or arising from the receipt of non-cash consideration from a transfer to such Person
of Midstream Assets, provided that such Person is not engaged, in any material respect, in any business other than a Midstream Business.


 


“Permitted Refinancing
Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries or any Disqualified Stock of the
Company issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other
Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness) or any Disqualified Stock of
the Company; provided that:


 






    29 


     


    

 


(1)            the
principal amount (or accreted value, if applicable), or in the case of Disqualified Stock, the amount thereof determined in accordance
with the definition of Disqualified Stock, of such Permitted Refinancing Indebtedness does not exceed the principal amount of the Indebtedness
or the amount of the Disqualified Stock renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on
the Indebtedness or accrued and unpaid dividends on the Disqualified Stock, as the case may be, and the amount of all fees and expenses,
including premiums, incurred in connection therewith);


 


(2)            such
Permitted Refinancing Indebtedness has a final maturity date or redemption date, as applicable, that is either (a) no earlier than
the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity
of, the Indebtedness or Disqualified Stock being renewed, refunded, refinanced, replaced, defeased or discharged or (b) more than
90 days after the final maturity date of the Notes;


 


(3)            if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the Notes
or the Note Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or the Note Guarantees,
as applicable, on terms at least as favorable to the Holders of the Notes as those contained in the documentation governing the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged; and


 


(4)            such
Indebtedness is not incurred (other than by way of a Guarantee) by a Restricted Subsidiary of the Company if the Company is the issuer
or other primary obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged.


 


“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.


 


“Preferred Stock”
means, with respect to any Person, any and all preferred or preference stock or other similar Equity Interests (however designated) of
such Person whether outstanding or issued after the date of this Indenture.


 


“Private Placement
Legend” means the legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.


 


“Production Payments”
means Dollar-Denominated Production Payments and Volumetric Production Payments, collectively.


 


“Production Payments
and Reserve Sales” means the grant or transfer by the Company or any of its Restricted Subsidiaries to any Person of a royalty,
overriding royalty, net profits interest, Production Payment, partnership or other interest in Oil and Gas Properties, reserves or the
right to receive all or a portion of the production or the proceeds from the sale of production attributable to such properties where
the holder of such interest has recourse solely to such production or proceeds of production, subject to the obligation of the grantor
or transferor to operate and maintain, or cause the subject interests to be operated and maintained, in a reasonably prudent manner or
other customary standard or subject to the obligation of the grantor or transferor to indemnify for environmental, title or other matters
customary in the Oil and Gas Business, including any such grants or transfers pursuant to incentive compensation programs on terms that
are reasonably customary in the Oil and Gas Business for geologists, geophysicists or other providers of technical services to the Company
or any of its Restricted Subsidiaries.


 






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“Proved Reserves”
means crude oil and natural gas reserves constituting “proved oil and gas reserves” as defined in Rule 4-10 of Regulation
S-X of the Securities Act. For the avoidance of doubt, “proved oil and gas reserves” shall include any reserves attributable
to natural gas liquids.


 


“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.


 


“Rating Agency”
means any of S&P, Moody’s or Fitch and, in each case, their respective successors.


 


“Rating Category”
means:


 


(1)            with
respect to S&P or Fitch, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories);
and


 


(2)            with
respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories).


 


“Rating Decline”
means a decrease in the rating of the Notes by any two Rating Agencies by one or more gradations (including gradations within Rating
Categories as well as between Rating Categories) from the rating of the Notes on the date of the applicable occurrence referred to in
clauses (1) or (3) of the definition of “Change of Control.” In determining whether the rating of the Notes
has decreased by one or more gradations, gradations within Rating Categories, namely + or - for S&P or Fitch, and 1, 2, and 3 for
Moody’s, will be taken into account; for example, in the case of S&P or Fitch, a rating decline either from BB+ to BB or BB-
to B+ will constitute a decrease of one gradation.


 


“Regulation S”
means Regulation S promulgated under the Securities Act.


 


“Regulation S Global
Note” means a Global Note substantially in the form of Exhibit A hereto and bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will
be issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903.


 


“Responsible Officer,”
when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group
of the Trustee), including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any
other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers who
at the time shall be such officers and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the particular subject, and who, in each case, shall have direct
responsibility for the administration of this Indenture.


 






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“Restricted Definitive
Note” means a Definitive Note bearing the Private Placement Legend.


 


“Restricted Global
Note” means a Global Note bearing the Private Placement Legend.


 


“Restricted Investment”
means an Investment other than a Permitted Investment.


 


“Restricted Period”
means the 40-day distribution compliance period as defined in Regulation S.


 


“Restricted Subsidiary”
of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Except where expressly stated otherwise,
all references to Restricted Subsidiaries refer to Restricted Subsidiaries of the Company.


 


“Rule 144”
means Rule 144 promulgated under the Securities Act.


 


“Rule 144A”
means Rule 144A promulgated under the Securities Act.


 


“Rule 903”
means Rule 903 promulgated under the Securities Act.


 


“Rule 904”
means Rule 904 promulgated under the Securities Act.


 


“S&P”
means S&P Global Ratings, and any successor to the ratings business thereof.


 


“Screened Affiliate”
means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and any other Affiliate of such
Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any
other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to
the Company or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such
Holder that is acting in concert with such Holder in connection with its investment in the Notes, and (iv) whose investment decisions
are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such
Holders in connection with its investment in the Notes.


 


“Securities Act”
means the Securities Act of 1933, as amended.


 


“Short Derivative
Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery
obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which
generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance
References.


 






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“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation
S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.


 


“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.


 


“Strip Prices”
means, as of any date of determination, the forward month prices for the most comparable Hydrocarbon commodity applicable to such future
production month for a five year period (or such shorter period if forward month prices are not quoted for a reasonably comparable Hydrocarbon
commodity for the full five year period), with such prices held constant thereafter based on the last quoted forward month price of such
period, as such prices are (i) quoted on the NYMEX (or its successor) as of the Company’s most recently completed fiscal
year, the Company’s most recently completed fiscal quarter, or the ACNTA Calculation Date, as applicable, and (ii) as adjusted
in good faith by management for energy content, quality and basis differentials; provided that, with respect to estimated
future production for which prices are defined, within the meaning of SEC guidelines, by contractual arrangements (excluding escalations
based upon future conditions), then such contract prices shall be applied to future production subject to such arrangements.


 


“Subordinated Debt”
means Indebtedness of the Company or any Restricted Subsidiary that is contractually subordinated in right of payment to the notes or
a Note Guarantee.


 


“Subsidiary”
means, with respect to any specified Person:


 


(1)            any
corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50% of the
total voting power of its Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the
other Subsidiaries of that Person (or a combination thereof); and


 


(2)            any
partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general,
special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general
partner or otherwise controls such entity.


 


“Test Period”
in effect at any time means the Company’s most recently ended four consecutive fiscal quarters for which internal financial statements
are available (as determined in good faith by the Company).


 


“TIA”
means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).


 






    33 


     


    

 


“Treasury Management
Arrangement” means any agreement or other arrangement governing the provision of treasury or cash management services, including
deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration,
controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services.


 


“Treasury Management
Obligations” means Obligations in connection with, or in respect of, Treasury Management Services.


 


“Treasury Management
Services” means (a) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables
services, (b) treasury management services (including controlled disbursement, overdraft, automatic clearing house fund transfer
services, return items and interstate depository network services), (c) foreign exchange, netting and currency management services
and (d) any other demand deposit or operating account relationships or other Treasury Management services, including under any
Treasury Management Arrangements.


 


“Treasury Rate”
means, in respect of any redemption date for the Notes, the yield to maturity as of the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any
publicly available source of similar market data)) most nearly equal to the period from the redemption date to October 15, 2023;
provided, however, that if the period from the redemption date to October 15, 2023 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. The Company
will (1) calculate the Treasury Rate on the second Business Day preceding the applicable redemption date and (2) prior to
such redemption date file with the Trustee an Officers’ Certificate setting forth the Applicable Premium and the Treasury Rate
and showing the calculation of each in reasonable detail.


 


“Trustee”
means Wells Fargo Bank, National Association, until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.


 


“Unrestricted Definitive
Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.


 


“Unrestricted Global
Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.


 


“Unrestricted Subsidiary”
means any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through
merger or consolidation or Investment therein) that is designated (or deemed designated) by the Company as an Unrestricted Subsidiary
pursuant to an Officers’ Certificate delivered to the Trustee, but only to the extent that such Subsidiary:


 


(1)            has
no Indebtedness other than Non-Recourse Debt (other than, in the case of any such designation (or deemed designation), any guarantee
of the Notes or the Guarantees or any Indebtedness that would be released upon such designation);


 






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(2)            except
as permitted by Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the Company or
any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable
to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Company; and


 


(3)            is
a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to
subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results, except to the extent the foregoing would be treated as an Investment permitted
under this Indenture.


 


All Subsidiaries of an Unrestricted
Subsidiary shall also be Unrestricted Subsidiaries.


 


“U.S. Person”
means a U.S. person as defined in Rule 902(k) promulgated under the Securities Act.


 


“Volumetric Production
Payments” means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all undertakings
and obligations in connection therewith.


 


“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person entitling the holders thereof (whether at all times or
only so long as no senior class of Capital Stock has voting power by reason of any contingency) to vote in the election of members of
the Board of Directors of such Person; provided that with respect to a limited partnership or other entity which does not have
a Board of Directors, Voting Stock means the Capital Stock of the general partner of such limited partnership or other business entity
with the ultimate authority to manage the business and operations of such Person.


 


“Weighted Average
Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock at any date, the number of years obtained by
dividing:


 


(1)            the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity or redemption, in respect of the Indebtedness or Disqualified
Stock, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of
such payment; by


 


(2)            the
then outstanding aggregate amount of such Indebtedness or Disqualified Stock.


 






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Section 1.02         Other
Definitions.


  


	Term	Defined in Section
	“Affiliate Transaction”	4.11
	“Alternate Offer”	4.15
	“Applicable Premium Deficit”	8.04 (a)
	“Asset Sale Offer”	4.10
	“Authentication Order”	2.02
	“Change of Control Offer”	4.15
	“Change of Control Payment”	4.15
	“Change of Control Payment Date”	4.15
	“Covenant Defeasance”	8.03
	“Company”	Preamble
	“Default Direction”	6.02
	“Directing Holder”	6.02
	“DTC”	2.03
	“Event of Default”	6.01
	“Excess Proceeds”	4.10
	“incur”	4.09
	“Initial Lien”	4.12
	“Legal Defeasance”	8.02
	“Limited Condition Transaction”	1.05 (a)
	“Noteholder Direction”	6.02
	“Notes”	Preamble
	“Offer Amount”	3.09
	“Offer Period”	3.09
	“Outside Date”	3.10 (a)
	“Paying Agent”	2.03
	“Payment Default”	6.01
	“Permitted Debt”	4.09
	“Position Representation”	6.02
	“Purchase Date”	3.09
	“Special Mandatory Redemption”	3.10 (a)
	“Special Mandatory Redemption Date”	3.10 (b)
	“Special Mandatory Redemption Trigger Date”	3.10 (a)
	“Special Mandatory Redemption Price”	3.10 (a)
	“Registrar”	2.03
	“Restricted Payments”	4.07
	“Transaction Agreement Date”	1.05 (a)
	“Trustee”	Preamble
	“Verification Covenant”	6.02




 


Section 1.03         Trust
Indenture Act.


 


The Indenture is not subject
to the TIA except as expressly stated herein. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.


 






    36 


     


    

 


Section 1.04         Rules of
Construction.


  


Unless the context otherwise
requires:


 


(a)            a
term has the meaning assigned to it;


 


(b)            an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;


 


(c)            “or”
is not exclusive;


 


(d)            words
in the singular include the plural, and in the plural include the singular;


 


(e)            “will”
shall be interpreted to express a command;


 


(f)            provisions
apply to successive events and transactions;


 


(g)            “including”
shall be interpreted to mean “including, without limitation,” and the use of the word “including” followed by
specific examples shall not be construed as limiting the meaning of the general wording preceding it; and


 


(h)            references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted
by the SEC from time to time.


 


Section 1.05     Limited
Condition Transactions; Measuring Compliance


 


(a)            With
respect to any (x) Investment or acquisition, in each case, the consummation by the Company or any Subsidiary of which is not conditioned
on the availability of, or on obtaining, third-party financing for such Investment or acquisition (whether by merger, amalgamation, consolidation
or other business combination or the acquisition of Capital Stock or otherwise) as applicable and (y) redemption, repurchase, defeasance,
satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock requiring irrevocable notice in advance
of such redemption, repurchase, defeasance, satisfaction and discharge or repayment (any transaction described in clauses (x) or
(y), a “Limited Condition Transaction”), in each case for purposes of determining:


 


(1)            whether
any Indebtedness (including Acquired Debt), Disqualified Stock or Preferred Stock that is being incurred or issued in connection with
such Limited Condition Transaction is permitted to be incurred in compliance with Section 4.09 hereof;


 


(2)            whether
any Lien being incurred in connection with such Limited Condition Transaction or to secure any such Indebtedness, Disqualified Stock
or Preferred Stock is permitted to be incurred in accordance with the covenant described under Section 4.12 hereof or the definition
of “Permitted Liens”;


 


(3)            whether
any other transaction (including any Investment or Restricted Payment) undertaken or proposed to be undertaken in connection with such
Limited Condition Transaction complies with the covenants or agreements contained in this Indenture or the Notes; and


 






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(4)            any
calculation of the Consolidated Total Net Debt to Consolidated Cash Flow Ratio, Fixed Charge Coverage Ratio, Consolidated Net Income,
and/or Consolidated Cash Flow and/or Adjusted Consolidated Net Tangible Assets and, whether a Default or Event of Default exists in connection
with the foregoing,


 


at the option of the Company, the date that the
definitive agreement (or other relevant definitive documentation) for such Limited Condition Transaction is entered into (the “Transaction
Agreement Date”) may be used as the applicable date of determination, as the case may be, in each case with such pro forma
adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed
Charge Coverage Ratio” or “Consolidated Cash Flow” and if the Company or the Restricted Subsidiaries could
have taken such action on the relevant Transaction Agreement Date in compliance with the applicable ratios or other provisions, such
provisions shall be deemed to have been complied with. For the avoidance of doubt, if the Company elects to use the Transaction Agreement
Date as the applicable date of determination in accordance with the foregoing, (a) such election may not be revoked, (b) any
fluctuation or change in the Consolidated Total Net Debt to Consolidated Cash Flow Ratio, Fixed Charge Coverage Ratio, Consolidated Net
Income, Consolidated Cash Flow or Adjusted Consolidated Net Tangible Assets of the Company, the target business, or assets to be acquired
subsequent to the Transaction Agreement Date and prior to the consummation of such Limited Condition Transaction, will not be taken into
account for purposes of determining whether any Investment, Restricted Payment, Indebtedness, Disqualified Stock, Preferred Stock
or Lien that is being made, incurred or issued in connection with such Limited Condition Transaction is permitted to be made, incurred
or issued or in connection with compliance by the Company or any of the Restricted Subsidiaries with any other provision of this Indenture
or the Notes or any other action or transaction undertaken in connection with such Limited Condition Transaction and (c) until
such Limited Condition Transaction is consummated or the definitive agreements related thereto are terminated, such Limited Condition
Transaction and all transactions proposed to be undertaken in connection therewith (including the making of any Restricted Payment, or
Investments, or the incurrence of Indebtedness and Liens) will be given pro forma effect when determining compliance of other transactions
(including the making of any Restricted Payment, or Investments, or the incurrence or issuance of Indebtedness, Disqualified Stock, Preferred
Stock and Liens unrelated to such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness) that are consummated
after the Transaction Agreement Date and on or prior to the consummation of such Limited Condition Transaction and any such transactions
(including any incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof) will be
deemed to have occurred on the Transaction Agreement Date and outstanding thereafter for purposes of calculating any baskets or ratios
under this Indenture after the date of such agreement and before the consummation of such Limited Condition Transaction; provided
that for purposes of any such calculation of the Fixed Charge Coverage Ratio, Fixed Charges will be calculated using an assumed interest
rate for the Indebtedness to be incurred in connection with such Limited Condition Transaction based on the indicative interest margin
contained in any financing commitment documentation with respect to such Indebtedness or, if no such indicative interest margin exists,
as reasonably determined by the Company in good faith. Each item of Indebtedness, Disqualified Stock or Preferred Stock that is incurred
or issued, each Lien incurred and each other transaction undertaken will be deemed to have been incurred, issued or taken first, to the
extent available, pursuant to the relevant Fixed Charge Coverage Ratio or Consolidated Total Net Debt to Consolidated Cash Flow Ratio
test.


 






    38 


     


    

  


(b)            Notwithstanding
anything herein to the contrary, if the Company or any of its Restricted Subsidiaries (x) incurs Indebtedness, issues Disqualified
Stock or Preferred Stock, creates Liens, makes Asset Sales, makes Investments, makes Restricted Payments, designates any Subsidiary as
a Restricted Subsidiary or an Unrestricted Subsidiary or repays any Indebtedness, Disqualified Stock or Preferred Stock in connection
with any Limited Condition Transaction under a ratio-based basket and (y) incurs Indebtedness, issues Disqualified Stock or Preferred
Stock, creates Liens, makes Asset Sales, Investments or Restricted Payments, designates any as a Restricted Subsidiary or an Unrestricted
Subsidiary or repays any Indebtedness, Disqualified Stock or Preferred Stock in connection with any Limited Condition Transaction under
a non-ratio-based basket (which shall occur within five (5) Business Days of the events in clause (x) above), then the applicable
ratio will be calculated with respect to any such action under the applicable ratio-based basket without regard to any such action under
such non-ratio-based basket made in connection with such Limited Condition Transaction. In addition, compliance with any requirement
relating to absence of Default or Event of Default may be determined as of the Transaction Agreement Date and not as of any later date
as would otherwise be required under this Indenture.


 


Article 2

THE NOTES


 


Section 2.01         Form and
Dating.


 


(a)            General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The
Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date
of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company,
the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to
be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions
of this Indenture shall govern and be controlling.


 


(b)            Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive
form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes
as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced
or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase
or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian,
at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.


 






    39 


     


    

 


(c)            Euroclear
and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream will be applicable to transfers of beneficial interests in any Regulation S Global Note that are held
by Participants through Euroclear or Clearstream.


 


Section 2.02         Execution
and Authentication.


 


At least one Officer must
sign the Notes for the Company by manual, facsimile or electronically transmitted signature.


 


If an Officer whose signature
is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.


 


A Note will not be valid
until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated
under this Indenture.


 


The Trustee will, upon receipt
of a written order of the Company signed by an Officer of the Company (an “Authentication Order”), authenticate (i) the
Initial Notes for original issue in the aggregate principal amount of $400.0 million, and (ii) thereafter any Additional Notes
that may be validly issued under this Indenture. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate
principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in
Section 2.07 hereof.


 


The Trustee shall also authenticate
and deliver Notes at the times and in the manner specified in Section 2.06, Section 2.07, Section 2.10, Section 3.06,
Section 3.09, Section 4.15 and Section 9.04.


 


Any issuance of Additional
Notes is subject to all of the covenants in this Indenture, including Section 4.09.


 


With respect to any Additional
Notes, the Company shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee at or prior to
original issuance thereof, the following information:


 


(a)            the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;


 


(b)            the
issue price, the issue date (and the corresponding date from which interest shall accrue thereon and the first interest payment date
therefor) and the CUSIP and/or ISIN number of such Additional Notes; and


 


(c)            whether
such Additional Notes shall be subject to the restrictions on transfer set forth in Section 2.06 relating to Restricted Global
Notes and Restricted Definitive Notes.


 






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The Trustee may appoint an
authenticating agent reasonably acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.


 


The Initial Notes and the
Additional Notes shall be treated as a single class for all purposes under this Indenture; provided that if any such Additional
Notes are not fungible with the existing Notes for United States federal income tax purposes, such Additional Notes will have a separate
CUSIP number from the existing Notes. Holders of the Initial Notes and the Additional Notes will vote and consent together on all matters
to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes and the Additional Notes
shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent.


 


Section 2.03         Registrar
and Paying Agent.


 


The Company will maintain
an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an
office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar for the Notes will keep
a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional
paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee
in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity
as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of the Company’s Subsidiaries may act as Paying
Agent or Registrar.


 


The Company initially appoints
The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.


 


The Company initially appoints
the Trustee to act as the Registrar and Paying Agent for the Notes (at its office indicated in the definition of Corporate Trust Office
of the Trustee in Section 1.01 hereof) and to act as Custodian with respect to the Global Notes.


 


Section 2.04        Paying
Agent to Hold Money in Trust.


 


The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders of the
Notes or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, on, and interest, if any, on,
the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary)
will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Company, the Trustee will serve as Paying Agent for the Notes.


 






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Section 2.05         Holder
Lists.


 


The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If
the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each interest payment date
and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders.


 


Section 2.06          Transfer
and Exchange.


 


(a)            Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to
a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes
if:


 


(1)            the
Depositary notifies the Company (A) that it is unwilling or unable to continue to act as Depositary or (B) that it is no
longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company
within 90 days after the date of such notice from the Depositary;


 


(2)            the
Company, at its option but subject to the Depositary’s requirements, notifies the Trustee in writing that it elects to cause the
issuance of the Definitive Notes; or


 


(3)            there
has occurred and is continuing an Event of Default and the Depositary notifies the Trustee of its decision to exchange such Global Note
for Definitive Notes.


 


Upon the occurrence of the
preceding events in (1), (2) or (3) above, Definitive Notes of shall be issued in such names as the Depositary shall instruct
the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06
or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may
not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note
may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. Whenever any provision herein refers
to issuance by the Company and authentication and delivery by the Trustee of a new Note in exchange for the portion of a surrendered
Note that has not been redeemed or repurchased, as the case may be, in lieu of the surrender of any Global Note and the issuance, authentication
and delivery of a new Global Note in exchange therefor, the Trustee or the Depositary at the direction of the Trustee may endorse such
Global Note to reflect a reduction in the principal amount represented thereby in the amount of Notes so represented that have been so
redeemed or repurchased.


 


(b)            Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will
be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Participants and
Indirect Participants shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary
or by the Trustee as the Custodian with respect to the Global Notes, and the Company, the Trustee and any agent of the Company or the
Trustee shall be entitled to treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to
any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Participants
or the Indirect Participants, the operation of customary practices of such Depositary governing the exercise of the rights of a holder
of a beneficial interest in any Global Note. Subject to the provisions of this Section 2.06 and Section 12.16, the Holder
of a Global Note shall be entitled to grant proxies and otherwise authorize any Person, including Participants and Indirect Participants
and Persons that may hold interests through such Persons, to take any action that a Holder of Notes is entitled to take under this Indenture
or the Notes. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set
forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance
with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs,
as applicable:


 






    42 


     


    

 


(1)            Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions
set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).


 


(2)            All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the
Registrar either:


 


(A)            both:


 


(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest
to be transferred or exchanged; and


 


(ii)            instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such
increase; or


 






    43 


     


    

 


(B)            both:




 


(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged;
and


 


(ii)            instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered
to effect the transfer or exchange referred to in (1) above.


 


Upon satisfaction of all
of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof.


 


(3)            Transfer
of Beneficial Interests in a Restricted Global Note for Beneficial Interests in Another Restricted Global Note. A beneficial interest
in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another
Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives
the following:


 


(A)            if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate
in the form of Exhibit B hereto, including the certifications in item (1) thereof; and


 


(B)            if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.


 


(4)            Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial
interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note
or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange
or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:


 


(A)            the
holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (1)(a) thereof; or


 


(B)            if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form
of Exhibit B hereto, including the certifications in item (4) thereof;


 






    44 


     


    

 


and, in each such case set forth in
this Section 2.06(b)(4), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act.


 


If any such transfer is effected
pursuant to this Section 2.06(b)(4) at a time when an Unrestricted Global Note has not yet been issued, the Company shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred
pursuant to this Section 2.06(b)(4).


 


Beneficial interests in an
Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Note.


 


(c)            Transfer
or Exchange of Beneficial Interests for Definitive Notes. The following provisions of this Section 2.06(c) shall apply
to transfers or exchanges of beneficial interests in a Global Note for a Definitive Note pursuant to Section 2.06(a). Except as
provided in Section 2.06(a), Holders shall not be entitled to effect such an exchange.


 


(1)            Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:


 


(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive
Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;


 


(B)            if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (1) thereof;


 


(C)            if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;


 


(D)            if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;


 






    45 


     


    

 


(E)            if
such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to
the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable;


 


(F)            if
such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (3)(b) thereof; or


 


(G)            if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall
execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall
instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver
such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall
be subject to all restrictions on transfer contained therein.


 


(2)            Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note
may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following:


 


(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;
or


 


(B)            if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;


 


and, in each such case set forth in
this Section 2.06(c)(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act.


 






    46


     


    

 


(3)            Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof,
the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof,
and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests
through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver
such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend.


 


(d)            Transfer
and Exchange of Definitive Notes for Beneficial Interests.


 


(1)            Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange
such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following
documentation:


 


(A)            if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;


 


(B)            if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof;


 


(C)            if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;


 


(D)            if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;


 






    47


     


    

 


(E)            if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to
the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable;


 


(F)            if
such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or


 


(G)            if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the Trustee will cancel the Restricted Definitive
Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above,
the Regulation S Global Note.


 


(2)            Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such
Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:


 


(A)            if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or


 


(B)            if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;


 


and, in each such case set forth in
this Section 2.06(d)(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act.


 






    48


     


    

 


Upon satisfaction
of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase
or cause to be increased the aggregate principal amount of the Unrestricted Global Note.


 


(3)            Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such
Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer,
the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount
of one of the Unrestricted Global Notes.


 


If any such exchange
or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (2) or (3) above at
a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the principal amount of Definitive Notes so transferred.


 


(e)            Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance
with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes for Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive
Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder
or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).


 


(1)            Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name
of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:


 


(A)            if
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;


 


(B)            if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (2) thereof; and


 


(C)            if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.


 






    49


     


    

 


(2)            Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted
Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the
Registrar receives the following:


 


(A)            if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from
such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or


 


(B)            if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;


 


and, in each such case set forth in
this Section 2.06(e)(2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.


 


(3)            Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the
Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.


 


(f)            [Reserved.]


 


(g)            Legends.
The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture.


 


(1)            Private
Placement Legend.


 


(A)            Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the legend in substantially the following form:


 


“THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH
IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) OR (B) IT
IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE THAT IS, IN
THE CASE OF RULE 144A NOTES, ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES
AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
OR, IN THE CASE OF REGULATION S NOTES, 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY
(OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN
RELIANCE ON REGULATION S, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO
A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE
144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO
ABOVE, THE HOLDER MUST COMPLETE AND SUBMIT TO THE TRUSTEE THE CERTIFICATE SPECIFIED IN THE INDENTURE RELATING TO THE MANNER OF SUCH TRANSFER
(THE FORM OF WHICH CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE).


 






    50


     


    

 


BY ITS ACQUISITION OF THIS NOTE,
THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE
OF HOLD THIS NOTE (OR ANY INTEREST IN THIS NOTE) CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE
U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR
OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
(A) AN ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING DESCRIBED
IN CLAUSES (A) AND (B) OR (D) ANY GOVERNMENTAL PLAN, CHURCH PLAN, OR NON-U.S. PLAN SUBJECT TO OTHER FEDERAL, STATE,
LOCAL, NON U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”),
OR (2) (A) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS NOTE (OR ANY INTEREST IN THIS NOTE) WILL NOT CONSTITUTE
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY
APPLICABLE SIMILAR LAWS AND (B) IF THE HOLDER IS A PLAN, ACCOUNT OR ARRANGEMENT SUBJECT TO TITLE I OF ERISA OR SECTION 4975
OF THE CODE, THE DECISION TO ACQUIRE THE NOTE HAS BEEN MADE BY A FIDUCIARY WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE”
AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES”
AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.”


 






    51


     


    

 


(B)            Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs Section 2.06(b)(4), Section 2.06(c)(3), Section 2.06(d)(2),
Section 2.06(d)(3), Section 2.06(e)(2) or Section 2.06(e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution
thereof) will not bear the Private Placement Legend.


 


(2)            Global
Note Legend. Each Global Note will bear a legend in substantially the following form:


 


“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED
TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.


 


UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”


 






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(h)            Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for beneficial
interests in another Global Note or Definitive Notes, or a particular Global Note has been redeemed, repurchased or canceled in whole
and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount
of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee
or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for
or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global
Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.


 


(i)            General
Provisions Relating to Transfers and Exchanges.


 


(1)            To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.


 


(2)            No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.04 hereof).


 


(3)            All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes
or Definitive Notes surrendered upon such registration of transfer or exchange.


 






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(4)            Neither
the Registrar nor the Company will be required:


 


(A)            to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day
of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection;


 


(B)            to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part; or


 


(C)            to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.


 


(5)            Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person
in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest
on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary.


 


(6)            The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.


 


(7)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile or electronic image scan.


 


(8)            The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or
other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect
to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other
than DTC) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Notes (or other
security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments
to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall
be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through
DTC subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon information
furnished by DTC with respect to its members, participants and any beneficial owners.


 


(9)            Neither
the Registrar nor the Trustee shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among DTC participants, members or beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms
of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither
the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by DTC.


 






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(10)            The
transferor of any Note shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045
of the Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of
such information. In connection with any proposed exchange of a Note that is not a Global Note for a Global Note, the Company or the
Depositary shall be required to provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045
of the Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of
such information.


 


Section 2.07     Replacement
Notes.


 


If any mutilated Note is
surrendered to the Trustee or the Company and the Trustee and the Company receive evidence to their satisfaction of the destruction,
loss or theft of any Note, and such other reasonable requirements as may be imposed by the Company as permitted by Section 8-405
of the Uniform Commercial Code have been satisfied, then, in the absence of notice to the Company or the Trustee that such Note has been
acquired by a “protected purchaser” within the meaning of Section 8-405 of the Uniform Commercial Code, the Company
will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements
are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect
each of the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced.
The Company may charge for its expenses in replacing a Note.


 


Every replacement Note is
an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with
all other Notes duly issued hereunder.


 


Section 2.08     Outstanding
Notes.


 


The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in
this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company
shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof.


 






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If a Note is replaced pursuant
to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note
is held by a protected purchaser within the meaning of Section 8-405 of the Uniform Commercial Code.


 


If the principal amount of
any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.


 


If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, by 11:00 a.m. Eastern Time on a redemption date or other
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer
outstanding and will cease to accrue interest.


 


Section 2.09     Treasury
Notes.


 


In determining whether the
Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any
Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will
be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows
are so owned will be so disregarded.


 


Section 2.10     Temporary
Notes.


 


Until certificates representing
Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary
Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate
for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the
Trustee will authenticate definitive Notes in exchange for temporary Notes.


 


Holders of temporary Notes
will be entitled to all of the benefits of this Indenture.


 


Section 2.11     Cancellation.


 


The Company at any time may
deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them
for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes in accordance with its internal policies and
customary procedures (subject to the record retention requirement of the Exchange Act). The Company may not issue new Notes to replace
Notes that it has paid or that have been delivered to the Trustee for cancellation.


 


Section 2.12     Defaulted
Interest.


 


If the Company defaults in
a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable
on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the
Notes and in Section 4.01 hereof; provided that no special record date shall be required with respect to defaulted interest
paid within the applicable grace period. The Company will notify the Trustee in writing of the amount of defaulted interest proposed
to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date
and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such
defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee
in the name and at the expense of the Company) will mail or cause to be mailed to Holders of Notes a notice that states the special record
date, the related payment date and the amount of such interest to be paid. The Trustee will have no duty whatsoever to determine whether
any Defaulted Interest is payable or the amount thereof.


 






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Section 2.13     Computation
of Interest.


 


Interest will be computed
on the basis of a 360-day year comprised of twelve 30-day months.


 


Section 2.14     CUSIP
Numbers.


 


The Company will promptly
notify the Trustee in writing of any change in the “CUSIP” numbers.


 


Article 3

REDEMPTION AND PREPAYMENT


 


Section 3.01     Notices
to Trustee.


 


If the Company elects to
redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least five
Business Days (or such shorter time as may be acceptable to the Trustee) prior to the giving of notice of a redemption, an Officers’
Certificate setting forth:


 


(a)            the
clause of this Indenture pursuant to which the redemption shall occur;


 


(b)            the
redemption date;


 


(c)            the
principal amount of Notes to be redeemed; and


 


(d)            the
redemption price (if then determined and otherwise the method of determination).


 


Section 3.02     Selection
of Notes to Be Redeemed.


 


If less than all of the Notes
are to be redeemed at any time, the Trustee will select Notes for redemption on a pro rata basis (or, in the case of Notes issued
in global form pursuant to Article 2 hereof, by such method as DTC or its nominee or successor may require) unless otherwise required
by law or applicable stock exchange requirements. Notwithstanding the foregoing, no Notes of $2,000 or less can be redeemed in part.


 






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The Trustee will promptly
notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000
in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such
Holder shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption
also apply to portions of Notes called for redemption.


 


Section 3.03     Notice
of Redemption.


 


At least 10 days but not
more than 60 days before a redemption date, the Company will mail or cause to be mailed by first class mail (or sent electronically if
DTC is the recipient) a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption
notices may be given more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of Notes or
a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 hereof.


 


The notice will identify
the Notes (including the CUSIP number) to be redeemed and will state:


 


(a)            the
redemption date;


 


(b)            the
redemption price (if then determined and otherwise the method of determination);


 


(c)            if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date
upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued in the name of the
Holder thereof upon cancellation of the original Note;


 


(d)            the
name and address of the Paying Agent;


 


(e)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;


 


(f)            that,
unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the redemption date;


 


(g)            the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;


 


(h)            that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes;
and


 


(i)            any
conditions precedent to the redemption.


 


At the Company’s request,
the Trustee will give the notice of redemption in the Company’s names and at the Company’s expense; provided, however,
that the Officers’ Certificate delivered to the Trustee pursuant to Section 3.01 hereof requests that the Trustee give such
notice and sets forth the information to be stated in such notice as provided in the preceding paragraph.


 






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If such redemption is subject
to the satisfaction of one or more conditions precedent, the related notice shall describe each such condition, and if applicable, shall
state that, in the Company’s discretion, the date of redemption may be delayed until such time as any or all such conditions shall
be satisfied or waived (provided that in no event shall such date of redemption be delayed to a date later than 60 days after
the date on which such notice was mailed or delivered, including by electronic transmission), or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the date of redemption,
or by the date of redemption as so delayed. The Company shall provide written notice of the delay of such date of redemption or the rescission
of such notice of redemption to the Trustee no later than 10:00 a.m. Eastern Time (subject to DTC procedures) on the date of redemption.
Upon receipt of such notice of the delay of such date of redemption or the rescission of such notice of redemption, such date of redemption
shall be automatically delayed or such notice of redemption shall be automatically rescinded, as applicable, and the redemption of the
Notes to be redeemed shall be automatically delayed or rescinded and cancelled, as applicable, as provided in such notice.


 


Section 3.04     Effect
of Notice of Redemption.


 


Once notice of redemption
is mailed or given in accordance with Section 3.03 hereof, Notes called for redemption will become irrevocably due and payable
(subject to Section 3.03) on the redemption date at the redemption price, subject to satisfaction of any condition specified with
respect to such redemption.


 


Section 3.05     Deposit
of Redemption Price.


 


No later than 11:00 a.m. Eastern
Time on the redemption date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption
price of, and accrued interest, if any, on all Notes to be redeemed on that date. The Trustee or the Paying Agent will promptly return
to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the
redemption price of, and accrued interest, if any, on all Notes to be redeemed.


 


If the Company complies with
the provisions of the preceding paragraph, on and after the redemption date, interest will cease to accrue on the Notes or the portions
of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment
date, then any accrued and unpaid interest, if any, shall be paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called for redemption is not so paid upon surrender for redemption because of the failure of
the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such
principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the
Notes and in Section 4.01 hereof.


 






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Section 3.06     Notes
Redeemed in Part.


 


Upon surrender of a Note
that is redeemed in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the
Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered.


 


Section 3.07     Optional
Redemption.


 


(a)            At
any time prior to October 15, 2023, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount
of Notes issued under this Indenture (including any Additional Notes), upon notice as provided in this Indenture, at a redemption price
equal to 105.000% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date
of redemption (subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date),
with an amount of cash not greater than the net cash proceeds of one or more Equity Offerings; provided that:


 


(1)            at
least 65% of the aggregate principal amount of Notes originally issued on the Issue Date (but excluding Notes held by the Company and
its Subsidiaries) remains outstanding immediately after the occurrence of such redemption (unless all such Notes are redeemed substantially
concurrently); and


 


(2)            the
redemption occurs within 180 days after the date of the closing of such Equity Offering.


 


(b)            At
any time prior to October 15, 2023, the Company may on any one or more occasions redeem all or a part of the Notes, upon notice
as provided in this Indenture, at a redemption price equal to:


 


(1)            100%
of the principal amount thereof, plus


 


(2)            the
Applicable Premium as of the redemption date, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject
to the rights of Holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date).


 


(c)            The
Company may redeem the Notes when permitted by, and pursuant to the conditions in, Section 4.15(e) hereof.


 


(d)            Except
pursuant to Section 3.07(a), (b) or (c), the Notes will not be redeemable at the Company’s option prior to October 15,
2023.


 


(e)            On
or after October 15, 2023, the Company may on any one or more occasions redeem all or a part of the Notes, upon notice as provided
in this Indenture, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest,
if any, on the Notes redeemed, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning
on October 15 of the years indicated below, subject to the rights of Holders of the Notes on the relevant record date to receive
interest on the relevant interest payment date:


 






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	Year	 	Percentage	 
	 	 	 	 
	2023	 	 	102.500	%
	 	 	 	 	 
	2024	 	 	101.250	%
	 	 	 	 	 
	2025 and thereafter	 	 	100.000	%




 


(f)            Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.


 


Section 3.08     Mandatory
Redemption.


 


Except as provided in Section 3.10,
the Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.


 


Section 3.09     Offer
to Purchase by Application of Excess Proceeds.


 


In the event that, pursuant
to Section 4.10 hereof, the Company is required to commence an Asset Sale Offer to all Holders to purchase Notes, it will follow
the procedures specified below.


 


The Asset Sale Offer shall
be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The Asset
Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days,
except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three
Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds
(the “Offer Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a pro rata basis based
on the principal amount of Notes and such other pari passu Indebtedness surrendered, if applicable) or, if less than the Offer
Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer.


 


If the Purchase Date is on
or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be
paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be
payable to Holders who tender Notes pursuant to the Asset Sale Offer.


 


Upon the commencement of
an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders. The notice will contain
all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will
govern the terms of the Asset Sale Offer, will state:


 


(a)            that
the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset
Sale Offer will remain open;


 


(b)            the
Offer Amount, the purchase price and the Purchase Date;


 






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(c)            that
any Note not tendered or accepted for payment will continue to accrue interest;


 


(d)            that,
unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to accrue
interest on and after the Purchase Date;


 


(e)            that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in minimum denominations
of $2,000 or an integral multiple of $1,000 in excess thereof;


 


(f)            that
Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled
 “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company,
a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase
Date;


 


(g)            that
Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a telegram, electronic image scan, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing
his election to have such Note purchased;


 


(h)            that,
if the aggregate principal amount of Notes surrendered by Holders thereof exceeds the Offer Amount allocated to the purchase of Notes
in the Asset Sale Offer, the Trustee will select the Notes and the Issuer will select such other pari passu Indebtedness to be
purchased on a pro rata basis (except that any Notes represented by a Global Note shall be selected by such method as DTC or its
nominee or successor may require or, where such nominee or successor is the Trustee, a method that most nearly approximates pro rata
selection as the Trustee deems fair and appropriate unless otherwise required by law) based on the principal amount of Notes or such
other pari passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes
in minimum denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be purchased); and


 


(i)            that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the
Notes surrendered (or transferred by book-entry transfer).


 


On or before the Purchase
Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Notes or portions
thereof tendered pursuant to the Asset Sale Offer and required to be purchased pursuant to this Section 3.09 and Section 4.10
hereof, or if Notes in an aggregate principal amount less than the Offer Amount allocated to the purchase of Notes in the Asset Sale
Offer have been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together
with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance
with the terms of this Section 3.09. The Company, the depositary for the Asset Sale Offer or the Paying Agent, as the case may
be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount
equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase (or, if such Notes are then
in global form, it will make such payment thereon through the facilities of DTC), and the Company will promptly issue a new Note, and,
upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee, upon the written request of the Company,
will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount
equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company
to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date.


 






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Section 3.10     Special
Mandatory Redemption.


 


(a)            If
(x) the consummation of the Mergers does not occur on or before December 31, 2021 (the “Outside Date”)
or (y) the Company notifies the Trustee that the Company will not pursue the consummation of the Mergers (the earlier of the date
of delivery of such notice described in clause (y) and the Outside Date, the “Special Mandatory Redemption Trigger Date”),
the Company will be required to redeem the Notes then outstanding (such redemption, the “Special Mandatory Redemption”)
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding,
the Special Mandatory Redemption Date (as defined in Section 3.10(b)) (the “Special Mandatory Redemption Price”).


 


(b)            In
the event that the Company becomes obligated to redeem the Notes pursuant to the Special Mandatory Redemption, the Company will promptly,
and in any event not more than ten Business Days after the Special Mandatory Redemption Trigger Date, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which such notes will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each Holder of Notes to be redeemed in accordance with Section 3.03 hereof. The Trustee
will then promptly mail, or deliver electronically if such Notes are held by any Depositary (including, without limitation, DTC) in accordance
with such Depositary’s customary procedures, such notice of Special Mandatory Redemption to each Holder of Notes to be redeemed
at its registered address. Unless the Company defaults in payment of the Special Mandatory Redemption Price, on and after such Special
Mandatory Redemption Date, interest will cease to accrue on the Notes.


 


(c)            Any
redemption made pursuant to this Section 3.10 shall be made pursuant to the procedures set forth in this Indenture, except to the
extent inconsistent with this Section 3.10.


 


Article 4

COVENANTS


 


Section 4.01     Payment
of Notes.


 


The Company will pay or cause
to be paid the principal of, premium, if any, on, and interest, if any, on, the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest, if any, will be considered paid on the date due if the Paying Agent, if other than the
Company or a Subsidiary of the Company, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due.


 






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The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is equal to the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace period), at the same rate
to the extent lawful.


 


The Company may at any time,
for the purpose of obtaining satisfaction and discharge with respect to the Notes or for any other purpose, pay, or direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the
same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to
the Trustee, such Paying Agent shall be released from all further liability with respect to such money.


 


Subject to any applicable
escheat, or abandoned or unclaimed property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such
principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request, or (if then held
by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease.


 


Section 4.02     Maintenance
of Office or Agency.


 


The Company will maintain,
an office or agency (which may be an office of the Trustee or an affiliate of the Trustee) where Notes may be surrendered for registration
of transfer or for exchange. If Definitive Notes are issued and outstanding, such office must be in the contiguous United States. The
Company initially designates the Corporate Trust Office of the Trustee for such purposes. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain
any such required office or agency or fail to furnish the Trustee with the address thereof, such presentations and surrenders may be
made or served at the Corporate Trust Office of the Trustee.


 


The Company may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or rescission will in
any manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States for such purposes if
required. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.


 


With respect to any Global
Notes, the Corporate Trust Office of the Trustee shall be the office or agency where such Global Notes may be presented or surrendered
for payment or for registration of transfer or exchange, or where successor Notes may be delivered in exchange therefor; provided,
however, that any such presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary shall
be deemed to have been effected at such office or agency in accordance with the provisions of this Indenture.


 






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Section 4.03     Reports.


 


(a)            So
long as any Notes are outstanding, the Company will file with the SEC or make publicly available on a website, within the time periods
(including any extension thereof) specified in the SEC’s rules and regulations:


 


(1)            all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file
such reports as a non-accelerated filer; and


 


(2)            all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.


 


(b)            The
requirements of Section 4.03(a) may be satisfied by the filing with the SEC for public availability by any direct or indirect
parent company of the Company of any Annual Report on Form 10-K, Quarterly Report on Form 10- Q or Current Report on Form 8-K,
containing the required information with respect to the Company or parent company, as applicable, and filed within the time period required
under the rules and regulations of the SEC for the filing of such forms; provided that, if applicable, any such financial
information required by the preceding paragraph will include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto or in a separate discussion (which may be contained in the “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” section of the applicable quarterly or annual report), if any, between
the financial information of the parent company, on the one hand, and the Company and its Subsidiaries on a stand-alone basis, on the
other hand.


 


(c)            Notwithstanding
the foregoing in Section 4.03(a), at any time when the Company does not otherwise file such reports with the SEC, the reports provided
pursuant to Section 4.03(a) (i) will not be required to contain the separate financial information for Guarantors as
contemplated by Rule 13-01 or 13-02 of Regulation S-X or any financial statements of unconsolidated subsidiaries or 50% or less
owned persons as contemplated by Rule 3-09 of Regulation S-X or any schedules required by Regulation S-X, or in each case any successor
provisions and (ii) shall not be required to comply with Regulation G under the Exchange Act or Item 10(e) of Regulation
S-K with respect to any non-GAAP financial measures contained therein.


 


(d)            At
any time that any of the Company’s Significant Subsidiaries are Unrestricted Subsidiaries, then the annual and quarterly financial
reports required by Section 4.03(a) will include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto or in a separate discussion (which may be contained in the “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” section of the applicable quarterly or annual report) of the financial
condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results
of operations of the Unrestricted Subsidiaries of the Company.


 






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(e)           Any
and all Defaults or Events of Default arising from a failure to furnish in a timely manner any information required by this Section 4.03
shall be deemed cured (and the Company shall be deemed to be in compliance with this covenant) upon furnishing such information as contemplated
by this covenant (but without regard to the date on which such information or report is so furnished); provided that such cure
shall not otherwise affect the rights of the Holders in Section 6.01 if the principal of, premium, if any, on, and interest, if
any, on, the Notes have been accelerated in accordance with the terms of this Indenture and such acceleration has not been rescinded
or cancelled prior to such cure.


 


(f)            The
Company shall furnish to the Holders and Beneficial Owners of the Notes, prospective investors, broker-dealers and securities analysts,
upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long
as the Notes are not freely transferable under the Securities Act.


 


(g)           Delivery
of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such
shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officers’ Certificates). The Trustee shall have no duty to monitor or confirm, on a continuing basis or
otherwise, the Company’s or any other Person’s compliance with any of the covenants under this Indenture, to determine whether
such reports, information or documents are filed with the SEC or made publicly available on a website, to examine such reports, information,
documents and other reports to ensure compliance with the provisions of this Indenture, to ascertain the correctness or otherwise of
the information or the statements contained therein or to participate in any conference calls.


 


Section 4.04      Compliance
Certificate.


 


(a)           The
Company shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the date of this Indenture, an Officers’
Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his
or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and are
not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action
the Company is taking or propose to take with respect thereto).


 


(b)           So
long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer of the Company becoming
aware of any Default or Event of Default, a written statement specifying such Default or Event of Default and what action the Company
is taking or propose to take with respect thereto.


 






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Section 4.05      Taxes.


 


The
Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental
levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse
in any material respect to the Holders of the Notes.


 


Section 4.06      Stay,
Extension and Usury Laws.


 


The
Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any
time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law has been enacted.


 


Section 4.07       Restricted
Payments.


 


(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:


 


(1)           declare
or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’
Equity Interests (including any payment in connection with any merger or consolidation involving the Company or any of its Restricted
Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests
in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company
and other than dividends or distributions payable to the Company or a Restricted Subsidiary of the Company);


 


(2)           repurchase,
redeem or otherwise acquire or retire for value (including in connection with any merger or consolidation involving the Company) any
Equity Interests of the Company or any direct or indirect parent of the Company;


 


(3)           make
any payment on or with respect to, or repurchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the Company
or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness between
or among the Company and any of its Restricted Subsidiaries), except a payment of interest or principal at or within one year of the
Stated Maturity thereof; or


 


(4)           make
any Restricted Investment (all such payments and other actions set forth in clauses (1) through (4) of this Section 4.07(a) being
collectively referred to as “Restricted Payments”),


 






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unless,
at the time of and after giving effect to such Restricted Payment:


 


(A)          no
Note Payment Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;


 


(B)           the
Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been
made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof; and


 


(C)           such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries
since the Issue Date (excluding Restricted Payments permitted by clauses (2) through (12) of Section 4.07(b)), is less
than the sum, without duplication, of:


 


(i)              50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) from July 1, 2021 to the end of the
Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted
Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus


 


(ii)            100%
of the aggregate net cash proceeds and the Fair Market Value of property or securities other than cash (including Capital Stock of Persons,
other than the Company or a Subsidiary of the Company, engaged primarily in the Oil and Gas Business or any other assets that are used
or useful in the Oil and Gas Business), in each case received by the Company since the Issue Date as a contribution to its common equity
capital or from the issue or sale of Equity Interests of the Company (other than (x) the Capital Stock of the Company to be issued
in connection with the consummation of the Mergers, (y) Disqualified Stock and (z) net cash proceeds received from an issuance
or sale of such Equity Interests to a Subsidiary of the Company or an employee stock ownership plan, option plan or similar trust to
the extent such sale to an employee stock ownership plan, option plan or similar trust is financed by loans from or Guaranteed by the
Company or any Restricted Subsidiary (unless such loans have been repaid with cash on or prior to the date of determination)); plus


 


(iii)            to
the extent not already included in Consolidated Net Income for such period, if any Restricted Investment that was made by the Company
or any of its Restricted Subsidiaries after the Issue Date is sold for cash (other than to the Company or any Subsidiary of the Company)
or otherwise cancelled, liquidated or repaid for cash, the cash return of capital with respect to such Restricted Investment resulting
from such sale, liquidation or repayment (less any out-of-pocket costs incurred in connection with any such sale); plus


 






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(iv)           the
amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the Company’s balance sheet upon the conversion
or exchange (other than by a Restricted Subsidiary of the Company) subsequent to the Issue Date of any such Indebtedness of the Company
or its Restricted Subsidiaries convertible or exchangeable for Equity Interests (other than Disqualified Stock) of the Company (less
the amount of any cash, or the Fair Market Value of any other property (other than such Equity Interests), distributed by the Company
upon such conversion or exchange and excluding the net cash proceeds from the conversion or exchange financed, directly or indirectly,
using funds borrowed from the Company or any Restricted Subsidiary), together with the net proceeds, if any, received by the Company
or any of its Restricted Subsidiaries upon such conversion or exchange; plus


 


(v)            to
the extent that any Unrestricted Subsidiary of the Company designated as such after the Issue Date is redesignated as a Restricted Subsidiary
pursuant to the terms of this Indenture or is merged or consolidated with or into, or transfers or otherwise disposes of all or substantially
all of its properties or assets to or is liquidated into, the Company or a Restricted Subsidiary after the Issue Date, the lesser of,
as of the date of such redesignation, merger, consolidation, transfer, disposition or liquidation, (A) the Fair Market Value of
the Company’s Restricted Investment in such Subsidiary (or of the properties or assets disposed of, as applicable) as of the date
of such redesignation, merger, consolidation, transfer, disposition or liquidation and (B) such Fair Market Value as of the date
on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the Issue Date; plus


 


(vi)           any
dividends or distributions received in cash by the Company or a Restricted Subsidiary of the Company after the Issue Date from an Unrestricted
Subsidiary of the Company, to the extent that such dividends or distributions were not otherwise included in the Consolidated Net Income
of the Company for such period.


 


(b)           The
provisions of Section 4.07(a) hereof will not prohibit:


 


(1)           the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the
dividend, distribution or redemption payment would have complied with the provisions of this Indenture;


 


(2)           the
making of any Restricted Payment in exchange for, or out of or with Excluded Contributions or with the net cash proceeds of the substantially
concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or any
direct or indirect parent or from the substantially concurrent contribution of common equity capital to the Company; provided
that the amount of any such net cash proceeds or Excluded Contributions that are utilized for any such Restricted Payment will not be
considered to be net proceeds of Equity Interests for purposes of clause (4)(C)(ii) of Section 4.07(a) and will
not be considered to be net cash proceeds from an Equity Offering for purposes of Section 3.07 hereof;


 






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(3)           the
payment of any dividend or distribution by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro
rata basis;


 


(4)           (i) the
repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Debt of the Company or any Guarantor
with the net cash proceeds from a substantially concurrent incurrence of, or in exchange for, Permitted Refinancing Indebtedness; (ii) the
repurchase, redemption, defeasance or other acquisition or retirement for value of Disqualified Stock of the Company or of Preferred
Stock of a Restricted Subsidiary that is not a Guarantor, in each case in exchange for, or with the net cash proceeds from a substantially
concurrent incurrence of, Permitted Refinancing Indebtedness; and (iii) the exchange of any Indebtedness or Disqualified Stock
for Equity Interests;


 


(5)           repurchases
of Indebtedness of the Company or any Guarantor that is contractually subordinated in right of payment to the Notes or a Note Guarantee
at a purchase price not greater than (i) 101% of the principal amount of such subordinated Indebtedness in the event of a Change
of Control or (ii) 100% of the principal amount of such subordinated Indebtedness in the event of an Asset Sale, in each case plus
accrued and unpaid interest thereon, to the extent required by the terms of such Indebtedness, but only if:


 


(A)          in
the case of a Change of Control, the Company has first complied with and fully satisfied its obligations under the provisions described
in Section 4.15; or


 


(B)           in
the case of an Asset Sale, the Company has complied with and fully satisfied its obligations in accordance with the covenant in Section 4.10;


 


(6)           the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company, any Restricted Subsidiary
of the Company or any direct or indirect parent thereof held by any current or former officer, director or employee of the Company or
any of its Restricted Subsidiaries or any direct or indirect parent thereof pursuant to any equity subscription agreement, stock option
agreement, shareholders’ agreement, compensation agreement or arrangement or similar agreement; provided that the aggregate
price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $10.0 million in any calendar year
(with any portion of such $10.0 million amount that is unused in any calendar year to be carried forward to successive calendar years
and added to such amount);


 


(7)           the
repurchase of Equity Interests deemed to occur upon the exercise of stock or other equity options to the extent such Equity Interests
represent a portion of the exercise price of those stock or other equity options and any repurchase or other acquisition of Equity Interests
made in lieu of withholding taxes in connection with any exercise or exchange of stock options, warrants, incentives or other rights
to acquire Equity Interests;


 






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(8)            so
long as no Note Payment Default or Event of Default has occurred and is continuing, the declaration and payment of regularly scheduled
or accrued dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any Preferred Stock of
any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with Section 4.09 hereof;


 


(9)           payments
of cash, dividends, distributions, advances or other Restricted Payments by the Company or any of its Restricted Subsidiaries to allow
the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the
conversion or exchange of Capital Stock of any such Person;


 


(10)         so
long as no Default or Event of Default has occurred and is continuing or would be caused thereby, (i) other Restricted Payments
in an aggregate amount not to exceed the greater of (x) $250.0 million and (y) 3.5% of the Company’s Adjusted Consolidated
Net Tangible Assets since the Issue Date, (ii) so long as, after giving pro forma effect thereto, the Consolidated Total Net Debt
to Consolidated Cash Flow Ratio does not exceed 1.25 to 1.00, Restricted Payments in an aggregate amount with respect to any Test Period
not to exceed 25.0% of the Consolidated Cash Flow of the Company for the Test Period; and (iii) any Restricted Payments, so long
as after giving pro forma effect thereto the Consolidated Total Net Debt to Consolidated Cash Flow Ratio does not exceed 1.00 to 1.00;


 


(11)         payments,
in lieu of issuing fractional shares in connection with share dividends, share splits, reverse share splits, mergers, consolidations,
amalgamations or other business combinations and in connection with the exercise of warrants, options or other securities convertible
into or exchangeable for Equity Interests of the Company or any of its Restricted Subsidiaries; and


 


(12)         payments
and distributions to dissenting stockholders of the Company or any Restricted Subsidiary pursuant to applicable law, pursuant to or in
connection with a consolidation, amalgamation, reorganization, merger or transfer of all or substantially all of the assets of the Company
or any Restricted Subsidiary that complies with the terms of this Indenture.


 


The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment (or, in the case
of a dividend or distribution, on the date of declaration) of the asset(s) or securities proposed to be transferred or issued by
the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. For purposes of determining compliance
with the foregoing covenant, in the event that a Restricted Payment meets the criteria of more than one of the categories of Restricted
Payments described in Section 4.07(b)(1) through (12), or is permitted pursuant to Section 4.07(a), the Company will
be permitted to classify (or later classify or reclassify in whole or in part in its sole discretion) such Restricted Payment or other
such transaction (or portion thereof) on the date made or later reclassify such Restricted Payment or other such transaction (or portion
thereof) in any manner that complies with this Section 4.07.


 


If
any Person in which an Investment is made, which Investment constitutes a Restricted Payment when made, thereafter becomes a Restricted
Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall be Permitted Investments under
clause (3) of the definition thereof, and for the avoidance of doubt, all such Investments shall no longer be counted as
Restricted Payments for purposes of calculating the aggregate amount of Restricted Payments pursuant to Section 4.07(a)(4)(C)(iii),
in each case, to the extent such Investments would otherwise be so counted.


 






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Section 4.08       Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.


 


(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:


 


(1)           pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect
to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of its Restricted
Subsidiaries; provided that the priority that any series of Preferred Stock of a Restricted Subsidiary has in receiving dividends,
distributions or liquidating distributions before dividends, distributions or liquidating distributions are paid in respect of common
stock of such Restricted Subsidiary shall not constitute a restriction on the ability to make dividends or distributions on Capital Stock
for purposes of this Section 4.08;


 


(2)           make
loans or advances to the Company or any of its Restricted Subsidiaries (it being understood that the subordination of loans or advances
made to the Company or any of its Restricted Subsidiaries to other Indebtedness incurred by the Company or any of its Restricted Subsidiaries
shall not be deemed a restriction on the ability to make loans or advances); or


 


(3)           sell,
lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.


 


(b)           The
restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason of:


 


(1)           agreements
governing Existing Indebtedness as in effect on the date of this Indenture and the Credit Agreement as in effect on the Issue Date and
any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided
that the encumbrances or restrictions contained in the amendments, restatements, modifications, renewals, supplements, refundings,
replacements or refinancings are not in the good faith judgment of an Officer of the Company materially more restrictive, taken as a
whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this Indenture;


 






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(2)           this
Indenture, the Notes and the Note Guarantees;


 


(3)           agreements
governing other Indebtedness permitted to be incurred under the provisions of Section 4.09 hereof and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the encumbrances
or restrictions contained therein are in the reasonable good faith judgment of an Officer of the Company, either (a) not materially
more restrictive, taken as a whole, than those contained in this Indenture, the Notes and the Note Guarantees with respect to the Notes
or the Credit Agreement as in effect on the date of this Indenture or (b) not reasonably likely to have a material adverse effect
on the ability of the Company to make required payments on the Notes;


 


(4)           applicable
law, rule, regulation or order;


 


(5)           any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect
at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation
of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other
than the Person, or the property or assets of the Person, so acquired, and any amendments, restatements, modifications, renewals, extensions,
supplements, increases, refundings, replacements or refinancings thereof; provided, that the encumbrances and restrictions in
any such amendments, restatements, modifications, renewals, extensions, supplements, increases, refundings, replacements or refinancings
are, in the reasonable good faith judgment of an Officer of the Company, no more restrictive, taken as a whole, than those in effect
on the date of the acquisition; provided further, that, in the case of Indebtedness, such Indebtedness was permitted by the terms
of this Indenture to be incurred;


 


(6)           customary
non-assignment provisions in Hydrocarbon purchase and sale or exchange agreements or similar operational agreements or in licenses, easements
or leases, in each case, entered into in the ordinary course of business;


 


(7)           purchase
money obligations for property acquired in the ordinary course of business and Finance Lease Obligations that impose restrictions on
the property purchased or leased of the nature described in clause (3) of Section 4.08(a);


 


(8)           any
agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending
its sale or other disposition;


 


(9)           Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness
are, in the reasonable good faith judgment of an Officer of the Company, not materially more restrictive, taken as a whole, than those
contained in the agreements governing the Indebtedness being refinanced;


 


(10)         Liens
permitted to be incurred under the provisions of Section 4.12 that limit the right of the debtor to dispose of the assets subject
to such Liens;


 






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(11)         provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements,
stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment) entered
into with the approval of the Company’s Board of Directors, which limitation is applicable only to the assets that are the subject
of such agreements;


 


(12)         encumbrances
or restrictions applicable only to a Restricted Subsidiary that is not a Domestic Subsidiary;


 


(13)         encumbrances
or restrictions on cash, Cash Equivalents or other deposits or net worth imposed by customers or lessors under contracts or leases entered
into in the ordinary course of business;


 


(14)         customary
encumbrances and restrictions contained in agreements of the types described in the definition of Permitted Business Investments;


 


(15)         agreements
governing Hedging Obligations incurred in the ordinary course of business;


 


(16)         any
encumbrance or restriction with respect to an Unrestricted Subsidiary pursuant to or by reason of an agreement that the Unrestricted
Subsidiary is a party to or entered into before the date on which such Unrestricted Subsidiary became a Restricted Subsidiary; provided
that such agreement was not entered into in anticipation of the Unrestricted Subsidiary becoming a Restricted Subsidiary and any
such encumbrance or restriction does not extend to any assets or property of the Company or any other Restricted Subsidiary other than
the assets and property of such Unrestricted Subsidiary;


 


(17)         customary
provisions contained in leases, sub-leases, licenses, sub-licenses, Equity Interests or similar agreements, including with respect to
intellectual property and other agreements;


 


(18)         restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to which
the Company or any Restricted Subsidiary is a party entered into in the ordinary course of business or consistent with industry practice;
provided that such agreement prohibits the encumbrance of solely the property or assets of the Company or such Restricted Subsidiary
that are subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset
or property of the Company or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary;


 


(19)         customary
provisions restricting subletting or assignment of any lease governing a leasehold interest of the Company or any Restricted Subsidiary;


 


(20)         customary
provisions restricting assignment of any agreement; and


 


(21)         restrictions
arising in connection with cash or other deposits permitted under Section 4.12.


 


In
each case set forth above, notwithstanding any stated limitation on the assets or property that may be subject to such encumbrance or
restriction, an encumbrance or restriction on a specified asset or property or group or type of assets or property may also apply to
all improvements, additions, repairs, attachments or accessions thereto, assets and property affixed or appurtenant thereto, parts, replacements
and substitutions therefor, and all products and proceeds thereof, including dividends, distributions, interest and increases in respect
thereof.


 






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Section 4.09       Incurrence
of Indebtedness and Issuance of Preferred Stock.


 


(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, Guarantee
or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its Restricted
Subsidiaries to issue any Preferred Stock; provided, however, that the Company may incur Indebtedness (including Acquired
Debt) or issue Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) or issue Preferred
Stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock
or such Preferred Stock is issued, as the case may be, would have been at least 2.00 to 1.00, determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock
or the Preferred Stock had been issued, as the case may be, at the beginning of such four-quarter period.


 


(b)           Section 4.09(a) will
not prohibit the incurrence of any of the following items of Indebtedness or issuances of Disqualified Stock or Preferred Stock, as applicable
(collectively, “Permitted Debt”):


 


(1)           the
incurrence by the Company and the Restricted Subsidiaries, of Indebtedness and letters of credit under Credit Facilities in an aggregate
principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal
amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed the greatest
of (i) $1.0 billion, (ii) the Borrowing Base in effect under the Credit Agreement at such time, and (iii) 32.5% of
the Company’s Adjusted Consolidated Net Tangible Assets determined on the date of such incurrence;


 


(2)           the
incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness;


 


(3)           the
incurrence by the Company and the Guarantors of Indebtedness represented by the Notes to be issued on the date of this Indenture and
the related Note Guarantees;


 






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(4)           the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Finance Lease Obligations, mortgage financings
or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or other acquisition
cost or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company
or any of its Restricted Subsidiaries, in an aggregate principal amount outstanding, including all Permitted Refinancing Indebtedness
incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4), not
to exceed the greater of (i) $75.0 million and (ii) 3.5% of the Company’s Adjusted Consolidated Net Tangible Assets
determined as of the date of such incurrence or issuance;


 


(5)           the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds
of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness)
of the Company or any of its Restricted Subsidiaries or any Disqualified Stock of the Company, in each case that was permitted by this
Indenture to be incurred under Section 4.09(a) or clauses (2), (3), (4), (5), or (14) of this Section 4.09(b);


 


(6)           the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of
its Restricted Subsidiaries; provided, however, that:


 


(A)          if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness (excluding
any Indebtedness in respect of accounts payable incurred in connection with goods and services rendered in the ordinary course of business
or consistent with past practice (and not in connection with the borrowing of money)) must be unsecured and expressly subordinated to
the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of the Company, or the Note Guarantee,
in the case of a Guarantor; and


 


(B)           (i) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company
or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is not
either the Company or a Restricted Subsidiary of the Company, will be deemed, in each case, to constitute an incurrence of such Indebtedness
by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6);


 


(7)           the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of any Preferred
Stock; provided, however, that:


 


(A)          any
subsequent issuance or transfer of Equity Interests that results in any such Preferred Stock being held by a Person other than the Company
or a Restricted Subsidiary of the Company; and


 


(B)           any
sale or other transfer of any such Preferred Stock to a Person that is not either the Company or a Restricted Subsidiary of the Company,
will be deemed, in each case, to constitute an issuance of such Preferred Stock by such Restricted Subsidiary that was not permitted
by this clause (7);


 






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(8)           the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations;


 


(9)           the
Guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary of the Company
to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this Section 4.09; provided
that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee must be subordinated
or pari passu, as applicable, to the same extent as the Indebtedness guaranteed;


 


(10)         the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of self-insurance obligations or bid, plugging
and abandonment, appeal, reimbursement, performance, surety and similar bonds and completion guarantees provided by the Company or a
Restricted Subsidiary in the ordinary course of business or as required by requirements of law or governmental authorities and any Guarantees
or letters of credit functioning as or supporting any of the foregoing bonds or obligations and workers’ compensation claims in
the ordinary course of business or as required by requirements of law or governmental authorities;


 


(11)         the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered
within ten Business Days;


 


(12)         the
incurrence by the Company or any of its Restricted Subsidiaries of in-kind obligations relating to net oil or natural gas balancing positions
arising in the ordinary course of business;


 


(13)         any
obligation arising from agreements of the Company or any Restricted Subsidiary of the Company providing for indemnification, adjustment
of purchase price, earn outs, or similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition
of any business, assets or Capital Stock of a Restricted Subsidiary in a transaction permitted by this Indenture; provided that
such obligation is not reflected as a liability on the face of the balance sheet of the Company or any Restricted Subsidiary;


 


(14)         any
Permitted Acquisition Indebtedness;


 


(15)         the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in the ordinary course of business consisting of obligations
owed to insurance providers or the financing of insurance premiums;


 


(16)         the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness or the issuance by the Company of any Disqualified
Stock in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing
Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock issued
pursuant to this clause (16), not to exceed the greater of (i) $100.0 million and (ii) 5.0% of the Company’s
Adjusted Consolidated Net Tangible Assets determined as of the date of such incurrence or issuance;


 






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(17)         customer
deposits and advance payments received in the ordinary course of business or consistent with industry practice from customers for goods
and services purchased in the ordinary course of business or consistent with industry practice;


 


(18)         the
incurrence of (a) Indebtedness owed to banks and other financial institutions incurred in the ordinary course of business or consistent
with industry practice in connection with ordinary banking arrangements to manage cash balances of the Company and its Restricted Subsidiaries
and (b) Indebtedness in respect of or undertaken in connection with Treasury Management Services, including Treasury Management
Obligations, in each case, with respect to the Company, any Subsidiaries or any Joint Venture;


 


(19)         the
incurrence of Indebtedness by the Company or any Restricted Subsidiary to the extent that the net proceeds thereof are promptly deposited
with the Trustee to satisfy and discharge the Notes in accordance with this Indenture; and


 


(20)         (a) guarantees
incurred in the ordinary course of business or consistent with industry practice in respect of obligations to suppliers, customers, franchisees,
lessors, licensees, sub-licensees, and distribution partners and guarantees required by governmental authorities in the ordinary course
of business; and (b) the incurrence of any guarantee by the Company or a Restricted Subsidiary of Indebtedness or other obligations
of the Company or any Restricted Subsidiary so long as the incurrence of such Indebtedness or other obligation incurred by the Company
or such Restricted Subsidiary is permitted under the terms of this Indenture.


 


For
purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more
than one of the categories of Permitted Debt described in clauses (1) through (20) above, or is entitled to be incurred pursuant
to Section 4.09(a), the Company will be permitted to divide, classify and reclassify such item of Indebtedness on the date of its
incurrence, or later redivide or reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.09.
Indebtedness under the Credit Agreement outstanding on or prior to the Issue Date will initially be deemed to have been incurred on such
date in reliance on the exception provided by clause (1) of the definition of Permitted Debt.


 


The
accrual of interest or Preferred Stock or Disqualified Stock dividends or distributions, the accretion or amortization of original issue
discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification
of Preferred Stock or Disqualified Stock as Indebtedness due to a change in accounting principles, and the payment of dividends or distributions
on Preferred Stock or Disqualified Stock in the form of additional securities of the same class of Preferred Stock or Disqualified Stock
will not be deemed to be an incurrence of Indebtedness or an issuance of Preferred Stock or Disqualified Stock for purposes of this Section 4.09;
provided that the amount thereof shall be included in Fixed Charges of the Company as accrued to the extent required by the definition
of such term.


 






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The
amount of any Indebtedness outstanding as of any date will be:


 


(a)           the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;


 


(b)           the
principal amount of the Indebtedness, in the case of any other Indebtedness; and


 


(c)           in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:


 


(1)           the
Fair Market Value of such assets at the date of determination; and


 


(2)           the
amount of the Indebtedness of the other Person.


 


For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness or issuance of Disqualified
Stock or Preferred Stock, the U.S. dollar-equivalent principal amount of Indebtedness, liquidation preference of Disqualified Stock or
amount of Preferred Stock denominated in a foreign currency will be calculated based on the relevant currency exchange rate in effect
on the date such Indebtedness, Disqualified Stock or Preferred Stock was incurred or issued (or, in the case of revolving credit debt,
the date such Indebtedness was first committed or first incurred (whichever yields the lower U.S. dollar equivalent)); provided
that if such Indebtedness is incurred or Disqualified Stock or Preferred Stock is issued to refinance other Indebtedness, Disqualified
Stock or Preferred Stock, as applicable, denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S.
dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness,
Disqualified Stock or Preferred Stock does not exceed (1) the principal amount of such Indebtedness, the liquidation preference
of such Disqualified Stock or the amount of such Preferred Stock, as applicable, being refinanced, extended, replaced, refunded, renewed
or defeased, plus (2) any accrued and unpaid interest on the Indebtedness, any accrued and unpaid dividends on the Preferred Stock
and any accrued and unpaid dividends on the Disqualified Stock being so refinanced, extended, replaced, refunded, renewed or defeased,
plus (3) the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents
governing such refinanced Indebtedness, Preferred Stock or Disqualified Stock and any defeasance costs and any fees and expenses (including
original issue discount, upfront fees or similar fees) incurred in connection with the issuance of such new Indebtedness, Preferred Stock
or Disqualified Stock or the extension, replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness, Preferred
Stock or Disqualified Stock.


 


The
principal amount of any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to refinance other Indebtedness, Disqualified
Stock or Preferred Stock, if incurred or issued in a different currency from the Indebtedness, Disqualified Stock or Preferred Stock,
as applicable, being refinanced, will be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness, Disqualified Stock or Preferred Stock is denominated that is in effect on the date of such refinancing. The principal amount
of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date will be the principal amount
thereof that would be shown on a balance sheet of the Company dated such date prepared in accordance with GAAP.


 






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If
any Indebtedness is incurred, or Disqualified Stock or Preferred Stock is issued, in reliance on a basket measured by reference to a
percentage of Adjusted Consolidated Net Tangible Assets, and any refinancing thereof would cause the percentage of Adjusted Consolidated
Net Tangible Assets to be exceeded if calculated based on the Adjusted Consolidated Net Tangible Assets on the date of such refinancing,
such percentage of Adjusted Consolidated Net Tangible Assets will not be deemed to be exceeded to the extent the principal amount of
such newly incurred Indebtedness, the liquidation preference of such newly issued Disqualified Stock or the amount of such newly issued
Preferred Stock does not exceed the sum of (i) the principal amount of such Indebtedness, the liquidation preference of such Disqualified
Stock or the amount of such Preferred Stock being refinanced, extended, replaced, refunded, renewed or defeased, (ii) any accrued
and unpaid interest on the Indebtedness, any accrued and unpaid dividends on the Preferred Stock and any accrued and unpaid dividends
on the Disqualified Stock being so refinanced, extended, replaced, refunded, renewed or defeased and (iii) the amount of any tender
premium or penalty or premium required to be paid under the terms of the instrument or documents governing such refinanced Indebtedness,
Preferred Stock or Disqualified Stock and any defeasance costs and any fees and expenses (including original issue discount, upfront
fees or similar fees) incurred in connection with the issuance of such new Indebtedness, Preferred Stock or Disqualified Stock or the
extension, replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness, Preferred Stock or Disqualified
Stock.


 


Section 4.10       Asset
Sales.


 


The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:


 


(a)            the
Company (or a Restricted Subsidiary, as the case may be) receives consideration (including by way of relief from, or by any Person assuming
responsibility for, any liability, contingent or otherwise, in connection with such Asset Sale) at the time of the Asset Sale at least
equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or
Equity Interests issued or sold or otherwise disposed of; and


 


(b)           at
least 75% of the aggregate consideration received in the Asset Sale by the Company or a Restricted Subsidiary and all other Asset Sales
consummated since the Issue Date (on a cumulative basis) is in the form of cash or Cash Equivalents or any combination thereof. For purposes
of this provision, each of the following will be deemed to be cash:


 


(1)           any
liabilities (as shown on the Company’s or any Restricted Subsidiary’s most recent balance sheet or in the notes thereto or,
if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s
or a Restricted Subsidiary’s consolidated balance sheet or in the notes thereto if such incurrence or accrual had taken place on
or prior to the date of such balance sheet, as determined in good faith by the Company) of the Company or any Restricted Subsidiary (other
than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are canceled,
terminated or assumed by the transferee of any such assets pursuant to a novation, indemnity or other agreement that releases the Company
or such Restricted Subsidiary from or indemnifies the Company or such Restricted Subsidiary against further liability;


 






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(2)           with
respect to any Asset Sale of oil and natural gas properties by the Company or any Restricted Subsidiary where the Company or such Restricted
Subsidiary retains an interest in such property, the costs and expenses of the Company or such Restricted Subsidiary related to the exploration,
development, completion or production of such properties and activities related thereto which the transferee (or an Affiliate thereof)
agrees to pay;


 


(3)           any
securities, notes or other obligations received by the Company or any Restricted Subsidiary from such transferee that are, within 180
days of the Asset Sale, converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, to the extent of the cash
or Cash Equivalents received in that conversion;


 


(4)           any
Capital Stock or assets of the kind referred to in clause (2) or (4) of Section 4.10(c); and


 


(5)           any
Designated Non-cash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having an aggregate Fair Market
Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (5), not to exceed an amount
equal to 5.0% of the Company’s Adjusted Consolidated Net Tangible Assets (determined at the time of receipt of such Designated
Non-cash Consideration), with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received
and without giving effect to subsequent changes in value.


 


(c)           Within
365 days after the receipt of any Net Proceeds from an Asset Sale (as may be extended pursuant to the immediately succeeding paragraph),
the Company (or any Restricted Subsidiary) may apply such Net Proceeds at its option to any combination of the following:


 


(1)           to
repay, repurchase or redeem any Indebtedness of the Company or a Restricted Subsidiary of the Company, other than (i) Indebtedness
of the Company or a Guarantor that is subordinated to the Notes or the Note Guarantees, or (ii) Indebtedness owed to an Affiliate
of the Company;


 


(2)           to
acquire all or substantially all of the assets, or any Capital Stock, of one or more other Persons primarily engaged in the Oil and Gas
Business, if, after giving effect to any such acquisition of Capital Stock, such Person becomes a Restricted Subsidiary of the Company;


 


(3)           to
make capital expenditures in respect of the Company’s or any Restricted Subsidiaries’ Oil and Gas Business; or


 


(4)           to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in the Oil and Gas Business.


 






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The
requirement of clause (2), (3) or (4) of this Section 4.10(c) shall be deemed to be satisfied if a bona
fide binding contract committing to make the investment, acquisition or expenditure referred to therein is entered into by the Company
or any of its Restricted Subsidiaries with a Person other than an Affiliate of the Company within the time period specified in the preceding
paragraph and such Net Proceeds are subsequently applied in accordance with such contract within 180 days following the date such agreement
is entered into.


 


Pending
the final application of any Net Proceeds, the Company (or any Restricted Subsidiary) may invest the Net Proceeds in any manner that
is not prohibited by this Indenture.


 


Any
Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(c) will constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, within five days thereof, the Company will make
an offer (an “Asset Sale Offer”) to all Holders of the Notes and all holders of other Indebtedness that is pari
passu with the Notes containing provisions similar to those set forth in this Section 4.10 with respect to offers to purchase,
prepay or redeem such Indebtedness with the proceeds of sales of assets to purchase, prepay or redeem, on a pro rata basis (based
on the principal amount of Notes and pari passu Indebtedness or, in the case of pari passu Indebtedness issued with significant
original issue discount, based on the accreted value thereof tendered), the maximum principal amount of Notes and such other pari
passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred
in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price in any Asset Sale Offer
will be equal to 100% of the principal amount of the Notes and other pari passu Indebtedness to be purchased (or the lesser amount
required under the agreements governing such other pari passu Indebtedness), plus accrued and unpaid interest, if any, to, but
excluding, the date of purchase, prepayment or redemption, subject to the rights of Holders of the Notes on the relevant record date
to receive interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds remain after consummation
of an Asset Sale Offer, the Company or any Restricted Subsidiary may use those Excess Proceeds for any purpose not otherwise prohibited
by this Indenture. If the aggregate principal amount of Notes tendered in such Asset Sale Offer exceeds the amount of Excess Proceeds
allocated to the purchase of Notes, the Trustee will select the Notes to be purchased on a pro rata basis (except that any Notes
represented by a Note in global form will be selected by such method as DTC or its nominee or successor may require or, where such nominee
or successor is the Trustee, a method that most nearly approximates pro rata selection as the Trustee deems fair and appropriate
unless otherwise required by law), based on the amounts tendered (with such adjustments as may be deemed appropriate by the Company so
that only Notes in minimum denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be purchased). Upon completion
of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. The Company may satisfy the foregoing obligations with
respect to Excess Proceeds by making an Asset Sale Offer prior to the expiration of the application period referred to in this Section 4.10(c) or
with respect to Excess Proceeds of $50.0 million or less.


 






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The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer.
To the extent that the provisions of any securities laws or regulations conflict with Section 3.09 or this Section 4.10,
the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
Section 3.09 or this Section 4.10 by virtue of such compliance.


 


Section 4.11      Transactions
with Affiliates.


 


(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate of the Company involving aggregate
consideration in any single transaction or series of related transactions in excess of $10.0 million (each, an “Affiliate Transaction”),
unless:


 


(1)           the
Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would
have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person or, if in the good
faith judgment of the Board of Directors of the Company, no comparable transaction is available with which to compare such Affiliate
Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary from a financial point
of view; and


 


(2)           the
Company delivers to the Trustee:


 


(A)           with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration more than $25.0 million,
an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this
Section 4.11; and


 


(B)           with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0
million, a Board Resolution of the Company set forth in an Officers’ Certificate certifying that such Affiliate Transaction or
series of related Affiliate Transactions complies with this Section 4.11 and that such Affiliate Transaction or series of related
Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors of the Company, if any.


 


(b)           The
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 4.11(a) hereof:


 


(1)           any
employment or consulting agreement, employee benefit plan, officer or director indemnification, compensation or severance agreement or
any similar arrangement entered into by the Company or any of its Restricted Subsidiaries or any direct or indirect parent of the Company
in the ordinary course of business and payments pursuant thereto;


 






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(2)           transactions
between or among the Company and/or its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such
transaction);


 


(3)           transactions
with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns,
directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;


 


(4)           payment
of reasonable and customary fees and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of officers, directors,
employees or consultants of the Company or any of its Restricted Subsidiaries or any direct or indirect parent of the Company;


 


(5)           any
issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company;


 


(6)           Permitted
Investments or Restricted Payments that do not violate the provisions of Section 4.07 hereof;


 


(7)           transactions
effected in accordance with the terms of the agreements of the Company or any Restricted Subsidiary described or otherwise included in
the Company’s filings with the SEC that are in effect on the date of this Indenture, and any amendment or replacement of any of
such agreements so long as such amendment or replacement agreement is not materially less advantageous to the Company, taken as a whole,
than the agreement so amended or replaced;


 


(8)           loans
or advances to or reimbursements of expenses incurred by employees for moving, entertainment and travel expenses and similar expenditures
in the ordinary course of business;


 


(9)           transactions
between the Company or any of its Restricted Subsidiaries and any other Person, a director of which is also on the Board of Directors
of the Company or any direct or indirect parent company of the Company, and such common director is the sole cause for such other Person
to be deemed an Affiliate of the Company or any of its Restricted Subsidiaries; provided, however, that such director abstains
from voting as a member of the Board of Directors of the Company or any direct or indirect parent company of the Company, as the case
may be, on any transaction with such other Person;


 


(10)         in
the case of contracts for exploring for, producing, marketing, storing, gathering, transporting or otherwise handling Hydrocarbons, or
activities or services reasonably related or ancillary thereto, or other operational contracts, any such contracts entered into in the
ordinary course of business and otherwise in compliance with the terms of this Indenture which are fair to the Company and its Restricted
Subsidiaries, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party, in
either case in the reasonable determination of the Board of Directors of the Company or the senior management thereof;


 






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(11)         payments
to Affiliates on or with respect to debt securities or other Indebtedness of the Company or any Subsidiary on a similar basis as payments
are made or offered to holders of such debt securities or Indebtedness held by Persons other than Affiliates;


 


(12)         any
transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an
accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to the Company or such Restricted
Subsidiary from a financial point of view or that such transaction meets the requirements of Section 4.11(a)(1);


 


(13)         transactions
with customers, clients, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services (other than an
Unrestricted Subsidiary), or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary
course of business and otherwise in compliance with the terms of this Indenture which are, in the aggregate (taking into account all
the costs and benefits associated with such transactions), not materially less favorable to the Company or its Restricted Subsidiaries
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person,
as determined in good faith by the Company, or are on terms at least as favorable as might reasonably have been obtained at such time
from an unaffiliated party;


 


(14)         any
lease (other than any lease of Oil and Gas Properties) entered into between the Company or any Restricted Subsidiary, as lessee, and
any Affiliate of the Company, as lessor, and transactions pursuant to that lease which lease is approved by the Board of Directors or
senior management of the Company in good faith;


 


(15)         intellectual
property licenses in the ordinary course of business or consistent with industry practice;


 


(16)         the
payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to equity holders of
the Company pursuant to any equity holders agreement or registration rights agreement; and


 


(17)         (A) pledges
and other transfers of Equity Interests in Unrestricted Subsidiaries and (B) any transactions with an Affiliate in which the consideration
paid consists solely of Equity Interests of the Company.


 


Section 4.12       Liens.


 


The
Company will not and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist
or become effective any Lien (an “Initial Lien”) of any kind (other than Permitted Liens) securing Indebtedness upon
any of their property or assets, now owned or hereafter acquired, unless the Notes or any Note Guarantee of such Restricted Subsidiary,
as applicable, are secured on an equal and ratable basis with the Indebtedness so secured until such time as such Indebtedness is no
longer secured by a Lien. Any Lien created for the benefit of the Holders of the Notes pursuant to this paragraph shall provide by its
terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial
Lien. In the event that an Initial Lien is or becomes a Permitted Lien, the Company may, at its option and without the consent of any
Holder, elect to release and discharge any Lien created for the benefit of the Holders pursuant to this Section 4.12 in respect
of such Initial Lien.


 






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Section 4.13     [Reserved].


 


Section 4.14     Organizational
Existence.


 


Subject to Article 5
and Section 10.04 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and
effect:


 


(a)            its
corporate or other existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance
with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary;
and


 


(b)            the
rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Restricted Subsidiaries, if the Company shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Notes.


 


Section 4.15     Offer
to Repurchase Upon Change of Control.


 


(a)            Upon
the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to each Holder
of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes
at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if
any, on the Notes repurchased to, but excluding, the date of purchase (the “Change of Control Payment Date”), subject
to the rights of Holders of such Notes on the relevant record date to receive interest due on the relevant interest payment date (the
 “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each
Holder of Notes describing the transaction or transactions that constitute the Change of Control and stating:


 


(1)            that
the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes tendered will be accepted for payment;


 


(2)            the
purchase price and the expiration date of the Change of Control Offer, which shall be no earlier than 30 days and no later than 60 days
from the date such notice is sent;


 


(3)            that
any Note not tendered will continue to accrue interest;


 


(4)            that,
unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest after the Change of Control Payment Date;


 






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(5)            that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the
form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to
the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change
of Control Payment Date;


 


(6)            that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a telegram, electronic image scan, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his
election to have the Notes purchased; and


 


(7)            that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess
thereof.


 


The Company will comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent
that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.15, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.15
by virtue of such compliance.


 


(b)            Promptly
following the expiration of the Change of Control Offer, the Company will, to the extent lawful, accept for payment all Notes or portions
of Notes properly tendered pursuant to the Change of Control Offer. Promptly after such acceptance, the Company will, on the Change of
Control Payment Date:


 


(1)            deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and


 


(2)            deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.


 


The Paying Agent will promptly
deliver (but in any case not later than five days after the Change of Control Payment Date) to each Holder of Notes properly tendered
the Change of Control Payment for such Notes (or, if all the Notes are then in global form, it will make such payment through the facilities
of DTC), and the Company will promptly issue a new Note, and, upon receipt of an Authentication Order in accordance with Section 2.02,
the Trustee, upon the written request of the Company, will promptly authenticate and mail (or cause to be transferred by book entry)
to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Company will announce
to the Holders of the Notes the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment
Date.


 






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(c)            Notwithstanding
anything to the contrary in this Section 4.15, the Company will not be required to make a Change of Control Offer upon a Change
of Control if (1) a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the
requirements set forth in this Section 4.15 and purchases all Notes properly tendered and not withdrawn under the Change of Control
Offer, (2) notice of redemption of all outstanding Notes has been given pursuant to Section 3.03 hereof, unless and until
there is a default in payment of the applicable redemption price, or (3) in connection with or in contemplation of any Change of
Control, the Company has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a
cash price equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the
terms of the Alternate Offer.


 


(d)            Notwithstanding
anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be made in advance of a Change of Control,
conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time
the Change of Control Offer or Alternate Offer is made. The settlement date of any such Change of Control Offer or Alternate Offer made
in advance of a Change of Control may be changed to conform to the actual closing date of such Change of Control; provided that
such settlement date is not earlier than 30 days nor later than 60 days from the date the Change of Control Offer notice is sent as described
in Section 4.15(a).


 


(e)            In
the event that Holders of not less than 90% of the aggregate principal amount of the then-outstanding Notes accept a Change of Control
Offer or Alternate Offer and the Company (or a third party making the Change of Control Offer or Alternate Offer in lieu of the Company
as described in paragraph (c) above) purchases all of the Notes held by such Holders, the Company will have the right, upon
not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the Change
of Control Offer or Alternate Offer described above, to redeem all of the Notes that remain outstanding following such purchase at a
redemption price equal to the applicable Change of Control Payment plus, to the extent not included in the Change of Control Payment,
accrued and unpaid interest, if any, on the Notes that remain outstanding, to the date of redemption (subject to the rights of Holders
on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date).


 


Section 4.16     Additional
Note Guarantees.


 


If any Restricted Subsidiary
(including any acquired or newly created Restricted Subsidiary) Guarantees any Indebtedness under a Credit Facility or capital markets
debt securities incurred or issued by the Company or any other Restricted Subsidiary or otherwise creates, incurs, issues, assumes or
becomes directly or indirectly liable, contingently or otherwise, with respect to any Indebtedness under a Credit Facility or capital
markets debt securities, in each case, other, than the Notes, then, in either case, such Restricted Subsidiary will become a Guarantor
of the Notes by executing a supplemental indenture in substantially the form of Exhibit D hereto and delivering an Officers’
Certificate and an Opinion of Counsel to the Trustee within 30 days after the date that Restricted Subsidiary was acquired or created
or on which it Guaranteed or otherwise created, incurred, issued, assumed or became directly or indirectly liable with respect to such
Indebtedness.


 






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Section 4.17     Designation
of Restricted and Unrestricted Subsidiaries.


 


The Company may designate
any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted
Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be
either an Investment made as of the time of the designation that will reduce the amount available for Restricted Payments under Section 4.07
hereof or represent a Permitted Investment under one or more clauses of the definition of Permitted Investments, as determined by the
Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary.


 


Any designation of a Subsidiary
of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a Board
Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding
conditions and was permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding
requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture
and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and,
if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, the Company will be in default
of such covenant.


 


The Board of Directors of
the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that
such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness
of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09
hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and
(2) no Default or Event of Default would be in existence following such designation.


 


Section 4.18     Covenant
Termination.


 


If at any time following
the Issue Date (a) the Notes obtain at least two of any of the following three ratings: (i) Baa3 or better by Moody’s,
(ii) BBB- or better by S&P and (iii) BBB- or better from Fitch (or, if any of such entities ceases to rate the Notes
for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a
replacement agency) and (b) no Default or Event of Default shall have occurred and be continuing under this Indenture, then upon
delivery by the Company to the Trustee of an Officers’ Certificate certifying to such events, Sections 4.07, 4.08, 4.09,
4.10, 4.11, 4.17 and 5.01(a)(4) of this Indenture will be terminated and the limitations in such covenants will cease to apply
and no Default or Event of Default shall result from any failure to comply with any of the provisions of such Sections. The Trustee shall
not have any duty to (a) monitor the ratings of the Notes, (b) determine whether a termination has occurred, (c) notify
Holders of any of the foregoing or (d) determine the consequences thereof, but may provide a copy of such Officers’ Certificate
to any Holder upon request.


 






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Article 5

SUCCESSORS


 


Section 5.01     Merger,
Consolidation or Sale of Assets.


 


(a)            The
Company may not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the
survivor) or (2) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of its properties or assets,
in one or more related transactions, to another Person, unless:


 


(1)            either
(a) the Company is the surviving Person; or (b) the Person formed by or surviving any such consolidation or merger (if other
than the Company) or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made is an entity organized
or existing under the laws of the United States, any state of the United States or the District of Columbia;


 


(2)            the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance, lease or other disposition has been made assumes all the obligations of the Company under the Notes and this Indenture
pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee;


 


(3)            immediately
after giving effect to such transaction, no Default or Event of Default exists;


 


(4)            immediately
after giving effect to such transaction and any related financing transaction on a pro forma basis as if the same had occurred at the
beginning of the applicable four-quarter period, either


 


(A)            the
Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment,
transfer, conveyance, lease or other disposition has been made, would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); or


 


(B)            the
Fixed Charge Coverage Ratio of the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company),
or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made, is equal to or greater than the Fixed
Charge Coverage Ratio of the Company immediately prior to such transaction; and


 






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(5)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or disposition and such supplemental indenture, if any, comply with this Indenture.


 


(b)            This
Section 5.01 will not apply to (1) any statutory conversion of the Company to a corporation or another form of entity or
(2) any sale, assignment, transfer, conveyance, lease or other disposition of properties or assets between or among the Company
and its Restricted Subsidiaries. Clauses (3) and (4) of Section 5.01(a) will not apply to (1) any
merger or consolidation of the Company with or into one of its Restricted Subsidiaries for any purpose or (2) with or into an Affiliate
solely for the purpose of reorganizing the Company in another jurisdiction.


 


Section 5.02     Successor
Company Substituted.


 


Upon any consolidation or
merger, or any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially all of the properties or assets
of the Company in accordance with Section 5.01 in which the Company is not the surviving entity, the successor Person formed by
such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment,
transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer
instead to the successor Person and not to the predecessor Company), and may exercise every right and power of the Company under this
Indenture with the same effect as if such successor Person had been named as the predecessor Company herein, and thereafter (except in
the case of a lease of all or substantially all of the Company’s properties or assets), the predecessor Company will be relieved
of all obligations and covenants under this Indenture and the Notes and, upon receipt of an Officers’ Certificate and an Opinion
of Counsel, the Trustee shall enter into a supplemental indenture to evidence the succession and substitution of such successor and such
discharge and relief of such predecessor Company.


 


Article 6

DEFAULTS AND REMEDIES


 


Section 6.01     Events
of Default.


 


Each of the following is
an “Event of Default”:


 


(a)            default
for 30 days in the payment when due of interest, if any, on the Notes;


 


(b)            default
in the payment when due (at Stated Maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;


 


(c)            failure
by the Company to comply with its obligations to offer to purchase or purchase the Notes pursuant to Sections 4.10 or 4.15 hereof
or failure by the Company to comply with the provisions of Section 5.01 hereof;


 


(d)            failure
by the Company for 180 days after notice (1) to the Company by the Trustee or (2) to the Company and the Trustee by Holders
of at least 25% in aggregate principal amount of the Notes then outstanding to comply with Section 4.03 hereof;


 






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(e)            failure
by the Company for 60 days after notice (1) to the Company by the Trustee or (2) to the Company and the Trustee by Holders
of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of its other agreements in this Indenture;


 


(f)            default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for
money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its
Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that
default:


 


(1)            is
caused by a failure to pay principal of, premium, if any, on, and interest, if any, on such Indebtedness prior to the expiration of the
grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or


 


(2)            results
in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which
has been so accelerated, aggregates $50.0 million or more; provided, however, that if, prior to any acceleration of the
Notes, (i) any such Payment Default is cured or waived, (ii) any such acceleration is rescinded, or (iii) such Indebtedness
is repaid during the 30 Business Day period commencing upon the end of any applicable grace period for such Payment Default or the occurrence
of such acceleration, as the case may be, any Default or Event of Default (but not any acceleration of the Notes) caused by such Payment
Default or acceleration shall be automatically rescinded, so long as such rescission does not conflict with any judgment, decree or applicable
law;


 


(g)            failure
by the Company or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating
in excess of $50.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has
not disclaimed coverage), which judgments are not paid, discharged or stayed, for a period of 60 days;


 


(h)            the
Company or any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:


 


(1)            commences
a voluntary case;


 


(2)            consents
to the entry of an order for relief against it in an involuntary case,


 


(3)            consents
to the appointment of a custodian of it or for all or substantially all of its property,


 


(4)            makes
a general assignment for the benefit of its creditors, or


 


(5)            announces
publicly that it generally is not paying its debts as they become due;


 






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(i)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:


 


(1)            is
for relief against the Company or any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case;


 


(2)            appoints
a custodian of the Company or any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property
of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary; or


 


(3)            orders
the liquidation of the Company or any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary;


 


and in each case the order or decree remains
unstayed and in effect for 60 consecutive days; and


 


(j)            except
as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any
reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations
under its Note Guarantee.


 


Section 6.02     Acceleration.


 


In the case of an Event of
Default specified in clause (h) or (i) of Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary
of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute
a Significant Subsidiary, the principal of, and accrued and unpaid interest, if any, on all outstanding Notes will become due and payable
immediately without further action or notice. If any other Event of Default with respect to the Notes occurs and is continuing, the Trustee
or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes (with a copy to the Trustee) may declare the
principal of, and accrued and unpaid interest, if any, on all outstanding Notes to be due and payable immediately. However, a Default
under clauses (c), (d), (e), (f) or (g) of Section 6.01 will not constitute an Event of Default until the Trustee or
the Holders of at least 25% in principal amount of the outstanding Notes notify the Company of the Default and, with respect to clauses
(d), (e) or (g) of Section 6.01, the Company does not cure such Default within the time specified in clauses (d), (e) or
(g) of Section 6.01 after receipt of such notice; provided that a notice of Default may not be given with respect
to any action taken, and reported publicly or to Holders, more than two years prior to such notice of Default.


 






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The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders of
all the Notes, rescind an acceleration and its consequences hereunder, if the rescission would not conflict with any judgment or decree
and if all existing Events of Default (except nonpayment of principal of, premium, if any, on, and interest, if any, on the Notes that
has become due solely because of the acceleration) have been cured or waived.


 


Any notice of Default, notice
of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder
Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written
representation from each such Holder delivered to the Company and the Trustee that such Holder is not (or, in the case such Holder is
DTC or its nominee, that such Holder is being instructed solely by Beneficial Owners that are not) Net Short (a “Position Representation”),
which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default (a “Default Direction”)
shall be deemed a continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are
accelerated. In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the
Company with such other information as the Company may reasonably request from time to time in order to verify the accuracy of such Noteholder’s
Position Representation within five Business Days of request therefor (a “Verification Covenant”). The Trustee shall
have no duty whatsoever to provide this information to the Company or to obtain this information for the Company. In any case in which
the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the Beneficial
Owner of the Notes in lieu of DTC or its nominee and DTC shall be entitled to conclusively rely on such Position Representation and Verification
Covenant in delivering its direction to the Trustee.


 


If, following the delivery
of a Noteholder Direction, but prior to acceleration of the Notes, the Company determines in good faith that there is a reasonable basis
to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officer’s
Certificate stating that the Company has initiated litigation in a court of competent jurisdiction seeking a determination that such
Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Default, Event of Default
or acceleration (or notice thereof) that resulted from the applicable Noteholder Direction, the cure period with respect to such Default
shall be automatically stayed and the cure period with respect to such Default or Event of Default shall be automatically reinstituted
and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following
the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the Trustee an Officer’s
Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default
shall be automatically stayed and the cure period with respect to any Default or Event of Default that resulted from the applicable Noteholder
Direction shall be automatically reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of
the Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if,
without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction
would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the
effect that such Default or Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed
not to have received such Noteholder Direction or any notice of such Default or Event of Default; provided, however, this shall not invalidate
any indemnity or security provided by the Directing Holders to the Trustee, which obligations shall continue to survive.


 






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Notwithstanding anything
in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of
Default specified in clauses (a), (b), (h) or (i) of Section 6.01 hereof, with respect to the Company, any Restricted
Subsidiary of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together,
would constitute a Significant Subsidiary, shall not require compliance with the foregoing paragraphs.


 


For the avoidance of doubt,
the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall
have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant,
verify any statements in any Officers’ Certificate delivered to it, or otherwise make calculations, investigations or determinations
with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. With their
acquisition of the Notes, each Holder and subsequent purchaser of the Notes consents to the delivery of its Position Representation by
the Trustee to the Company in accordance with this Section 6.02. The Company and each Holder and subsequent purchaser of the Notes
(i) waives any and all claims, in law and/or in equity, (ii) agrees not to commence any legal proceeding against the Trustee
in respect of, and (iii) acknowledges that the Trustee will not be liable, in each case with respect to any action that the Trustee
takes in accordance with this Section 6.02 or arising out of or in connection with following instructions or taking actions in
accordance with a Noteholder Direction. In connection with the requisite percentages required under this Section 6.02, the Trustee
shall treat all outstanding Notes equally irrespective of any Position Representation in determining whether the requisite percentage
has been obtained with respect to the initial delivery of the Noteholder Direction. The Company hereby confirms that any and all other
actions that the Trustee takes or omits to take under this Section 6.02 and all fees, costs expenses of the Trustee and its agents
and counsel arising hereunder and in connection herewith shall be covered by the Company’s indemnifications under Section 7.07.


 


Section 6.03     Other
Remedies.


 


If an Event of Default occurs
and is continuing, and is known to the Trustee (as provided in Section 7.02(g)), the Trustee may pursue any available remedy to
collect the payment of principal of, premium, if any, on, and interest, if any, on, the Notes or to enforce the performance of any provision
of the Notes or this Indenture.


 


The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default, other than to the extent set forth in Section 6.02. All remedies
are cumulative to the extent permitted by law.


 






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Section 6.04     Waiver
of Past Defaults.


 


The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of
the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default
in the payment of principal of, premium, if any, on, and interest, if any, on, the Notes (including in connection with an offer to purchase);
provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind
an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.


 


Section 6.05     Control
by Majority.


 


Holders of a majority in
aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes
(it being understood that the Trustee does not have any duty to determine whether any action is prejudicial to any Holder) or that may
involve the Trustee in personal liability.


 


Section 6.06     Limitation
on Suits.


 


No Holder of a Note may pursue
any remedy with respect to this Indenture or the Notes unless:


 


(a)            such
Holder has previously given to the Trustee written notice that an Event of Default is continuing;


 


(b)            Holders
of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy;


 


(c)            such
Holder or Holders offer and, if requested, provide to the Trustee security or indemnity satisfactory to the Trustee against any loss,
liability or expense;


 


(d)            the
Trustee does not comply with such request within 60 days after receipt of the request and the offer of security or indemnity; and


 


(e)            during
such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a written
direction inconsistent with such request.


 


A Holder of a Note may not
use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a
Note (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such uses are unduly prejudicial
to such Holders).


 






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Section 6.07     Rights
of Holders of Notes to Receive Payment.


 


Notwithstanding any other
provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium, if any, on, and interest,
if any, on, the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment
on or after such respective dates, shall not be amended or waived in a manner adverse to such Holder without the consent of such Holder.


 


Section 6.08     Collection
Suit by Trustee.


 


If an Event of Default specified
in Section 6.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own
name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, on, and interest,
if any, remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.


 


Section 6.09     Trustee
May File Proofs of Claim.


 


The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors
or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable
on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee
any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof
out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall
be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive
in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of Notes any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder of Notes, or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.


 






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Section 6.10     Priorities.


 


If the Trustee collects any
money pursuant to this Article 6, it shall pay out the money in the following order:


 


First:
to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;


 


Second:
to Holders of the Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, if any, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest,
if any, respectively; and


 


Third:
to the Company or to such party as a court of competent jurisdiction shall direct.


 


The Trustee may fix a record
date and payment date for any payment to Holders of the Notes pursuant to this Section 6.10.


 


Section 6.11     Undertaking
for Costs.


 


In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a
court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the
suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does
not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more
than 10% in aggregate principal amount of the then outstanding Notes.


 


Article 7

TRUSTEE


 


Section 7.01     Duties
of Trustee.


 


(a)            If
an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs.


 


(b)            Except
during the continuance of an Event of Default:


 


(1)            the
duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties
that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and


 


(2)            in
the absence of gross negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required
to be furnished to the Trustee, the Trustee will examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).


 






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(c)            The
Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or its own
willful misconduct, except that:


 


(1)            this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;


 


(2)            the
Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was grossly negligent in ascertaining the pertinent facts; and


 


(3)            the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 hereof.


 


(d)            Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b), and (c) of this Section 7.01.


 


(e)            No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under
no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered
to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.


 


(f)            The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.


 


Section 7.02     Rights
of Trustee.


 


(a)            The
Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a result of its reasonable belief
that any resolution, certificate, statement, instrument, opinion, report, notice, request consent, order, direction, approval or other
paper or any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate
any fact or matter stated in the document.


 


(b)            Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete authorization
and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.


 


(c)            The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care.


 


(d)            The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights
or powers conferred upon it by this Indenture.


 






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(e)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed
by an Officer of the Company.


 


(f)            The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against the losses, liabilities
and expenses that might be incurred by it in compliance with such request or direction.


 


(g)            The
Trustee shall not be deemed to have notice of a Default or an Event of Default unless a Responsible Officer of the Trustee has actual
knowledge of such Default or Event of Default.


 


(h)            In
no event shall the Trustee be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
or such loss or damage and regardless of the form of action.


 


(i)            The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder.


 


(j)            The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.


 


(k)            The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.


 


Section 7.03     Individual
Rights of Trustee.


 


The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company
with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as
defined in the TIA) after a Default has occurred and is continuing it must eliminate such conflict within 90 days or resign. Any Agent
may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 hereof.


 


Section 7.04     Trustee’s
Disclaimer.


 


The Trustee will not be responsible
for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s
use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this
Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and
it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with
the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.


 






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Section 7.05     Notice
of Defaults.


 


If a Default or Event of
Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee will send electronically
or mail to Holders of the Notes a notice of the Default or Event of Default within 90 days after any such Default or Event of Default
is actually known to a Responsible Officer of the Trustee. Except in the case of a Default or Event of Default in payment of principal
of, premium, if any, on, and interest, if any, on, any Note, the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.


 


Section 7.06     [Reserved].


 


Section 7.07     Compensation
and Indemnity.


 


(a)            The
Company will pay to the Trustee from time to time documented compensation for its acceptance of this Indenture and services hereunder
as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation will not be limited by any
law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all documented
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include
the documented compensation, disbursements and expenses of the Trustee’s agents and counsel.


 


(b)            The
Company and the Guarantors, jointly and severally, will indemnify the Trustee and its directors, officers, employees and agents against
any and all losses, liabilities or expenses incurred by them (including taxes (other than taxes based upon the income of the Trustee)
and documented attorneys’ and agents’ fees and expenses and court costs) arising out of or in connection with the acceptance
or administration of the Trustee’s duties under this Indenture, including the costs and expenses of enforcing this Indenture against
the Company and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Company,
the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder (including actions taken or omitted to be taken pursuant to Section 6.02), except to the extent any such loss, liability
or expense is attributable to its gross negligence or willful misconduct, as determined by a final nonappealable order of a court of
competent jurisdiction. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor
will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the
documented fees and expenses of such counsel. None of the Company or any Guarantor need pay for any settlement made without its consent,
which consent will not be unreasonably withheld.


 


(c)            The
obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture
and the resignation or removal of the Trustee.


 


(d)            To
secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien prior
to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium, if any,
on, and interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture.


 






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(e)            When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(h) or (i) hereof
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law.


 


Section 7.08     Replacement
of Trustee.


 


(a)            A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.


 


(b)            The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of
a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company
in writing not less than 30 days prior to the effective date of such removal. The Company may remove the Trustee if:


 


(1)            the
Trustee fails to comply with Section 7.10 hereof;


 


(2)            the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;


 


(3)            a
custodian or public officer takes charge of the Trustee or its property; or


 


(4)            the
Trustee becomes incapable of acting.


 


(c)            If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount
of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.


 


(d)            If
a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
Company’s expense), the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may
petition any court of competent jurisdiction for the appointment of a successor Trustee.


 


(e)            If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.


 


(f)            A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation
or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly
transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid
and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08,
the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee.


 






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Section 7.09     Successor
Trustee by Merger, etc.


 


If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person
without any further act will be the successor Trustee.


 


Section 7.10     Eligibility;
Disqualification.


 


There will at all times be
a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state
thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal
or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published
annual report of condition.


 


Article 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE


 


Section 8.01     Option
to Effect Legal Defeasance or Covenant Defeasance.


 


The Company may at any time,
at the option of its Board of Directors evidenced by resolutions set forth in an Officers’ Certificate, elect to have either Section 8.02
or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.


 


Section 8.02     Legal
Defeasance and Discharge.


 


Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors
will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their
obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will
be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which
will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of
this Indenture referred to in clauses (a) and (b) below, and to have satisfied all their other obligations under such
Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged
hereunder:


 


(a)            the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, on, and interest, if any,
on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof;


 






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(b)            the
Company’s obligations with respect to such Notes under Sections 2.03, 2.04, 2.06, 2.07, 2.10, 2.11 and 4.02 hereof;


 


(c)            the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations
in connection therewith; and


 


(d)            this
Article 8.


 


Subject to compliance with
this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.


 


Section 8.03     Covenant
Defeasance.


 


Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors
will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their respective
obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16 and
4.17 hereof and clauses (3) and (4) of Section 5.01(a) hereof with respect to the outstanding Notes on
and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders of the Notes (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed
 “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting
purposes to the extent permitted by GAAP). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and
Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition
or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission
to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder
of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, Sections 6.01(c), (d), (e), (f), (g) and (j) hereof will not constitute Events of Default.


 


Section 8.04     Conditions
to Legal or Covenant Defeasance.


 


In order to exercise either
Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof:


 


(a)            the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government
Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of an accounting, appraisal or investment
banking firm of national standing, to pay the principal of, premium, if any, on, and interest, if any, on, the outstanding Notes on the
stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes
are being defeased to such stated date for payment or to a particular redemption date (provided that if such redemption requires
the payment of an Applicable Premium (x) the amount of cash in U.S. dollars, non-callable Government Securities, or a combination
thereof, that must be irrevocably deposited will be determined using an assumed Applicable Premium calculated as of the date of such
deposit and (y) the depositor must irrevocably deposit or cause to be deposited additional money (the “Applicable Premium
Deficit”) in trust on the redemption date as necessary to pay such Applicable Premium as determined on such date (it being
understood that any defeasance shall be subject to the condition subsequent that such Applicable Premium Deficit is in fact paid); provided
any Applicable Premium Deficit shall be set forth in an Officers’ Certificate delivered to the Trustee simultaneously with
the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;
provided, further, that the Trustee shall have no liability whatsoever in the event that such Applicable Premium Deficit
is not in fact paid after any defeasance);


 






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(b)            in
the case of an election under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that:


 


(1)            the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or


 


(2)            since
the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel will confirm that, the beneficial owners of the Notes for U.S. Federal income tax purposes will
not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not
occurred;


 


(c)            in
the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that the beneficial owners of the Notes for U.S. Federal income tax purposes will not recognize income, gain
or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;


 


(d)            no
Default or Event of Default with respect to the Notes has occurred and is continuing on the date of such deposit (other than a Default
or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating
to other Indebtedness), and the granting of Liens to secure such borrowings);


 


(e)            such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced)
to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;


 



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(f)            the
Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders of the Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding
any creditors of the Company or others; and


 


(g)            the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.


 


Section 8.05     Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.


 


Subject to Section 8.06
hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof
in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any,
and interest, if any, but such money need not be segregated from other funds except to the extent required by law.


 


The Company will pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes.


 


Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be
the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.


 


Section 8.06     Repayment
to Company.


 


Subject to any applicable
escheat, or abandoned or unclaimed property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, premium, if any, on, and interest, if any, on, any Note and remaining unclaimed for two
years after such principal, premium, if any, or interest, if any, has become due and payable shall be paid to the Company on its request
or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look
only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, will thereupon cease.


 






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Section 8.07     Reinstatement.


 


If the Trustee or Paying
Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Company’s and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees
will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be;
provided, however, that, if the Company makes any payment of principal of, premium, if any, on, or interest, if any, on,
any Note following the reinstatement of its obligations, the Company will be subrogate d to the rights of the Holders of such Notes to
receive such payment from the money held by the Trustee or Paying Agent.


 


Article 9

AMENDMENT, SUPPLEMENT AND WAIVER


 


Section 9.01     Without
Consent of Holders of Notes.


 


Notwithstanding Section 9.02
of this Indenture, without the consent of any Holder of Notes, the Company, the Guarantors and the Trustee may amend or supplement this
Indenture, the Notes and the Note Guarantees:


 


(a)            to
cure any ambiguity, defect or inconsistency;


 


(b)            to
provide for uncertificated Notes in addition to or in place of certificated Notes;


 


(c)            to
provide for the assumption of the Company’s or a Guarantor’s obligations to Holders of the Notes and Note Guarantees in the
case of a merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s properties or
assets, as applicable;


 


(d)            to
make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the
legal rights under this Indenture of any Holder of Notes, including to comply with requirements of the SEC or DTC in order to maintain
the transferability of the Notes pursuant to Rule 144A or Regulation S;


 


(e)            to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;


 


(f)            to
conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of Notes” section
of the Offering Memorandum;


 


(g)            to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof;


 






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(h)            to
secure the Notes or the Note Guarantees pursuant to the requirements of Section 4.12 hereof;


 


(i)            to
add any additional Guarantee of the Notes as provided in this Indenture or otherwise, or to evidence the release of any Guarantor from
its Note Guarantee as provided in this Indenture;


 


(j)            to
evidence or provide for the acceptance of appointment under this Indenture of a successor Trustee;


 


(k)            to
amend the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate
the issuance and administration of the Notes; or


 


(l)            to
add or modify covenants of the Company and its Restricted Subsidiaries for the benefit of Holders, to add additional Defaults or Events
of Default, to make changes that would provide additional rights to the Holders under this Indenture or to surrender any right or power
conferred upon the Company or any Restricted Subsidiary.


 


Section 9.02     With
Consent of Holders of Notes.


 


Except as provided below
in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture (including Sections 3.09,
4.10, and 4.15 hereof) and the Notes and the Note Guarantees with the consent of the Holders of a majority in aggregate principal amount
of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event of Default or compliance with
any provision of this Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained
in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which
Notes are considered to be “outstanding” for purposes of this Section 9.02. However, without the consent of each Holder
affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting
Holder):


 


(a)            reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;


 


(b)            reduce
the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption or repurchase
of the Notes (other than provisions under Sections 3.09, 4.10 or 4.15 or the minimum notice required with respect to any redemption
of Notes pursuant to Article 3);


 


(c)            reduce
the rate of or change the time for payment of interest, including default interest, on any Note;


 


(d)            waive
a Default or Event of Default in the payment of principal of, premium, if any, on, or interest, if any, on the Notes (except a rescission
of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding Notes and a waiver of
the payment default that resulted from such acceleration);


 






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(e)            make
any Note payable in money other than that stated in the Notes;


 


(f)            make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of the Notes to receive
payments of principal of, premium, if any, on, or interest, if any, on, the Notes (other than as permitted in clause (g) of
this Section 9.02 below);


 


(g)            waive
a redemption or repurchase payment with respect to any Note (other than a payment required by Section 3.09, 4.10 or 4.15);


 


(h)            release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture;
or


 


(i)            make
any change in the preceding amendment, supplement and waiver provisions.


 


For the avoidance of doubt,
no amendment to, or deletion of any of the covenants in this Indenture or action taken in compliance with the covenants in effect at
the time of such action, shall be deemed to impair or affect any rights of any Holder of Notes to receive payment of principal of, or
premium, if any, or interest, if any, on, the Notes or to institute suit for the enforcement of payment on or with respect to such Holder’s
Notes.


 


It is not necessary for the
consent of the Holders of the Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it is sufficient if such consent approves the substance thereof.


 


After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of the Notes a notice briefly describing
the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any
way impair or affect the validity of any such amended or supplemental indenture or waiver.


 


Section 9.03     Revocation
and Effect of Consents.


 


Until an amendment, supplement
or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the
Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement
or waiver becomes effective in accordance with its terms and thereafter binds every Holder unless it makes a change described in any
of clauses (a) through (i) of the first paragraph of Section 9.02, in which case, the amendment, supplement or
waiver shall bind only each Holder of a Note who has consented to such amendment, supplement or waiver and every subsequent Holder of
a Note or portion of a Note that evidences the same indebtedness as the consenting Holder’s Note.


 






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Section 9.04     Notation
on or Exchange of Notes.


 


The Trustee may place an
appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes
may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement
or waiver.


 


Failure to make the appropriate
notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.


 


Section 9.05     Trustee
to Sign Amendments, etc.


 


The Trustee will sign any
amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee shall receive
and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04
hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture
is authorized or permitted by this Indenture and that such supplemental indenture is the legal, valid and binding obligation of the Company
enforceable against it in accordance with its terms.


 


Section 9.06     Effect
of Supplemental Indentures.


 


Upon the execution of any
amended or supplemental indenture under this Article 9, this Indenture shall be modified in accordance therewith, and such amended
or supplemental indenture shall form a part of this Indenture for all purposes and every Holder of Notes theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby, unless such amended or supplemental indenture makes a change described in any of clauses (a) through
(i) of the first paragraph of Section 9.02, in which case, such amended or supplemental indenture shall bind only each Holder
of a Note who has consented to such amended or supplemental indenture and every subsequent Holder of a Note or portion of a Note that
evidences the same indebtedness as the consenting Holder’s Note.


 


Article 10

NOTE GUARANTEES


 


Section 10.01     Guarantee.


 


(a)            Subject
to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally Guarantees to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:


 


(1)            the
principal of, premium, if any, on, and interest, if any, on, the Notes will be promptly paid in full when due, whether at Stated Maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, on, and interest, if any, on, the
Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid
in full, all in accordance with the terms hereof and thereof; and


 






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(2)            in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise.


 


Failing payment when due
of any amount so Guaranteed or any performance so Guaranteed for whatever reason, the Guarantors will be jointly and severally obligated
to pay the same immediately. Each Guarantor agrees that this is a Guarantee of payment and not a Guarantee of collection.


 


(b)            The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Note Guarantee
will not be discharged except by complete payment of all amounts due under the Notes and this Indenture.


 


(c)            If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator
or other similar official acting in relation to either the Company or the Guarantors, any amount paid by any of them to the Trustee or
such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.


 


(d)            Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations Guaranteed
hereby until payment in full of all obligations Guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations Guaranteed hereby may be
accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations Guaranteed hereby, and (2) in the event of any declaration
of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.


 






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Section 10.02     Limitation
on Guarantor Liability.


 


Each Guarantor and, by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor
not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited
to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor
that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made
by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the
obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.


 


Section 10.03     Execution
and Delivery of Note Guarantee.


 


The Note Guarantee of any
Guarantor shall be evidenced solely by its execution and delivery of this Indenture (or, in the case of any Guarantor that is not party
to this Indenture as of the date hereof, a supplemental indenture) and not by an endorsement on, or attachment to, any Note of any Note
Guarantee or notation thereof. Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 shall be and remain
in full force and effect notwithstanding any failure to endorse on any Note a notation of such Note Guarantee. The delivery of any Note
by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantees set forth in this Indenture
on behalf of each of the Guarantors.


 


Section 10.04     Guarantors
May Consolidate, etc., on Certain Terms.


 


Except as otherwise provided
in Section 10.05 hereof, no Guarantor may consolidate with or merge with or into (whether or not such Guarantor is the surviving
Person) another Person, other than the Company or another Guarantor, unless:


 


(a)            immediately
after giving effect to such transaction or series of transactions, no Default or Event of Default exists; and


 


(b)            either:


 


(1)            subject
to Section 10.05 hereof, the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) unconditionally
assumes all the obligations of that Guarantor under its Note Guarantee and this Indenture pursuant to a supplemental indenture in form
reasonably satisfactory to the Trustee; or


 


(2)            such
transaction or series of transactions does not violate Section 4.10 hereof.


 


In case of any such consolidation
or merger and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the Note Guarantee of the Guarantor and the due and punctual performance of all of the covenants and conditions
of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the
same effect as if it had been named herein as a Guarantor. All the Note Guarantees relating to Notes issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee will in all respects have the same legal rank and benefit under
this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all
of such Note Guarantees had been issued at the date of the execution hereof.


 






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Except as set forth in Articles 4
and 5 hereof, and notwithstanding clauses (b)(1) and (2) above, nothing contained in this Indenture or in any of the
Notes will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale
or other disposition of the properties or assets of a Guarantor as an entirety or substantially as an entirety to the Company or another
Guarantor.


 


Section 10.05     Releases.


 


Notwithstanding Section 10.04,
the Note Guarantee of a Guarantor shall automatically be released:


 


(a)            in
connection with any sale or other disposition of all or substantially all of the properties or assets of that Guarantor, by way of merger,
consolidation, dividend, amalgamation, distribution or otherwise, to a Person that is not (either before or after giving effect to such
transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10
hereof;


 


(b)            in
connection with any sale, exchange, transfer or other disposition of Capital Stock of that Guarantor to a Person that is not (either
before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale, exchange, transfer
or other disposition does not violate Section 4.10 hereof and such Guarantor ceases to be a Restricted Subsidiary of the Company
as a result of the sale, exchange, transfer or other disposition;


 


(c)            upon
designation of such Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture;


 


(d)            at
such time as such Guarantor does not Guarantee any Indebtedness under a Credit Facility or capital markets debt securities incurred or
issued by the Company or any other Restricted Subsidiary and has not created, incurred, issued or assumed or is directly or indirectly
liable, contingently or otherwise, with respect to any Indebtedness under a Credit Facility or capital markets debt securities, in each
case, other than the Notes;


 


(e)            upon
the liquidation or dissolution of such Guarantor in a transaction or series of transactions that does not violate the terms of this Indenture;
or


 


(f)            as
described in Article 9 hereof.


 


In addition, the Note Guarantees
of all Guarantors will be released upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction
and discharge of this Indenture in accordance with Article 11 hereof.


 


Any release pursuant to the
foregoing shall be deemed to occur automatically, without further action by the Trustee or Holders of Notes, upon delivery by the Company
of an Officers’ Certificate and an Opinion of Counsel stating that the conditions to such release have been satisfied. Any Guarantor
not released from its obligations under its Note Guarantee as provided in this Section 10.05 will remain liable for the full amount
of principal of, premium, if any, on, and interest, if any, on, the Notes and for the other obligations of any Guarantor under this Indenture
as provided in this Article 10.


 






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Article 11

SATISFACTION AND DISCHARGE


 


Section 11.01     Satisfaction
and Discharge.


 


This Indenture will be satisfied
and discharged and will cease to be of further effect as to all Notes issued hereunder (except as to surviving rights of registration
of transfer or exchange of the Notes and as otherwise specified in this Article 11), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging such satisfaction and discharge of this Indenture, when:


 


(a)            either:


 


(1)            all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment
money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or


 


(2)            all
Notes that have not been delivered to the Trustee for cancellation have become due and payable or will become due and payable within
one year by reason of the mailing of a notice of redemption or otherwise and either the Company or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment
of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium,
if any, and interest, if any, to the date of Stated Maturity or redemption (provided that if such redemption requires the payment
of any Applicable Premium, (x) the amount of cash in U.S. dollars, non-callable Government Securities, or a combination thereof,
that must be irrevocably deposited will be determined using an assumed Applicable Premium calculated as of the date of such deposit and
(y) the depositor must irrevocably deposit or cause to be deposited the Additional Premium Deficit in trust on the redemption date
as necessary to pay such Applicable Premium as determined by such date; provided any Applicable Premium Deficit shall be set forth
in an Officers’ Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms
that such Applicable Premium Deficit shall be applied toward such redemption; provided further that the Trustee shall have no
liability whatsoever in the even that such Applicable Premium Deficit is not in fact paid after any satisfaction and discharge);


 


(b)            the
Company has paid or caused to be paid all other sums payable by the Company under this Indenture; and


 






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(c)            the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at Stated
Maturity or on the redemption date, as the case may be.


 


In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied.


 


Notwithstanding the satisfaction
and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause (a) of
this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01
will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture.


 


Section 11.02     Application
of Trust Money.


 


Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal,
premium, if any, interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required by law.


 


The Company will pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to Section 11.01 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes.


 


If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though
no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Company has made any payment of principal
of, premium, if any, on, and interest, if any, on, any Notes because of the reinstatement of their obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee
or Paying Agent.


 


Notwithstanding the above,
the Trustee shall pay to the Company from time to time upon its request any money or Government Securities held by the Trustee as provided
in this Section 11.02 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect satisfaction
and discharge under this Article 11.


 






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Subject to any applicable
escheat, or abandoned or unclaimed property law, any money or Government Securities deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of, premium or interest on any Note and remaining unclaimed for two
years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or
(if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease.


 


Article 12

MISCELLANEOUS


 


Section 12.01     [Reserved].


 


Section 12.02     Notices.


 


Any notice or communication
by the Company, any Guarantor or the Trustee to the others is duly given if in writing in the English language and delivered in Person
or by first class mail (registered or certified, return receipt requested), electronic image scan, facsimile transmission or overnight
air courier guaranteeing next day delivery, to the others’ address:


 


If to the Company and the Guarantors:


 


Bonanza Creek Energy, Inc. 


410 17th Street, Suite 1400 


Denver, Colorado 80202 


Email Address: SMarter@bonanzacrk.com 


Attention: Cyrus D. Marter IV, Executive Vice
President, General Counsel and Secretary


 


If to the Trustee:


 


Wells Fargo Bank, National Association 


CTSO Mail Operations 


600 South 4th Street, 7th Floor 


MAC N9300-070 


Minneapolis, MN 55415


 


Attention: Corporate Trust
Services – Bonanza Creek Energy Administrator The Company, any Guarantor or the Trustee, by notice to the others, may designate
additional or different addresses for subsequent notices or communications. Notices given by publication will be deemed given on the
first date on which publication is made.


 


All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by electronic
image scan or facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery. Any notice or communication to the Trustee shall be deemed delivered upon receipt.


 






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Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar, except that all notices and communications to the Depositary
as a Holder shall be given in the manner it prescribes, notwithstanding anything to the contrary indication herein. Failure to send a
notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.


 


If a notice or communication
is given in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except
that notices to the Trustee shall be effective only upon receipt.


 


If the Company sends a notice
or communication to Holders, it will send a copy to the Trustee and each Agent at the same time.


 


In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.


 


Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of notice by the Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.


 


Section 12.03     [Reserved].


 


Section 12.04     Certificate
and Opinion as to Conditions Precedent.


 


Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:


 


(a)            an
Officers’ Certificate in form and substance satisfactory to the Trustee (which must include the statements set forth in Section 12.05
hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating
to the proposed action have been satisfied; and


 


(b)            an
Opinion of Counsel in form and substance satisfactory to the Trustee (which must include the statements set forth in Section 12.05
hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.


 


Section 12.05     Statements
Required in Certificate or Opinion.


 


Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture must include:


 


(a)            a
statement that the person making such certificate or opinion has read such covenant or condition;


 


(b)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;


 






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(c)            a
statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or
her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and


 


(d)            a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.


 


In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.


 


Any certificate or opinion
of an Officer with respect to any Person may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of, or representation
by, counsel may be based, insofar as it relates to factual matters, upon certificates of public officials or upon a certificate or opinion
of, or representations by, an Officer or Officers with respect to any Person stating that the information with respect to such factual
matters is in the possession of such Person (or, if such Person is a limited partnership, such Person’s general partner) unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to such matters are erroneous.


 


Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under
this Indenture, they may, but need not, be consolidated and form one instrument.


 


Section 12.06     Rules by
Trustee and Agents.


 


The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.


 


Section 12.07     No
Personal Liability of Directors, Managers, Officers, Employees and Members.


 


No director, manager, officer,
member, employee, incorporator or other owner of Capital Stock of the Company or any Guarantor, as such, will have any liability for
any obligations of the Company or the Guarantors under the Notes, this Indenture or the Note Guarantees or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes.


 






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Section 12.08     Governing
Law; Waiver of Jury Trial.


 


THE LAW OF THE STATE OF NEW
YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. EACH OF THE COMPANY, THE GUARANTORS AND THE
TRUSTEE HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE GUARANTEES AND FOR ANY COUNTERCLAIM
THEREIN.


 


Section 12.09     No
Adverse Interpretation of Other Agreements.


 


This Indenture may not be
used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.


 


Section 12.10     Successors.


 


All agreements of the Company
in this Indenture and the Notes will bind its successors, except as provided in Section 5.02. All agreements of the Trustee in
this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise
provided in Section 10.05 hereof.


 


Section 12.11     Severability.


 


In case any provision in
this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
will not in any way be affected or impaired thereby.


 


Section 12.12     Counterpart
Originals.


 


The parties may sign any
number of copies of this Indenture, and each party hereto may sign any number of separate copies of this Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. This Indenture and any certificate, agreement or other document to
be signed in connection with this Indenture and the transactions contemplated hereby shall be valid, binding, and enforceable against
a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual
signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) in the case of this Indenture and any certificate,
agreement or other document to be signed in connection with this Indenture and the transactions contemplated hereby, other than any Notes,
any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the
Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform
Commercial Code (collectively, “Signature Law”). Each electronic signature (except in the case of any Notes) or faxed,
scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as
an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect
to, any faxed, scanned, or photocopied manual signature, or other electronic signature (except in the case of any Notes), of any party
and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original
manual signatures shall be used for authentication of any Notes by the Trustee and for execution or indorsement of writings when required
under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.


 






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Section 12.13     Table
of Contents, Headings, etc.


 


The Table of Contents, Cross-Reference
Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.


 


Section 12.14     Payment
Date Other Than a Business Day.


 


If any payment with respect
to any principal of, premium, if any, on, or interest, if any, on any Note (including any payment to be made on any date fixed for redemption
or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made
on the next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period.


 


Section 12.15     Evidence
of Action by Holders.


 


(a)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given, made or taken
by the Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person
or by agents duly appointed in writing, and may be given, made or taken in connection with a purchase of, or tender offer or exchange
offer for, outstanding Notes; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustee and the Company if made in the manner provided in this Section 12.15.


 


Without limiting the generality
of this Section 12.15, unless otherwise provided in or pursuant to this Indenture, (i) a Holder, including a Depositary or
its nominee that is a Holder of a Global Note, may give, make or take, by an agent or agents duly appointed in writing, any request,
demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture to be given, made or
taken by the Holders, and a Depositary or its nominee that is a Holder of a Global Note may duly appoint in writing as its agent or agents
members of, or participants in, such Depositary holding interests in such Global Note in the records of such Depositary; and (ii) with
respect to any Global Note the Depositary for which is DTC, any consent or other action given, made or taken by an “agent member”
of DTC by electronic means in accordance with the Automated Tender Offer Procedures system or other customary procedures of, and pursuant
to authorization by, DTC shall be deemed to constitute the “Act” of the Holder of such Global Note, and such Act shall be
deemed to have been delivered to the Company and the Trustee upon the delivery by DTC of an “agent’s message” or other
notice of such consent or other action having been so given, made or taken in accordance with the customary procedures of DTC.


 






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(b)            The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to such witness, notary or officer the execution thereof. Where such execution is by
a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof
of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner which the Trustee deems sufficient.


 


(c)            Notwithstanding
anything to the contrary contained in this Section 12.15 or elsewhere in this Indenture, the principal amount and serial numbers
of Notes held by any Holder, and the date of holding the same, shall be proved by the register of the Notes maintained by the Registrar
as provided in Section 2.03.


 


(d)            If
the Company shall solicit from the Holders of the Notes any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Company may, at its option, fix in advance a record date for the determination of the Holders entitled to give, make or take
such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do
so. Such record date shall be the record date specified in or pursuant to such resolution, which shall be a date not earlier than the
date 30 days prior to the first solicitation of the Holders generally in connection therewith or the date of the most recent list of
the Holders forwarded to the Trustee prior to such solicitation pursuant to Section 2.05 and not later than the date such solicitation
is completed. If such a record date is fixed, then notwithstanding the second sentence of Section 9.03, any instrument embodying
and evidencing such request, demand, authorization, direction, notice, consent, waiver or other Act may be executed before or after such
record date, but only the Holders of record at the close of business on such record date (whether or not such Persons were Holders before,
or continue to be Holders after, such record date) shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of the then outstanding Notes have given, made or taken such request, demand, authorization, direction, notice,
consent, waiver or other Act, and for that purpose the then outstanding Notes shall be computed as of such record date; provided
that no such Act by the Holders of record on any record date shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than eleven months after such record date.


 


(e)            Subject
to Section 9.03, any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration or transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Note.


 






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(f)            Without
limiting the foregoing, a Holder entitled hereunder to give, make or take any action hereunder with regard to any particular Note may
do so itself with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any part of such principal amount.


 


Section 12.16     Benefit
of Indenture.


 


Nothing in this Indenture
or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Registrar and their
successors hereunder, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.


 


Section 12.17     Language
of Notices, Etc.


 


Any request, demand, authorization,
direction, notice, consent, waiver or Act required or permitted under this Indenture shall be in the English language, except that any
published notice may be in an official language of the country of publication.


 


Section 12.18     U.S.A.
Patriot Act.


 


The parties hereto acknowledge
that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help
fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identities each person
or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will
provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot
Act.


 


Section 12.19     Force
Majeure.


 


In no event shall the Trustee
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including, but not limited to, (i) any act or provision of any present or future law
or regulation or governmental authority, (ii) any act of God, (iii) natural disaster, (iv) war, (v) terrorism,
(vi) civil unrest, (vii) accidents, (viii) labor dispute, (ix) disease, (x) epidemic or pandemic, (xi) quarantine,
(xii) national emergency, (xiii) loss or malfunction of utility or computer software or hardware, (xiv) communications
system failure, (xv) malware or ransomware; (xvi) unavailability of the Federal Reserve Bank wire or telex system or other
wire or other funds transfer systems, or (xvii) unavailability of any securities clearing system; it being understood that the
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.


 


[Signatures on following page]


 









    122


     


    

 


SIGNATURES


 


	 	BONANZA CREEK ENERGY, INC.
	 	 
	 	By:	/s/ Brant H. DeMuth 
	 	Name:	Brant H. DeMuth 
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	BONANZA CREEK ENERGY OPERATING COMPANY
	 	 
	 	By: Bonanza Creek Energy, Inc., as sole member
	 	 
	 	By:	/s/ Brant H. DeMuth 
	 	Name:	Brant H. DeMuth 
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	HIGHPOINT RESOURCES CORPORATION
	 	 
	 	By: Bonanza Creek Energy, Inc., as sole stockholder
	 	 
	 	By:	/s/ Brant H. DeMuth 
	 	Name:	Brant H. DeMuth 
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	ROCKY MOUNTAIN INFRASTRUCTURE, LLC
	 	HOLMES EASTERN COMPANY, LLC
	 	 
	 	By: Bonanza Creek Energy Operating Company, as sole member
	 	 
	 	By: Bonanza Creek Energy, Inc., as sole member
	 	 
	 	By:	/s/ Brant H. DeMuth 
	 	Name:	Brant H. DeMuth 
	 	Title:	Executive Vice President and Chief Financial Officer



 


[Signature Page to
Indenture]


 



     


     


    






 


	 	HIGHPOINT OPERATING CORPORATION
	 	 
	 	By: Highpoint Resources Corporation, as sole stockholder
	 	 
	 	By: Bonanza Creek Energy, Inc., as sole stockholder
	 	 
	 	By: 	/s/ Brant H. DeMuth 
	 	Name: 	Brant H. DeMuth 
	 	Title: 	Executive Vice President and Chief Financial Officer
	 	 
	 	FIFTH POCKET PRODUCTION, LLC
	 	 
	 	By: Highpoint Operating Corporation, as sole member
	 	 
	 	By: Highpoint Resources Corporation, as sole stockholder
	 	 
	 	By: Bonanza Creek Energy, Inc., as sole stockholder
	 	 
	 	By: 	/s/ Brant H. DeMuth 
	 	Name: 	Brant H. DeMuth 
	 	Title: 	Executive Vice President and Chief Financial Officer




 


[Signature Page to
Indenture]


 






     


     


    

 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
	 	as Trustee
	 	 
	 	By:	/s/ Patrick Giordano 
	 	Name:	Patrick Giordano 
	 	Title:	Vice President




 


[Signature Page to
Indenture]


 






     


     


    

 



 


EXHIBIT A


 


[Face of
Note]


 


[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]


 


[Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture]


 



	No.______________ 	$ ______________






 


CUSIP
[                ]


 


5.000% Senior Notes due 2026


 


BONANZA CREEK ENERGY, INC.


 


promises to pay to                                
or registered assigns, the principal sum of                     
DOLLARS [or such greater or lesser amount as may be indicated on the attached Schedule of Exchanges of Interests in the Global Note]
on October 15, 2026.


 


Interest Payment Dates: April 15 and October 15


 


Record Dates: April 1 and October 1


 






    A-1


     


    

 


	 	BONANZA CREEK ENERGY, INC.
	 	
	 	By:	 
	 	 	Name:
	 	 	Title:




 






    A-2


     


    

 





	This is one of the Notes referred to in the within-mentioned Indenture:	 
	 	 
	Dated:		 
	 	 
	Wells Fargo Bank, National Association, as Trustee	 
	 	 
	By:		 
	Authorized Signatory	 




 






    A-3


     


    

 


[BACK OF NOTE]


 


5.000% SENIOR NOTES DUE 2026


 


Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.


 


(1)            INTEREST.
Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”) promises to pay interest on the unpaid principal
amount of this Note at 5.000% per annum. The Company will pay interest, if any, semi-annually in arrears on April 15 and October 15
of each year, beginning April 15, 2022 (each, an “Interest Payment Date”). Interest on the Notes will accrue
from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided
that, if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to
on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date.
The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time on demand at a rate that is equal to the then applicable interest rate on the Notes to the extent
lawful; the Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments
of interest, if any (without regard to any applicable grace period), from time to time on demand at the same rate to the extent lawful.


 


Interest will be computed
on the basis of a 360-day year comprised of twelve 30-day months. If any payment with respect to any principal of, premium, if any, on,
or interest, if any, on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is due on
a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the
same force and effect as if made on such date, and no interest will accrue for the intervening period.


 


(2)            METHOD
OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest), if any, to the Persons who are registered Holders
of Notes at the close of business on the April 1 and October 1 next preceding each Interest Payment Date, even if such Notes
are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture
with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any, at the office or
agency of the Company maintained for such purpose or, at the option of the Company, payment of interest, if any, may be made by check
mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately
available funds will be required with respect to principal of, premium, if any, on, and interest, if any, on, all Global Notes and all
other Notes the Holders of which hold not less than $5,000,000 aggregate principal amount of such other Notes in definitive form and
will have provided wire transfer instructions to a U.S. dollar account in the contiguous United States to the Company or the Paying Agent.
Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts.


 


(3)            PAYING
AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Company may change the Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries
may act as Paying Agent or Registrar.


 


(4)            INDENTURE.
The Company issued the Notes under an Indenture dated as of October 13, 2021 (the “Indenture”), among the Company,
the Guarantors party thereto from time to time and the Trustee. The Notes are subject to all such terms, and Holders are referred to
the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company.
The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.


 






    A-4


     


    

 


(5)            OPTIONAL
REDEMPTION.


 


(a)            At
any time prior to October 15, 2023, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount
of Notes issued under the Indenture (including any Additional Notes), upon notice as provided in the Indenture, at a redemption price
equal to 105.000% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date
of redemption (subject to the rights of Holders on the relevant record date to receive interest on the relevant Interest Payment Date),
with an amount of cash not greater than the net cash proceeds of an Equity Offering, provided that:


 


(A)            at
least 65% of the aggregate principal amount of Notes originally issued on the Issue Date (excluding Notes held by the Company and its
Subsidiaries) remains outstanding immediately after the occurrence of such redemption (unless all such Notes are redeemed substantially
concurrently); and


 


(B)            the
redemption occurs within 180 days after the date of the closing of such Equity Offering.


 


(b)            At
any time prior to October 15, 2023, the Company may on any one or more occasions redeem all or a part of the Notes, upon notice
as provided in the Indenture, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable
Premium as of the redemption date, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to the
rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date.


 


(c)            The
Company may redeem Notes when permitted by, and pursuant to the conditions in, Section 4.15(e) of the Indenture.


 


(d)            Except
pursuant to the preceding paragraphs, the Notes will not be redeemable at the Company’s option prior to October 15, 2023.


 


(e)            On
or after October 15, 2023, the Company may on any one or more occasions redeem all or a part of the Notes, upon notice as provided
in the Indenture, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest,
if any, on the Notes redeemed, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning
on October 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive interest on
the relevant Interest Payment Date:


 





	Year	 	Percentage	 
	2023	 	 	102.500	%
	 	 	 	 	 
	2024	 	 	101.250	%
	 	 	 	 	 
	2025 and thereafter	 	 	100.000	%








 


Unless the Company defaults in the payment of
the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption
date.


 


(6)            MANDATORY
REDEMPTION. [Except as provided in Section 9,]1
the Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.


 






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(7)            REPURCHASE
AT THE OPTION OF HOLDER.


 


(a)            If
there is a Change of Control, except as provided in the Indenture, the Company will be required to make an offer (a “Change
of Control Offer”) to each Holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000
in excess thereof) of each Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest, if any, thereon to the date of purchase, subject to the rights of Holders on the relevant record date to
receive interest due on the relevant Interest Payment Date (the “Change of Control Payment”). Within 30 days following
any Change of Control with respect to the Notes, the Company will mail a notice to each Holder setting forth the procedures governing
the Change of Control Offer as required by the Indenture.


 


(b)            If
the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within five days of each date on which the aggregate
amount of Excess Proceeds exceeds $50.0 million, the Company may be required to make an Asset Sale Offer to all Holders of Notes and
all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture
with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The offer price in any Asset Sale Offer will
be equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, prepayment
or redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant Interest
Payment Date, and will be payable in cash. Holders of Definitive Notes that are the subject of an offer to purchase will receive an Asset
Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled
 “Option of Holder to Elect Purchase” attached to the Notes.


 


(8)            NOTICE
OF REDEMPTION. At least 10 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed by
first class mail (or sent electronically if DTC is the recipient), a notice of redemption to each Holder whose Notes are to be redeemed
at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is
issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article 8 or 11
thereof. Notices of redemption may be subject to conditions precedent as set forth in the Indenture. Notes and portions of Notes selected
will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed,
the entire outstanding amount of Notes held by such Holder shall be redeemed.


 


(9)            [SPECIAL
MANDATORY REDEMPTION. 2


 


(a)            If
(x) the consummation of the Mergers does not occur on or before December 31, 2021 (the “Outside Date”)
or (y) the Company notifies the Trustee that the Company will not pursue the consummation of the Mergers (the earlier of the date
of delivery of such notice described in clause (y) and the Outside Date, the “Special Mandatory Redemption Trigger Date”),
the Company will be required to redeem the Notes then outstanding (such redemption, the “Special Mandatory Redemption”)
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding,
the Special Mandatory Redemption Date (as defined in Section 3.10(b)) (the “Special Mandatory Redemption Price”).


 


(b)            In
the event that the Company becomes obligated to redeem the Notes pursuant to the Special Mandatory Redemption, the Company will promptly,
and in any event not more than ten Business Days after the Special Mandatory Redemption Trigger Date, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which such notes will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each Holder of Notes to be redeemed. The Trustee will then promptly mail, or deliver electronically
if such Notes are held by any Depositary (including, without limitation, DTC) in accordance with such Depositary’s customary procedures,
such notice of Special Mandatory Redemption to each Holder of Notes to be redeemed at its registered address. Unless the Company defaults
in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption Date, interest will cease to accrue
on the Notes.]


 





 






1         To
be used prior to the consummation of the Mergers.


 






    A-6


     


    

 


(10)            DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee
may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder
to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any
Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company
need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during
the period between a record date and the next succeeding Interest Payment Date.


 


(11)            PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders have rights
under the Indenture.


 


(12)            AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Notes, or the Note Guarantees may be amended or supplemented
with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes,
if any, voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture or the
Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding
Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of Notes, the Indenture, the Notes
or the Note Guarantees may be amended or supplemented for certain purposes set forth in the Indenture.


 


(13)            DEFAULTS
AND REMEDIES. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company,
any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that,
taken together, would constitute a Significant Subsidiary, the principal of, and accrued and unpaid interest, if any, on, all outstanding
Notes will become due and payable immediately without further action or notice. If any other Event of Default with respect to the Notes
occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then-outstanding Notes may
declare the principal of, and accrued and unpaid interest, if any, on, all outstanding Notes to be due and payable immediately. Holders
may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations set forth in the Indenture,
Holders of a majority in aggregate principal amount of the then-outstanding Notes may direct the time, method and place of conducting
any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. The Trustee may withhold
from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the
payment of principal, premium, if any, on, and interest, if any, on the Notes) if it determines that withholding notice is in their interest.
The Holders of a majority in aggregate principal amount of the then-outstanding Notes by notice to the Trustee may, on behalf of all
the Holders, rescind an acceleration and its consequences under the Indenture except a continuing Default or Event of Default in the
payment of principal of, premium, if any, on, or interest, if any, on, the Notes (including in connection with an offer to purchase any
Notes). The Company is required to deliver to the Trustee annually an Officers’ Certificate regarding compliance with the Indenture,
and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a written statement specifying
such Default or Event of Default.


 


(14)            TRUSTEE
DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.


 


(15)            NO
RECOURSE AGAINST OTHERS. No director, manager, officer, member, employee, incorporator or other owner of Capital Stock of the Company
or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture,
the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Notes.


 





 






2        
To be used prior to the consummation of the Mergers.


 






    A-7


     


    

 


(16)            AUTHENTICATION.
This Note will not be valid until authenticated by the manual or electronic signature of the Trustee or an authenticating agent.


 


(17)            ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).


 


(18)            CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has
caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption,
and reliance may be placed only on the other identification numbers placed thereon.


 


(19)            GOVERNING
LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES WITH RESPECT
TO THIS NOTE.


 


The Company will furnish to any Holder upon written
request and without charge a copy of the Indenture. Requests may be made to:


 


Bonanza Creek Energy, Inc.


410
17th Street, Suite 1400


Denver, Colorado 80202


 






    A-8


     


    

 


ASSIGNMENT FORM


 


To assign this Note, fill in the form below:


 


	(I) or (we) assign and transfer this Note to:	 




 





 






(Insert assignee’s soc. sec. or tax I.D.
no.)


 





 






 





 



 





 



 





 






(Print or type assignee’s name, address
and zip code)


 


	and irrevocably appoint	 




 


to transfer this Security on the books of the
Company. The agent may substitute another to act for him.


 


	Date: _________________  	Your signature:	 
	 	(Sign exactly as your name appears on the face of this Note)



 


	 	Tax Identification No.:	 




 


	Signature Guarantee*:	 	 




 


* Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee).


 






    A-9


     


    

 


OPTION OF HOLDER TO ELECT PURCHASE


 


If you want to elect to have
this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box below:


 


 ̈  Section 4.10        o Section 4.15


 


If you want to elect to have
only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount
you elect to have purchased:


 


$ ____________________


 


	Date: ____________________	Your signature:	 
	 	(Sign exactly as your name appears on the face of this Note)



 


	 	Tax Identification No.:	 




 





	Signature Guarantee*:	 	 





 


* Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee).


 






    A-10


     


    

 


SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE *


 


The following exchanges of
a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been made:


 


	Date of

    Exchange
	Amount of
    

    decrease in

    Principal 

    Amount of this 

    Global Note
	Amount of

    increase in

    Principal 

    Amount of this 

    Global Note
	Principal

    Amount of this

    Global Note

    following such 

    decrease (or 

    increase)
	Signature
    of

    authorized

    officer of

    Trustee or 

    Custodian

	 	 	 	 	 
	 	 	 	 	 


 


*            This
schedule should be included only if the Note is issued in global form.


 






    A-11


     


    

 


EXHIBIT B


 


FORM OF CERTIFICATE OF TRANSFER


 


Bonanza Creek Energy, Inc.


410 17th Street, Suite 1400


Denver, Colorado 80202


 


Wells Fargo Bank, National Association, as Trustee


Corporate Trust – DAPS REORG


600 Fourth Street South, 7th Floor


MAC N9300-070


Minneapolis, MN 55415


Facsimile: (866) 969-1290


Email: dapsreorg@wellsfargo.com


 


Re:          5.000%
Senior Notes due 2026


 


Reference is hereby made
to the Indenture, dated as of October 13, 2021 (the “Indenture”), among Bonanza Creek Energy, Inc., a
Delaware corporation (the “Company”), the Guarantors party thereto, and Wells Fargo Bank, National Association, as
trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.


 


[●], (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount
of $ [●] in such Note[s] or interests (the “Transfer”), to [●] (the “Transferee”),
as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:


 


[CHECK ALL THAT APPLY]


 


1.      ̈     Check
if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred
to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or
for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account
is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A,
and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted
Definitive Note and in the Indenture and the Securities Act.


 






    B-1


     


    

 


2.      ̈     Check
if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to
Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United
States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting
on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have
been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities
Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if
the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person
or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture
and the Securities Act.


 


3.      ̈     Check
and complete if Transferee will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any provision of the
Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one):


 


(a)      ̈     such
Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;


 


OR


 


(b)      ̈     such
Transfer is being effected to the Company or a subsidiary thereof;


 


OR


 


(c)      ̈     such
Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus
delivery requirements of the Securities Act.


 


4.      ̈     Check
if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.


 


(a)      ̈     Check
if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in
the Indenture.


 






    B-2


     


    

 


(b)     o     Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive
Notes and in the Indenture.


 


(c)     o     Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.


 


This
certificate and the statements contained herein are made for your benefit.


 


	 	 
	 	[Insert
    Name of Transferor]
	 	 




	 	By:	 
	 	 	Name:
	 	 	Title:




	 	 
	Dated:	 	 
	 	 








    B-3


     


    

 


ANNEX A TO CERTIFICATE OF TRANSFER


 


1.            The
Transferor owns and proposes to transfer the following:


 


[CHECK (a) OR (b)]


 


(a)      ̈     a
beneficial interest in the [CHECK (i) OR (ii)]:


 


(i)             ̈
144A Global Note (CUSIP 097793 AE3),


 


(ii)             ̈
Regulation S Global Note (CUSIP U09784 AC0); or


 


(b)      ̈     a
Restricted Definitive Note.


 


2.            After
the Transfer the Transferee will hold:


 


[CHECK (a), (b) OR
(c)]


 


(a)      ̈     a
beneficial interest in the [CHECK (i), (ii) OR (iii)]:


 


(i)             ̈
144A Global Note (CUSIP 097793 AE3), or


 


(ii)             ̈
Regulation S Global Note (CUSIP U09784 AC0), or


 


(iii)             ̈
Unrestricted Global Note (CUSIP [•]) or


 


(b)      ̈     a
Restricted Definitive Note; or


 


(c)      ̈     an
Unrestricted Definitive Note,


 


in accordance with the terms of the Indenture.


 






    B-4


     


    

 


EXHIBIT C


 


FORM OF CERTIFICATE OF EXCHANGE


 


Bonanza Creek Energy, Inc. 


410 17th Street, Suite 1400


Denver, Colorado 80202


 


Wells Fargo Bank, National Association, as Trustee


Corporate Trust – DAPS REORG


600 Fourth Street South, 7th Floor


MAC N9300-070


Minneapolis, MN 55415


Facsimile: (866) 969-1290


Email: dapsreorg@wellsfargo.com


 


Re:          5.000%
Senior Notes due 2026


 


Reference is hereby made
to the Indenture, dated as of October 13, 2021 (the “Indenture”), among Bonanza Creek Energy, Inc., a
Delaware corporation (the “Company”), the Guarantors party thereto, and Wells Fargo Bank, National Association, as
trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.


 


[●], (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $ [●] in such
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:


 


1.            Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests
in an Unrestricted Global Note


 


(a)      ̈     Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global
Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.


 






    C-1


     


    

 


(b)      ̈     Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange
of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.


 


(c)      ̈     Check
if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.


 


(d)      ̈     Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of
a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.


 


2.            Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes


 


(a)      ̈     Check
if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange
of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount,
the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will
continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive
Note and in the Indenture and the Securities Act.


 


(b)      ̈     Check
if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange
of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐
144A Global Note, ☐ Regulation S Global Note with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without
transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any
state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted
Global Note and in the Indenture and the Securities Act.


 









    C-2


     


    

 


This certificate and the
statements contained herein are made for your benefit.


 


	 	 	[Insert
    Name of Transferor]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	Dated:	 	    




 






    C-3


     


    

 


EXHIBIT D


 


[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]


 


SUPPLEMENTAL INDENTURE (this
 “Supplemental Indenture”), dated as of                     
among                          
(the “Guaranteeing Subsidiary”), a subsidiary of [Bonanza Creek Energy, Inc.][Civitas Resources, Inc.],
a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to
herein) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).


 


W I T N E S S E T H


 


WHEREAS, the Company has
heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of October 13, 2021,
providing for the issuance of 5.000% Senior Notes due October 15, 2026 (the “Notes”);


 


WHEREAS, the Indenture provides
that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant
to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Company’s Obligations under the Notes and the Indenture
on the terms and conditions set forth herein (the “Note Guarantee”); and


 


WHEREAS, pursuant to Section 9.01
of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without the consent of Holders of the
Notes.


 


NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary,
the other Guarantors, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows:


 


1.            CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.


 


2.            AGREEMENT
TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions
set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.


 


3.            NO
RECOURSE AGAINST OTHERS. No director, manager, officer, member, employee, incorporator or unitholder or other owner of Capital Stock
of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes,
the Indenture or the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes.


 


4.            NEW
YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.


 


5.            COUNTERPARTS.
The parties may sign any number of copies of this Supplemental Indenture, and each party hereto may sign any number of separate copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.


 






    D-1


     


    

 


6.            EFFECT
OF HEADINGS. The headings of the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Supplemental Indenture and will in no way modify or restrict any of the terms or provisions hereof.


 


7.            THE
TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary,
the other Guarantors and the Company.


 


IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first
above written.


	 	 
	Dated:	 	 
	 	 







	 	[GUARANTEEING SUBSIDIARY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[COMPANY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 


 






    D-2


     


    

 


	 	[EXISTING GUARANTORS]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	As Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 






    D-3